Investments in Joint Ventures (Tables)

3 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated joint ventures

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 September 30, 2023
Brooksville Quarry, LLC	50.00	%	$	7,486	14,372	(62	)	(31	)
BC FRP Realty, LLC	50.00	%		5,077	22,164	(556	)	(278	)
Buzzard Point Sponsor, LLC	50.00	%		2,292	4,584	—		—
Bryant Street Partnerships	61.36	%		61,140	195,915	(7,876	)	(4,931	)
Lending ventures				25,084	14,428	—		—
Estero Partnership	16.00	%		3,600	38,703	—		—
Verge Partnership	61.37	%		37,535	130,978	(7,161	)	(4,395	)
Greenville Partnerships	40.00	%		11,811	98,617	(2,376	)	(950	)
Total			$	154,025	519,761	(18,031	)	(10,585	)

								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	)

Investments in Apartment/Mixed-use as of September 30, 2023

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):

	As of September 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		187,693		34,416		129,145		96,834	$	448,088
Cash and cash equivalents		0		1,661		4,287		1,170		1,595		8,713
Unrealized rents & receivables		0		6,141		0		309		83		6,533
Deferred costs		4,584		420		0		354		105		5,463
Total Assets	$	4,584		195,915		38,703		130,978		98,617	$	468,797
Secured notes payable	$	0		116,922		16,000		72,402		67,414	$	272,738
Other liabilities		0		2,786		174		1,102		2,243		6,305
Capital - FRP		2,292		59,132		3,605		35,261		10,858		111,148
Capital – Third Parties		2,292		17,075		18,924		22,213		18,102		78,606
Total Liabilities and Capital	$	4,584		195,915		38,703		130,978		98,617	$	468,797

Investments in Joint Ventures as of September 30, 2023

	As of September 30, 2023									Total
	Brooksville		BC FRP		Lending			Apartment/		Grand
	Quarry, LLC		Realty, LLC		Ventures			Mixed-Use		Total
Investments in real estate, net	$	14,343		21,260		14,428			448,088	$	498,119
Cash and cash equivalents		27		74		0			8,713		8,814
Unrealized rents & receivables		0		457		0			6,533		6,990
Deferred costs		2		373		0			5,463		5,838
Total Assets	$	14,372		22,164		14,428			468,797	$	519,761
Secured notes payable	$	0		11,856		(10,656	)		272,738	$	273,938
Other liabilities		64		266		0			6,305		6,635
Capital – FRP		7,487		5,021		25,084			111,148		148,740
Capital - Third Parties		6,821		5,021		0			78,606		90,448
Total Liabilities and Capital	$	14,372		22,164		14,428			468,797	$	519,761

Investments in Apartment/Mixed-use as of December 31, 2022

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

Investments in Joint Ventures as of December 31, 2022

	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

Bryant Street Partnerships

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
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	9,322		$	6,718		$	5,720			$	4,123
Revenue – other		1,784			1,306			1,095				801
Total Revenues		11,106			8,024			6,815				4,924
Cost of operations:
Depreciation and amortization		5,202			4,995			3,192				3,065
Operating expenses		4,384			3,846			2,690				2,360
Property taxes		789			878			484				539
Total cost of operations		10,375			9,719			6,366				5,964
Total operating profit/(loss)		731			(1,695	)		449				(1,040	)
Interest expense		(8,607	)		(5,437	)		(5,380	)			(3,703	)
Net loss before tax	$	(7,876	)	$	(7,132	)	$	(4,931	)		$	(4,743	)

Greenville Partnerships

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
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	4,875		$	2,234		$	1,950			$	894
Revenue – other		405			125			162				50
Total Revenues		5,280			2,359			2,112				944
Cost of operations:
Depreciation and amortization		2,118			1,162			847				465
Operating expenses		1,784			906			714				363
Property taxes		882			476			353				190
Total cost of operations		4,784			2,544			1,914				1,018
Total operating profit/(loss)		496			(185	)		198				(74	)
Interest expense		(2,872	)		(697	)		(1,148	)			(279	)
Net loss before tax	$	(2,376	)	$	(882	)	$	(950	)		$	(353	)

Verge Partnership

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

	Verge			Verge
	Partnership			Partnership
	Total JV			Company Share
	Nine months ended			Nine months ended
	September 30,			September 30,
	2023			2023
Revenues:
Rental Revenue	$	2,042		$	1,254
Revenue – other		320			196
Total Revenues		2,362			1,450
Cost of operations:
Depreciation and amortization		2,958			1,815
Operating expenses		2,057			1,263
Property taxes		741			455
Total cost of operations		5,756			3,533
Total operating profit		(3,394	)		(2,083	)
Interest expense		(3,767	)		(2,312	)
Net profit before tax	$	(7,161	)	$	(4,395	)