Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 36,118,163 | ||
Entity Public Float | $ 374.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate properties | ||
Land | $ 188,110 | $ 115,634 |
Building and improvement | 534,473 | 423,707 |
Tenant improvement | 53,427 | 49,813 |
Furniture, fixtures and equipment | 291 | 222 |
Real estate properties, gross | 776,301 | 589,376 |
Accumulated depreciation | (48,234) | (39,052) |
Real estate properties, net | 728,067 | 550,324 |
Cash and cash equivalents | 12,301 | 13,703 |
Restricted cash | 22,713 | 15,948 |
Rents receivable, net | 20,087 | 17,257 |
Deferred leasing costs, net | 7,793 | 5,422 |
Acquired lease intangible assets, net | 65,088 | 56,214 |
Prepaid expenses and other assets | 2,013 | 2,626 |
Assets held for sale | 38,427 | |
Total Assets | 896,489 | 661,494 |
Liabilities: | ||
Debt | 489,509 | 370,057 |
Accounts payable and accrued liabilities | 17,605 | 12,976 |
Deferred rent | 4,223 | 5,558 |
Tenant rent deposits | 3,523 | 2,621 |
Acquired lease intangible liabilities, net | 8,649 | 4,302 |
Dividend distributions payable | 10,318 | 7,521 |
Earn-out liability | 2,400 | |
Liabilities related to assets held for sale | 2,830 | |
Total Liabilities | 536,657 | 405,435 |
Commitments and Contingencies (Note 10) | ||
Equity: | ||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 and 4,600,000 shares authorized as of December 31, 2017 and 2016, respectively, 4,480,000 issued and outstanding | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 36,012,086 and 24,382,226 shares issued and outstanding as of December 31, 2017 and December 31, 2016 respectively | 360 | 244 |
Additional paid-in capital | 334,241 | 195,566 |
Accumulated deficit | (86,977) | (53,608) |
Total Stockholders' Equity | 359,624 | 254,202 |
Operating Partnership unitholders' non-controlling interests | 108 | |
Non-controlling interests in properties | 208 | 1,749 |
Total Equity | 359,832 | 256,059 |
Total Liabilities and Equity | $ 896,489 | $ 661,494 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | ||
Preferred stock, Dividend rate percentage | 6.625% | 6.625% |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,600,000 | 4,600,000 |
Preferred stock, shares issued | 4,480,000 | 4,480,000 |
Preferred stock, shares outstanding | 4,480,000 | 4,480,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 36,012,086 | 24,382,226 |
Common stock, shares outstanding | 36,012,086 | 24,382,226 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental income | $ 92,357 | $ 63,702 | $ 48,009 |
Expense reimbursement | 11,164 | 7,140 | 5,808 |
Other | 2,966 | 1,619 | 1,235 |
Total Revenues | 106,487 | 72,461 | 55,052 |
Operating Expenses: | |||
Property operating expenses | 42,886 | 28,305 | 20,420 |
General and administrative | 6,792 | 6,429 | 3,728 |
Base management fee | 109 | 1,302 | |
External advisor acquisition | 7,045 | 492 | |
Acquisition costs | 692 | 2,959 | |
Depreciation and amortization | 41,594 | 30,178 | 21,624 |
Total Operating Expenses | 91,272 | 72,758 | 50,525 |
Operating income/(loss) | 15,215 | (297) | 4,527 |
Interest Expense: | |||
Contractual interest expense | (18,721) | (13,804) | (10,607) |
Amortization of deferred financing costs | (1,452) | (957) | (746) |
Interest expense, net | (20,173) | (14,761) | (11,353) |
Change in fair value of earn-out | (500) | (841) | |
Change in fair value of contingent consideration | 2,000 | ||
Net gain on sale of real estate property | 12,116 | 15,934 | |
Net income/(loss) | 9,158 | 376 | (7,667) |
Net income attributable to non-controlling interests in properties | (3,402) | (354) | (500) |
Net (income)/loss attributable to Operating Partnership unitholders' non-controlling interests | (865) | 1,576 | |
Net income/(loss) attributable to the Company | 5,756 | (843) | (6,591) |
Preferred stock distributions | (7,411) | (1,781) | |
Net loss attributable to common stockholders | $ (1,655) | $ (2,624) | $ (6,591) |
Net loss per common share and unit: | |||
Basic and diluted | $ (0.05) | $ (0.13) | $ (0.53) |
Weighted average common shares outstanding: | |||
Basic and diluted | 30,198 | 20,460 | 12,409 |
Dividend distributions declared per common share and unit | $ 0.940 | $ 0.940 | $ 0.940 |
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] | Total stockholders' equity [Member] | Operating Partnership Unitholders' Non-controlling Interests [Member] | Non-controlling Interests in Properties [Member] |
Beginning balance at Dec. 31, 2014 | $ 91,235 | $ 123 | $ 91,308 | $ (11,320) | $ 80,111 | $ 11,878 | $ (754) | |
Beginning 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 | 12,518,000 | |||||||
Conversion of OP units to shares, values | $ 32 | 10,754 | 10,786 | (10,786) | ||||
Conversion of OP units to shares, shares | 3,206,000 | |||||||
