Investments in Joint Ventures

3 Months Ended

Jun. 30, 2022

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 (1)
As of June 30, 2022
Brooksville Quarry, LLC	50.00	%	$	7,546	14,461	(42	)	(21	)
BC FRP Realty, LLC	50.00	%		5,485	22,115	(90	)	(45	)
Bryant Street Partnerships	61.36	%		58,253	203,480	(4,787	)	(3,186	)
Aberdeen Station Loan				917	917	—		—
DST Hickory Creek	26.65	%		6,000	45,186	(271	)	171
Amber Ridge Loan				6,234	6,234	—		—
1800 Half St. Owner, LLC	61.37	%		39,112	119,957	—		(64	)
Greenville/Woodfield Partnerships	40.00	%		16,108	92,947	(563	)	(225	)
Total			$	139,655	505,297	(5,753	)	(3,370	)
								The
								Company's
								Share of Profit
	Common			Total	Total Assets of	Profit (Loss)		(Loss) of the
	Ownership			Investment	The Partnership	Of the Partnership		Partnership (1)
As of December 31, 2021
Brooksville Quarry, LLC	50.00	%	$	7,488	14,301	(82	)	(41	)
BC FRP Realty, LLC	50.00	%		5,530	22,470	(230	)	(115	)
Riverfront Holdings II, LLC (1)				—	—	(760	)	(628	)
Bryant Street Partnerships	61.36	%		59,558	204,082	(6,084	)	(4,954	)
Aberdeen Station Loan				514	514	—		—
DST Hickory Creek	26.65	%		6,000	46,048	(481	)	343
Amber Ridge Loan				11,466	11,466	—		—
1800 Half St. Owner, LLC	61.37	%		38,693	93,932	12		20
Greenville/Woodfield Partnerships	40.00	%		16,194	87,731	(948	)	(379	)
Total			$	145,443	480,544	(8,573	)	(5,754	)

(1): Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships included $234,000 in 2021 for the Company’s share of preferred interest and $236,000 in 2022 and $236,000 in the first half of 2021 for amortization of guarantee liability related to the Bryant Street loan.

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2022 are summarized in the following two tables (in thousands):

	As of June 30, 2022										Total
	Riverfront		Bryant Street		DST Hickory		1800 Half St.		Greenville/		Apartment/
	Holdings II, LLC		Partnership		Creek		Partnership		Woodfield		Mixed Use
Investments in real estate, net	$	0		195,633		43,124		119,311		92,149	$	450,217
Cash and cash equivalents		0		2,831		579		646		466		4,522
Unrealized rents & receivables		0		4,859		1,181		0		14		6,054
Deferred costs		0		157		302		0		318		777
Total Assets	$	0		203,480		45,186		119,957		92,947	$	461,570
Secured notes payable	$	0		128,697		29,360		47,128		51,148	$	256,333
Other liabilities		0		3,077		144		11,876		3,402		18,499
Capital - FRP		0		54,814		4,179		37,414		15,359		111,766
Capital – Third Parties		0		16,892		11,503		23,539		23,038		74,972
Total Liabilities and Capital	$	0		203,480		45,186		119,957		92,947	$	461,570

	As of June 30, 2022
	Brooksville		BC FRP		Aberdeen		Amber Ridge		Apartment/		Grand
	Quarry, LLC		Realty, LLC		Loan		Loan		Mixed Use		Total
Investments in real estate, net	$	14,279		21,305		917		6,234		450,217	$	492,952
Cash and cash equivalents		178		224		0		0		4,522		4,924
Unrealized rents & receivables		0		431		0		0		6,054		6,485
Deferred costs		4		155		0		0		777		936
Total Assets	$	14,461		22,115		917		6,234		461,570	$	505,297
Secured notes payable	$	0		11,093		0		0		256,333	$	267,426
Other liabilities		42		164		0		0		18,499		18,705
Capital - FRP		7,546		5,429		917		6,234		111,766		131,892
Capital - Third Parties		6,873		5,429		0		0		74,972		87,274
Total Liabilities and Capital	$	14,461		22,115		917		6,234		461,570	$	505,297

The Company’s capital recorded by the unconsolidated Joint Ventures is $7,764,000 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, 2021 are summarized in the following two tables (in thousands):

	As of December 31, 2021										Total
	Riverfront		Bryant Street		DST Hickory		1800 Half St.		Greenville/		Apartment/
	Holdings II, LLC		Partnership		Creek		Partnership		Woodfield		Mixed Use
Investments in real estate, net	$	0		199,730		43,840		93,504		87,421	$	424,495
Cash and cash equivalents		0		1,123		827		428		279		2,657
Unrealized rents & receivables		0		2,925		1,044		0		5		3,974
Deferred costs		0		304		337		0		26		667
Total Assets	$	0		204,082		46,048		93,932		87,731	$	431,793
Secured notes payable	$	0		119,201		29,337		18,404		44,309	$	211,251
Other liabilities		0		9,066		115		14,470		4,462		28,113
Capital - FRP		0		57,555		4,423		37,478		15,584		115,040
Capital – Third Parties		0		18,260		12,173		23,580		23,376		77,389
Total Liabilities and Capital	$	0		204,082		46,048		93,932		87,731	$	431,793

	As of December 31, 2021
	Brooksville		BC FRP		Aberdeen		Amber Ridge		Apartment/		Grand
	Quarry, LLC		Realty, LLC		Loan		Loan		Mixed Use		Total
Investments in real estate, net	$	14,281		21,561		514		11,466		424,495	$	472,317
Cash and cash equivalents		18		312		0		0		2,657		2,987
Unrealized rents & receivables		0		368		0		0		3,974		4,342
Deferred costs		2		229		0		0		667		898
Total Assets	$	14,301		22,470		514		11,466		431,793	$	480,544
Secured notes payable	$	0		11,384		0		0		211,251	$	222,635
Other liabilities		0		140		0		0		28,113		28,253
Capital - FRP		7,488		5,473		514		11,466		115,040		139,981
Capital - Third Parties		6,813		5,473		0		0		77,389		89,675
Total Liabilities and Capital	$	14,301		22,470		514		11,466		431,793	$	480,544

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(11,400,000) and

$(8,942,000) as of June 30, 2022 and December 31, 2021, 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,
	2022			2021			2022			2021
Revenues:
Rental Revenue	$	4,018		$	180		$	2,465			$	111
Revenue – other		733			77			450				47
Total Revenues		4,751			257			2,915				158
Cost of operations:
Depreciation and amortization		3,260			776			2,000				476
Operating expenses		2,523			1,117			1,548				686
Property taxes		578			119			355				73
Total cost of operations		6,361			2,012			3,903				1,235
Total operating loss		(1,610	)		(1,755	)		(988	)			(1,077	)
Interest expense		(3,177	)		(655	)		(2,198	)			(1,130	)
Net loss before tax	$	(4,787	)	$	(2,410	)	$	(3,186	)		$	(2,207	)

The income statements of the Greenville Woodfield Riverside Partnership are as follows (in thousands):

	Woodfield			Woodfield
	Riverside Partnership			Riverside Partnership
	Total JV			Company Share
	Six Months ended			Six Months ended
	June 30,			June 30,
	2022			2022
Revenues:
Rental Revenue	$	1,335		$	534
Revenue – other		86			34
Total Revenues		1,421			568
Cost of operations:
Depreciation and amortization		765			306
Operating expenses		601			240
Property taxes		317			127
Total cost of operations		1,683			673
Total operating loss		(262	)		(105	)
Interest expense		(301	)		(120	)
Net loss before tax	$	(563	)	$	(225	)