Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CIO | ||
Entity Registrant Name | City Office REIT, Inc. | ||
Entity Central Index Key | 1,593,222 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 30,172,226 | ||
Entity Public Float | $ 244.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate properties | ||
Land | $ 115,634 | $ 90,205 |
Building and improvement | 423,707 | 256,317 |
Tenant improvement | 49,813 | 35,069 |
Furniture, fixtures and equipment | 222 | 198 |
Real estate properties, gross | 589,376 | 381,789 |
Accumulated depreciation | (39,052) | (26,909) |
Real estate properties, net | 550,324 | 354,880 |
Cash and cash equivalents | 13,703 | 8,138 |
Restricted cash | 15,948 | 15,176 |
Rents receivable, net | 17,257 | 14,382 |
Deferred leasing costs, net of accumulated amortization | 5,422 | 5,074 |
Acquired lease intangibles assets, net | 56,214 | 40,990 |
Prepaid expenses and other assets | 2,626 | 1,567 |
Total Assets | 661,494 | 440,207 |
Liabilities: | ||
Debt | 370,057 | 341,278 |
Accounts payable and accrued liabilities | 12,976 | 8,745 |
Deferred rent | 5,558 | 2,653 |
Tenant rent deposits | 2,621 | 2,178 |
Acquired lease intangibles liability, net | 4,302 | 2,292 |
Dividend distributions payable | 7,521 | 3,663 |
Earn-out liability | 2,400 | 5,678 |
Total Liabilities | 405,435 | 366,487 |
Commitments and Contingencies (Note 10) | ||
Equity: | ||
6.625% Series A Preferred stock, $0.01 par value per share, 100,000,000 shares authorized, 4,480,000 and 0 issued and outstanding as of December 31, 2016 and December 31, 2015, respectively | 112,000 | |
Common stock, $0.01 par value, 100,000,000 shares authorized, 24,382,226 and 12,517,777 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively | 244 | 125 |
Additional paid-in capital | 195,566 | 95,318 |
Accumulated deficit | (53,608) | (29,598) |
Total Stockholders' Equity | 254,202 | 65,845 |
Operating Partnership unitholders' non-controlling interests | 108 | 8,550 |
Non-controlling interests in properties | 1,749 | (675) |
Total Equity | 256,059 | 73,720 |
Total Liabilities and Equity | $ 661,494 | $ 440,207 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Preferred stock, Dividend rate percentage | 6.625% | |
Preferred stock, par value per share | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 4,480,000 | 0 |
Preferred stock, shares outstanding | 4,480,000 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,382,226 | 12,517,777 |
Common stock, shares outstanding | 24,382,226 | 12,517,777 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental income | $ 63,702 | $ 48,009 | |
Expense reimbursement | 7,140 | 5,808 | |
Other | 1,619 | 1,235 | |
Total Revenues | 72,461 | 55,052 | |
Operating Expenses: | |||
Property operating expenses | 28,305 | 20,420 | |
Acquisition costs | 692 | 2,959 | |
General and administrative | 6,429 | 3,728 | |
Base management fee | 109 | 1,302 | |
External advisor acquisition | 7,045 | 492 | |
Depreciation and amortization | 30,178 | 21,624 | |
Total Operating Expenses | 72,758 | 50,525 | |
Operating (loss)/income | (297) | 4,527 | |
Interest Expense: | |||
Contractual interest expense | (13,804) | (10,607) | |
Amortization of deferred financing costs | (957) | (746) | |
Interest expense, net | (14,761) | (11,353) | |
Change in fair value of earn-out | (500) | (841) | |
Net gain on sale of real estate property | 15,934 | ||
Net income / (loss) | 376 | (7,667) | |
Less: Net income attributable to non-controlling interests in properties | (354) | (500) | |
Less: Net (income)/loss attributable to Operating Partnership unitholders' non-controlling interests | (865) | 1,576 | |
Net loss attributable to the Company | (843) | (6,591) | |
Preferred stock distributions | (1,781) | ||
Net loss attributable to common stockholders | $ (2,624) | $ (6,591) | |
Net loss per common share and unit: | |||
Basic and diluted | $ (0.13) | $ (0.53) | |
Weighted average common shares outstanding: | |||
Basic and diluted | 20,460 | 12,409 | |
Dividend distributions declared per common share and unit | $ 0.940 | $ 0.940 | |
Predecessor [Member] | |||
Revenues: | |||
Rental income | $ 33,236 | ||
Expense reimbursement | 2,869 | ||
Other | 791 | ||
Total Revenues | 36,896 | ||
Operating Expenses: | |||
Property operating expenses | 14,332 | ||
Acquisition costs | 2,133 | ||
General and administrative | 2,405 | ||
Base management fee | 682 | ||
Depreciation and amortization | 14,729 | ||
Total Operating Expenses | 34,281 | ||
Operating (loss)/income | 2,615 | ||
Interest Expense: | |||
Contractual interest expense | (7,854) | ||
Amortization of deferred financing costs | (1,443) | ||
Loss on early extinguishment of Predecessor debt | (1,655) | ||
Interest expense, net | (10,952) | ||
Change in fair value of earn-out | (1,048) | ||
Gain on equity investment | 4,475 | ||
Net income / (loss) | (4,910) | ||
Less: Net income attributable to non-controlling interests in properties | (82) | ||
Less: Net income attributable to Predecessor | (1,973) | ||
Less: Net (income)/loss attributable to Operating Partnership unitholders' non-controlling interests | 1,955 | ||
Net loss attributable to the Company | (5,010) | ||
Net loss attributable to common stockholders | $ (5,010) | ||
Net loss per common share and unit: | |||
Basic and diluted | $ (0.59) | ||
Weighted average common shares outstanding: | |||
Basic and diluted | 8,476 | ||
Dividend distributions declared per common share and unit | $ 0.653 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Predecessor Equity [Member] | Parent [Member] | Operating Partnership Unitholders' Non-controlling Interests [Member] | Non-controlling Interests in Properties [Member] |
Beginning balance (Predecessor [Member]) at Jan. 01, 2014 | $ 27,708 | $ 26,624 | $ 26,624 | $ 1,084 | |||||
Contributions | Predecessor [Member] | 3,906 | 3,844 | 3,844 | 62 | |||||
Distributions | Predecessor [Member] | (1,500) | (1,347) | (1,347) | (153) | |||||
Net (loss)/income | Predecessor [Member] | 1,944 | 1,973 | 1,973 | (29) | |||||
Ending balance (Predecessor [Member]) at Apr. 20, 2014 | 32,058 | 31,094 | 31,094 | 964 | |||||
Ending balance at Apr. 20, 2014 | 32,058 | ||||||||
Beginning balance (Predecessor [Member]) at Jan. 01, 2014 | 27,708 | 26,624 | 26,624 | 1,084 | |||||
Net (loss)/income | Predecessor [Member] | (4,910) | ||||||||
Ending balance at Dec. 31, 2014 | 91,235 | $ 123 | $ 91,308 | $ (11,320) | 80,111 | $ 11,878 | (754) | ||
Ending balance, shares at Dec. 31, 2014 | 12,279,000 | ||||||||
Beginning balance (Predecessor [Member]) at Apr. 20, 2014 | 32,058 | 31,094 | 31,094 | 964 | |||||
Beginning balance at Apr. 20, 2014 | 32,058 | ||||||||
Net proceeds from sale of common stock, values | 72,471 | $ 66 | 72,405 | 72,471 | |||||
Net proceeds from sale of common stock, shares | 6,582,000 | ||||||||
Formation Transaction | (42,620) | $ 16 | (27,568) | $ (31,094) | (58,646) | 17,684 | (1,658) | ||
Formation Transaction, shares | 1,611,000 | ||||||||
Net proceeds from secondary public offering, values | 43,615 | $ 41 | 45,380 | 45,421 | (1,806) | ||||
Net proceeds from secondary public offering, shares | 4,086,000 | ||||||||
Restricted stock award grants and vesting, values | 1,091 | 1,091 | 1,091 | ||||||
Common stock dividend distributions declared | (8,355) | (6,310) | (6,310) | (2,045) | |||||
Distributions | (171) | (171) | |||||||
Net (loss)/income | (6,854) | (5,010) | (5,010) | (1,955) | 111 | ||||
Ending balance at Dec. 31, 2014 | 91,235 | $ 123 | 91,308 | (11,320) | 80,111 | 11,878 | (754) | ||
Ending balance, shares at Dec. 31, 2014 | 12,279,000 | ||||||||
Conversion of OP units to shares, values | 47 | 47 | (47) | ||||||
Conversion of OP units to shares, shares | 12,000 | ||||||||
Restricted stock award grants and vesting, values | 1,907 | $ 1 | 1,906 | 1,907 | |||||
Restricted stock award grants and vesting, shares | 137,000 | ||||||||
Earn out payment in shares, values | 3,163 | $ 1 | 2,057 | 2,058 | 1,105 | ||||
Earn out payment in shares, shares | 90,000 | ||||||||
Common stock dividend distributions declared | (14,497) | (11,687) | (11,687) | (2,810) | |||||
Distributions | (421) | (421) | |||||||
Net (loss)/income | (7,667) | (6,591) | (6,591) | (1,576) | 500 | ||||
Ending balance at Dec. 31, 2015 | $ 73,720 | $ 125 | 95,318 | (29,598) | 65,845 | 8,550 | (675) | ||
Ending balance, shares at Dec. 31, 2015 | 12,517,777 | 12,518,000 | |||||||
Conversion of OP units to shares, values | $ 32 | 10,754 | 10,786 | (10,786) | |||||
Net proceeds from sale of common stock, values | $ 86,785 | $ 80 | 86,705 | 86,785 | |||||
Conversion of OP units to shares, shares | 3,206,000 | ||||||||
Net proceeds from sale of common stock, shares | 8,050,000 | ||||||||
Restricted stock award grants and vesting, values | 2,436 | $ 2 | 2,434 | 2,436 | |||||
Restricted stock award grants and vesting, shares | 164,000 | ||||||||
Internalization payment in shares, values | 3,464 | $ 3 | 3,461 | 3,464 | |||||
Internalization payment in shares, shares | 297,000 | ||||||||
Earn out payment in shares, values | 3,778 | $ 2 | 767 | 769 | 3,009 | ||||
Earn out payment in shares, shares | 147,000 | ||||||||
Net proceeds from sale of preferred stock, values | 108,127 | $ 112,000 | (3,873) | 108,127 | |||||
Net proceeds from sale of preferred stock, shares | 4,480,000 | ||||||||
Common stock dividend distributions declared | (22,916) | (21,386) | (21,386) | (1,530) | |||||
Preferred stock dividend distributions declared | (1,781) | (1,781) | (1,781) | ||||||
Contributions | 2,525 | 2,525 | |||||||
Distributions | (455) | (455) | |||||||
Net (loss)/income | 376 | (843) | (843) | 865 | 354 | ||||
Ending balance at Dec. 31, 2016 | $ 256,059 | $ 112,000 | $ 244 | $ 195,566 | $ (53,608) | $ 254,202 | $ 108 | $ 1,749 | |
Ending balance, shares at Dec. 31, 2016 | 24,382,226 | 4,480,000 | 24,382,000 |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ 376 | $ (7,667) | |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 30,178 | 21,624 | |
Amortization of deferred financing costs | 957 | 746 | |
Amortization of above/below market leases | 299 | 349 | |
Increase in straight-line rent | (3,751) | (1,895) | |
Non-cash stock compensation | 2,436 | 1,907 | |
Change in fair value of earn-out | 500 | 841 | |
Internalization shares issued | 3,464 | ||
Net gain on sale of real estate property | (15,934) | ||
Changes in non-cash working capital: | |||
Rents receivable, net | (4,331) | (4,506) | |
Prepaid expenses and other assets | (587) | (648) | |
Accounts payable and accrued liabilities | 3,135 | 2,988 | |
Deferred rent | 2,743 | 440 | |
Tenant rent deposits | (338) | (16) | |
Net Cash Provided By Operating Activities | 19,147 | 14,163 | |
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (8,729) | (5,466) | |
Acquisition of real estate, net of cash assumed | (248,957) | (166,788) | |
Net proceeds from sale of real estate | 42,984 | ||
Deferred leasing costs | (2,074) | (3,217) | |
Net Cash Used In Investing Activities | (216,776) | (175,471) | |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of preferred stock | 108,127 | ||
Net proceeds from sale of common stock | 86,785 | ||
Debt issuance and extinguishment costs | (2,414) | (1,239) | |
Proceeds from mortgage loans payable | 47,938 | 105,813 | |
Proceeds of Secured Credit Facility | 2,500 | 50,000 | |
Repayment of mortgage loans payable | (20,199) | (1,082) | |
Contributions from non-controlling interests in properties | 2,525 | ||
Distributions to non-controlling interests in properties | (455) | (421) | |
Dividend distributions paid to stockholders and Operating Partnership unitholders | (20,841) | (14,404) | |
Change in restricted cash | (772) | (4,083) | |
Net Cash Provided By Financing Activities | 203,194 | 134,584 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 5,565 | (26,724) | |
Cash and Cash Equivalents, Beginning of Year | 8,138 | 34,862 | |
Cash and Cash Equivalents, End of Year | 13,703 | 8,138 | $ 34,862 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 13,621 | 10,030 | |
Earn-out payment in common stock | $ 3,778 | 3,163 | |
Predecessor [Member] | |||
Cash Flows from Operating Activities: | |||
Net income/(loss) | (4,910) | ||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 14,729 | ||
Amortization of deferred financing costs | 1,443 | ||
Amortization of above/below market leases | 541 | ||
Increase in straight-line rent | (1,315) | ||
Non-cash stock compensation | 1,091 | ||
Change in fair value of earn-out | 1,048 | ||
Loss on early extinguishment of debt | 885 | ||
Gain on equity investment | (4,475) | ||
Changes in non-cash working capital: | |||
Rents receivable, net | (1,986) | ||
Prepaid expenses and other assets | (399) | ||
Accounts payable and accrued liabilities | (88) | ||
Deferred rent | 723 | ||
Tenant rent deposits | 500 | ||
Net Cash Provided By Operating Activities | 7,787 | ||
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (4,156) | ||
Acquisition of real estate, net of cash assumed | (89,565) | ||
Deferred leasing costs | (859) | ||
Net Cash Used In Investing Activities | (94,580) | ||
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common stock | 122,142 | ||
Formation transactions | (35,245) | ||
Redemption of common stock and common units held by Operating Partnership non-controlling interests | (6,056) | ||
Debt issuance and extinguishment costs | (4,063) | ||
Proceeds from mortgage loans payable | 205,860 | ||
Repayment of mortgage loans payable | (161,837) | ||
Contributions from partners and members | 3,844 | ||
Contributions from non-controlling interests in properties | 62 | ||
Distributions to partners and members | (1,347) | ||
Distributions to non-controlling interests in properties | (324) | ||
Dividend distributions paid to stockholders and Operating Partnership unitholders | (4,784) | ||
Change in restricted cash | (3,725) | ||
Net Cash Provided By Financing Activities | 114,527 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 27,734 | ||
Cash and Cash Equivalents, Beginning of Year | $ 34,862 | 7,128 | |
Cash and Cash Equivalents, End of Year | 34,862 | ||
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | $ 7,826 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. The Company has elected to be taxed and will continue to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. Pursuant to the Jumpstart Our Business Startups Act (the “JOBS Act”), the Company qualifies as an emerging growth company (“EGC”). An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (“FASB”) or the Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable. On February 1, 2016, the Company closed on the previously announced management internalization (“the Internalization”). The Company had previously entered into a Stock Purchase Agreement (“Stock Purchase Agreement”) with certain stockholders of the Company’s external advisor, City Office Real Estate Management Inc. (the “Advisor”), pursuant to which the Company acquired all of the outstanding stock of the Advisor. Pursuant to this Stock Purchase Agreement, at closing, the Company issued 297,321 shares of its common stock with a fair market value of $3.5 million to the stockholders of the Advisor (the “Sellers”). The Company paid an additional $3.5 million in cash in the first quarter of 2016 representing payments to be made to the Sellers upon reaching certain fully diluted market capitalization thresholds prior to December 31, 2016, which, together with the initial payment, resulted in a total cost of $7.0 million in the year ended December 31, 2016. The amount was recorded as an expense in the accompanying condensed consolidated and combined statements of operations as it represented the cost of terminating the relationship. In connection with the closing of the Internalization, the Company entered into an amendment to the Advisory Agreement between the Company, the Operating Partnership and the Company’s former external Advisor (“Advisory Agreement”) that eliminates the payment of acquisition fees by the Company to the Advisor. In addition, each of the Company’s executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately 11 additional former employees of the Advisor and its affiliates became employees of the Company. In connection with the closing of the transactions under the Stock Purchase Agreement, a subsidiary of the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Second City Capital II Corporation and Second City Real Estate II Corporation, related entities controlled by Samuel Belzberg, who served as a member of our Board of Directors until March 1, 2017. The Administrative Services Agreement has a three year term and pursuant to the agreement, the Company will provide various administrative services and support to the related entities managing the Second City funds. The Company’s subsidiary will receive annual payments for these services under the Administrative Services Agreement as follows: first 12 months—$1.5 million, second 12 months—$1.15 million and third 12 months—$0.625 million, for a total of $3.275 million over the three-year term. Initial Public Offering and Formation Transactions The Company’s operations are carried on primarily through the Operating Partnership and wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related Formation Transactions. On April 21, 2014, the Company closed the IPO, pursuant to which it sold 5,800,000 shares of common stock to the public at a public offering price of $12.50 per share. The Company raised $72.5 million in gross proceeds, resulting in net proceeds to us of approximately $63.4 million after deducting approximately $5.1 million in underwriting discounts and approximately $4.0 million in other expenses relating to the IPO. On May 9, 2014, the underwriters of the IPO exercised their overallotment option to purchase an additional 782,150 shares of the Company’s common stock at the IPO price of $12.50 a share resulting in additional gross proceeds of approximately $9.8 million. The net proceeds to the Company were $9.1 million after deducting approximately $0.7 million in underwriting discounts. The Company’s common stock began trading on the New York Stock Exchange under the symbol “CIO” on April 15, 2014. The Company contributed the net proceeds of the IPO to the Operating Partnership in exchange for common units in the Operating Partnership. The Operating Partnership utilized a portion of the net proceeds of the IPO to pay fees in connection with the assumption of the indebtedness, pay expenses incurred in connection with the IPO and Formation Transactions and repay loans that were made to several of the contributing entities by certain investors in such entities. The remaining funds were used for general working capital purposes and to fund acquisitions. Pursuant to the Formation Transactions and exercise of the underwriters’ overallotment option, the Operating Partnership acquired a 100% interest in each of the Washington Group Plaza, Cherry Creek and Corporate Parkway properties and acquired an approximate 76% economic interest in the AmberGlen property, 90% interest in the Central Fairwinds property and 95% interest in the City Center property. These initial property interests were contributed in exchange for 3,731,209 common units, 1,858,860 common stock and $19.4 million of cash. On May 9, 2014, subsequent to the exercise of the underwriters’ overallotment option, 479,305 common units and 248,095 common stock were redeemed for $9.1 million in cash. In connection with the IPO and Formation Transactions, the Company, through its Operating Partnership, extinguished the loan on the Central Fairwinds property and completed a refinancing of three properties (Cherry Creek, City Center and Corporate Parkway) with a new $95 million non-recourse mortgage loan and proceeds from the IPO. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021. The following is a summary of the Predecessor Statements of Operations for the period from January 1, 2014 through April 20, 2014, and the Company’s Statement of Operations for the period from April 21, 2014 through December 31, 2014. These amounts are included in the consolidated and combined statement of operations herein for the year ended December 31, 2014. (in thousands) Predecessor City Office REIT, Inc. January 1, 2014 through April 20, 2014 April 21, 2014 through December 31, 2014 Revenues: Rental income $ 8,865 $ 24,371 Expense reimbursement 555 2,314 Other 343 448 Total Revenues 9,763 27,133 Operating Expenses Property operating expenses 3,775 10,557 Acquisition costs 806 1,327 Stock-based compensation — 1,091 General and administrative 79 1,235 Base management fees — 682 Depreciation and amortization 3,862 10,867 Total Operating Expenses 8,522 25,759 Operating income 1,241 1,374 Interest expense, net (3,772 ) (7,180 ) Change in fair value of earn-out — (1,048 ) Gain on equity investment 4,475 — Net income / (loss) 1,944 (6,854 ) Net loss / (income) attributable to non-controlling interests in properties 29 (111 ) Net income attributable to Predecessor 1,973 — Net loss attributable to Operating Partnership unitholders’ non-controlling interests 1,955 Net loss attributable to common stockholders (5,010 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. The Predecessor represents a combination of certain entities holding interests in real estate that were commonly controlled prior to the Formation Transactions. Due to their common control, the financial statements of the separate entities which own the properties are presented on a combined basis in the Predecessor financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long lived assets and the valuation of the earn-out liability on the Central Fairwinds property. Such estimates are based on management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates. Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and short-term investments with a maturity date of less than three months when acquired. Restricted Cash Restricted cash consists of cash held in escrow by lenders pursuant to certain lender agreements and cash received from contracted building sales. Rent Receivable, Net The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. As of December 31, 2016 and 2015, the Company’s allowance for doubtful accounts was not significant. Business Combinations When a property is acquired, management considers the substance of the agreement in determining whether the acquisition represents an asset acquisition or a business combination. Upon acquisitions of properties that constitutes a business, the fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Acquisition costs are expensed as incurred in the accompanying combined statements of operations. Also, non-controlling interests acquired are recorded at estimated fair market value. The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management’s estimate of current market rents. Below-market lease intangibles are recorded as part of acquired lease intangibles liability and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. The fair value of acquired in-place leases are recorded based on the costs management estimates the Company would have incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, management evaluates the time period over which such occupancy level would be achieved and includes an estimate of the net operating costs incurred during the lease-up period. Acquired in-place leases are amortized on a straight-line basis over the term of the individual leases. Revenue Recognition The Company recognizes lease revenue on a straight-line basis over the term of the lease. Certain leases allow for the tenant to terminate the lease, but the tenant must make a termination payment as stipulated in the lease. If the termination payment is in such an amount that continuation of the lease appears, at the time of lease inception, to be reasonably assured, then the Company recognizes revenue over the term of the lease. The Company has determined that for these leases, the termination payment is in such an amount that continuation of the lease appears, at the time of inception, to be reasonably assured. The Company recognizes lease termination fees as revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the consolidated balance sheets. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Recoveries from tenants for real estate taxes, insurance and other operating expenses are recognized as revenues in the period that the applicable costs are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Final billings to tenants for real estate taxes, insurance and other operating expenses did not vary significantly as compared to the estimated receivable balances. Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings and improvement 29-50 Furniture, fixtures and equipment 4-7 Expenditures for maintenance and repairs are charged to operations as incurred. Impairment of Real Estate Properties Long-lived assets currently in use are reviewed periodically for possible impairment and will be written down to fair value if considered impaired. Long-lived assets, to be disposed of, are written down to the lower of cost or fair value less the estimated cost to sell. The Company reviews its real estate properties for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. Concentration of Credit Risk The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed FDIC insured levels from time to time. The Company has never experienced any losses related to these balances. Income Taxes The Company has elected to be taxed, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. For periods prior to the completion of the IPO and the Formation Transactions on April 21, 2014, no provision was made for U.S. federal, state or local income taxes because profits and losses of the Predecessor flowed through to its respective partners, members and shareholders who were individually responsible for reporting such amounts. For periods subsequent to the completion of the IPO and the Formation Transactions, the taxable REIT subsidiaries are subject to U.S. federal, state and local corporate income taxes to the extent there is taxable income. Non-controlling Interests The Company follows the provisions pertaining to non-controlling interests of ASC Topic 810. A non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Among other matters, the non-controlling interest standards require that non-controlling interests be reported as part of equity in the consolidated balance sheet (separately from the controlling interest’s equity). Upon completion of the IPO and Formation Transactions and exercise of the underwriters’ overallotment option, the Operating Partnership issued 3,251,904 common units of limited partnership interest to the Predecessor’s prior investors as partial consideration for the contribution of their interest in the Predecessor to the Operating Partnership. Non-controlling interest in the Company represents common units of the Operating Partnership held by the Predecessor’s prior investors. On July 14, 2016, the Company issued a total of 3,126,084 shares of its common stock to certain limited partners of the Operating Partnership. The shares of common stock were issued in connection with Second City’s redemption of a total of 3,126,084 common units pursuant to the terms of the Operating Partnership’s limited partnership agreement, as amended and restated. As of December 31, 2016 and 2015, the Company held a 99.8% and 80.3% interest, respectively, in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting periods. Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding for the year ended December 31, 2016, December 31, 2015 and for the period from April 21 – December 31, 2014. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 40,001, 3,070,405, and 2,915,709 potentially dilutive shares outstanding related to the issuance of common units held by non-controlling interests during the year ended December 31, 2016, 2015 and 2014 respectively; however, the shares were excluded from the computation of diluted shares as their impact would have been anti-dilutive. As a result, the number of diluted outstanding common shares was equal to the number of basic outstanding common shares. Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has not elected to designate any instruments as a hedge. Fair Value of Financial Instruments ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Accumulated amortization of deferred leasing costs as of December 31, 2016 and 2015 was $3.2 million and $2.3 million, respectively. Segment Reporting The Company operates in one industry segment, commercial real estate. New Accounting Pronouncements Adopted in the Current Year In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2015. The new guidance must be applied retrospectively to each prior period presented. The Company adopted ASU 2015-3 on January 1, 2016 and retrospectively reclassified $3.4 million of debt issuance costs as of December 31, 2015 from deferred financing costs, net, to long term debt. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 was adopted January 1, 2016. There was no impact to the Company’s 2016 financial statements upon adopting ASU 2015-16. To Be Adopted in Future Years In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic Accounting Standards Codification (Topic 606). The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a Company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. The new standard will be effective for the Company on January 1, 2018. We are currently evaluating the impact of the adoption of Topic 606 will have on our financial statements. In January of 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for the annual periods beginning after December 31, 2017 and for annual periods and interim periods within those years. The Company is currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), to amend and simplify several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences, (ii) classification of awards as equity or liabilities and (iii) classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. The Company is currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. In August of 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides clarified guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. The Company is currently assessing the impact of the guidance on our statement of cash flows. In November of 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. The Company is currently assessing the impact of the guidance on our statement of cash flows. In January of 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The new standard provides an initial screening test to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This standard is effective for annual periods beginning after December 15, 2017 and interim periods within those periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. |
Rents Receivable, Net
Rents Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Rents Receivable, Net | 3. Rents Receivable, Net The Company’s rents receivable is comprised of the following components (in thousands): December 31, December 31, Billed receivables $ 2,024 $ 588 Straight-line receivables 15,233 13,794 Total rents receivable $ 17,257 $ 14,382 Substantially all of these assets have been pledged as collateral for mortgage loans payable (see Note 6). |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments Acquisitions During the years ended December 31, 2016, 2015 and 2014 the Company acquired the following properties: Property Date Acquired Percentage Owned SanTan December 2016 100 % 5090 N 40th St November 2016 100 % Park Tower November 2016 95 % FRP Collection July 2016 95 % Carillon Point June 2016 100 % Intellicenter Sept 2015 100 % 190 Office Center Sept 2015 100 % DTC Crossroads June 2015 100 % Superior Pointe June 2015 100 % Logan Tower Feb 2015 100 % FRP Ingenuity Drive Nov 2014 100 % Lake Vista Pointe July 2014 100 % Plaza 25 June 2014 100 % Cherry Creek January 2014 100 % The above acquisitions have been accounted for as business combinations. The following table summarizes the Company’s preliminary allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands): Carillon FRP Park 5090 N SanTan Total December 31, Land $ 5,172 $ 7,031 $ 3,484 $ 6,696 $ 6,803 $ 29,186 Buildings and improvements 14,500 36,480 66,967 31,465 35,202 184,614 Tenant improvements 2,816 2,219 1,689 658 1,984 9,366 Acquired intangible assets 3,851 3,932 8,324 3,616 10,284 30,007 Prepaid expenses and other assets 73 101 307 — — 481 Accounts payable and other liabilities (217 ) (532 ) (296 ) (448 ) (544 ) (2,037 ) Lease intangible liabilities (353 ) — (773 ) (604 ) (930 ) (2,660 ) Total Consideration $ 25,842 $ 49,231 $ 79,702 $ 41,383 $ 52,799 $ 248,957 Consideration paid on acquisitions was in the form of cash and debt. The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands): Logan Superior DTC 190 Intellicenter Total December 31, Land $ 1,306 $ 3,153 $ 7,137 $ 7,162 $ 5,244 $ 24,002 Buildings and improvements 7,844 19,250 22,545 39,367 31,359 120,365 Tenant improvements 353 584 638 323 2,919 4,817 Acquired intangible assets 1,274 2,866 4,152 5,673 7,742 21,707 Prepaid expenses and other assets — 24 — 64 — 88 Accounts payable and other liabilities (48 ) (316 ) (605 ) (720 ) (321 ) (2,010 ) Lease intangible liabilities (306 ) (53 ) (353 ) (805 ) (664 ) (2,181 ) Total Consideration $ 10,423 $ 25,508 $ 33,514 $ 51,064 $ 46,279 $ 166,788 On January 2, 2014, the Predecessor acquired the remaining 57.7% interest it did not already own in ROC-SCCP Cherry Creek I, LP (“Cherry Creek”) for approximately $12.0 million. The acquisition was financed through a new $50 million mortgage loan, the proceeds of which were used to repay $36 million of existing debt of Cherry Creek, fund the payment of $12.0 million to the seller, pay $1.2 million of deferred financing costs and $0.8 million in transactions costs. The Company recognized expenses relating to the Cherry Creek acquisition of $806,344 for the year ended December 31, 2014. A gain of $4.5 million was recognized from the fair value adjustment associated with the Predecessor’s original ownership due to a change in control, calculated as follows (in thousands): Fair value of assets and liabilities acquired $ 56,833 Less existing mortgage in Cherry Creek (36,000 ) 20,833 Less cash paid to seller (12,021 ) Fair value of 42.3% equity interest 8,812 Carrying value of investment in Cherry Creek (4,337 ) Gain on existing 42.3% equity interest $ 4,475 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2014 (in thousands): Cherry Plaza 25 Lake Vista FRP Total December 31, Land $ 25,745 $ 1,764 $ 4,115 $ 4,415 $ 36,039 Buildings and improvements 15,771 18,487 17,562 16,376 68,196 Tenant improvements 4,372 2,076 3,038 1,399 10,885 Acquired intangible assets 12,009 2,924 3,685 4,309 22,927 Prepaid expenses and other assets — 2 30 104 136 Accounts payable and other liabilities (815 ) (641 ) (1,733 ) (41 ) (3,230 ) Lease intangible liabilities (249 ) (328 ) — — (577 ) Total Consideration $ 56,833 $ 24,284 $ 26,697 $ 26,562 $ 134,376 The operating results of the acquired properties, during the years ended December 31, 2016, 2015 and 2014, since the date of acquisition have been included in the Company’s consolidated and combined financial statements. The following table represents the results of the properties’ operations from the date of acquisition for properties acquired during the year that is presented. (in thousands): Year ended Year ended Year ended Operating revenues $ 7,215 $ 10,047 $ 11,282 Operating expenses (7,433 ) (9,957 ) (10,007 ) Interest (589 ) (1,192 ) (3,987 ) $ (807 ) $ (1,102 ) $ (2,712 ) Sale of Real Estate Property On June 15, 2016, the Company sold the Corporate Parkway property in Allentown, Pennsylvania, and its related assets and liabilities, for a sales price of $44.9 million, resulting in an aggregate net gain of $15.9 million, net of $2.0 million in costs, which has been classified as net gain on sale of real estate property in the condensed consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made. In accordance with ASU 2014-08, the sale was not considered a discontinued operation. Proceeds from the sale were applied subsequently in a like-kind exchange so as to qualify for tax-deferred treatment under Section 1031 of the Code. In September 2016, the Company entered into an agreement to sell the Washington Group Plaza property in Boise, Idaho for a sales price of $86.5 million which is scheduled to close in April 2018. A $5.0 million non-refundable deposit was received in December 2016, $0.25 million in the form of earnest money deposit and $4.75 million as an irrevocable letter of credit. The following table presents the unaudited revenues and income from continuing operations for Logan Tower, Superior Pointe, DTC Crossroads, 190 Office Center, Intellicenter, Carillon Point, FRP Collection, Park Tower, 5090 N 40th St, and SanTan on a pro forma basis as if the Company had completed the acquisition of the properties as of January 1, 2015 (in thousands): Year ended Year ended Total revenues as reported by City Office REIT, Inc. and Predecessor $ 72,461 $ 55,052 Plus: Logan Tower — 143 Superior Pointe — 1,666 DTC Crossroads — 1,904 190 Office Center — 3,798 Intellicenter — 3,196 Carillon Point 1,736 3,350 FRP Collection 3,003 5,877 Park Tower 9,252 10,231 5090 N 40th St 4,395 4,795 SanTan 6,224 5,719 Proforma total revenues $ 97,071 $ 95,731 Total operating (loss)/income as reported by the City Office REIT, Inc. and Predecessor $ (296 ) $ 4,527 Property acquisition costs 567 (567 ) Plus: Logan Tower — (13 ) Superior Pointe — (86 ) DTC Crossroads — (59 ) 190 Office Center — (233 ) Intellicenter — 930 Carillon Point 398 738 FRP Collection (1,034 ) (1,126 ) Park Tower 1,385 944 5090 N 40th St 612 667 SanTan 208 (552 ) Proforma operating (loss)/income $ 1,840 $ 5,170 |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2016 and 2015 were comprised as follows (in thousands): December 31, 2016 Above In Place Leasing Total Below Below Total Cost $ 7,796 $ 59,370 $ 25,693 $ 92,859 $ (5,587 ) $ (138 ) $ (5,725 ) Accumulated amortization (3,779 ) (24,384 ) (8,482 ) (36,645 ) 1,395 28 1,423 $ 4,017 $ 34,986 $ 17,211 $ 56,214 $ (4,192 ) $ (110 ) $ (4,302 ) December 31, 2015 Above In Place Leasing Total Below Below Total Cost $ 5,616 $ 44,478 $ 17,530 $ 67,624 $ (2,928 ) $ (138 ) $ (3,066 ) Accumulated Amortization (2,830 ) (17,641 ) (6,163 ) (26,634 ) 750 24 774 $ 2,786 $ 26,837 $ 11,367 $ 40,990 $ (2,178 ) $ (114 ) $ (2,292 ) The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): 2017 $ 15,641 2018 10,845 2019 9,071 2020 7,438 2021 5,410 Thereafter 3,507 $ 51,912 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the secured indebtedness as of December 31, 2016 and 2015 (in thousands): Property December 31, December 31, Interest Rate as of Maturity Secured Credit Facility (1) $ 52,500 $ 50,000 LIBOR +2.25 % (2) June 2018 Washington Group Plaza (3) 32,995 33,669 3.85 July 2018 AmberGlen Mortgage Loan (4) 24,280 24,729 4.38 May 2019 Midland Life Insurance (5) 90,124 95,000 4.34 May 2021 Lake Vista Pointe (3) 18,460 18,460 4.28 August 2024 FRP Ingenuity Drive (3)(6) 17,000 17,000 4.44 December 2024 Plaza 25 (3)(7) 17,000 17,000 4.10 July 2025 190 Office Center (7) 41,250 41,250 4.79 October 2025 Intellicenter (7) 33,563 33,563 4.65 October 2025 FRP Collection (7) 30,737 — 3.85 September 2023 Carillon Point (7) 17,000 — 3.50 October 2023 Term Loan (8) — 14,000 LIBOR+6.00 % (2) — Total Principal 374,909 344,671 Deferred financing costs, net (4,852 ) (3,393 ) Total $ 370,057 $ 341,278 All interest rates are fixed interest rates with the exception of the revolving credit facility (“Revolving Credit Facility”) as explained in footnote 1 below. (1) At December 31, 2016 the Secured Credit Facility had $100 million authorized and $52.5 million drawn. In addition, the Secured Credit Facility has an accordion feature that will permit the Company to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.60x. At December 31, 2016, the Secured Credit Facility was cross-collateralized by Central Fairwinds, Logan Tower, Superior Pointe and Park Tower. On October 26, 2016, the Company exercised its option under the Secured Credit Facility to utilize the accordion feature to increase the authorized borrowing capacity under the Secured Credit Facility from $75 million to $100 million. During 2015 the authorized borrowing capacity was increased from $30 million to $75 million. (2) As of December 31, 2016, the one month LIBOR rate was 0.70% (3) Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. (4) The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million. (5) The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021. Upon the sale of Corporate Parkway on June 15, 2016, $4 million of the loan was paid down and DTC Crossroads was substituted in as collateral property. (6) The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x. (7) The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x, 1.20x, 1.40x and 1.35x respectively for each of Plaza 25, 190 Office Center, Intellicenter, FRP Collection and Carillon Point. (8) The Term Loan was repaid in April 2016. The scheduled principal repayments of mortgage payable as of December 31, 2016 are as follows (in thousands): 2017 $ 3,853 2018 88,509 2019 27,508 2020 4,829 2021 86,761 Thereafter 163,449 Total $ 374,909 On January 4, 2017, the Company closed on a $22.0 million loan secured by a first mortgage lien on the 5090 N 40th St property in Phoenix, Arizona. The loan matures in January 2027. Interest is payable at a fixed rate of 3.92% per annum. On February 9, 2017, the Company closed on a $35.1 million loan secured by a first mortgage lien on the SanTan property in Phoenix, Arizona. The loan matures in March 2027. Interest is payable at a fixed rate of 4.56% per annum. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 7. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs As of December 31, 2016 and 2015, the Company did not have any hedges or derivatives. The estimated fair value of the earn-out liability decreased from $5.7 million at December 31, 2015 to $2.4 million at December 31, 2016. A $3.8 million payment was made in March 2016, satisfied through the issuance of common stock and common units. Subsequent to year-end, the Company entered into a Termination and Mutual Release Agreement which increased the liability by $0.5 million to a final cash payment of $2.4 million (see Note 10). Level 3 sensitivity analysis: The Company applies judgment in determining unobservable inputs used to calculate the fair value of Level 3 instruments. Level 3 instruments held by the Company include the earn-out. The unobservable inputs used in the valuation of the earn-out primarily include the net effective rent assumptions. A sensitivity analysis has been performed to determine the potential gain or loss by varying the significant unobservable inputs by increasing or decreasing them by 10%. The impact of applying these other reasonably possible inputs is a potential loss of $0.5 million and a potential gain of $0.5 million. This potential gain or loss would be recorded through profit and loss. Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $323.7 million and $285.9 million as of December 31, 2016 and December 31, 2015, respectively. Although the Company has determined the majority of the inputs used to value its fixed rate debt fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its fixed rate debt utilize Level 3 inputs, such as estimates of current credit spreads. Accordingly, mortgage loans payable have been classified as Level 3 fair value measurements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Equity Transactions On February 1, 2016, the Company closed on the previously announced Internalization. The Company had previously entered into a Stock Purchase Agreement with certain stockholders of the Company’s Advisor pursuant to which the Company acquired all of the outstanding stock of the Advisor (see Note 1). On July 14, 2016, the Company issued a total of 3,126,084 shares of its common stock to certain limited partners of the Operating Partnership. The shares of common stock were issued in connection with Second City’s redemption of a total of 3,126,084 common units pursuant to the terms of the Operating Partnership’s limited partnership agreement, as amended and restated. Property Management Fees Five of the properties (City Center, Central Fairwinds, AmberGlen, FRP Collection and Park Tower) engaged related parties to perform asset and property management services for a fee ranging from 2.0% to 3.5% of gross revenue. Management fees paid to the minority partners of these three properties totaled $0.6 million, $0.5 million and $0.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. Advisory and Transaction Fees During the year ended December 31, 2016, 2015, and 2014, the Company incurred $0.1 million, $3.0 million, and $1.5 million, respectively, in advisory and transaction fees payable to the Advisor. Earn-Out Payment During the year ended December 31, 2016, a payment of approximately $3.8 million was made to Second City in March 2016 under the Earn-Out provision described in Note 10. |
Future Minimum Rent Schedule
Future Minimum Rent Schedule | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Rent Schedule | 9. Future Minimum Rent Schedule Future minimum lease payments to be received as of December 31, 2016 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2017 $ 76,581 2018 67,837 2019 60,793 2020 53,872 2021 46,616 Thereafter 104,940 $ 410,639 The above minimum lease payments to be received do not include reimbursements from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases. Thirteen state government tenants currently have the exercisable right to terminate their lease if the state does not appropriate rent in its annual budgets. The Company has determined that the occurrence of the government tenant not appropriating the rent in its annual budget is a remote contingency and accordingly recognizes lease revenue on a straight-line basis over the respective lease term. These tenants represent approximately 15.0% of the Company’s total future minimum lease payments as of December 31, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Earn-Out As part of the Formation Transactions and contribution agreement with respect to the Central Fairwinds property, the Company was obligated to make additional payments to Second City (each, an “Earn-Out Payment”) for up to a five year period commencing on the initial IPO date of April 21, 2014. Earn-Out Payments were contingent on the property reaching certain specified occupancy levels through new leases to qualified tenants and exceeding a net operating income threshold, which grows annually. Second City will be entitled to receive an Earn-Out Payment (net of the associated leasing costs and inclusive of leasing commissions and tenant improvements/allowances and free rent) as and when the occupancy of Central Fairwinds reaches each of 70%, 80% and 90% (each, an “Earn-Out Threshold”) based on the incremental cash flow generated by new leases and a 7.75% stabilized capitalization rate. The Company will make any additional Earn-Out Payment within 30 days of the end of the Earn-Out Term based on new qualified leases entered into since the achievement of the last Earn-Out Threshold. Subsequent to year-end, the Company entered into a Termination and Mutual Release Agreement and a final cash payment of $2.4 million was made to Second City in February 2017. The estimated fair value of the earn-out liability decreased from $5.7 million at December 31, 2015 to $2.4 million at December 31, 2016. A $3.8 million payment was made in March 2016, satisfied through the issuance of common stock and common units. Subsequent to year-end, the Company entered into a Termination and Mutual Release Agreement which increased the liability by $0.5 million to a final cash payment of $2.4 million. Tax Protection Agreements In connection with our initial public offering and the related Formation Transactions, our Operating Partnership entered into tax protection agreements that provide that if we dispose of any interest in our initial properties in a taxable transaction prior to the fourth anniversary of the completion of our initial public offering, subject to certain exceptions, we will indemnify certain contributors of properties in our Formation Transactions for their tax liabilities attributable to the built-in gain that exists with respect to our properties as of the time of our initial public offering and their tax liabilities incurred as a result of such tax protection payment. Other The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of December 31, 2016 management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholder's Equity | 11. Stockholder’s Equity The Company issued 5,800,000 shares in conjunction with the IPO resulting in net proceeds of $63.4 million after deducting the underwriters’ discount and offering expenses. The underwriters of the IPO exercised their overallotment option to purchase an additional 782,150 shares of the Company’s common stock resulting in additional net proceeds to us of $9.1 million after deducting underwriting discounts. On December 10, 2014, the Company completed a follow-on public offering pursuant to which the Company sold 3,750,000 of our common stock to the public at a price of $12.50 per share. The Company raised $46.9 million in gross proceeds, resulting in net proceeds to us of approximately $43.6 million after deducting approximately $2.6 million in underwriting discounts and approximately $0.7 million in other expenses relating to the offering. On December 23, 2014, the underwriters of the offering exercised their overallotment option to purchase an additional 512,664 shares of our common stock at the offering price of $12.50 a share resulting in additional gross proceeds to us of approximately $6.4 million resulting in net proceeds to us of $6.1 million after deducting approximately $0.3 million in underwriting discounts. The net proceeds were used entirely to redeem 336,195 common units and 176,469 common stock held by the Operating Partnerships’ non-controlling interest. On February 1, 2016, the Company closed on the Internalization. Upon closing of the Internalization, the Company and certain of its subsidiaries acquired all of the outstanding stock of the Advisor. Pursuant to the Stock Purchase Agreement, at closing, the Company issued 297,321 shares of its common stock to the sellers. In addition, the Company recorded $3.5 million in the first quarter of 2016 in payments to the sellers upon reaching certain fully diluted market capitalization thresholds. On April 5, 2016, the Company completed a follow-on public offering pursuant to which the Company sold 8,050,000 shares of its common stock to the public at a price of $11.40 per share, inclusive of the overallotment option. The Company raised $91.8 million in gross proceeds, resulting in net proceeds to us of approximately $86.7 million after deducting $5.1 million in underwriting discounts and other expenses related to the offering. On July 14, 2016, the Company issued a total of 3,126,084 shares of its common stock to certain members of Second City in connection with Second City’s redemption of a total of 3,126,084 common units of limited partnership interest in the Operating Partnership. On October 4, 2016, the Company completed a public preferred stock offering pursuant to which the Company sold 4,000,000 shares of our 6.625% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value $0.01 per share to the public at a price of $25.00 per share. The Company raised $100.0 million in gross proceeds, resulting in net proceeds to the Company of approximately $96.5 million after deducting $3.5 million in underwriting discounts and expenses related to the offering. On October 28, 2016, the Company issued an additional 480,000 shares of Series A Preferred Stock pursuant to the partial exercise of the underwriters’ overallotment option, raising an additional $12.0 million in gross proceeds before underwriting discounts and expenses. The preferred stock is perpetual and from October 4, 2021, the Company may at its option redeem the Preferred Stock in whole or in part at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption. During the year ended December 31, 2016, a pro-rated dividend of $1.8 million was declared and paid subsequently in January 2017. Non-controlling Interests Non-controlling interests in the Company represent common units of the Operating Partnership held by the Predecessor’s prior investors. As of December 31, 2016 and 2015, non-controlling interests consisted of 40,001 and 3,070,405 Operating Partnership units and represented approximately 0.2% and 19.7% of the Operating Partnership, respectively. Operating Partnership units and shares of common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. Each limited partner and assignees of limited partners have the right, subject to the terms and conditions set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the common units held by such limited partner or assignee in exchange for a cash amount per common unit equal to the value of one share of common stock, determined in accordance with and subject to adjustment under the partnership agreement. The Company has the sole option at its discretion to redeem the common units by issuing common stock on a one-for-one basis. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to its percentage ownership of common units. The following table summarizes the non-controlling interests in properties as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 December 31, 2015 City Center $ (65 ) $ (5 ) Central Fairwinds 571 484 AmberGlen (1,240 ) (1,154 ) FRP Collection 995 — Park Tower 1,488 — $ 1,749 $ (675 ) Common Stock and Common Unit Distributions During the year ended December 31, 2016, the Company declared aggregate cash distributions to common stockholders and common unitholders of $22.9 million. The Company paid aggregate cash distributions of $20.8 million for the year-ended December 31, 2016 and $5.7 million was payable as of December 31, 2016. During the year ended December 31, 2016, the Company declared the following distributions per share and unit: Period Distribution per Common Share/ Declaration Date Record Date Payment Date January 1, 2016 – March 31, 2016 $ 0.235 March 15, 2016 April 5, 2016 April 19, 2016 April 1, 2016 – June 30, 2016 0.235 June 20, 2016 July 7, 2016 July 21, 2016 July 1, 2016 – September 30, 2016 0.235 September 15, 2016 October 11, 2016 October 25, 2016 October 1, 2016 – December 31, 2016 0.235 December 21, 2016 January 13, 2017 January 25, 2017 Total $ 0.940 Preferred Stock Distributions During the year ended December 31, 2016, a pro-rated dividend of $1.8 million was declared and paid subsequently in January 2017. Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for certain officers, directors, advisors and personnel, and, with approval of the board of directors, for subsidiaries and their respective affiliates. The Equity Incentive Plan provides for grants of restricted common stock, restricted stock units, phantom shares, stock options, dividend equivalent rights and other equity-based awards (including LTIP Units), subject to the total number of shares available for issuance under the plan. The Equity Incentive Plan is administered by the compensation committee of the board of directors (the “plan administrator”). The maximum number of shares of common stock that may be issued under the Equity Incentive Plan is 1,263,580 shares. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. During the twelve months ended December 31, 2016, 78,250 restricted stock units (“RSUs”) were granted to directors and non-executive employees with a fair value of $1.0 million. The awards will vest in three equal, annual installments on each of the first three anniversaries of the date of grant. For the year ended December 31, 2016 and December 31, 2015, the Company recognized net compensation expense of $2.4 million and $1.9 million related to the RSU’s. A RSU award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the plan administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested restricted stock units. The plan administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the restricted stock units do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vest. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 12. Quarterly Financial Information (unaudited): The following tables summarize certain selected quarterly financial data for 2016 and 2015 (in thousands, except per share data): 2016 Quarters Fourth Third Second First Revenue $ 21,304 $ 18,791 $ 16,092 $ 16,274 Net (loss)/income (3,193 ) (1,882 ) 14,244 (8,793 ) Net (loss)/income attributable to common stockholders (5,080 ) (1,945 ) 11,522 (7,121 ) Net (loss)/income per share (0.21 ) (0.08 ) 0.56 (0.56 ) 2015 Quarters Fourth Third Second First Revenue $ 17,543 $ 14,616 $ 11,634 $ 11,259 Net (loss) (1,798 ) (2,984 ) (2,086 ) (799 ) Net loss attributable to common stockholders (1,551 ) (2,499 ) (1,798 ) (743 ) Net loss per share |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On January 12, 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership closed on the acquisition of 2525 McKinnon, an approximately 111,000 square foot tower located in Dallas, Texas, for $46.8 million, exclusive of closing costs. On January 13, 2017, the Company completed a public offering pursuant to which the Company sold 5,750,000 shares of its common stock to the public at a price of $12.40 per share, inclusive of the overallotment option. The Company raised $71.3 million in gross proceeds, resulting in net proceeds to us of approximately $68.1 million after deducting $3.2 million in underwriting discounts and other expenses related to the offering. |
Schedule III - Real Estate Prop
Schedule III - Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Properties and Accumulated Depreciation | City Office REIT, Inc. and Predecessor SCHEDULE III – REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION December 31, 2016 (In Thousands) Description Encumbrances Initial Cost to Costs Gross Amount at Which Accumulated Date of Date Acquired Depreciation Land Buildings and Improvements Land Building and Total AmberGlen $ 24,280 $ 8,790 $ 5,705 $ 4,513 $ 8,790 $ 10,218 $ 19,008 $ 4,973 1984-1998 December 2009 50 Years City Center 24,265 3,123 10,656 8,761 3,123 19,417 22,540 5,810 1984 December 2010 40 Years Central Fairwinds — 1,747 9,751 4,261 1,747 14,012 15,759 2,541 1982 May 2012 40 Years Washington Group Plaza 32,995 12,748 20,716 7,485 12,748 28,201 40,949 5,852 1970-1982 June 2013 29 Years Cherry Creek 49,521 25,745 20,144 472 25,745 20,616 46,361 3,862 1962-1980 January 2014 36 Years Plaza 25 17,000 1,764 20,563 1,313 1,764 21,876 23,640 3,533 1981 June 2014 30 Years Lake Vista Pointe 18,460 4,115 20,600 55 4,115 20,655 24,770 2,324 2007 July 2014 45 Years FPR Ingenuity Drive 17,000 4,415 17,775 11 4,415 17,786 22,201 1,466 1999 November 2014 40 Years Logan Tower — 1,305 8,197 274 1,305 8,471 9,776 714 1983 February 2015 33 Years Superior Pointe — 3,153 19,834 728 3,153 20,562 23,715 1,304 2000 June 2015 40 Years DTC Crossroads 16,337 7,137 23,184 298 7,137 23,482 30,619 1,325 1999 June 2015 33 Years 190 Office Center 41,250 7,162 39,690 133 7,162 39,823 46,985 1,708 2001/2008 September 2015 45 Years Intellicenter 33,563 5,244 34,278 4 5,244 34,282 39,526 1,468 2008 September 2015 50 Years Carillon Point 17,000 5,173 17,316 — 5,173 17,316 22,489 450 2007 June 2016 39 Years FRP Collection 30,737 7,030 38,700 168 7,030 38,868 45,898 1,051 1986-1999 July 2016 40 Years Park Tower — 3,484 68,656 — 3,484 68,656 72,140 467 1973/2006 November 2016 35 Years 5090 N 40th St — 6,696 32,123 71 6,696 32,194 38,890 74 1988 November 2016 45 Years SanTan — 6,803 37,187 — 6,803 37,187 43,990 65 2000/2003 December 2016 41 Years Corporate 52,500 — — 120 — 120 120 65 Deferred Financing Costs (4,851 ) — — — — — — — $ 370,057 $ 115,634 $ 445,075 $ 28,667 $ 115,634 $ 473,742 $ 589,376 $ 39,052 (1) The aggregate cost for federal tax purposes as of December 31, 2016 of our real estate assets was $650,002. (2) A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2016 and 2015 is as follows: 2016 2015 Real Estate Properties Balance, beginning of year $ 381,789 $ 227,139 Acquisitions 223,167 149,184 Dispositions (24,309 ) — Capital improvements 8,729 5,466 Balance, end of year $ 589,376 $ 381,789 Accumulated depreciation Balance, beginning of year $ 26,909 $ 15,311 Depreciation 30,178 11,598 Depreciation on dispositions (18,035 ) — Balance, end of year $ 39,052 $ 26,909 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Summary of Significant Accounting Policies | Basis of Preparation and Summary of Significant Accounting Policies The accompanying consolidated and combined financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. The Predecessor represents a combination of certain entities holding interests in real estate that were commonly controlled prior to the Formation Transactions. Due to their common control, the financial statements of the separate entities which own the properties are presented on a combined basis in the Predecessor financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long lived assets and the valuation of the earn-out liability on the Central Fairwinds property. Such estimates are based on management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management’s estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and short-term investments with a maturity date of less than three months when acquired. |
Restricted Cash | Restricted Cash Restricted cash consists of cash held in escrow by lenders pursuant to certain lender agreements and cash received from contracted building sales. |
Rent Receivable, Net | Rent Receivable, Net The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. As of December 31, 2016 and 2015, the Company’s allowance for doubtful accounts was not significant. |
Business Combinations | Business Combinations When a property is acquired, management considers the substance of the agreement in determining whether the acquisition represents an asset acquisition or a business combination. Upon acquisitions of properties that constitutes a business, the fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Acquisition costs are expensed as incurred in the accompanying combined statements of operations. Also, non-controlling interests acquired are recorded at estimated fair market value. The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management’s estimate of current market rents. Below-market lease intangibles are recorded as part of acquired lease intangibles liability and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. The fair value of acquired in-place leases are recorded based on the costs management estimates the Company would have incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, management evaluates the time period over which such occupancy level would be achieved and includes an estimate of the net operating costs incurred during the lease-up period. Acquired in-place leases are amortized on a straight-line basis over the term of the individual leases. |
Revenue Recognition | Revenue Recognition The Company recognizes lease revenue on a straight-line basis over the term of the lease. Certain leases allow for the tenant to terminate the lease, but the tenant must make a termination payment as stipulated in the lease. If the termination payment is in such an amount that continuation of the lease appears, at the time of lease inception, to be reasonably assured, then the Company recognizes revenue over the term of the lease. The Company has determined that for these leases, the termination payment is in such an amount that continuation of the lease appears, at the time of inception, to be reasonably assured. The Company recognizes lease termination fees as revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the consolidated balance sheets. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Recoveries from tenants for real estate taxes, insurance and other operating expenses are recognized as revenues in the period that the applicable costs are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Final billings to tenants for real estate taxes, insurance and other operating expenses did not vary significantly as compared to the estimated receivable balances. |
Real Estate Properties | Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings and improvement 29-50 Furniture, fixtures and equipment 4-7 Expenditures for maintenance and repairs are charged to operations as incurred. |
Impairment of Real Estate Properties | Impairment of Real Estate Properties Long-lived assets currently in use are reviewed periodically for possible impairment and will be written down to fair value if considered impaired. Long-lived assets, to be disposed of, are written down to the lower of cost or fair value less the estimated cost to sell. The Company reviews its real estate properties for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. |
Concentration of Credit Risk | Concentration of Credit Risk The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed FDIC insured levels from time to time. The Company has never experienced any losses related to these balances. |
Income Taxes | Income Taxes The Company has elected to be taxed, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. For periods prior to the completion of the IPO and the Formation Transactions on April 21, 2014, no provision was made for U.S. federal, state or local income taxes because profits and losses of the Predecessor flowed through to its respective partners, members and shareholders who were individually responsible for reporting such amounts. For periods subsequent to the completion of the IPO and the Formation Transactions, the taxable REIT subsidiaries are subject to U.S. federal, state and local corporate income taxes to the extent there is taxable income. |
Non-controlling Interests | Non-controlling Interests The Company follows the provisions pertaining to non-controlling interests of ASC Topic 810. A non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Among other matters, the non-controlling interest standards require that non-controlling interests be reported as part of equity in the consolidated balance sheet (separately from the controlling interest’s equity). Upon completion of the IPO and Formation Transactions and exercise of the underwriters’ overallotment option, the Operating Partnership issued 3,251,904 common units of limited partnership interest to the Predecessor’s prior investors as partial consideration for the contribution of their interest in the Predecessor to the Operating Partnership. Non-controlling interest in the Company represents common units of the Operating Partnership held by the Predecessor’s prior investors. On July 14, 2016, the Company issued a total of 3,126,084 shares of its common stock to certain limited partners of the Operating Partnership. The shares of common stock were issued in connection with Second City’s redemption of a total of 3,126,084 common units pursuant to the terms of the Operating Partnership’s limited partnership agreement, as amended and restated. As of December 31, 2016 and 2015, the Company held a 99.8% and 80.3% interest, respectively, in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. |
Equity-Based Compensation | Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting periods. |
Earnings per Common Share | Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding for the year ended December 31, 2016, December 31, 2015 and for the period from April 21 – December 31, 2014. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 40,001, 3,070,405, and 2,915,709 potentially dilutive shares outstanding related to the issuance of common units held by non-controlling interests during the year ended December 31, 2016, 2015 and 2014 respectively; however, the shares were excluded from the computation of diluted shares as their impact would have been anti-dilutive. As a result, the number of diluted outstanding common shares was equal to the number of basic outstanding common shares. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has not elected to designate any instruments as a hedge. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. |
Deferred Leasing Costs | Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Accumulated amortization of deferred leasing costs as of December 31, 2016 and 2015 was $3.2 million and $2.3 million, respectively. |
Segment Reporting | Segment Reporting The Company operates in one industry segment, commercial real estate. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted in the Current Year In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2015. The new guidance must be applied retrospectively to each prior period presented. The Company adopted ASU 2015-3 on January 1, 2016 and retrospectively reclassified $3.4 million of debt issuance costs as of December 31, 2015 from deferred financing costs, net, to long term debt. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 was adopted January 1, 2016. There was no impact to the Company’s 2016 financial statements upon adopting ASU 2015-16. To Be Adopted in Future Years In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic Accounting Standards Codification (Topic 606). The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a Company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. The new standard will be effective for the Company on January 1, 2018. We are currently evaluating the impact of the adoption of Topic 606 will have on our financial statements. In January of 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for the annual periods beginning after December 31, 2017 and for annual periods and interim periods within those years. The Company is currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), to amend and simplify several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences, (ii) classification of awards as equity or liabilities and (iii) classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. The Company is currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. In August of 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides clarified guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. The Company is currently assessing the impact of the guidance on our statement of cash flows. In November of 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. The Company is currently assessing the impact of the guidance on our statement of cash flows. In January of 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The new standard provides an initial screening test to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This standard is effective for annual periods beginning after December 15, 2017 and interim periods within those periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. |