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 common stock, values | 86,785 | $ 80 | 86,705 | 86,785 | ||||
Net proceeds from sale of common stock, shares | 8,050,000 | |||||||
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 | |||||
Conversion of OP units to shares, values | 108 | 108 | $ (108) | |||||
Conversion of OP units to shares, shares | 40,000 | |||||||
Restricted stock award grants and vesting, values | $ 1,671 | $ 1 | 1,741 | (71) | 1,671 | |||
Restricted stock award grants and vesting, shares | 90,000 | |||||||
Net proceeds from sale of common stock, values | 136,941 | $ 115 | 136,826 | 136,941 | ||||
Net proceeds from sale of common stock, shares | 11,500,000 | |||||||
Common stock dividend distributions declared | (31,148) | (31,148) | (31,148) | |||||
Preferred stock dividend distributions declared | (7,906) | (7,906) | (7,906) | |||||
Distributions | (4,943) | (4,943) | ||||||
Net (loss)/income | 9,158 | 5,756 | 5,756 | 3,402 | ||||
Ending balance at Dec. 31, 2017 | $ 359,832 | $ 112,000 | $ 360 | $ 334,241 | $ (86,977) | $ 359,624 | $ 208 | |
Ending balance, shares at Dec. 31, 2017 | 36,012,086 | 4,480,000 | 36,012,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ 9,158 | $ 376 | $ (7,667) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 41,594 | 30,178 | 21,624 |
Amortization of deferred financing costs | 1,452 | 957 | 746 |
Amortization of above/below market leases | (337) | 299 | 349 |
Increase in straight-line rent | (2,820) | (3,751) | (1,895) |
Non-cash stock compensation | 1,671 | 2,436 | 1,907 |
Earn-out termination payment | (2,400) | 500 | 841 |
Internalization shares issued | 3,464 | ||
Net gain on sale of real estate property | (12,116) | (15,934) | |
Changes in non-cash working capital: | |||
Rents receivable, net | (1,647) | (4,331) | (4,506) |
Prepaid expenses and other assets | 349 | (587) | (648) |
Accounts payable and accrued liabilities | 670 | 3,135 | 2,988 |
Deferred rent | 324 | 2,743 | 440 |
Tenant rent deposits | 655 | (338) | (16) |
Net Cash Provided By Operating Activities | 36,553 | 19,147 | 14,163 |
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (8,189) | (8,729) | (5,466) |
Acquisition of real estate | (249,299) | (248,957) | (166,788) |
Net proceeds from sale of real estate | 16,993 | 42,984 | |
Deferred leasing costs | (4,289) | (2,074) | (3,217) |
Net Cash Used In Investing Activities | (244,784) | (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 | 136,941 | 86,785 | |
Debt issuance and extinguishment costs | (1,716) | (2,414) | (1,239) |
Proceeds from mortgage loans payable | 166,340 | 47,938 | 105,813 |
Repayment of mortgage loans payable | (27,772) | (20,199) | (1,082) |
Proceeds from Secured Credit Facility | 226,000 | 95,500 | 51,600 |
Repayment of Secured Credit Facility | (245,000) | (93,000) | (1,600) |
Contributions from non-controlling interests in properties | 2,525 | ||
Distributions to non-controlling interests in properties | (4,943) | (455) | (421) |
Dividend distributions paid to stockholders and Operating Partnership unitholders | (36,256) | (20,841) | (14,404) |
Change in restricted cash | (6,765) | (772) | (4,083) |
Net Cash Provided By Financing Activities | 206,829 | 203,194 | 134,584 |
Net (Decrease)/Increase in Cash and Cash Equivalents | (1,402) | 5,565 | (26,724) |
Cash and Cash Equivalents, Beginning of Year | 13,703 | 8,138 | 34,862 |
Cash and Cash Equivalents, End of Year | 12,301 | 13,703 | 8,138 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 18,408 | 13,621 | 10,030 |
Earn-out payment in common stock | 3,778 | 3,163 | |
Purchases of additions in real estate properties included in accounts payable | 2,616 | 1,565 | $ 1,289 |
Purchases of deferred leasing costs included in accounts payable | $ 815 | $ 19 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
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”). 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 continue 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. 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 former external advisor, City Office Real Estate Management Inc. (the “Former Advisor”), pursuant to which the Company acquired all of the outstanding stock of the Former 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 Former 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 consolidated 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 Former Advisor (“Advisory Agreement”) that eliminates the payment of acquisition fees by the Company to the Former 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 eleven additional former employees of the Former 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 (“Second City”). 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 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 subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. Use of Estimates The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those 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. 