Investments in Joint Ventures

9 Months Ended

Sep. 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 September 30, 2025
Brooksville Quarry, LLC	50.00	%	$	7,541	14,489	(72)	(36)
BC FRP Realty, LLC	50.00	%	4,865		23,647	518	259
Buzzard Point Sponsor, LLC	50.00	%	2,536		5,072	—	—
Bryant Street Partnerships	72.08	%	60,938		188,200	(5,111)	(4,058)
Lending ventures			13,749		10,339	—	—
Estero Partnership	16.00	%	6,971		55,257	—	—
The Verge Partnership	61.37	%	34,922		122,840	(3,127)	(1,919)
Greenville Partnerships	56.52	%	11,776		108,044	(2,203)	(881)
Total			$	143,298	527,888	(9,995)	(6,635)

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

	As of September 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	175,779	48,532	120,932	103,252	$	448,495
Cash and restricted cash	0		4,071	6,725	1,509	4,597	16,902
Unrealized rents & receivables	0		6,956	0	217	76	7,249
Deferred costs	5,072		1,394	0	182	119	6,767
Total Assets	$	5,072	188,200	55,257	122,840	108,044	$	479,413
Secured notes payable	$	0	108,512	8,000	68,434	80,034	$	264,980
Other liabilities	0		2,570	427	1,085	5,016	9,098
Capital – FRP	2,536		58,338	6,828	32,648	10,898	111,248
Capital – Third Parties	2,536		18,780	40,002	20,673	12,096	94,087
Total Liabilities and Capital	$	5,072	188,200	55,257	122,840	108,044	$	479,413

	Brooksville Quarry, LLC		BC FRP Realty, LLC	Lending Ventures	Multifamily JV’s	Grand Total
Investments in real estate, net	$	14,351	21,467	10,339	448,495	$	494,652
Cash and restricted cash	136		1,317	0	16,902	18,355
Unrealized rents & receivables	0		483	0	7,249	7,732
Deferred costs	2		380	0	6,767	7,149
Total Assets	$	14,489	23,647	10,339	479,413	$	527,888
Secured notes payable	$	0	13,878	(3,596)	264,980	$	275,262
Other liabilities	65		285	187	9,098	9,635
Capital – FRP	7,541		4,742	13,748	111,248	137,279
Capital – Third Parties	6,883		4,742	0	94,087	105,712
Total Liabilities and Capital	$	14,489	23,647	10,339	479,413	$	527,888

The Company’s capital recorded by the unconsolidated Joint Ventures is $6,019,000 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 $(35,589,000) and $(30,513,000) as of September 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
	Nine months ended		Nine months ended		Nine months ended		Nine months ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Lease revenue	12,362		11,814		8,911		8,510
Depreciation and amortization	5,211		5,139		3,756		3,702
Operating expenses	4,472		4,394		3,229		3,165
Property taxes	1,041		1,051		749		757
Cost of operations	10,724		10,584		7,734		7,624
Total operating profit	1,638		1,230		1,177		886
Interest expense	(6,749)		(7,978)		(5,235)		(5,855)
Net loss before tax	$	(5,111)	$	(6,748)	$	(4,058)	$	(4,969)

Interest expense for the nine months ended September 30, 2025 and 2024 for the the Company share includes $372,000 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
	Nine months ended		Nine months ended		Nine months ended		Nine months ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Lease revenue	7,893		7,276		3,157		2,910
Depreciation and amortization	2,636		2,625		1,055		1,050
Operating expenses	2,142		1,958		856		782
Property taxes	1,468		1,129		587		452
Cost of operations	6,246		5,712		2,498		2,284
Total operating profit	1,647		1,564		659		626
Interest expense	(3,850)		(3,509)		(1,540)		(1,404)
Net loss before tax	$	(2,203)	$	(1,945)	$	(881)	$	(778)

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,
	2025		2024		2025		2024
Lease revenue	6,774		6,116		4,157		3,753
Depreciation and amortization	3,190		3,250		1,957		1,995
Operating expenses	2,402		2,301		1,475		1,411
Property taxes	1,008		743		618		456
Cost of operations	6,600		6,294		4,050		3,862
Total operating profit/(loss)	174		(178)		107		(109)
Interest expense	(3,301)		(3,791)		(2,026)		(2,327)
Net loss before tax	$	(3,127)	$	(3,969)	$	(1,919)	$	(2,436)