Organization and Description 22
Organization and Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Predecessor and Company's Statement of Operations | The following is a summary of the Predecessor Statements of Operations for the period from January 1, 2014 through April 20, 2014, and the Company’s Statement of Operations for the period from April 21, 2014 through December 31, 2014. These amounts are included in the consolidated and combined statement of operations herein for the year ended December 31, 2014. (in thousands) Predecessor City Office REIT, Inc. January 1, 2014 through April 20, 2014 April 21, 2014 through December 31, 2014 Revenues: Rental income $ 8,865 $ 24,371 Expense reimbursement 555 2,314 Other 343 448 Total Revenues 9,763 27,133 Operating Expenses Property operating expenses 3,775 10,557 Acquisition costs 806 1,327 Stock-based compensation — 1,091 General and administrative 79 1,235 Base management fees — 682 Depreciation and amortization 3,862 10,867 Total Operating Expenses 8,522 25,759 Operating income 1,241 1,374 Interest expense, net (3,772 ) (7,180 ) Change in fair value of earn-out — (1,048 ) Gain on equity investment 4,475 — Net income / (loss) 1,944 (6,854 ) Net loss / (income) attributable to non-controlling interests in properties 29 (111 ) Net income attributable to Predecessor 1,973 — Net loss attributable to Operating Partnership unitholders’ non-controlling interests 1,955 Net loss attributable to common stockholders (5,010 ) |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Real Estate Properties | Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings and improvement 29-50 Furniture, fixtures and equipment 4-7 |
Rents Receivable, Net (Tables)
Rents Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Components of Rents Receivable | The Company’s rents receivable is comprised of the following components (in thousands): December 31, December 31, Billed receivables $ 2,024 $ 588 Straight-line receivables 15,233 13,794 Total rents receivable $ 17,257 $ 14,382 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Acquired Properties | During the years ended December 31, 2016, 2015 and 2014 the Company acquired the following properties: Property Date Acquired Percentage Owned SanTan December 2016 100 % 5090 N 40th St November 2016 100 % Park Tower November 2016 95 % FRP Collection July 2016 95 % Carillon Point June 2016 100 % Intellicenter Sept 2015 100 % 190 Office Center Sept 2015 100 % DTC Crossroads June 2015 100 % Superior Pointe June 2015 100 % Logan Tower Feb 2015 100 % FRP Ingenuity Drive Nov 2014 100 % Lake Vista Pointe July 2014 100 % Plaza 25 June 2014 100 % Cherry Creek January 2014 100 % |
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s preliminary allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2016 (in thousands): Carillon FRP Park 5090 N SanTan Total December 31, Land $ 5,172 $ 7,031 $ 3,484 $ 6,696 $ 6,803 $ 29,186 Buildings and improvements 14,500 36,480 66,967 31,465 35,202 184,614 Tenant improvements 2,816 2,219 1,689 658 1,984 9,366 Acquired intangible assets 3,851 3,932 8,324 3,616 10,284 30,007 Prepaid expenses and other assets 73 101 307 — — 481 Accounts payable and other liabilities (217 ) (532 ) (296 ) (448 ) (544 ) (2,037 ) Lease intangible liabilities (353 ) — (773 ) (604 ) (930 ) (2,660 ) Total Consideration $ 25,842 $ 49,231 $ 79,702 $ 41,383 $ 52,799 $ 248,957 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2015 (in thousands): Logan Superior DTC 190 Intellicenter Total December 31, Land $ 1,306 $ 3,153 $ 7,137 $ 7,162 $ 5,244 $ 24,002 Buildings and improvements 7,844 19,250 22,545 39,367 31,359 120,365 Tenant improvements 353 584 638 323 2,919 4,817 Acquired intangible assets 1,274 2,866 4,152 5,673 7,742 21,707 Prepaid expenses and other assets — 24 — 64 — 88 Accounts payable and other liabilities (48 ) (316 ) (605 ) (720 ) (321 ) (2,010 ) Lease intangible liabilities (306 ) (53 ) (353 ) (805 ) (664 ) (2,181 ) Total Consideration $ 10,423 $ 25,508 $ 33,514 $ 51,064 $ 46,279 $ 166,788 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2014 (in thousands): Cherry Plaza 25 Lake Vista FRP Total December 31, Land $ 25,745 $ 1,764 $ 4,115 $ 4,415 $ 36,039 Buildings and improvements 15,771 18,487 17,562 16,376 68,196 Tenant improvements 4,372 2,076 3,038 1,399 10,885 Acquired intangible assets 12,009 2,924 3,685 4,309 22,927 Prepaid expenses and other assets — 2 30 104 136 Accounts payable and other liabilities (815 ) (641 ) (1,733 ) (41 ) (3,230 ) Lease intangible liabilities (249 ) (328 ) — — (577 ) Total Consideration $ 56,833 $ 24,284 $ 26,697 $ 26,562 $ 134,376 |
Schedule of Operating Results Relating to Acquired Entities | The following table represents the results of the properties’ operations from the date of acquisition for properties acquired during the year that is presented. (in thousands): Year ended Year ended Year ended Operating revenues $ 7,215 $ 10,047 $ 11,282 Operating expenses (7,433 ) (9,957 ) (10,007 ) Interest (589 ) (1,192 ) (3,987 ) $ (807 ) $ (1,102 ) $ (2,712 ) |
Cherry Creek [Member] | |
Schedule of Realized Gain Loss on Acquisition | The Company recognized expenses relating to the Cherry Creek acquisition of $806,344 for the year ended December 31, 2014. A gain of $4.5 million was recognized from the fair value adjustment associated with the Predecessor’s original ownership due to a change in control, calculated as follows (in thousands): Fair value of assets and liabilities acquired $ 56,833 Less existing mortgage in Cherry Creek (36,000 ) 20,833 Less cash paid to seller (12,021 ) Fair value of 42.3% equity interest 8,812 Carrying value of investment in Cherry Creek (4,337 ) Gain on existing 42.3% equity interest $ 4,475 |
Carillon Point FRP Collection Park Tower 5090 and SanTan [Member] | |
Schedule of Business Acquisition Pro Forma Results of Operations | The following table presents the unaudited revenues and income from continuing operations for Logan Tower, Superior Pointe, DTC Crossroads, 190 Office Center, Intellicenter, Carillon Point, FRP Collection, Park Tower, 5090 N 40th St, and SanTan on a pro forma basis as if the Company had completed the acquisition of the properties as of January 1, 2015 (in thousands): Year ended Year ended Total revenues as reported by City Office REIT, Inc. and Predecessor $ 72,461 $ 55,052 Plus: Logan Tower — 143 Superior Pointe — 1,666 DTC Crossroads — 1,904 190 Office Center — 3,798 Intellicenter — 3,196 Carillon Point 1,736 3,350 FRP Collection 3,003 5,877 Park Tower 9,252 10,231 5090 N 40th St 4,395 4,795 SanTan 6,224 5,719 Proforma total revenues $ 97,071 $ 95,731 Total operating (loss)/income as reported by the City Office REIT, Inc. and Predecessor $ (296 ) $ 4,527 Property acquisition costs 567 (567 ) Plus: Logan Tower — (13 ) Superior Pointe — (86 ) DTC Crossroads — (59 ) 190 Office Center — (233 ) Intellicenter — 930 Carillon Point 398 738 FRP Collection (1,034 ) (1,126 ) Park Tower 1,385 944 5090 N 40th St 612 667 SanTan 208 (552 ) Proforma operating (loss)/income $ 1,840 $ 5,170 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Lease Intangibles and Value of Assumed Lease Obligations | Lease intangibles and the value of assumed lease obligations as of December 31, 2016 and 2015 were comprised as follows (in thousands): December 31, 2016 Above In Place Leasing Total Below Below Total Cost $ 7,796 $ 59,370 $ 25,693 $ 92,859 $ (5,587 ) $ (138 ) $ (5,725 ) Accumulated amortization (3,779 ) (24,384 ) (8,482 ) (36,645 ) 1,395 28 1,423 $ 4,017 $ 34,986 $ 17,211 $ 56,214 $ (4,192 ) $ (110 ) $ (4,302 ) December 31, 2015 Above In Place Leasing Total Below Below Total Cost $ 5,616 $ 44,478 $ 17,530 $ 67,624 $ (2,928 ) $ (138 ) $ (3,066 ) Accumulated Amortization (2,830 ) (17,641 ) (6,163 ) (26,634 ) 750 24 774 $ 2,786 $ 26,837 $ 11,367 $ 40,990 $ (2,178 ) $ (114 ) $ (2,292 ) |
Estimated Aggregate Amortization Expense for Lease Intangibles | The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): 2017 $ 15,641 2018 10,845 2019 9,071 2020 7,438 2021 5,410 Thereafter 3,507 $ 51,912 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Secured Indebtedness | The following table summarizes the secured indebtedness as of December 31, 2016 and 2015 (in thousands): Property December 31, December 31, Interest Rate as of Maturity Secured Credit Facility (1) $ 52,500 $ 50,000 LIBOR +2.25 % (2) June 2018 Washington Group Plaza (3) 32,995 33,669 3.85 July 2018 AmberGlen Mortgage Loan (4) 24,280 24,729 4.38 May 2019 Midland Life Insurance (5) 90,124 95,000 4.34 May 2021 Lake Vista Pointe (3) 18,460 18,460 4.28 August 2024 FRP Ingenuity Drive (3)(6) 17,000 17,000 4.44 December 2024 Plaza 25 (3)(7) 17,000 17,000 4.10 July 2025 190 Office Center (7) 41,250 41,250 4.79 October 2025 Intellicenter (7) 33,563 33,563 4.65 October 2025 FRP Collection (7) 30,737 — 3.85 September 2023 Carillon Point (7) 17,000 — 3.50 October 2023 Term Loan (8) — 14,000 LIBOR+6.00 % (2) — Total Principal 374,909 344,671 Deferred financing costs, net (4,852 ) (3,393 ) Total $ 370,057 $ 341,278 All interest rates are fixed interest rates with the exception of the revolving credit facility (“Revolving Credit Facility”) as explained in footnote 1 below. (1) At December 31, 2016 the Secured Credit Facility had $100 million authorized and $52.5 million drawn. In addition, the Secured Credit Facility has an accordion feature that will permit the Company to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.60x. At December 31, 2016, the Secured Credit Facility was cross-collateralized by Central Fairwinds, Logan Tower, Superior Pointe and Park Tower. On October 26, 2016, the Company exercised its option under the Secured Credit Facility to utilize the accordion feature to increase the authorized borrowing capacity under the Secured Credit Facility from $75 million to $100 million. During 2015 the authorized borrowing capacity was increased from $30 million to $75 million. (2) As of December 31, 2016, the one month LIBOR rate was 0.70% (3) Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. (4) The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million. (5) The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021. Upon the sale of Corporate Parkway on June 15, 2016, $4 million of the loan was paid down and DTC Crossroads was substituted in as collateral property. (6) The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x. (7) The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x, 1.20x, 1.40x and 1.35x respectively for each of Plaza 25, 190 Office Center, Intellicenter, FRP Collection and Carillon Point. (8) The Term Loan was repaid in April 2016. |
Schedule of Principal Repayments of Mortgage Payable | The scheduled principal repayments of mortgage payable as of December 31, 2016 are as follows (in thousands): 2017 $ 3,853 2018 88,509 2019 27,508 2020 4,829 2021 86,761 Thereafter 163,449 Total $ 374,909 |
Future Minimum Rent Schedule (T
Future Minimum Rent Schedule (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases | Future minimum lease payments to be received as of December 31, 2016 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2017 $ 76,581 2018 67,837 2019 60,793 2020 53,872 2021 46,616 Thereafter 104,940 $ 410,639 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Noncontrolling Interests | The following table summarizes the non-controlling interests in properties as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 December 31, 2015 City Center $ (65 ) $ (5 ) Central Fairwinds 571 484 AmberGlen (1,240 ) (1,154 ) FRP Collection 995 — Park Tower 1,488 — $ 1,749 $ (675 ) |
Schedule of Distributions Declared per Share and Unit | During the year ended December 31, 2016, the Company declared the following distributions per share and unit: Period Distribution per Common Share/ Declaration Date Record Date Payment Date January 1, 2016 – March 31, 2016 $ 0.235 March 15, 2016 April 5, 2016 April 19, 2016 April 1, 2016 – June 30, 2016 0.235 June 20, 2016 July 7, 2016 July 21, 2016 July 1, 2016 – September 30, 2016 0.235 September 15, 2016 October 11, 2016 October 25, 2016 October 1, 2016 – December 31, 2016 0.235 December 21, 2016 January 13, 2017 January 25, 2017 Total $ 0.940 |
Quarterly Financial Informati30
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following tables summarize certain selected quarterly financial data for 2016 and 2015 (in thousands, except per share data): 2016 Quarters Fourth Third Second First Revenue $ 21,304 $ 18,791 $ 16,092 $ 16,274 Net (loss)/income (3,193 ) (1,882 ) 14,244 (8,793 ) Net (loss)/income attributable to common stockholders (5,080 ) (1,945 ) 11,522 (7,121 ) Net (loss)/income per share (0.21 ) (0.08 ) 0.56 (0.56 ) 2015 Quarters Fourth Third Second First Revenue $ 17,543 $ 14,616 $ 11,634 $ 11,259 Net (loss) (1,798 ) (2,984 ) (2,086 ) (799 ) Net loss attributable to common stockholders (1,551 ) (2,499 ) (1,798 ) (743 ) Net loss per share |
Organization and Description 31
Organization and Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 01, 2016USD ($)shares | Dec. 23, 2014USD ($)shares | May 09, 2014USD ($)$ / sharesshares | Apr. 21, 2014USD ($)Property$ / sharesshares | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Description And Basis Of Presentation [Line Items] | |||||||
Company formation date | Nov. 26, 2013 | ||||||
Operation commencement date | Apr. 21, 2014 | ||||||
Additional cash payment for business acquisition | $ 19,400 | ||||||
Total cost of business acquisition | $ 7,045 | $ 492 | |||||
Common stock issued in IPO, shares | shares | 5,800,000 | ||||||
Common stock issued in IPO, price per share | $ / shares | $ 12.50 | ||||||
IPO Closed date | Apr. 21, 2014 | ||||||
Gross proceeds from issuance of public offering | $ 72,500 | ||||||
Net proceeds from issuance of public offering | 63,400 | ||||||
Underwriting discounts | 5,100 | ||||||
Other expenses relating to IPO | $ 4,000 | ||||||
Percent of ownership interest acquired in properties | 99.80% | 80.30% | |||||
Number of properties in which loan refinanced | Property | 3 | ||||||
Second City Funds [Member] | Administrative Services Agreement [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Annual payment receivable for services | $ 3,275 | ||||||
Administrative service agreement, term | 3 years | ||||||
Second City Funds [Member] | First 12 months [Member] | Administrative Services Agreement [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Annual payment receivable for services | $ 1,500 | ||||||
Second City Funds [Member] | Second 12 months [Member] | Administrative Services Agreement [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Annual payment receivable for services | 1,150 | ||||||
Second City Funds [Member] | Third 12 months [Member] | Administrative Services Agreement [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Annual payment receivable for services | $ 625 | ||||||
External Advisor, City Office Real Estate Management, Inc [Member] | Stock Purchase Agreement [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Common stock acquired, shares issued | shares | 297,321 | ||||||
Common stock, fair market value | $ 3,500 | ||||||
Additional cash payment for business acquisition | $ 3,500 | $ 3,500 | |||||
Overallotment Option [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Common stock issued in IPO, price per share | $ / shares | $ 12.50 | ||||||
Shares issued to underwriters under overallotment option | shares | 512,664 | 782,150 | |||||
Gross proceeds from issuance of public offering | $ 6,400 | $ 9,800 | |||||
Net proceeds from issuance of public offering | 9,100 | ||||||
Underwriting discounts | $ 300 | 700 | |||||
Common stock redemption value, in cash | $ 9,100 | ||||||
City Office REIT Operating Partnership, L.P. [Member] | Overallotment Option [Member] | Washington Group Plaza [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Percent of ownership interest acquired in properties | 100.00% | ||||||
City Office REIT Operating Partnership, L.P. [Member] | Overallotment Option [Member] | Cherry Creek [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Percent of ownership interest acquired in properties | 100.00% | ||||||
City Office REIT Operating Partnership, L.P. [Member] | Overallotment Option [Member] | Corporate Parkway [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Percent of ownership interest acquired in properties | 100.00% | ||||||