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 non-controlling 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” lease-up lease-up The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place non-cancelable non-cancelable The fair value of acquired in-place lease-up in-place 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 Site improvement 4-23 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. Variable Interest Entities The Company consolidates variable interest entities (“VIE”) if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. 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 Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling As of December 31, 2017, and 2016, the Company held a 100% and 99.8% 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 years ended December 31, 2017, December 31, 2016 and December 31, 2015. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 0, 40,001, and 3,070,405 potentially dilutive shares outstanding related to the issuance of common units held by non-controlling 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, 820-10”) 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. Segment Reporting The Company operates in one industry segment, commercial real estate. New Accounting Pronouncements Adopted in the Current Year In January of 2017, the FASB issued ASU 2017-01, To Be Adopted in Future Years In May 2014, the FASB issued ASU 2014-09, In January 2016, the FASB issued ASU 2016-01, 825-10). 2016-01 2016-01 In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 non-lease non-lease non-lease In August 2016, the FASB issued ASU 2016-15, In November 2016, the FASB issued ASU 2016-18, |
Rents Receivable, Net
Rents Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
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 $ 1,905 $ 2,024 Straight-line receivables 18,182 15,233 Total rents receivable $ 20,087 $ 17,257 As of December 31, 2017, and 2016, the Company’s allowance for doubtful accounts was not significant. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments Acquisitions During the years ended December 31, 2017, December 31, 2016 and December 31, 2015 the Company acquired the following properties: Property Date Acquired Percentage Owned Papago Tech October 2017 100 % Mission City and Sorrento Mesa September 2017 100 % 2525 McKinnon January 2017 100 % 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 September 2015 100 % 190 Office Center September 2015 100 % DTC Crossroads June 2015 100 % Superior Pointe June 2015 100 % Logan Tower February 2015 100 % Papago Tech, Mission City, Sorrento Mesa, and 2525 McKinnon have been accounted for as asset acquisitions. SanTan, 5090 N 40th St, Park Tower, FRP Collection, Carillon Point, Intellicenter, 190 Office Center, DTC Crossroads, Superior Pointe and Logan Tower were accounted for as business combinations. The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2017 (in thousands): 2525 Mission Papago Total December 31, Land $ 10,629 $ 66,097 $ 10,746 $ 87,472 Buildings and improvements 33,357 78,072 17,469 128,898 Tenant improvements 1,158 8,393 2,293 11,844 Acquired intangible assets 3,267 22,846 2,816 28,929 Prepaid expenses and other assets — 140 10 150 Accounts payable and other liabilities (190 ) (1,507 ) (246 ) (1,943 ) Lease intangible liabilities (2,186 ) (3,766 ) (99 ) (6,051 ) Total Consideration $ 46,035 $ 170,275 $ 32,989 $ 249,299 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, 2016 (in thousands): Carillon FRP Park 5090 N SanTan Total 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 operating results of acquired properties meeting the definition of a business, during the years ended December 31, 2016 and December 31, 2015, since the date of acquisition have been included in the Company’s consolidated financial statements. Properties acquired in 2017 were accounted for as asset acquisitions pursuant to ASU 2017-01. Year ended Year ended Operating revenues $ 7,215 $ 10,047 Operating expenses (7,433 ) (9,957 ) Interest (589 ) (1,192 ) $ (807 ) $ (1,102 ) Sale of Real Estate Property On May 2, 2017, the Company sold the 1400 and 1600 buildings at the AmberGlen property in Portland, Oregon, and its related assets and liabilities, for a sales price of $18.9 million, resulting in an aggregate net gain of $12.1 million, net of $2.0 million in costs, which has been classified as net gain on sale of real estate property in the consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made. In accordance with ASU 2014-08, 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 consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made. In accordance with ASU 2014-08, tax-deferred Assets Held for Sale On September 21, 2016, we entered into