Investments in Joint Ventures

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

2. 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 December 31, 2023
Brooksville Quarry, LLC	50.00	%	$	7,552	14,439	(82	)	(41	)
BC FRP Realty, LLC	50.00	%		5,039	22,454	(632	)	(316	)
Buzzard Point Sponsor, LLC	50.00	%		2,326	4,652	—		—
Bryant Street Partnerships	61.36	%		71,786	202,634	(10,296	)	(4,558	)
Lending ventures				27,695	17,117	—		—
Estero Partnership	16.00	%		3,600	38,652	—		—
Verge Partnership	61.37	%		36,665	130,173	(9,039	)	(5,547	)
Greenville Partnerships	40.00	%		11,403	98,223	(3,687	)	(1,475	)
Total			$	166,066	528,344	(23,736	)	(11,937	)

The Company is currently negotiating with MRP concerning an ownership adjustment related to the Bryant Street stabilization and conversion of FRP preferred equity to common equity which will be effective in 2024.

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		Total
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		Multifamily
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

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

The Company’s capital recorded by the unconsolidated Joint Ventures is $5,291,000 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
	Buzzard Point		Bryant Street		Estero		Verge		Greenville		Total
	Sponsor, LLC		Partnership		Partnership		Partnership		Partnership		Multifamily
Investments in real estate, net	$	0		192,904		33,008		130,616		95,883	$	452,411
Cash and restricted cash		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
	Brooksville		BC FRP		Lending					Grand
	Quarry, LLC		Realty, LLC		Ventures			Multifamily		Total
Investments in real estate, net	$	14,307		21,059		5,547			452,411	$	493,324
Cash and restricted cash		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 $(21,823,000) and $(13,115,000) as of December 31, 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
	Year ended			Year ended			Year ended			Year ended
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	12,633		$	9,586		$	7,751			$	5,882
Revenue – other		2,237			1,766			1,373				1,084
Total Revenues		14,870			11,352			9,124				6,966
Cost of operations:
Depreciation and amortization		7,009			6,737			4,301				4,134
Operating expenses		5,731			5,428			3,516				3,331
Property taxes		1,150			1,376			706				844
Total cost of operations		13,890			13,541			8,523				8,309
Total operating profit/(loss)		980			(2,189	)		601				(1,343	)
Interest expense		(11,276	)		(8,150	)		(5,159	)			(5,486	)
Net loss before tax	$	(10,296	)	$	(10,339	)	$	(4,558	)		$	(6,829	)

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

	Greenville			Greenville			Greenville			Greenville
	Partnerships			Partnerships			Partnerships			Partnerships
	Total JV			Total JV			Company Share			Company Share
	Year ended			Year ended			Year ended			Year ended
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Revenues:
Rental Revenue	$	7,058		$	3,146		$	2,823			$	1,259
Revenue – other		572			176			229				70
Total Revenues		7,630			3,322			3,052				1,329
Cost of operations:
Depreciation and amortization		3,241			1,557			1,296				623
Operating expenses		2,399			1,207			960				483
Property taxes		1,687			778			675				311
Total cost of operations		7,327			3,542			2,931				1,417
Total operating profit/(loss)		303			(220	)		121				(88	)
Interest expense		(3,990	)		(1,113	)		(1,596	)			(445	)
Net loss before tax	$	(3,687	)	$	(1,333	)	$	(1,475	)		$	(533	)

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

	Verge			Verge
	Partnership			Partnership
	Total JV			Company Share
	Year ended			Year ended
	December 31,			December 31,
	2023			2023
Revenues:
Rental Revenue	$	3,575		$	2,194
Revenue – other		537			330
Total Revenues		4,112			2,524
Cost of operations:
Depreciation and amortization		4,006			2,458
Operating expenses		2,798			1,718
Property taxes		997			612
Total cost of operations		7,801			4,788
Total operating loss		(3,689	)		(2,264	)
Interest expense		(5,350	)		(3,283	)
Net loss before tax	$	(9,039	)	$	(5,547	)