City Office REIT Operating Partnership, L.P. [Member] | Overallotment Option [Member] | AmberGlen [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Percent of ownership interest acquired in properties | 76.00% | ||||||
City Office REIT Operating Partnership, L.P. [Member] | Overallotment Option [Member] | Central Fairwinds [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Percent of ownership interest acquired in properties | 90.00% | ||||||
City Office REIT Operating Partnership, L.P. [Member] | Overallotment Option [Member] | City Center Property [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Percent of ownership interest acquired in properties | 95.00% | ||||||
Non-Recourse Mortgage Loan [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Non-recourse mortgage loan, amount | $ 95,000 | ||||||
Non-recourse mortgage loan, interest rate | 4.34% | ||||||
Non-recourse mortgage loan, maturity date | May 6, 2021 | ||||||
Common Units [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Common stock acquired, shares issued | shares | 3,731,209 | ||||||
Common Units [Member] | Overallotment Option [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Previously issued number of redeemable shares | shares | 479,305 | ||||||
Common Stock [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Common stock acquired, shares issued | shares | 1,858,860 | ||||||
Common Stock [Member] | Overallotment Option [Member] | |||||||
Business Description And Basis Of Presentation [Line Items] | |||||||
Previously issued number of redeemable shares | shares | 248,095 |
Organization and Description 32
Organization and Description of Business - Summary of Predecessor and Company's Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Apr. 20, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||||
Rental income | $ 24,371 | $ 63,702 | $ 48,009 | ||||||||||
Expense reimbursement | 2,314 | 7,140 | 5,808 | ||||||||||
Other | 448 | 1,619 | 1,235 | ||||||||||
Total Revenues | $ 21,304 | $ 18,791 | $ 16,092 | $ 16,274 | $ 17,543 | $ 14,616 | $ 11,634 | $ 11,259 | 27,133 | 72,461 | 55,052 | ||
Operating Expenses: | |||||||||||||
Property operating expenses | 10,557 | 28,305 | 20,420 | ||||||||||
Acquisition costs | 1,327 | 692 | 2,959 | ||||||||||
Stock-based compensation | 1,091 | 2,436 | 1,907 | ||||||||||
General and administrative | 1,235 | 6,429 | 3,728 | ||||||||||
Base management fees | 682 | 109 | 1,302 | ||||||||||
Depreciation and amortization | 10,867 | 30,178 | 21,624 | ||||||||||
Total Operating Expenses | 25,759 | 72,758 | 50,525 | ||||||||||
Operating income | 1,374 | (297) | 4,527 | ||||||||||
Interest expense, net | (7,180) | ||||||||||||
Change in fair value of earn-out | (1,048) | 500 | 841 | ||||||||||
Net income / (loss) | (3,193) | (1,882) | 14,244 | (8,793) | (1,798) | (2,984) | (2,086) | (799) | (6,854) | 376 | (7,667) | ||
Net loss / (income) attributable to non-controlling interests in properties | (111) | ||||||||||||
Net income attributable to Predecessor | (843) | (6,591) | |||||||||||
Net loss attributable to Operating Partnership unitholders' non-controlling interests | 1,955 | (865) | 1,576 | ||||||||||
Net loss attributable to common stockholders | $ (5,080) | $ (1,945) | $ 11,522 | $ (7,121) | $ (1,551) | $ (2,499) | $ (1,798) | $ (743) | $ (5,010) | $ (2,624) | $ (6,591) | ||
Predecessor [Member] | |||||||||||||
Revenues: | |||||||||||||
Rental income | $ 8,865 | $ 33,236 | |||||||||||
Expense reimbursement | 555 | 2,869 | |||||||||||
Other | 343 | 791 | |||||||||||
Total Revenues | 9,763 | 36,896 | |||||||||||
Operating Expenses: | |||||||||||||
Property operating expenses | 3,775 | 14,332 | |||||||||||
Acquisition costs | 806 | 2,133 | |||||||||||
Stock-based compensation | 1,091 | ||||||||||||
General and administrative | 79 | 2,405 | |||||||||||
Base management fees | 682 | ||||||||||||
Depreciation and amortization | 3,862 | 14,729 | |||||||||||
Total Operating Expenses | 8,522 | 34,281 | |||||||||||
Operating income | 1,241 | 2,615 | |||||||||||
Interest expense, net | (3,772) | ||||||||||||
Change in fair value of earn-out | 1,048 | ||||||||||||
Gain on equity investment | 4,475 | 4,475 | |||||||||||
Net income / (loss) | 1,944 | (4,910) | |||||||||||
Net loss / (income) attributable to non-controlling interests in properties | 29 | ||||||||||||
Net income attributable to Predecessor | $ 1,973 | (5,010) | |||||||||||
Net loss attributable to Operating Partnership unitholders' non-controlling interests | 1,955 | ||||||||||||
Net loss attributable to common stockholders | $ (5,010) |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Properties (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | Buildings and Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 29 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 4 years |
Maximum [Member] | Buildings and Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 50 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 7 years |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jul. 14, 2016 | Dec. 31, 2015 | Apr. 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of REIT taxable income distributed to stockholders | 90.00% | |||||
Redemption of common units | 3,126,084 | |||||
Common stock acquired, shares issued | 3,126,084 | |||||
Percent of ownership interest acquired in properties | 80.30% | 99.80% | 80.30% | |||
Potentially dilutive shares outstanding | 40,001 | 3,070,405 | 2,915,709 | |||
Accumulated amortization of deferred leasing costs | $ 2.3 | $ 3.2 | $ 2.3 | |||
ASU 2015-3 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Retrospective reclassification of debt issuance costs from deferred financing costs, net | $ 3.4 | |||||
Common Units [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Purchase consideration, units issued | 3,731,209 | |||||
Operating Partnership Unitholders' Non-controlling Interests [Member] | Common Units [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Purchase consideration, units issued | 3,251,904 |
Rents Receivable, Net - Compone
Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 2,024 | $ 588 |
Straight-line receivables | 15,233 | 13,794 |
Total rents receivable | $ 17,257 | $ 14,382 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 02, 2014 | |
Business Acquisition [Line Items] | |||
Real estate property, percentage owned | 99.80% | 80.30% | |
SanTan [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2016-12 | ||
Real estate property, percentage owned | 100.00% | ||
5090 N 40th St [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2016-11 | ||
Real estate property, percentage owned | 100.00% | ||
Park Tower [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2016-11 | ||
Real estate property, percentage owned | 95.00% | ||
FRP Collection [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2016-07 | ||
Real estate property, percentage owned | 95.00% | ||
Carillon Point [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2016-06 | ||
Real estate property, percentage owned | 100.00% | ||
Intellicenter [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2015-09 | ||
Real estate property, percentage owned | 100.00% | ||
190 Office Center [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2015-09 | ||
Real estate property, percentage owned | 100.00% | ||
DTC Crossroads [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2015-06 | ||
Real estate property, percentage owned | 100.00% | ||
Superior Pointe [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2015-06 | ||
Real estate property, percentage owned | 100.00% | ||
Logan Tower [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2015-02 | ||
Real estate property, percentage owned | 100.00% | ||
FRP Ingenuity Drive [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2014-11 | ||
Real estate property, percentage owned | 100.00% | ||
Lake Vista Pointe [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2014-07 | ||
Real estate property, percentage owned | 100.00% | ||
Plaza 25 [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2014-06 | ||
Real estate property, percentage owned | 100.00% | ||
Predecessor [Member] | Cherry Creek [Member] | |||
Business Acquisition [Line Items] | |||
Real estate property, date acquired | 2014-01 | ||
Real estate property, percentage owned | 100.00% | 57.70% |
Real Estate Investments - Sch37
Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Land | $ 29,186 | $ 24,002 | $ 36,039 |
Buildings and improvements | 184,614 | 120,365 | 68,196 |
Tenant improvements | 9,366 | 4,817 | 10,885 |
Acquired intangible assets | 30,007 | 21,707 | 22,927 |
Prepaid expenses and other assets | 481 | 88 | 136 |
Accounts payable and other liabilities | (2,037) | (2,010) | (3,230) |
Lease intangible liabilities | (2,660) | (2,181) | (577) |
Total Consideration | 248,957 | 166,788 | 134,376 |
Carillon Point [Member] | |||
Business Acquisition [Line Items] | |||
Land | 5,172 | ||
Buildings and improvements | 14,500 | ||
Tenant improvements | 2,816 | ||
Acquired intangible assets | 3,851 | ||
Prepaid expenses and other assets | 73 | ||
Accounts payable and other liabilities | (217) | ||
Lease intangible liabilities | (353) | ||
Total Consideration | 25,842 | ||
FRP Collection [Member] | |||
Business Acquisition [Line Items] | |||
Land | 7,031 | ||
Buildings and improvements | 36,480 | ||
Tenant improvements | 2,219 | ||
Acquired intangible assets | 3,932 | ||
Prepaid expenses and other assets | 101 | ||
Accounts payable and other liabilities | (532) | ||
Total Consideration | 49,231 | ||
Park Tower [Member] | |||
Business Acquisition [Line Items] | |||
Land | 3,484 | ||
Buildings and improvements | 66,967 | ||
Tenant improvements | 1,689 | ||
Acquired intangible assets | 8,324 | ||
Prepaid expenses and other assets | 307 | ||
Accounts payable and other liabilities | (296) | ||
Lease intangible liabilities | (773) | ||
Total Consideration | 79,702 | ||
5090 N 40th St [Member] | |||
Business Acquisition [Line Items] | |||
Land | 6,696 | ||
Buildings and improvements | 31,465 | ||
Tenant improvements | 658 | ||
Acquired intangible assets | 3,616 | ||
Accounts payable and other liabilities | (448) | ||
Lease intangible liabilities | (604) | ||
Total Consideration | 41,383 | ||
SanTan [Member] | |||
Business Acquisition [Line Items] | |||
Land | 6,803 | ||
Buildings and improvements | 35,202 | ||
Tenant improvements | 1,984 | ||
Acquired intangible assets | 10,284 | ||
Accounts payable and other liabilities | (544) | ||
Lease intangible liabilities | (930) | ||
Total Consideration | $ 52,799 | ||
Logan Tower [Member] | |||
Business Acquisition [Line Items] | |||
Land | 1,306 | ||
Buildings and improvements | 7,844 | ||
Tenant improvements | 353 | ||
Acquired intangible assets | 1,274 | ||
Accounts payable and other liabilities | (48) | ||
Lease intangible liabilities | (306) | ||
Total Consideration | 10,423 | ||
Superior Pointe [Member] | |||
Business Acquisition [Line Items] | |||
Land | 3,153 | ||
Buildings and improvements | 19,250 | ||
Tenant improvements | 584 | ||
Acquired intangible assets | 2,866 | ||
Prepaid expenses and other assets | 24 | ||
Accounts payable and other liabilities | (316) | ||
Lease intangible liabilities | (53) | ||
Total Consideration | 25,508 | ||
DTC Crossroads [Member] | |||
Business Acquisition [Line Items] | |||
Land | 7,137 | ||
Buildings and improvements | 22,545 | ||
Tenant improvements | 638 | ||
Acquired intangible assets | 4,152 | ||
Accounts payable and other liabilities | (605) | ||
Lease intangible liabilities | (353) | ||
Total Consideration | 33,514 | ||
190 Office Center [Member] | |||
Business Acquisition [Line Items] | |||
Land | 7,162 | ||
Buildings and improvements | 39,367 | ||
Tenant improvements | 323 | ||
Acquired intangible assets | 5,673 | ||
Prepaid expenses and other assets | 64 | ||
Accounts payable and other liabilities | (720) | ||
Lease intangible liabilities | (805) | ||
Total Consideration | 51,064 | ||
Intellicenter [Member] | |||
Business Acquisition [Line Items] | |||
Land | 5,244 | ||
Buildings and improvements | 31,359 | ||
Tenant improvements | 2,919 | ||
Acquired intangible assets | 7,742 | ||
Accounts payable and other liabilities | (321) | ||
Lease intangible liabilities | (664) | ||
Total Consideration | $ 46,279 | ||
Plaza 25 [Member] | |||
Business Acquisition [Line Items] | |||
Land | 1,764 | ||
Buildings and improvements | 18,487 | ||
Tenant improvements | 2,076 | ||
Acquired intangible assets | 2,924 | ||
Prepaid expenses and other assets | 2 | ||
Accounts payable and other liabilities | (641) | ||
Lease intangible liabilities | (328) | ||
Total Consideration | 24,284 | ||
Lake Vista Pointe [Member] | |||
Business Acquisition [Line Items] | |||
Land | 4,115 | ||
Buildings and improvements | 17,562 | ||
Tenant improvements | 3,038 | ||
Acquired intangible assets | 3,685 | ||
Prepaid expenses and other assets | 30 | ||
Accounts payable and other liabilities | (1,733) | ||
Total Consideration | 26,697 | ||
FRP Ingenuity Drive [Member] | |||
Business Acquisition [Line Items] | |||
Land | 4,415 | ||
Buildings and improvements | 16,376 | ||
Tenant improvements | 1,399 | ||
Acquired intangible assets | 4,309 | ||
Prepaid expenses and other assets | 104 | ||
Accounts payable and other liabilities | (41) | ||
Total Consideration | 26,562 | ||
Predecessor [Member] | Cherry Creek [Member] | |||
Business Acquisition [Line Items] | |||
Land | 25,745 | ||
Buildings and improvements | 15,771 | ||
Tenant improvements | 4,372 | ||
Acquired intangible assets | 12,009 | ||
Accounts payable and other liabilities | (815) | ||
Lease intangible liabilities | (249) | ||
Total Consideration | $ 56,833 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) | Jun. 15, 2016 | Apr. 21, 2014 | Jan. 02, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Apr. 20, 2014 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||||
Business acquisition, ownership percentage | 99.80% | 99.80% | 80.30% | ||||||
Business acquisition, purchase consideration | $ 19,400,000 | ||||||||
Business acquisition, deferred financing costs | $ 4,852,000 | $ 4,852,000 | $ 3,393,000 | ||||||
Net gain on sale of real estate property | 15,934,000 | ||||||||
Corporate Parkway [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds of sale of property | $ 44,900,000 | ||||||||
Net gain on sale of real estate property | 15,900,000 | ||||||||
Cost incurred on property sold | $ 2,000,000 | ||||||||
Washington Group Plaza [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds of sale of property | $ 86,500,000 | ||||||||
Non-refundable deposit received | 5,000,000 | ||||||||
Earnest money deposit received | 250,000 | 250,000 | |||||||
Irrevocable letter of credit received | $ 4,750,000 | $ 4,750,000 | |||||||
Predecessor [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Gain on equity investment | $ 4,475,000 | $ 4,475,000 | |||||||
Predecessor [Member] | Cherry Creek [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, ownership percentage | 57.70% | 100.00% | 100.00% | ||||||
Business acquisition, purchase consideration | $ 12,000,000 | 12,021,000 | |||||||
Business acquisition, liabilities assumed | 50,000,000 | ||||||||
Repayment of debt | 36,000,000 | ||||||||
Business acquisition, deferred financing costs | 1,200,000 | ||||||||
Business acquisition, transaction costs | $ 800,000 | ||||||||
Expenses related to acquisition | 806,344 | ||||||||
Gain on equity investment | $ 4,475,000 |
Real Estate Investments - Sch39
Real Estate Investments - Schedule of Realized Gain Loss on Acquisition (Detail) - USD ($) $ in Thousands | Apr. 21, 2014 | Jan. 02, 2014 | Apr. 20, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Fair value of assets and liabilities acquired | $ 134,376 | $ 248,957 | $ 166,788 | |||
Less cash paid to seller | $ (19,400) | |||||
Predecessor [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Gain on existing 42.3% equity interest | $ 4,475 | 4,475 | ||||
Predecessor [Member] | Cherry Creek [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of assets and liabilities acquired | 56,833 | |||||
Less existing mortgage in Cherry Creek | (36,000) | |||||
Fair value of assets and liabilities acquired, after mortgage | 20,833 | |||||
Less cash paid to seller | $ (12,000) | (12,021) | ||||
Fair value of 42.3% equity interest | 8,812 | |||||
Carrying value of investment in Cherry Creek | (4,337) | |||||
Gain on existing 42.3% equity interest | $ 4,475 |
Real Estate Investments - Sch40
Real Estate Investments - Schedule of Realized Gain Loss on Acquisition (Parenthetical) (Detail) | Dec. 31, 2014 |
Cherry Creek [Member] | Predecessor [Member] | |
Business Acquisition [Line Items] | |
Percentage of equity interest | 42.30% |
Real Estate Investments - Sch41
Real Estate Investments - Schedule of Operating Results Relating to Acquired Entities (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 20, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||
Operating revenues | $ 24,371 | $ 63,702 | $ 48,009 | ||
Operating expenses | $ (10,557) | (28,305) | (20,420) | ||
Interest | (14,761) | (11,353) | |||
Carillon Point FRP Collection Park Tower 5090 and SanTan [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenues | 7,215 | ||||
Operating expenses | (7,433) | ||||
Interest | (589) | ||||
Total | $ (807) | ||||
Logan Tower Superior Pointe DTC Crossroads Intellicenter 190 Office Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenues | 10,047 | ||||
Operating expenses | (9,957) | ||||
Interest | (1,192) | ||||
Total | $ (1,102) | ||||
Predecessor [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenues | $ 8,865 | $ 33,236 | |||