a Purchase and Sale agreement to sell the Washington Group Plaza property for $86.5 million. The transaction is anticipated to close in March 2018, subject to customary closing conditions. In accordance with ASU 2014-08, non-refundable The property has been classified as held for sale as of December 31, 2017 (in thousands): December 31, 2017 Washington Real estate properties, net $ 34,543 Deferred leasing costs, net 1,295 Acquired lease intangible assets, net 817 Rents receivable, prepaid expenses and other assets 1,772 Assets held for sale $ 38,427 Acquired lease intangibles liabilities, net (2 ) Accounts payable, accrued expenses, deferred rent and tenant rent deposits (2,828 ) Liabilities related to assets held for sale $ (2,830 ) Variable Interest Entities As of December 31, 2017, the Company had entered into a purchase and sale transaction in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the exchange of like-kind property to defer taxable gains on the sale of properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which the Company purchases new properties prior to selling the property to be matched in the like-kind exchange, legal title to the new properties is held by a Qualified Intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. The Company retains essentially all of the legal and economic benefits and obligations related to Mission City, Sorrento Mesa and Papago Tech prior to completion of the 1031 Exchanges. As such, Mission City, Sorrento Mesa and Papago Tech is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a VIE until legal title is transferred to us upon completion of the 1031 Exchange. |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2017 and December 31, 2016 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2017 Above In Place Leasing Total Below Below Total Cost $ 9,082 $ 71,426 $ 27,706 $ 108,214 $ (11,608 ) $ (138 ) $ (11,746 ) Accumulated amortization (3,215 ) (30,613 ) (9,298 ) (43,126 ) 3,065 32 3,097 $ 5,867 $ 40,813 $ 18,408 $ 65,088 $ (8,543 ) $ (106 ) $ (8,649 ) 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 ) The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): 2018 $ 15,984 2019 13,505 2020 11,585 2021 9,478 2022 3,187 Thereafter 2,700 $ 56,439 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the secured indebtedness as of December 31, 2017 and 2016 (in thousands): Property December 31, December 31, Interest Rate as of Maturity Secured Credit Facility (1) $ 33,500 $ 52,500 LIBOR +2.25 % (2) June 2018 Midland Life Insurance (3) 88,582 90,124 4.34 May 2021 Mission City 47,000 — 3.78 November 2027 190 Office Center (4) 41,250 41,250 4.79 October 2025 SanTan (4) 35,100 — 4.56 March 2027 Intellicenter (4) 33,563 33,563 4.65 October 2025 Washington Group Plaza (5) 32,290 32,995 3.85 July 2018 FRP Collection (4) 30,174 30,737 3.85 September 2023 2525 McKinnon 27,000 — 4.24 April 2027 5090 N 40 th 22,000 — 3.92 January 2027 AmberGlen (4) 20,000 — 3.69 May 2027 Lake Vista Pointe (5) 18,358 18,460 4.28 August 2024 FRP Ingenuity Drive (5)(6) 17,000 17,000 4.44 December 2024 Plaza 25 (4)(5) 16,882 17,000 4.10 July 2025 Carillon Point (4) 16,671 17,000 3.50 October 2023 Central Fairwinds (4) 15,107 — 4.00 June 2024 AmberGlen Mortgage Loan (7) — 24,280 — — Total Principal 494,477 374,909 Deferred financing costs, net (4,968 ) (4,852 ) Total $ 489,509 $ 370,057 All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) as explained in footnote 1 below. (1) At December 31, 2017 the Secured Credit Facility had $150 million authorized and $33.5 million drawn. 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, 2017, the Secured Credit Facility was cross-collateralized by Logan Tower, Superior Pointe, Park Tower and Sorrento Mesa. On September 1, 2017, 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 $100 million to $150 million. During 2016 the authorized borrowing capacity was increased from $75 million to $100 million. (2) As of December 31, 2017, the one month LIBOR rate was 1.56%. (3) 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. (4) The Company has various covenants including debt service coverage ratios that under certain conditions must be maintained no less than 1.15x, 1.20x, 1.20x, 1.40x, 1.15x, 1.45x, 1.35x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Plaza 25, Carillon Point and Central Fairwinds. The debt service coverage ratio covenants contained in the loan agreements for Plaza 25, which have not been met at December 31, 2017, allow for temporary relief from the debt service coverage ratio test if certain conditions are met or prepayment of debt service occurs according to a specified schedule. (5) Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. (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) On May 2, 2017, in conjunction with the sale of the 1400 and 1600 buildings at the