Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events.

On October 21, 2025, subsequent to quarters end, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. Altman Logistics held minority interests in a portfolio of institutional-grade industrial assets under various stages of development (including the Company’s industrial developments in Lakeland and Broward County, FL) as well as a contract for the purchase of an industrial land parcel.

The purchase price was $33.5 million, which included a $10.0 million reimbursement to Altman for the assignment of a bank account held by a special purpose entity that is the guarantor for approximately $49.0 million on $121.8 million in construction debt. As a result, the net cash requirement was $23.5 million. At closing, $45.3 million of the $121.8 million in total construction financing had been drawn, resulting in a $5.2 million share of debt attributable to the Company. In addition, the Company expects to record additional liabilities related to employee compensation tied to promote participation upon stabilization and sale of the projects.

The following table details the projects purchased and the square feet (SF) of the warehouses:

City	Street Address	36’ Clear Height SF	Ownership Acquired	Status
Delray Beach, FL	14130 S State Rd. 7	199,476	10%(1)	Substantial completion Q4 2025
Delray Beach, FL	14130 S State Rd. 7	392,976	10% (1)	Land for 2 warehouses
Hamilton, NJ	600 Horizon Dr.	170,800	8.5% (1)	Substantial completion Q4 2025
Parsippany, NJ	8 Lanidex Plaza W.	140,031	10% (1)	Substantial completion Q1 2026
Lakeland, FL	8161 State Rd. 33	201,420	10% (2)	Substantial completion Q2 2026
Davie, FL	6900 W. State Rd 84	182,773	20% (2)	Substantial completion Q2 2026
		1,287,476
Southwest Ranches, FL	SW 202nd Ave. & Sheridan St.	335,617		Land acquisition contract 2026

(1)General Partner investment, distributions will be based upon waterfall model.

(2)FRP already owns the remaining portion.