Operating expenses | $ (3,775) | (14,332) | |||
Interest | (10,952) | ||||
Predecessor [Member] | Cherry Creek Plaza 25 Lake Vista Pointe Florida Research Park [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenues | 11,282 | ||||
Operating expenses | (10,007) | ||||
Interest | (3,987) | ||||
Total | $ (2,712) |
Real Estate Investments - Sch42
Real Estate Investments - Schedule of Business Acquisition Pro Forma Results of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||||||||
Total revenues as reported by City Office REIT, Inc. and Predecessor | $ 21,304 | $ 18,791 | $ 16,092 | $ 16,274 | $ 17,543 | $ 14,616 | $ 11,634 | $ 11,259 | $ 27,133 | $ 72,461 | $ 55,052 |
Pro forma total revenues | 97,071 | 95,731 | |||||||||
Total operating (loss)/income as reported by the City Office REIT, Inc. and Predecessor | $ 1,374 | (297) | 4,527 | ||||||||
Property acquisition costs | 567 | (567) | |||||||||
Proforma operating (loss)/income | 1,840 | 5,170 | |||||||||
Logan Tower [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 143 | ||||||||||
Proforma operating (loss)/income | (13) | ||||||||||
Superior Pointe [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 1,666 | ||||||||||
Proforma operating (loss)/income | (86) | ||||||||||
DTC Crossroads [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 1,904 | ||||||||||
Proforma operating (loss)/income | (59) | ||||||||||
190 Office Center [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 3,798 | ||||||||||
Proforma operating (loss)/income | (233) | ||||||||||
Intellicenter [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 3,196 | ||||||||||
Proforma operating (loss)/income | 930 | ||||||||||
Carillon Point [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 1,736 | 3,350 | |||||||||
Proforma operating (loss)/income | 398 | 738 | |||||||||
FRP Collection [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 3,003 | 5,877 | |||||||||
Proforma operating (loss)/income | (1,034) | (1,126) | |||||||||
Park Tower [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 9,252 | 10,231 | |||||||||
Proforma operating (loss)/income | 1,385 | 944 | |||||||||
5090 N 40th St [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 4,395 | 4,795 | |||||||||
Proforma operating (loss)/income | 612 | 667 | |||||||||
SanTan [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma total revenues | 6,224 | 5,719 | |||||||||
Proforma operating (loss)/income | $ 208 | $ (552) |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 92,859 | $ 67,624 |
Cost, Below Market Leases | (5,587) | (2,928) |
Cost, Below Market Ground Lease | (138) | (138) |
Cost | (5,725) | (3,066) |
Accumulated amortization | (36,645) | (26,634) |
Accumulated amortization, Below Market Leases | 1,395 | 750 |
Accumulated amortization, Below Market Ground lease | 28 | 24 |
Accumulated amortization | 1,423 | 774 |
Total | 56,214 | 40,990 |
Total, Below Market Leases | (4,192) | (2,178) |
Total, Below Market Ground lease | (110) | (114) |
Total | (4,302) | (2,292) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 7,796 | 5,616 |
Accumulated amortization | (3,779) | (2,830) |
Total | 4,017 | 2,786 |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 59,370 | 44,478 |
Accumulated amortization | (24,384) | (17,641) |
Total | 34,986 | 26,837 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 25,693 | 17,530 |
Accumulated amortization | (8,482) | (6,163) |
Total | $ 17,211 | $ 11,367 |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 15,641 |
2,018 | 10,845 |
2,019 | 9,071 |
2,020 | 7,438 |
2,021 | 5,410 |
Thereafter | 3,507 |
Total | $ 51,912 |
Debt - Summary of Secured Indeb
Debt - Summary of Secured Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 374,909 | $ 344,671 |
Deferred financing costs, net | (4,852) | (3,393) |
Total | 370,057 | 341,278 |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 52,500 | 50,000 |
Maturity | 2018-06 | |
Washington Group Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 32,995 | 33,669 |
Interest Rate | 3.85% | |
Maturity | 2018-07 | |
AmberGlen Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 24,280 | 24,729 |
Interest Rate | 4.38% | |
Maturity | 2019-05 | |
Midland Life Insurance [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 90,124 | 95,000 |
Interest Rate | 4.34% | |
Maturity | 2021-05 | |
Lake Vista Pointe [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 18,460 | 18,460 |
Interest Rate | 4.28% | |
Maturity | 2024-08 | |
FRP Ingenuity Drive [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 17,000 | 17,000 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Plaza 25 [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 17,000 | 17,000 |
Interest Rate | 4.10% | |
Maturity | 2025-07 | |
190 Office Center [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 41,250 | 41,250 |
Interest Rate | 4.79% | |
Maturity | 2025-10 | |
Intellicenter [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 33,563 | 33,563 |
Interest Rate | 4.65% | |
Maturity | 2025-10 | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 14,000 | |
FRP Collection [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 30,737 | |
Interest Rate | 3.85% | |
Maturity | 2023-09 | |
Carillon Point [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 17,000 | |
Interest Rate | 3.50% | |
Maturity | 2023-10 | |
London Interbank Offered Rate (LIBOR) [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate, Description | 2.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate, Description | 6.00% |
Debt - Summary of Secured Ind46
Debt - Summary of Secured Indebtedness (Parenthetical) (Detail) - USD ($) | Jun. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 26, 2016 | Oct. 25, 2016 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Repayment of mortgage loans payable | $ 20,199,000 | $ 1,082,000 | ||||
Washington Group Plaza [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 3.85% | |||||
AmberGlen Mortgage Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum net worth required | $ 25,000,000 | |||||
Minimum liquidity requirements | $ 2,000,000 | |||||
Effective interest rate of loan | 4.38% | |||||
Midland Life Insurance [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan maturity date | May 6, 2021 | |||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 4.34% | |||||
Repayment of mortgage loans payable | $ 4,000,000 | $ 4,000,000 | ||||
Lake Vista Pointe [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 4.28% | |||||
FRP Ingenuity Drive [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Minimum net worth required | $ 17,000,000 | |||||
Minimum liquidity requirements | $ 1,700,000 | |||||
Effective interest rate of loan | 4.44% | |||||
Plaza 25 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 4.10% | |||||
190 Office Center [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 4.79% | |||||
Intellicenter [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 4.65% | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
One month LIBOR rate | 0.70% | |||||
FRP Collection [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 3.85% | |||||
Carillon Point [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 3.50% | |||||
Minimum [Member] | FRP Ingenuity Drive [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 115.00% | |||||
Minimum [Member] | Plaza 25 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 145.00% | |||||
Minimum [Member] | 190 Office Center [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 115.00% | |||||
Minimum [Member] | Intellicenter [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 120.00% | |||||
Minimum [Member] | FRP Collection [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 140.00% | |||||
Minimum [Member] | Carillon Point [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 135.00% | |||||
Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 100,000,000 | $ 75,000,000 | $ 100,000,000 | $ 75,000,000 | $ 30,000,000 | |
Revolving Credit Facility, outstanding amount | $ 52,500,000 | |||||
Loan maturity date | Jun. 26, 2018 | |||||
Loan expected extended maturity date | Jun. 26, 2019 | |||||
Revolving Credit Facility, accordion feature | $ 150,000,000 | |||||
Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
One month LIBOR rate | 0.70% | |||||
Secured Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 160.00% |
Debt - Schedule of Principal Re
Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 3,853 |
2,018 | 88,509 |
2,019 | 27,508 |
2,020 | 4,829 |
2,021 | 86,761 |
Thereafter | 163,449 |
Total | $ 374,909 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 09, 2017 | Jan. 04, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Secured indebtedness closed | $ 20,199 | $ 1,082 | ||
Subsequent Event [Member] | 5090 N 40th St [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured indebtedness closed | $ 22,000 | |||
Interest Rate | 3.92% | |||
Subsequent Event [Member] | SanTan [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured indebtedness closed | $ 35,100 | |||
Interest Rate | 4.56% |
Fair Value of Financial Instr49
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Jan. 01, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Hedges or derivatives | $ 0 | $ 0 | ||
Estimated fair value of earn-out liability | 2,400,000 | 5,678,000 | ||
Earn-out payment | $ 3,778,000 | $ 3,778,000 | 3,163,000 | |
Percentage of increase or decrease in potential gain or loss by varying the significant unobservable inputs | 10.00% | |||
Mortgage loans payable, fair value | $ 323,700,000 | $ 285,900,000 | ||
Subsequent Event [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value of earn-out liability | $ 500,000 | |||
Earn-out payment | $ 2,400,000 | |||
Minimum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Potential gain (loss) by varying significant unobservable inputs | (500,000) | |||
Maximum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Potential gain (loss) by varying significant unobservable inputs | $ 500,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | Jul. 14, 2016shares | Feb. 01, 2016 | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Related Party Transaction [Line Items] | ||||||
Redemption of common units | shares | 3,126,084 | |||||
Common stock acquired, shares issued | shares | 3,126,084 | |||||
Earn-out payment | $ 3,778 | $ 3,778 | $ 3,163 | |||
Property Management Firm [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Property management fee, Description | Fee ranging from 2.0% to 3.5% of gross revenue. | |||||
Number of real estate properties | Property | 5 | |||||
Management fees paid | $ 600 | 500 | $ 400 | |||
Property Management Firm [Member] | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Property management fee, percentage | 2.00% | |||||
Property Management Firm [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Property management fee, percentage | 3.50% | |||||
Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advisory and transaction fees payable | $ 100 | $ 3,000 | $ 1,500 | |||
Stock Purchase Agreement [Member] | External Advisor, City Office Real Estate Management, Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Business acquisition effective date | Feb. 1, 2016 | Feb. 1, 2016 | ||||
Second City Capital Partners [Member] | Central Fairwinds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Earn-out payment | $ 3,800 |
Future Minimum Rent Schedule -
Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 76,581 |
2,018 | 67,837 |
2,019 | 60,793 |
2,020 | 53,872 |
2,021 | 46,616 |
Thereafter | 104,940 |
Total future minimum lease payments to be received | $ 410,639 |
Future Minimum Rent Schedule 52
Future Minimum Rent Schedule - Additional Information (Detail) | Dec. 31, 2016 |
Sales Revenue, Services, Net [Member] | Government Contracts Concentration Risk [Member] | |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | |
Percentage of total future minimum lease payments | 15.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2017 | Feb. 28, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Other Commitments [Line Items] | |||||
Earn-out payment | $ 3,778 | $ 3,778 | $ 3,163 | ||
Estimated fair value of earn-out liability | $ 2,400 | $ 5,678 | |||
Subsequent Event [Member] | |||||
Other Commitments [Line Items] | |||||
Earn-out payment | $ 2,400 | ||||
Estimated fair value of earn-out liability | 500 | ||||
Central Fairwinds [Member] | |||||
Other Commitments [Line Items] | |||||
Percentage of Earn-Out Threshold one | 70.00% | ||||
Percentage of Earn-Out Threshold two | 80.00% | ||||
Percentage of Earn-Out Threshold three | 90.00% | ||||
Stabilized capitalization rate | 7.75% | ||||
Earn-Out Payment, Description | The Company will make any additional Earn-Out Payment within 30 days of the end of the Earn-Out Term based on new qualified leases entered into since the achievement of the last Earn-Out Threshold. | ||||
Central Fairwinds [Member] | Second City Capital Partners [Member] | |||||
Other Commitments [Line Items] | |||||
Earn-out payment | $ 3,800 | ||||
Central Fairwinds [Member] | Subsequent Event [Member] | |||||
Other Commitments [Line Items] | |||||
Earn-out payment | 2,400 | ||||
Estimated fair value of earn-out liability | $ 500 | ||||
Central Fairwinds [Member] | Subsequent Event [Member] | Second City Capital Partners [Member] | |||||
Other Commitments [Line Items] | |||||
Earn-out payment | $ 2,400 | ||||
Central Fairwinds [Member] | Maximum [Member] | |||||
Other Commitments [Line Items] | |||||
Earn-Out payment period | 5 years |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 13, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / sharesshares | Oct. 28, 2016USD ($)shares | Oct. 04, 2016USD ($)$ / sharesshares | Jul. 14, 2016shares | Apr. 05, 2016USD ($)$ / sharesshares | Feb. 01, 2016USD ($)shares | Dec. 31, 2015$ / sharesshares | Dec. 23, 2014USD ($)$ / sharesshares | Dec. 10, 2014USD ($)$ / sharesshares | May 09, 2014USD ($)shares | Apr. 21, 2014USD ($)shares | Jan. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Installment$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued in IPO, shares | shares | 5,800,000 | |||||||||||||||
Net proceeds from IPO | $ 63.4 | |||||||||||||||
Common stock issued | shares | 24,382,226 | 12,517,777 | 24,382,226 | 12,517,777 | ||||||||||||
Common stock price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Gross proceeds from issuance of public offering | 72.5 | |||||||||||||||
Underwriting discounts | 5.1 | |||||||||||||||
Additional cash payment for business acquisition | $ 19.4 | |||||||||||||||
Redemption of common units | shares | 3,126,084 | |||||||||||||||
Common stock acquired, shares issued | shares | 3,126,084 | |||||||||||||||
Preferred stock, share issued | shares | 4,480,000 | 0 | 4,480,000 | 0 | ||||||||||||
Preferred stock price per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||
Operating Partnership common units | shares | 40,001 | 3,070,405 | ||||||||||||||
Percentage of interest in Operating Partnership | 0.20% | 19.70% | 0.20% | 19.70% | ||||||||||||
Partnership unit, description | Each limited partner and assignees of limited partners have the right, subject to the terms and conditions set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the common units held by such limited partner or assignee in exchange for a cash amount per common unit equal to the value of one share of common stock, determined in accordance with and subject to adjustment under the partnership agreement. The Company has the sole option at its discretion to redeem the common units by issuing common stock on a one-for-one basis. | |||||||||||||||
Aggregate cash distributions declared | $ 22.9 | |||||||||||||||
Aggregate cash distributions paid | 20.8 | |||||||||||||||
Aggregate cash distributions payable | 5.7 | |||||||||||||||
Preferred Stock, dividend declared and paid | $ 1.8 | |||||||||||||||
Maximum number of shares issued under Equity Incentive Plan | shares | 1,263,580 | |||||||||||||||
External Advisor, City Office Real Estate Management, Inc [Member] | Stock Purchase Agreement [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Business acquisition effective date | Feb. 1, 2016 | Feb. 1, 2016 | ||||||||||||||
Common stock acquired, shares issued | shares | 297,321 | |||||||||||||||
Additional cash payment for business acquisition | $ 3.5 | $ 3.5 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, dividend declared and paid | $ 1.8 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Net compensation expense | $ 2.4 | $ 1.9 | ||||||||||||||
Number of annual installments for award vesting | Installment | 3 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Directors and Non-Executive Employees [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Restricted stock units granted to executive officers, directors and non-executive employees | shares | 78,250 | |||||||||||||||
Restricted stock units grant date fair value | $ 1 | |||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock price per share | $ / shares | $ 0.01 | |||||||||||||||
Common Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock acquired, shares issued | shares | 3,731,209 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock acquired, shares issued | shares | 1,858,860 | |||||||||||||||
Overallotment Option [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Net proceeds from IPO | $ 9.1 | |||||||||||||||
Shares issued to underwriters under overallotment option | shares | 512,664 | 782,150 | ||||||||||||||
Common stock price per share | $ / shares | $ 12.50 | |||||||||||||||