AmberGlen property, the Company repaid the outstanding debt secured on the property of $24.1 million plus closing costs and subsequently closed on a $20 million loan secured by a first mortgage lien on the remaining buildings. The scheduled principal repayments of mortgage payable as of December 31, 2017 are as follows (in thousands): 2018 $ 69,705 2019 5,049 2020 6,086 2021 88,110 2022 4,772 Thereafter 320,755 Total $ 494,477 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, the Company did not have any hedges or derivatives. On February 15, 2017, the Company entered into a Termination and Mutual Release Agreement with Second City that terminated our obligation to make any future earn-out earn-out Cash and Cash Equivalents, Restricted Cash, Rents 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 $462.3 million and $323.7 million as of December 31, 2017 and December 31, 2016, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Administrative Services Agreement During the years ended December 31, 2017, 2016, and 2015, the Company earned $1.2 million, $1.4 million, and $0, respectively, in administrative services performed for Second City. Earn-Out During the years ended December 31, 2017 and 2016, payments of approximately $2.4 million and $3.8 million, respectively, were made to Second City under the Earn-Out 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 Former Advisor pursuant to which the Company acquired all of the outstanding stock of the Former Advisor (see Note 1). On July 15, 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 amended and restated limited partnership agreement, as amended. Advisory and Transaction Fees During the years ended December 31, 2017, 2016, and 2015, the Company incurred $0, $0.1 million, and $3.0 million, respectively, in advisory and transaction fees payable to the Former Advisor for asset and property management services. |
Future Minimum Rent Schedule
Future Minimum Rent Schedule | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Minimum Rent Schedule | 9. Future Minimum Rent Schedule Future minimum lease payments to be received as of December 31, 2017 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2018 $ 95,653 2019 85,981 2020 75,929 2021 66,196 2022 52,405 Thereafter 98,214 $ 474,378 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. Eleven 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 11.7% of the Company’s total future minimum lease payments as of December 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies 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, 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, 2017 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, 2017 | |
Equity [Abstract] | |
Stockholder's Equity | 11. Stockholder’s Equity 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 Former 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 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 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 $68.0 million after deducting $3.3 million in underwriting discounts and other expenses related to the offering. On June 16, 2017, the Company and the Operating Partnership entered into separate equity distribution agreements (the “Sales Agreements”) with each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and BMO Capital Markets Corp. (collectively, the “Sales Agents”), pursuant to which the Company may issue and sell from time to time up to 6,000,000 shares of its common stock, $0.01 par value per share, and up to 1,000,000 shares of its 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (collectively, the “Shares”), through the Sales Agents, acting as agents or principals (the “ATM Program”). Pursuant to the Sales Agreements, the Shares may be offered and sold through the Sales Agents in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange or, with the prior consent of the Company, in privately negotiated transactions. The Sales Agents will be entitled to compensation of up to 2.0% of the gross proceeds of Shares sold through the Sales Agents from time to time under the Sales Agreements. The Company has no obligation to sell any of the Shares under the Sales Agreements and may at any time suspend solicitations and offers under, or terminate, the Sales Agreements. During the year ended December 31, 2017, we did not sell any Shares under the ATM Program. On December 21, 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 $12.60 per share, inclusive of the overallotment option. The Company raised $72.5 million in gross proceeds, resulting in net proceeds to us of approximately $69.0 million after deducting $3.5 million in underwriting discounts and other expenses related to the offering. Non-controlling Non-controlling non-controlling one-for-one During the year ended December 31, 2017, 40,000 common units were