Investments in Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
Brooksville Quarry, LLC	50.00	%	$	7,539	14,436	(24	)	(12	)
BC FRP Realty, LLC	50.00	%		5,812	22,650	(72	)	(36	)
Buzzard Point Sponsor, LLC	50.00	%		2,391	4,782	—		—
Bryant Street Partnerships	72.10	%		70,017	201,819	(2,311	)	(1,700	)
Lending ventures				30,171	19,431	—		—
BBX Partnerships	50.00	%		1,628	3,256	—		—
Estero Partnership	16.00	%		3,627	38,529	—		—
The Verge Partnership	61.37	%		36,715	128,640	(1,593	)	(978	)
Greenville Partnerships	40.00	%		6,371	99,647	(733	)	(293	)
Total			$	164,271	533,190	(4,733	)	(3,019	)

Investments in Multifamily Joint Ventures as of March 31, 2024

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of March 31, 2024 are summarized in the following two tables (in thousands):

	As of March 31, 2024
	Buzzard Point		Bryant Street		Estero		Verge		Greenville		Multifamily
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		JV’s
Investments in real estate, net	$	0		188,761		36,212		127,064		97,508	$	449,545
Cash and restricted cash		0		6,060		2,317		940		1,890		11,207
Unrealized rents & receivables		0		6,428		0		390		119		6,937
Deferred costs		4,782		570		0		246		130		5,728
Total Assets	$	4,782		201,819		38,529		128,640		99,647	$	473,417
Secured notes payable	$	0		110,333		16,000		71,332		81,619	$	279,284
Other liabilities		0		1,490		0		1,082		1,108		3,680
Capital – FRP		2,391		68,009		3,600		34,441		5,418		113,859
Capital – Third Parties		2,391		21,987		18,929		21,785		11,502		76,594
Total Liabilities and Capital	$	4,782		201,819		38,529		128,640		99,647	$	473,417

Investments in Joint Ventures as of March 31, 2024

	As of March 31, 2024
	BBX		Brooksville		BC FRP		Lending			Multifamily		Grand
	Partnerships		Quarry, LLC		Realty, LLC		Ventures			JV’s		Total
Investments in real estate, net	$	3,256		14,357		21,761		19,431			449,545	$	508,350
Cash and restricted cash		0		72		193		0			11,207		11,472
Unrealized rents & receivables		0		0		448		0			6,937		7,385
Deferred costs		0		7		248		0			5,728		5,983
Total Assets	$	3,256		14,436		22,650		19,431			473,417	$	533,190
Secured notes payable	$	0		0		10,782		(10,740	)		279,284	$	279,326
Other liabilities		0		22		356		0			3,680		4,058
Capital – FRP		1,628		7,539		5,756		30,171			113,859		158,953
Capital – Third Parties		1,628		6,875		5,756		0			76,594		90,853
Total Liabilities and Capital	$	3,256		14,436		22,650		19,431			473,417	$	533,190

Investments in Multifamily Joint Ventures as of December 31, 2023

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

	As of December 31, 2023
	Buzzard Point		Bryant Street		Estero		Verge		Greenville		Multifamily
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		JV’s
Investments in real estate, net	$	0		187,616		35,576		128,154		95,911	$	447,257
Cash and restricted cash		0		7,543		3,076		1,323		2,000		13,942
Unrealized rents & receivables		0		6,737		0		403		127		7,267
Deferred costs		4,652		738		0		293		185		5,868
Total Assets	$	4,652		202,634		38,652		130,173		98,223	$	474,334
Secured notes payable	$	0		107,084		16,000		72,691		66,434	$	262,209
Other liabilities		0		3,129		0		1,344		3,867		8,340
Capital – FRP		2,326		69,779		3,600		34,391		10,450		120,546
Capital – Third Parties		2,326		22,642		19,052		21,747		17,472		83,239
Total Liabilities and Capital	$	4,652		202,634		38,652		130,173		98,223	$	474,334

Investments in Joint Ventures as of December 31, 2023

	As of December 31, 2023
	Brooksville		BC FRP		Lending			Multifamily		Grand
	Quarry, LLC		Realty, LLC		Ventures			JV’s		Total
Investments in real estate, net	$	14,358		21,503		17,117			447,257	$	500,235
Cash and restricted cash		80		127		0			13,942		14,149
Unrealized rents & receivables		0		464		0			7,267		7,731
Deferred costs		1		360		0			5,868		6,229
Total Assets	$	14,439		22,454		17,117			474,334	$	528,344
Secured notes payable	$	0		12,086		(10,578	)		262,209	$	263,717
Other liabilities		0		402		0			8,340		8,742
Capital – FRP		7,552		4,983		27,695			120,546		160,776
Capital - Third Parties		6,887		4,983		0			83,239		95,109
Total Liabilities and Capital	$	14,439		22,454		17,117			474,334	$	528,344

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
	Three Months ended			Three Months ended			Three Months ended			Three Months ended
	March 31,			March 31,			March 31,			March 31,
	2024			2023			2024			2023
Revenues:
Rental Revenue	$	3,303		$	3,078		$	2,382			$	1,889
Revenue – other		534			512			385				314
Total Revenues		3,837			3,590			2,767				2,203
Cost of operations:
Depreciation and amortization		1,685			1,621			1,215				995
Operating expenses		1,455			1,378			1,032				845
Property taxes		363			132			279				81
Total cost of operations		3,503			3,131			2,526				1,921
Total operating profit/(loss)		334			459			241				282
Interest expense		(2,645	)		(2,754	)		(1,941	)			(1,788	)
Net loss before tax	$	(2,311	)	$	(2,295	)	$	(1,700	)		$	(1,506	)

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
	Three Months ended			Three Months ended			Three Months ended			Three Months ended
	March 31,			March 31,			March 31,			March 31,
	2024			2023			2024			2023
Revenues:
Rental Revenue	$	2,256		$	1,167		$	902			$	467
Revenue – other		110			90			44				36
Total Revenues		2,366			1,257			946				503
Cost of operations:
Depreciation and amortization		868			676			347				270
Operating expenses		624			526			249				211
Property taxes		454			234			182				94
Total cost of operations		1,946			1,436			778				575
Total operating profit/(loss)		420			(179	)		168				(72	)
Interest expense		(1,153	)		(678	)		(461	)			(271	)
Net loss before tax	$	(733	)	$	(857	)	$	(293	)		$	(343	)

The Verge Partnership

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

	The Verge			The Verge			The Verge			The Verge
	Partnership			Partnership			Partnership			Partnership
	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,
	2024			2023			2024			2023
Revenues:
Rental Revenue	$	1,705		$	250		$	1,046			$	154
Revenue – other		283			30			174				18
Total Revenues		1,988			280			1,220				172
Cost of operations:
Depreciation and amortization		1,043			1,021			640				627
Operating expenses		839			679			515				417
Property taxes		264			276			162				169
Total cost of operations		2,146			1,976			1,317				1,213
Total operating profit/(loss)		(158	)		(1,696	)		(97	)			(1,041	)
Interest expense		(1,435	)		(1,031	)		(881	)			(632	)
Net loss before tax	$	(1,593	)	$	(2,727	)	$	(978	)		$	(1,673	)