Investments in Joint Ventures

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

(11) Investments in Joint Ventures.

The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional contributions by the partners.

The following table summarizes the Company’s Investments in unconsolidated joint ventures (in thousands):

								The
								Company's
								Share of Profit
	Common			Total	Total Assets of	Profit (Loss)		(Loss) of the
	Ownership			Investment	The Partnership	Of the Partnership		Partnership
As of March 31, 2023
Brooksville Quarry, LLC	50.00	%	$	7,509	14,371	(24	)	(12	)
BC FRP Realty, LLC	50.00	%		5,462	21,801	(182	)	(91	)
Buzzard Point Sponsor, LLC	50.00	%		1,889	3,778	—		—
Bryant Street Partnerships	61.36	%		54,961	198,741	(2,295	)	(1,506	)
Lending ventures				19,652	9,011	—		—
Estero Partnership	16.00	%		3,600	38,500	—		—
1800 Half St. Owner, LLC	61.37	%		40,256	134,060	(2,727	)	(1,673	)
Greenville Partnerships	40.00	%		11,348	95,793	(857	)	(343	)
Total			$	144,677	516,055	(6,085	)	(3,625	)

								The
								Company's
								Share of Profit
	Common			Total	Total Assets of	Profit (Loss)		(Loss) of the
	Ownership			Investment	The Partnership	Of the Partnership		Partnership
As of December 31, 2022
Brooksville Quarry, LLC	50.00	%	$	7,522	14,374	(84	)	(42	)
BC FRP Realty, LLC	50.00	%		5,453	21,825	(358	)	(175	)
Buzzard Point Sponsor, LLC	50.00	%		1,453	2,906	—		—
Bryant Street Partnerships	61.36	%		55,561	199,774	(10,339	)	(6,829	)
Lending ventures				16,476	5,577	—		—
DST Hickory Creek	26.65	%		—	—	10,960		3,164
Estero Partnership	16.00	%		3,600	38,505	—		—
1800 Half St. Owner, LLC	61.37	%		38,471	131,128	(1,841	)	(1,129	)
Greenville Partnerships	40.00	%		11,989	96,551	(1,775	)	(710	)
Total			$	140,525	510,640	(3,437	)	(5,721	)

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of March 31, 2023 are summarized in the following two tables (in thousands):

	As of March 31, 2023										Total
	Buzzard Point		Bryant Street		Estero		1800 Half St.		Greenville		Apartment/
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		Mixed-Use
Investments in real estate, net	$	0		191,753		33,076		131,055		95,108	$	450,992
Cash and cash equivalents		0		1,496		5,424		2,762		478		10,160
Unrealized rents & receivables		0		5,189		0		106		49		5,344
Deferred costs		3,778		303		0		137		158		4,376
Total Assets	$	3,778		198,741		38,500		134,060		95,793	$	470,872
Secured notes payable	$	0		129,451		16,000		71,631		66,689	$	283,771
Other liabilities		0		2,411		0		1,195		1,733		5,339
Capital - FRP		1,889		52,953		3,600		38,051		10,399		106,892
Capital – Third Parties		1,889		13,926		18,900		23,183		16,972		74,870
Total Liabilities and Capital	$	3,778		198,741		38,500		134,060		95,793	$	470,872

	As of March 31, 2023									Total
	Brooksville		BC FRP		Lending			Apartment/		Grand
	Quarry, LLC		Realty, LLC		Ventures			Mixed-Use		Total
Investments in real estate, net	$	14,335		20,940		9,011			450,992	$	495,278
Cash and cash equivalents		30		147		0			10,160		10,337
Unrealized rents & receivables		0		412		0			5,344		5,756
Deferred costs		6		302		0			4,376		4,684
Total Assets	$	14,371		21,801		9,011			470,872	$	516,055
Secured notes payable	$	0		10,839		(10,839	)		283,771	$	283,771
Other liabilities		22		546		0			5,339		5,907
Capital – FRP		7,509		5,208		19,850			106,892		139,459
Capital - Third Parties		6,840		5,208		0			74,870		86,918
Total Liabilities and Capital	$	14,371		21,801		9,011			470,872	$	516,055

The Company’s capital recorded by the unconsolidated Joint Ventures is $5,218,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands):