redeemed for shares of common stock. The following table summarizes the non-controlling December 31, 2017 December 31, 2016 City Center $ (140 ) $ (65 ) Central Fairwinds (764 ) 571 AmberGlen (1,375 ) (1,240 ) FRP Collection 842 995 Park Tower 1,645 1,488 $ 208 $ 1,749 Common Stock and Common Unit Distributions During the year ended December 31, 2017, the Company declared aggregate cash distributions to common stockholders and common unitholders of $29.8 million. The Company paid aggregate cash distributions of $28.4 million for the year-ended December 31, 2017 and $8.5 million was payable as of December 31, 2017. During the year ended December 31, 2017, the Company declared the following distributions per share and unit: Period Distribution per Unit Declaration Date Record Date Payment Date January 1, 2017 – March 31, 2017 $ 0.235 March 21, 2017 April 11, 2017 April 25, 2017 April 1, 2017 – June 30, 2017 0.235 June 27, 2017 July 11, 2017 July 25, 2017 July 1, 2017 – September 30, 2017 0.235 September 15, 2017 October 11, 2017 October 25, 2017 October 1, 2017 – December 31, 2017 0.235 December 15, 2017 January 11, 2018 January 25, 2018 Total $ 0.940 Preferred Stock Distributions During the year ended December 31, 2017, the Company declared aggregate cash distributions to preferred stockholders of $7.4 million. The Company paid aggregate cash distributions of $7.8 million for the year-ended December 31, 2017 and $1.9 million was payable as of December 31, 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 year ended December 31, 2017, 117,478 restricted stock units (“RSUs”) were granted to directors, executive officers and non-executive 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, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 12. Quarterly Financial Information (unaudited): The following tables summarize certain selected quarterly financial data for 2017 and 2016 (in thousands, except per share data): 2017 Quarters Fourth Third Second First Revenue $ 31,181 $ 24,750 $ 25,157 $ 25,399 Net (loss)/income (987 ) (1,723 ) 13,167 (1,299 ) Net (loss)/income attributable to common stockholders (2,920 ) (3,630 ) 8,208 (3,313 ) Net (loss)/income per share (0.09 ) (0.12 ) 0.27 (0.11 ) 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 ) |
Schedule III - Real Estate Prop
Schedule III - Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Properties and Accumulated Depreciation | City Office REIT, Inc. SCHEDULE III – REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION December 31, 2017 (In Thousands) Intial Costs to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried as of December 31, 2017 (1) Description Encumbrances (2) Land Buildings and Improvements Improvements Land Building and Improvements Total (3 ) Accumulated Amortization Date of Construction Date Acquired Depreciation Life For Latest Income Statement AmberGlen 20,000 $ 6,546 $ 3,490 $ 1,793 $ 6,546 $ 5,283 $ 11,829 $ 2,272 1984-1998 December 2009 50 Years City Center 23,850 3,123 10,656 8,190 3,123 18,846 21,969 6,032 1984 December 2010 40 Years Central Fairwinds 15,107 1,747 9,751 5,352 1,747 15,103 16,850 2,929 1982 May 2012 40 Years Cherry Creek 48,675 25,745 20,144 926 25,745 21,070 46,815 5,089 1962-1980 January 2014 36 Years Plaza 25 16,882 1,764 20,563 1,085 1,764 21,648 23,412 3,470 1981 June 2014 30 Years Lake Vista Pointe 18,358 4,115 20,600 55 4,115 20,655 24,770 3,272 2007 July 2014 45 Years FRP Ingenuity Drive 17,000 4,415 17,775 35 4,415 17,810 22,225 2,142 1999 November 2014 40 Years Logan Tower — 1,306 8,197 384 1,306 8,581 9,887 1,000 1983 February 2015 33 Years Superior Pointe — 3,153 19,834 1,137 3,153 20,971 24,124 2,085 2000 June 2015 40 Years DTC Crossroads 16,057 7,137 23,184 378 7,137 23,562 30,699 2,242 1999 June 2015 33 Years 190 Office Center 41,250 7,162 39,690 749 7,162 40,439 47,601 2,614 2001 September 2015 45 Years Intellicenter 33,563 5,244 34,278 8 5,244 34,286 39,530 2,570 2008 September 2015 50 Years Carillon Point 16,671 5,172 17,316 17 5,172 17,333 22,505 1,351 2007 June 2016 39 Years FRP Collection 30,174 7,031 38,700 58 7,031 38,758 45,789 2,661 1986-1999 July 2016 40 Years Park Tower — 3,479 68,656 3,282 3,479 71,938 75,417 3,178 1973 November 2016 30 Years 5090 N 40th St 22,000 6,696 32,123 395 6,696 32,518 39,214 1,008 1988 November 2016 45 Years SanTan 35,100 6,803 37,187 356 6,803 37,543 44,346 1,672 2000-2003 December 2016 41 Years 2525 McKinnon 27,000 10,629 34,515 680 10,629 35,195 45,824 955 2003 January 2017 50 Years Mission City 47,000 25,741 41,474 78 25,741 41,552 67,293 684 1990-2007 September 2017 29 Years Sorrento Mesa — 40,356 44,991 236 40,356 45,227 85,583 765 1985-2001 September 2017 33 Years Papago Tech — 10,746 19,762 — 10,746 19,762 30,508 203 1993-1995 October 2017 40 Years Corporate 33,500 — 111 — — 111 111 40 Total $ 462,187 $ 188,110 $ 562,997 $ 25,194 $ 188,110 $ 588,191 $ 776,301 $ 48,234 (1) The aggregate cost for federal tax purposes as of December 31, 2017 of our real estate assets was $669,562. (2) Encumbrances exclude Washington Group Plaza for $32,290 as the property was held for sale at December 31, 2017 and net deferred financing costs of $4,968. The combined impact of these adjustments were $27,322. (3) Properties identified as held for sale at December 31, 2017 are excluded. A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2017 and 2016 is as follows: 2017 2016 Real Estate Properties Balance, beginning of year $ 589,376 $ 381,789 Acquisitions 228,214 223,167 Dispositions (11,683 ) (24,309 ) Capital improvements 10,804 8,729 Assets held for sale (40,410 ) — Balance, end of year $ 776,301 $ 589,376 Accumulated depreciation Balance, beginning of year $ 39,052 $ 26,909 Depreciation 22,424 30,178 Depreciation on dispositions (7,374 ) (18,035 ) Depreciation on assets held for sale (5,868 ) — Balance, end of year $ 48,234 $ 39,052 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Summary of Significant Accounting Policies | Basis of Preparation and Summary of Significant Accounting Policies The accompanying consolidated 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 subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. |
Use of Estimates | Use of Estimates The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those 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. |
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 non-controlling 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” lease-up lease-up The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place non-cancelable non-cancelable The fair value of acquired in-place lease-up in-place |
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 Site improvement 4-23 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. |
Variable Interest Entities | Variable Interest Entities The Company consolidates variable interest entities (“VIE”) if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. |
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 |
Non-controlling Interests | Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling As of December 31, 2017, and 2016, the Company held a 100% and 99.8% 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 years ended December 31, 2017, December 31, 2016 and December 31, 2015. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 0, 40,001, and 3,070,405 potentially dilutive shares outstanding related to the issuance of common units held by non-controlling |
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, 820-10”) 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. |
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 January of 2017, the FASB issued ASU 2017-01, To Be Adopted in Future Years In May 2014, the FASB issued ASU 2014-09, In January 2016, the FASB issued ASU 2016-01, 825-10). 2016-01 2016-01 In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 non-lease non-lease non-lease In August 2016, the FASB issued ASU 2016-15, In November 2016, the FASB issued ASU 2016-18, |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Site improvement 4-23 Furniture, fixtures and equipment 4-7 |
Rents Receivable, Net (Tables)
Rents Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 $ 1,905 $ 2,024 Straight-line receivables 18,182 15,233 Total rents receivable $ 20,087 $ 17,257 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Acquired Properties | During the years ended December 31, 2017, December 31, 2016 and December 31, 2015 the Company acquired the following properties: Property Date Acquired Percentage Owned Papago Tech October 2017 100 % Mission City and Sorrento Mesa September 2017 100 % 2525 McKinnon January 2017 100 % 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 September 2015 100 % 190 Office Center September 2015 100 % DTC Crossroads June 2015 100 % Superior Pointe June 2015 100 % Logan Tower February 2015 100 % |
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2017 (in thousands): 2525 Mission Papago Total December 31, Land $ 10,629 $ 66,097 $ 10,746 $ 87,472 Buildings and improvements 33,357 78,072 17,469 128,898 Tenant improvements 1,158 8,393 2,293 11,844 Acquired intangible assets 3,267 22,846 2,816 28,929 Prepaid expenses and other assets — 140 10 150 Accounts payable and other liabilities (190 ) (1,507 ) (246 ) (1,943 ) Lease intangible liabilities (2,186 ) (3,766 ) (99 ) (6,051 ) Total Consideration $ 46,035 $ 170,275 $ 32,989 $ 249,299 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, 2016 (in thousands): Carillon FRP Park 5090 N SanTan Total 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 |
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 Operating revenues $ 7,215 $ 10,047 Operating expenses (7,433 ) (9,957 ) Interest (589 ) (1,192 ) $ (807 ) $ (1,102 ) |
