Investments in Joint Ventures

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

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 not consolidated and 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 are non-recourse to FRP as to their principal balances and can only be settled by their assets.

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 June 30, 2025
Brooksville Quarry, LLC	50.00	%	$	7,554	14,492	(46)	(23)
BC FRP Realty, LLC	50.00	%	4,631		23,438	312	156
Buzzard Point Sponsor, LLC	50.00	%	2,473		4,946	—	—
Bryant Street Partnerships	72.10	%	62,269		190,288	(3,437)	(2,726)
Lending ventures			14,814		11,292	—	—
Estero Partnership	16.00	%	3,765		42,367	—	—
The Verge Partnership	61.37	%	35,930		124,630	(1,984)	(1,217)
Greenville Partnerships	53.09	%	7,662		101,484	(1,499)	(600)
Total			$	139,098	512,937	(6,654)	(4,410)

The major classes of assets, liabilities and equity of the Company’s Investments in unconsolidated Joint Ventures as of June 30, 2025 are summarized in the following two tables (in thousands):

	As of June 30, 2025
	Buzzard Point Sponsor, LLC		Bryant Street Partnerships	Estero Partnership	Verge Partnership	Greenville Partnerships	Total Multifamily JV’s
Investments in real estate, net	$	0	177,755	42,290	121,844	98,437	$	440,326
Cash and restricted cash	0		4,696	77	2,499	2,429	9,701
Unrealized rents & receivables	0		6,673	0	224	89	6,986
Deferred costs	4,946		1,164	0	63	529	6,702
Total Assets	$	4,946	190,288	42,367	124,630	101,484	$	463,715
Secured notes payable	$	0	108,263	16,000	68,370	79,965	$	272,598
Other liabilities	0		2,517	212	1,296	3,588	7,613
Capital – FRP	2,473		60,262	3,600	33,656	6,656	106,647
Capital – Third Parties	2,473		19,246	22,555	21,308	11,275	76,857
Total Liabilities and Capital	$	4,946	190,288	42,367	124,630	101,484	$	463,715

	Brooksville Quarry, LLC		BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand Total
Investments in real estate, net	$	14,352	21,374	11,292	440,326	$	487,344
Cash and restricted cash	136		1,402	0	9,701	11,239
Unrealized rents & receivables	0		443	0	6,986	7,429
Deferred costs	4		219	0	6,702	6,925
Total Assets	$	14,492	23,438	11,292	463,715	$	512,937
Secured notes payable	$	0	14,112	(3,708)	272,598	$	283,002
Other liabilities	43		268	187	7,613	8,111
Capital – FRP	7,554		4,529	14,813	106,647	133,543
Capital – Third Parties	6,895		4,529	0	76,857	88,281
Total Liabilities and Capital	$	14,492	23,438	11,292	463,715	$	512,937

The Company’s capital recorded by the unconsolidated Joint Ventures is $5,555,000 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, 2024 are summarized in the following two tables (in thousands):

	As of December 31, 2024
	Buzzard Point Sponsor, LLC		Bryant Street Partnership	Estero Partnership	Verge Partnership	Greenville Partnership	Total Multifamily JV’s
Investments in real estate, net	$	0	180,928	40,733	124,010	94,020	$	439,691
Cash and restricted cash	0		5,348	613	2,001	3,104	11,066
Unrealized rents & receivables	0		6,708	0	250	258	7,216
Deferred costs	4,892		1,406	0	138	195	6,631
Total Assets	$	4,892	194,390	41,346	126,399	97,577	$	464,604
Secured notes payable	$	0	108,084	16,000	68,242	79,829	$	272,155
Other liabilities	0		3,126	856	1,209	2,158	7,349
Capital – FRP	2,446		63,241	3,600	34,874	4,870	109,031
Capital – Third Parties	2,446		19,939	20,890	22,074	10,720	76,069
Total Liabilities and Capital	$	4,892	194,390	41,346	126,399	97,577	$	464,604

	As of December 31, 2024
	Brooksville Quarry, LLC		BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand Total
Investments in real estate, net	$	14,354	20,956	16,007	439,691	$	491,008
Cash and restricted cash	143		144	0	11,066	11,353
Unrealized rents & receivables	0		517	0	7,216	7,733
Deferred costs	1		313	0	6,631	6,945
Total Assets	$	14,498	21,930	16,007	464,604	$	517,039
Secured notes payable	$	0	10,315	(10,157)	272,155	$	272,313
Other liabilities	0		285	0	7,349	7,634
Capital – FRP	7,579		5,665	26,164	109,031	148,439
Capital - Third Parties	6,919		5,665	0	76,069	88,653
Total Liabilities and Capital	$	14,498	21,930	16,007	464,604	$	517,039

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(33,887,000) and $(30,513,000) as of June 30, 2025 and December 31, 2024, respectively.

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
	Six months ended		Six months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Lease revenue	8,185		7,848		5,900		5,660
Depreciation and amortization	3,474		3,375		2,504		2,434
Operating expenses	3,016		2,989		2,177		2,155
Property taxes	667		726		480		524
Cost of operations	7,157		7,090		5,161		5,113
Total operating profit	1,028		758		739		547
Interest expense	(4,465)		(5,352)		(3,465)		(3,929)
Net loss before tax	$	(3,437)	$	(4,594)	$	(2,726)	$	(3,382)

Interest expense for the six months ended June 30, 2025 and 2024 for the JV and the Company share includes $248,000 loan guarantee expense.

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
	Six months ended		Six months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Lease revenue	5,256		4,794		2,102		1,918
Depreciation and amortization	1,757		1,744		703		698
Operating expenses	1,406		1,242		562		497
Property taxes	980		882		392		353
Cost of operations	4,143		3,868		1,657		1,548
Total operating profit	1,113		926		445		370
Interest expense	(2,612)		(2,318)		(1,045)		(927)
Net loss before tax	$	(1,499)	$	(1,392)	$	(600)	$	(557)

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
	Six months ended		Six months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Lease revenue	4,535		4,034		2,783		2,476
Depreciation and amortization	2,137		2,094		1,312		1,285
Operating expenses	1,510		1,605		926		985
Property taxes	663		523		407		321
Cost of operations	4,310		4,222		2,645		2,591
Total operating profit/(loss)	225		(188)		138		(115)
Interest expense	(2,209)		(2,609)		(1,355)		(1,602)
Net loss before tax	$	(1,984)	$	(2,797)	$	(1,217)	$	(1,717)