Gross proceeds from issuance of public offering | $ 6.4 | $ 9.8 | ||||||||||||||
Net proceeds from issuance of public offering | 6.1 | |||||||||||||||
Underwriting discounts | $ 0.3 | $ 0.7 | ||||||||||||||
Overallotment Option [Member] | Common Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Previously issued number of redeemable shares | shares | 479,305 | |||||||||||||||
Overallotment Option [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Previously issued number of redeemable shares | shares | 248,095 | |||||||||||||||
Follow-on Public Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued | shares | 8,050,000 | 3,750,000 | ||||||||||||||
Common stock price per share | $ / shares | $ 11.40 | $ 12.50 | ||||||||||||||
Gross proceeds from issuance of public offering | $ 91.8 | $ 46.9 | ||||||||||||||
Net proceeds from issuance of public offering | 86.7 | 43.6 | ||||||||||||||
Underwriting discounts | $ 5.1 | 2.6 | ||||||||||||||
Other expenses relating to offering | $ 0.7 | |||||||||||||||
Follow-on Public Offering [Member] | Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued | shares | 5,750,000 | |||||||||||||||
Common stock price per share | $ / shares | $ 12.40 | |||||||||||||||
Gross proceeds from issuance of public offering | $ 71.3 | |||||||||||||||
Net proceeds from issuance of public offering | 68.1 | |||||||||||||||
Underwriting discounts | $ 3.2 | |||||||||||||||
Follow-on Public Offering [Member] | Series A Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Underwriting discounts | $ 3.5 | |||||||||||||||
Preferred stock, share issued | shares | 480,000 | 4,000,000 | ||||||||||||||
Preferred stock price per share | $ / shares | $ 25 | |||||||||||||||
Gross proceeds from issuance of public offering | $ 12 | $ 100 | ||||||||||||||
Net proceeds from issuance of public offering | $ 96.5 | |||||||||||||||
Interest rate | 6.625% | |||||||||||||||
Preferred Stock, redemption price per share | $ / shares | $ 25 | |||||||||||||||
Follow-on Public Offering [Member] | Common Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Previously issued number of redeemable shares | shares | 336,195 | |||||||||||||||
Follow-on Public Offering [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Previously issued number of redeemable shares | shares | 176,469 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Noncontrolling Interests in Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 1,749 | $ (675) |
City Center [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (65) | (5) |
Central Fairwinds [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | 571 | 484 |
AmberGlen [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (1,240) | $ (1,154) |
FRP Collection [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | 995 | |
Park Tower [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 1,488 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Distributions Declared Per Share and Per Unit (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | ||
Distribution per Common Share/Unit | $ 0.940 | $ 0.940 |
January 1, 2016 - March 31, 2016 [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Common Share/Unit | $ 0.235 | |
Declaration Date | Mar. 15, 2016 | |
Record Date | Apr. 5, 2016 | |
Payment Date | Apr. 19, 2016 | |
April 1, 2016 - June 30, 2016 [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Common Share/Unit | $ 0.235 | |
Declaration Date | Jun. 20, 2016 | |
Record Date | Jul. 7, 2016 | |
Payment Date | Jul. 21, 2016 | |
July 1, 2016 - September 30, 2016 [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Common Share/Unit | $ 0.235 | |
Declaration Date | Sep. 15, 2016 | |
Record Date | Oct. 11, 2016 | |
Payment Date | Oct. 25, 2016 | |
October 1, 2016 - December 31, 2016 [Member] | ||
Dividends Payable [Line Items] | ||
Distribution per Common Share/Unit | $ 0.235 | |
Declaration Date | Dec. 21, 2016 | |
Record Date | Jan. 13, 2017 | |
Payment Date | Jan. 25, 2017 |
Quarterly Financial Informati57
Quarterly Financial Information - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 21,304 | $ 18,791 | $ 16,092 | $ 16,274 | $ 17,543 | $ 14,616 | $ 11,634 | $ 11,259 | $ 27,133 | $ 72,461 | $ 55,052 |
Net (loss)/income | (3,193) | (1,882) | 14,244 | (8,793) | (1,798) | (2,984) | (2,086) | (799) | (6,854) | 376 | (7,667) |
Net (loss)/income attributable to common stockholders | $ (5,080) | $ (1,945) | $ 11,522 | $ (7,121) | $ (1,551) | $ (2,499) | $ (1,798) | $ (743) | $ (5,010) | $ (2,624) | $ (6,591) |
Net (loss)/income per share | $ (0.21) | $ (0.08) | $ 0.56 | $ (0.56) | $ (0.12) | $ (0.20) | $ (0.15) | $ (0.06) | $ (0.13) | $ (0.53) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 13, 2017USD ($)$ / sharesshares | Jan. 12, 2017USD ($)ft² | Apr. 05, 2016USD ($)$ / sharesshares | Dec. 10, 2014USD ($)$ / sharesshares | Apr. 21, 2014USD ($) | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Subsequent Event [Line Items] | |||||||
Common stock issued | shares | 24,382,226 | 12,517,777 | |||||
Common stock price per share | $ / shares | $ 0.01 | $ 0.01 | |||||
Gross proceeds from issuance of public offering | $ 72.5 | ||||||
Underwriting discounts and other expenses | $ 5.1 | ||||||
Follow-on Public Offering [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock issued | shares | 8,050,000 | 3,750,000 | |||||
Common stock price per share | $ / shares | $ 11.40 | $ 12.50 | |||||
Gross proceeds from issuance of public offering | $ 91.8 | $ 46.9 | |||||
Net proceeds from issuance of public offering | 86.7 | 43.6 | |||||
Underwriting discounts and other expenses | $ 5.1 | $ 2.6 | |||||
Subsequent Event [Member] | Follow-on Public Offering [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock issued | shares | 5,750,000 | ||||||
Common stock price per share | $ / shares | $ 12.40 | ||||||
Gross proceeds from issuance of public offering | $ 71.3 | ||||||
Net proceeds from issuance of public offering | 68.1 | ||||||
Underwriting discounts and other expenses | $ 3.2 | ||||||
2525 McKinnon [Member] | Subsequent Event [Member] | Dallas, Texas [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Acquisition of property | $ 46.8 | ||||||
Area of property acquired | ft² | 111,000 |
Schedule III - Real Estate Pr59
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 370,057 | ||
Initial Cost to Company, Land | 115,634 | ||
Initial Cost to Company, Buildings and Improvements | 445,075 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 28,667 | ||
Gross Amount, Land | 115,634 | ||
Gross Amount, Building and Improvements | 473,742 | ||
Gross Amount, Total | 589,376 | $ 381,789 | $ 227,139 |
Accumulated Amortization | 39,052 | 26,909 | $ 15,311 |
Deferred Financing Costs | 4,852 | $ 3,393 | |
AmberGlen [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 24,280 | ||
Initial Cost to Company, Land | 8,790 | ||
Initial Cost to Company, Buildings and Improvements | 5,705 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 4,513 | ||
Gross Amount, Land | 8,790 | ||
Gross Amount, Building and Improvements | 10,218 | ||
Gross Amount, Total | 19,008 | ||
Accumulated Amortization | $ 4,973 | ||
Date Acquired | 2009-12 | ||
Depreciation Life for the Latest Income Statement | 50 years | ||
AmberGlen [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,984 | ||
AmberGlen [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,998 | ||
City Center Property [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 24,265 | ||
Initial Cost to Company, Land | 3,123 | ||
Initial Cost to Company, Buildings and Improvements | 10,656 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 8,761 | ||
Gross Amount, Land | 3,123 | ||
Gross Amount, Building and Improvements | 19,417 | ||
Gross Amount, Total | 22,540 | ||
Accumulated Amortization | $ 5,810 | ||
Date of Construction | 1,984 | ||
Date Acquired | 2010-12 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
Central Fairwinds [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | $ 1,747 | ||
Initial Cost to Company, Buildings and Improvements | 9,751 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 4,261 | ||
Gross Amount, Land | 1,747 | ||
Gross Amount, Building and Improvements | 14,012 | ||
Gross Amount, Total | 15,759 | ||
Accumulated Amortization | $ 2,541 | ||
Date of Construction | 1,982 | ||
Date Acquired | 2012-05 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
Washington Group Plaza [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 32,995 | ||
Initial Cost to Company, Land | 12,748 | ||
Initial Cost to Company, Buildings and Improvements | 20,716 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 7,485 | ||
Gross Amount, Land | 12,748 | ||
Gross Amount, Building and Improvements | 28,201 | ||
Gross Amount, Total | 40,949 | ||
Accumulated Amortization | $ 5,852 | ||
Date Acquired | 2013-06 | ||
Depreciation Life for the Latest Income Statement | 29 years | ||
Washington Group Plaza [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,970 | ||
Washington Group Plaza [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,982 | ||
Cherry Creek [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 49,521 | ||
Initial Cost to Company, Land | 25,745 | ||
Initial Cost to Company, Buildings and Improvements | 20,144 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 472 | ||
Gross Amount, Land | 25,745 | ||
Gross Amount, Building and Improvements | 20,616 | ||
Gross Amount, Total | 46,361 | ||
Accumulated Amortization | $ 3,862 | ||
Date Acquired | 2014-01 | ||
Depreciation Life for the Latest Income Statement | 36 years | ||
Cherry Creek [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,962 | ||
Cherry Creek [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,980 | ||
Plaza 25 [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,000 | ||
Initial Cost to Company, Land | 1,764 | ||
Initial Cost to Company, Buildings and Improvements | 20,563 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,313 | ||
Gross Amount, Land | 1,764 | ||
Gross Amount, Building and Improvements | 21,876 | ||
Gross Amount, Total | 23,640 | ||
Accumulated Amortization | $ 3,533 | ||
Date of Construction | 1,981 | ||
Date Acquired | 2014-06 | ||
Depreciation Life for the Latest Income Statement | 30 years | ||
Lake Vista Pointe [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 18,460 | ||
Initial Cost to Company, Land | 4,115 | ||
Initial Cost to Company, Buildings and Improvements | 20,600 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 55 | ||
Gross Amount, Land | 4,115 | ||
Gross Amount, Building and Improvements | 20,655 | ||
Gross Amount, Total | 24,770 | ||
Accumulated Amortization | $ 2,324 | ||
Date of Construction | 2,007 | ||
Date Acquired | 2014-07 | ||
Depreciation Life for the Latest Income Statement | 45 years | ||
FPR Ingenuity Drive [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,000 | ||
Initial Cost to Company, Land | 4,415 | ||
Initial Cost to Company, Buildings and Improvements | 17,775 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 11 | ||
Gross Amount, Land | 4,415 | ||
Gross Amount, Building and Improvements | 17,786 | ||
Gross Amount, Total | 22,201 | ||
Accumulated Amortization | $ 1,466 | ||
Date of Construction | 1,999 | ||
Date Acquired | 2014-11 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
Logan Tower [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | $ 1,305 | ||
Initial Cost to Company, Buildings and Improvements | 8,197 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 274 | ||
Gross Amount, Land | 1,305 | ||
Gross Amount, Building and Improvements | 8,471 | ||
Gross Amount, Total | 9,776 | ||
Accumulated Amortization | $ 714 | ||
Date of Construction | 1,983 | ||
Date Acquired | 2015-02 | ||
Depreciation Life for the Latest Income Statement | 33 years | ||
Superior Pointe [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | $ 3,153 | ||
Initial Cost to Company, Buildings and Improvements | 19,834 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 728 | ||
Gross Amount, Land | 3,153 | ||
Gross Amount, Building and Improvements | 20,562 | ||
Gross Amount, Total | 23,715 | ||
Accumulated Amortization | $ 1,304 | ||
Date of Construction | 2,000 | ||
Date Acquired | 2015-06 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
DTC Crossroads [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 16,337 | ||
Initial Cost to Company, Land | 7,137 | ||
Initial Cost to Company, Buildings and Improvements | 23,184 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 298 | ||
Gross Amount, Land | 7,137 | ||
Gross Amount, Building and Improvements | 23,482 | ||
Gross Amount, Total | 30,619 | ||
Accumulated Amortization | $ 1,325 | ||
Date of Construction | 1,999 | ||
Date Acquired | 2015-06 | ||
Depreciation Life for the Latest Income Statement | 33 years | ||
190 Office Center [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 41,250 | ||
Initial Cost to Company, Land | 7,162 | ||
Initial Cost to Company, Buildings and Improvements | 39,690 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 133 | ||
Gross Amount, Land | 7,162 | ||
Gross Amount, Building and Improvements | 39,823 | ||
Gross Amount, Total | 46,985 | ||
Accumulated Amortization | $ 1,708 | ||
Date Acquired | 2015-09 | ||
Depreciation Life for the Latest Income Statement | 45 years | ||
190 Office Center [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,001 | ||
190 Office Center [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,008 | ||
Intellicenter [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 33,563 | ||
Initial Cost to Company, Land | 5,244 | ||
Initial Cost to Company, Buildings and Improvements | 34,278 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 4 | ||
Gross Amount, Land | 5,244 | ||
Gross Amount, Building and Improvements | 34,282 | ||
Gross Amount, Total | 39,526 | ||
Accumulated Amortization | $ 1,468 | ||
Date of Construction | 2,008 | ||
Date Acquired | 2015-09 | ||
Depreciation Life for the Latest Income Statement | 50 years | ||
Carillon Point [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,000 | ||
Initial Cost to Company, Land | 5,173 | ||
Initial Cost to Company, Buildings and Improvements | 17,316 | ||
Gross Amount, Land | 5,173 | ||
Gross Amount, Building and Improvements | 17,316 | ||
Gross Amount, Total | 22,489 | ||
Accumulated Amortization | $ 450 | ||
Date of Construction | 2,007 | ||
Date Acquired | 2016-06 | ||
Depreciation Life for the Latest Income Statement | 39 years | ||
FRP Collection [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 30,737 | ||
Initial Cost to Company, Land | 7,030 | ||
Initial Cost to Company, Buildings and Improvements | 38,700 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 168 | ||
Gross Amount, Land | 7,030 | ||
Gross Amount, Building and Improvements | 38,868 | ||
Gross Amount, Total | 45,898 | ||
Accumulated Amortization | $ 1,051 | ||
Date Acquired | 2016-07 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
FRP Collection [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,986 | ||
FRP Collection [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,999 | ||
Park Tower [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | $ 3,484 | ||
Initial Cost to Company, Buildings and Improvements | 68,656 | ||
Gross Amount, Land | 3,484 | ||
Gross Amount, Building and Improvements | 68,656 | ||
Gross Amount, Total | 72,140 | ||
Accumulated Amortization | $ 467 | ||
Date Acquired | 2016-11 | ||
Depreciation Life for the Latest Income Statement | 35 years | ||
Park Tower [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,973 | ||
Park Tower [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,006 | ||
5090 N 40th St [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | $ 6,696 | ||
Initial Cost to Company, Buildings and Improvements | 32,123 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 71 | ||
Gross Amount, Land | 6,696 | ||
Gross Amount, Building and Improvements | 32,194 | ||
Gross Amount, Total | 38,890 | ||
Accumulated Amortization | $ 74 | ||
Date of Construction | 1,988 | ||
Date Acquired | 2016-11 | ||
Depreciation Life for the Latest Income Statement | 45 years | ||
SanTan [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost to Company, Land | $ 6,803 | ||
Initial Cost to Company, Buildings and Improvements | 37,187 | ||
Gross Amount, Land | 6,803 | ||
Gross Amount, Building and Improvements | 37,187 | ||
Gross Amount, Total | 43,990 | ||
Accumulated Amortization | $ 65 | ||
Date Acquired | 2016-12 | ||
Depreciation Life for the Latest Income Statement | 41 years | ||
SanTan [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,000 | ||
SanTan [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,003 | ||
Corporate [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 52,500 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 120 | ||
Gross Amount, Building and Improvements | 120 | ||
Gross Amount, Total | 120 | ||
Accumulated Amortization | $ 65 |
Schedule III - Real Estate Pr60
Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real estate assets, aggregate cost for federal tax purpose | $ 650,002 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties | ||
Balance, beginning of year | $ 381,789 | $ 227,139 |
Acquisitions | 223,167 | 149,184 |
Dispositions | (24,309) | |
Capital improvements | 8,729 | 5,466 |
Balance, end of year | 589,376 | 381,789 |
Accumulated depreciation | ||
Balance, beginning of year | 26,909 | 15,311 |
Depreciation | 30,178 | 11,598 |
Depreciation on dispositions | (18,035) | |
Balance, end of year | $ 39,052 | $ 26,909 |