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Investments in Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures

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


	FRP Ownership		The Company's Total Investment		Total Assets of The Partnership	Profit (Loss) Of the Partnership	The Company's Share of Profit (Loss) of the Partnership

As of September 30, 2024
Brooksville Quarry, LLC	50.00	%	$	7,514	14,432	(70)	(35)
BC FRP Realty, LLC	50.00	%	5,484		21,996	(728)	(364)
Buzzard Point Sponsor, LLC	50.00	%	2,424		4,848	—	—
Bryant Street Partnerships	72.10	%	66,747		198,821	(6,748)	(4,969)
Lending ventures			27,374		16,929	—	—
Estero Partnership	16.00	%	3,683		38,520	—	—
The Verge Partnership	61.37	%	37,849		127,103	(3,969)	(2,436)
Greenville Partnerships	40.00	%	6,197		100,735	(1,945)	(778)
Total			$	157,272	523,384	(13,460)	(8,582)

Schedule of Investments in Multifamily Joint Ventures

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2024 are summarized in the following two tables (in thousands):


	As of September 30, 2024
	Buzzard Point Sponsor, LLC		Bryant Street Partnership	Estero Partnership	Verge Partnership	Greenville Partnership	Total Multifamily JV’s

Investments in real estate, net	$	0	185,176	37,495	125,044	97,101	$	444,816
Cash and restricted cash	0		5,193	1,025	1,580	3,027	10,825
Unrealized rents & receivables	0		6,960	0	310	494	7,764
Deferred costs	4,848		1,492	0	169	113	6,622
Total Assets	$	4,848	198,821	38,520	127,103	100,735	$	470,027

Secured notes payable	$	0	110,802	16,000	68,178	81,756	$	276,736
Other liabilities	0		2,459	0	856	2,225	5,540
Capital – FRP	2,424		64,740	3,600	35,575	5,356	111,695
Capital – Third Parties	2,424		20,820	18,920	22,494	11,398	76,056
Total Liabilities and Capital	$	4,848	198,821	38,520	127,103	100,735	$	470,027

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 Sponsor, LLC		Bryant Street Partnership	Estero Partnership	Verge Partnership	Greenville Partnership	Total Multifamily 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

Schedule of Investments in Joint Ventures



	Brooksville Quarry, LLC		BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand Total

Investments in real estate, net	$	14,356	21,084	16,929	444,816	$	497,185
Cash and restricted cash	74		108	0	10,825	11,007
Unrealized rents & receivables	0		451	0	7,764	8,215
Deferred costs	2		353	0	6,622	6,977
Total Assets	$	14,432	21,996	16,929	470,027	$	523,384

Secured notes payable	$	0	10,857	(10,445)	276,736	$	277,148
Other liabilities	66		283	0	5,540	5,889
Capital – FRP	7,515		5,428	27,374	111,695	152,012
Capital – Third Parties	6,851		5,428	0	76,056	88,335
Total Liabilities and Capital	$	14,432	21,996	16,929	470,027	$	523,384


	As of December 31, 2023
	Brooksville Quarry, LLC		BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand 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

Schedule of Bryant Street Partnerships

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


	Bryant Street Partnerships Total JV		Bryant Street Partnerships Total JV		Bryant Street Partnerships Company Share		Bryant Street Partnerships Company Share
	Nine Months ended		Nine Months ended		Nine Months ended		Nine Months ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Revenues:
Rental Revenue	$	10,191	$	9,322	$	7,341	$	5,720
Revenue – other	1,623		1,784		1,169		1,095
Total Revenues	11,814		11,106		8,510		6,815

Cost of operations:
Depreciation and amortization	5,139		5,202		3,702		3,192
Operating expenses	4,394		4,384		3,165		2,690
Property taxes	1,051		789		757		484
Total cost of operations	10,584		10,375		7,624		6,366

Total operating profit/(loss)	1,230		731		886		449
Interest expense	(7,978)		(8,607)		(5,855)		(5,380)

Net loss before tax	$	(6,748)	$	(7,876)	$	(4,969)	$	(4,931)

The Company completed negotiations with MRP concerning the ownership adjustment related to the Bryant Street stabilization and conversion of FRP preferred equity to common equity resulting in FRP ownership of 72.10% effective in 2024 compared to 61.36% prior ownership.

Interest expense in 2024 for the total JV and the Company share includes $372,000 loan guarantee expense.

Schedule of Greenville Partnerships

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


	Greenville Partnerships Total JV		Greenville Partnerships Total JV		Greenville Partnerships Company Share		Greenville Partnerships Company Share
	Nine Months ended		Nine Months ended		Nine Months ended		Nine Months ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Revenues:
Rental Revenue	$	6,668	$	4,875	$	2,667	$	1,950
Revenue – other	608		405		243		162
Total Revenues	7,276		5,280		2,910		2,112

Cost of operations:
Depreciation and amortization	2,625		2,118		1,050		847
Operating expenses	1,958		1,784		782		714
Property taxes	1,129		882		452		353
Total cost of operations	5,712		4,784		2,284		1,914

Total operating profit/(loss)	1,564		496		626		198
Interest expense	(3,509)		(2,872)		(1,404)		(1,148)

Net loss before tax	$	(1,945)	$	(2,376)	$	(778)	$	(950)

Schedule of Verge Partnership

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


	The Verge Partnership Total JV		The Verge Partnership Total JV		The Verge Partnership Company Share		The Verge Partnership Company Share
	Nine Months ended		Nine Months ended		Nine Months ended		Nine Months ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Revenues:
Rental Revenue	$	5,355	$	2,042	$	3,286	$	1,254
Revenue – other	761		320		467		196
Total Revenues	6,116		2,362		3,753		1,450

Cost of operations:
Depreciation and amortization	3,250		2,958		1,995		1,815
Operating expenses	2,301		2,057		1,411		1,263
Property taxes	743		741		456		455
Total cost of operations	6,294		5,756		3,862		3,533

Total operating profit/(loss)	(178)		(3,394)		(109)		(2,083)
Interest expense	(3,791)		(3,767)		(2,327)		(2,312)

Net loss before tax	$	(3,969)	$	(7,161)	$	(2,436)	$	(4,395)