	As of December 31, 2022										Total
	Buzzard Point		Bryant Street		Estero		1800 Half St.		Greenville		Apartment/
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		Mixed-Use
Investments in real estate, net	$	0		192,904		33,008		130,616		95,883	$	452,411
Cash and cash equivalents		0		1,349		5,497		359		567		7,772
Unrealized rents & receivables		0		5,128		0		14		13		5,155
Deferred costs		2,906		393		0		139		88		3,526
Total Assets	$	2,906		199,774		38,505		131,128		96,551	$	468,864
Secured notes payable	$	0		129,263		16,000		66,584		64,954	$	276,801
Other liabilities		0		2,338		5		5,328		3,014		10,685
Capital - FRP		1,453		53,553		3,600		36,348		11,087		106,041
Capital – Third Parties		1,453		14,620		18,900		22,868		17,496		75,337
Total Liabilities and Capital	$	2,906		199,774		38,505		131,128		96,551	$	468,864

	As of December 31, 2022									Total
	Brooksville		BC FRP		Lending			Apartment/		Grand
	Quarry, LLC		Realty, LLC		Ventures			Mixed-Use		Total
Investments in real estate, net	$	14,307		21,059		5,547			452,411	$	493,324
Cash and cash equivalents		66		99		0			7,772		7,937
Unrealized rents & receivables		0		422		0			5,155		5,577
Deferred costs		1		245		30			3,526		3,802
Total Assets	$	14,374		21,825		5,577			468,864	$	510,640
Secured notes payable	$	0		10,899		(10,899	)		276,801	$	276,801
Other liabilities		0		338		0			10,685		11,023
Capital – FRP		7,522		5,294		16,476			106,041		135,333
Capital - Third Parties		6,852		5,294		0			75,337		87,483
Total Liabilities and Capital	$	14,374		21,825		5,577			468,864	$	510,640

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(15,638,000) and $(13,115,000) as of March 31, 2023 and December 31, 2022, respectively.

The income statements of the Bryant Street Partnerships are as follows (in thousands):

	Bryant Street			Bryant Street			Bryant Street			Bryant Street
	Partnerships			Partnerships			Partnerships			Partnerships
	Total JV			Total JV			Company Share			Company Share
	Three Months ended			Three Months ended			Three Months ended			Three Months ended
	March 31,			March 31,			March 31,			March 31,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	3,078		$	1,820		$	1,889			$	1,116
Revenue – other		512			348			314				214
Total Revenues		3,590			2,168			2,203				1,330
Cost of operations:
Depreciation and amortization		1,621			1,497			995				919
Operating expenses		1,378			1,330			845				815
Property taxes		132			127			81				78
Total cost of operations		3,131			2,954			1,921				1,812
Total operating profit/(loss)		459			(786	)		282				(482	)
Interest expense		(2,754	)		(1,465	)		(1,788	)			(1,027	)
Net loss before tax	$	(2,295	)	$	(2,251	)	$	(1,506	)		$	(1,509	)

The income statements of the Greenville Partnerships are as follows (in thousands):

	Greenville			Greenville			Greenville			Greenville
	Partnerships			Partnerships			Partnerships			Partnerships
	Total JV			Total JV			Company Share			Company Share
	Three Months ended			Three Months ended			Three Months ended			Three Months ended
	March 31,			March 31,			March 31,			March 31,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	1,167		$	570		$	467			$	228
Revenue – other		90			36			36				14
Total Revenues		1,257			606			503				242
Cost of operations:
Depreciation and amortization		676			384			270				154
Operating expenses		526			262			211				104
Property taxes		234			159			94				64
Total cost of operations		1,436			805			575				322
Total operating profit/(loss)		(179	)		(199	)		(72	)			(80	)
Interest expense		(678	)		(131	)		(271	)			(52	)
Net loss before tax	$	(857	)	$	(330	)	$	(343	)		$	(132	)

The income statements of the 1800 Half Street Partnership are as follows (in thousands):

	1800 Half St			1800 Half St
	Partnership			Partnership
	Total JV			Company Share
	Three Months ended			Three Months ended
	March 31,			March 31,
	2023			2023
Revenues:
Rental Revenue	$	250		$	154
Revenue – other		30			18
Total Revenues		280			172
Cost of operations:
Depreciation and amortization		1,021			627
Operating expenses		679			417
Property taxes		276			169
Total cost of operations		1,976			1,213
Total operating profit		(1,696	)		(1,041	)
Interest expense		(1,031	)		(632	)
Net profit before tax	$	(2,727	)	$	(1,673	)