Investments in Joint Ventures

3 Months Ended

Jun. 30, 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 June 30, 2023
Brooksville Quarry, LLC	50.00	%	$	7,496	14,367	(48	)	(24	)
BC FRP Realty, LLC	50.00	%		5,180	21,959	(350	)	(175	)
Buzzard Point Sponsor, LLC	50.00	%		2,150	4,300	—		—
Bryant Street Partnerships	61.36	%		61,448	196,532	(5,296	)	(3,348	)
Lending ventures				22,033	11,448	—		—
Estero Partnership	16.00	%		3,600	38,541	—		—
Verge Partnership	61.37	%		38,626	132,101	(5,383	)	(3,303	)
Greenville Partnerships	40.00	%		12,054	98,683	(2,056	)	(822	)
Total			$	152,587	517,931	(13,133	)	(7,672	)

								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	—		—
Verge Partnership	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 June 30, 2023 are summarized in the following two tables (in thousands):

	As of June 30, 2023										Total
	Buzzard Point		Bryant Street		Estero		Verge		Greenville		Apartment/
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		Mixed-Use
Investments in real estate, net	$	0		189,926		33,787		129,828		97,201	$	450,742
Cash and cash equivalents		0		1,137		4,725		1,917		1,304		9,083
Unrealized rents & receivables		0		4,668		29		184		26		4,907
Deferred costs		4,300		801		0		172		152		5,425
Total Assets	$	4,300		196,532		38,541		132,101		98,683	$	470,157
Secured notes payable	$	0		116,884		16,000		71,664		67,382	$	271,930
Other liabilities		0		2,553		12		1,166		2,705		6,436
Capital - FRP		2,150		59,440		3,605		36,421		11,102		112,718
Capital – Third Parties		2,150		17,655		18,924		22,850		17,494		79,073
Total Liabilities and Capital	$	4,300		196,532		38,541		132,101		98,683	$	470,157

	As of June 30, 2023									Total
	Brooksville		BC FRP		Lending			Apartment/		Grand
	Quarry, LLC		Realty, LLC		Ventures			Mixed-Use		Total
Investments in real estate, net	$	14,342		21,077		11,448			450,742	$	497,609
Cash and cash equivalents		21		215		0			9,083		9,319
Unrealized rents & receivables		0		392		0			4,907		5,299
Deferred costs		4		275		0			5,425		5,704
Total Assets	$	14,367		21,959		11,448			470,157	$	517,931
Secured notes payable	$	0		10,586		(10,586	)		271,930	$	271,930
Other liabilities		43		1,127		0			6,436		7,606
Capital – FRP		7,496		5,123		22,034			112,718		147,371
Capital - Third Parties		6,828		5,123		0			79,073		91,024
Total Liabilities and Capital	$	14,367		21,959		11,448			470,157	$	517,931

The Company’s capital recorded by the unconsolidated Joint Ventures is $5,216,000 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		Verge		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 $(18,712,000) and $(13,115,000) as of June 30, 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
	Six Months ended			Six Months ended			Six Months ended			Six Months ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	6,197		$	4,018		$	3,802			$	2,465
Revenue – other		1,108			733			680				450
Total Revenues		7,305			4,751			4,482				2,915
Cost of operations:
Depreciation and amortization		3,350			3,260			2,056				2,000
Operating expenses		2,895			2,523			1,776				1,548
Property taxes		439			578			269				355
Total cost of operations		6,684			6,361			4,101				3,903
Total operating profit/(loss)		621			(1,610	)		381				(988	)
Interest expense		(5,917	)		(3,177	)		(3,729	)			(2,198	)
Net loss before tax	$	(5,296	)	$	(4,787	)	$	(3,348	)		$	(3,186	)

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
	Six Months ended			Six Months ended			Six Months ended			Six Months ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	2,758		$	1,335		$	1,104			$	534
Revenue – other		201			86			80				34
Total Revenues		2,959			1,421			1,184				568
Cost of operations:
Depreciation and amortization		1,573			765			629				306
Operating expenses		1,120			601			449				240
Property taxes		561			317			224				127
Total cost of operations		3,254			1,683			1,302				673
Total operating profit/(loss)		(295	)		(262	)		(118	)			(105	)
Interest expense		(1,761	)		(301	)		(704	)			(120	)
Net loss before tax	$	(2,056	)	$	(563	)	$	(822	)		$	(225	)

The income statements of the Verge Partnership are as follows (in thousands):

	Verge			Verge
	Partnership			Partnership
	Total JV			Company Share
	Six Months ended			Six Months ended
	June 30,			June 30,
	2023			2023
Revenues:
Rental Revenue	$	870		$	534
Revenue – other		120			74
Total Revenues		990			608
Cost of operations:
Depreciation and amortization		2,210			1,356
Operating expenses		1,286			790
Property taxes		509			312
Total cost of operations		4,005			2,458
Total operating profit		(3,015	)		(1,850	)
Interest expense		(2,368	)		(1,453	)
Net profit before tax	$	(5,383	)	$	(3,303	)