Schedule of Property Classified as Held for Sale | The property has been classified as held for sale as of December 31, 2017 (in thousands): December 31, 2017 Washington Real estate properties, net $ 34,543 Deferred leasing costs, net 1,295 Acquired lease intangible assets, net 817 Rents receivable, prepaid expenses and other assets 1,772 Assets held for sale $ 38,427 Acquired lease intangibles liabilities, net (2 ) Accounts payable, accrued expenses, deferred rent and tenant rent deposits (2,828 ) Liabilities related to assets held for sale $ (2,830 ) |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and December 31, 2016 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2017 Above In Place Leasing Total Below Below Total Cost $ 9,082 $ 71,426 $ 27,706 $ 108,214 $ (11,608 ) $ (138 ) $ (11,746 ) Accumulated amortization (3,215 ) (30,613 ) (9,298 ) (43,126 ) 3,065 32 3,097 $ 5,867 $ 40,813 $ 18,408 $ 65,088 $ (8,543 ) $ (106 ) $ (8,649 ) 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 ) |
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): 2018 $ 15,984 2019 13,505 2020 11,585 2021 9,478 2022 3,187 Thereafter 2,700 $ 56,439 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Secured Indebtedness | The following table summarizes the secured indebtedness as of December 31, 2017 and 2016 (in thousands): Property December 31, December 31, Interest Rate as of Maturity Secured Credit Facility (1) $ 33,500 $ 52,500 LIBOR +2.25 % (2) June 2018 Midland Life Insurance (3) 88,582 90,124 4.34 May 2021 Mission City 47,000 — 3.78 November 2027 190 Office Center (4) 41,250 41,250 4.79 October 2025 SanTan (4) 35,100 — 4.56 March 2027 Intellicenter (4) 33,563 33,563 4.65 October 2025 Washington Group Plaza (5) 32,290 32,995 3.85 July 2018 FRP Collection (4) 30,174 30,737 3.85 September 2023 2525 McKinnon 27,000 — 4.24 April 2027 5090 N 40 th 22,000 — 3.92 January 2027 AmberGlen (4) 20,000 — 3.69 May 2027 Lake Vista Pointe (5) 18,358 18,460 4.28 August 2024 FRP Ingenuity Drive (5)(6) 17,000 17,000 4.44 December 2024 Plaza 25 (4)(5) 16,882 17,000 4.10 July 2025 Carillon Point (4) 16,671 17,000 3.50 October 2023 Central Fairwinds (4) 15,107 — 4.00 June 2024 AmberGlen Mortgage Loan (7) — 24,280 — — Total Principal 494,477 374,909 Deferred financing costs, net (4,968 ) (4,852 ) Total $ 489,509 $ 370,057 All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) as explained in footnote 1 below. (1) At December 31, 2017 the Secured Credit Facility had $150 million authorized and $33.5 million drawn. 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, 2017, the Secured Credit Facility was cross-collateralized by Logan Tower, Superior Pointe, Park Tower and Sorrento Mesa. On September 1, 2017, 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 $100 million to $150 million. During 2016 the authorized borrowing capacity was increased from $75 million to $100 million. (2) As of December 31, 2017, the one month LIBOR rate was 1.56%. (3) 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. (4) The Company has various covenants including debt service coverage ratios that under certain conditions must be maintained no less than 1.15x, 1.20x, 1.20x, 1.40x, 1.15x, 1.45x, 1.35x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Plaza 25, Carillon Point and Central Fairwinds. The debt service coverage ratio covenants contained in the loan agreements for Plaza 25, which have not been met at December 31, 2017, allow for temporary relief from the debt service coverage ratio test if certain conditions are met or prepayment of debt service occurs according to a specified schedule. (5) Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. (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) On May 2, 2017, in conjunction with the sale of the 1400 and 1600 buildings at the AmberGlen property, the Company repaid the outstanding debt secured on the property of $24.1 million plus closing costs and subsequently closed on a $20 million loan secured by a first mortgage lien on the remaining buildings. |
Schedule of Principal Repayments of Mortgage Payable | The scheduled principal repayments of mortgage payable as of December 31, 2017 are as follows (in thousands): 2018 $ 69,705 2019 5,049 2020 6,086 2021 88,110 2022 4,772 Thereafter 320,755 Total $ 494,477 |
Future Minimum Rent Schedule (T
Future Minimum Rent Schedule (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases | Future minimum lease payments to be received as of December 31, 2017 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2018 $ 95,653 2019 85,981 2020 75,929 2021 66,196 2022 52,405 Thereafter 98,214 $ 474,378 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Noncontrolling Interests | The following table summarizes the non-controlling December 31, 2017 December 31, 2016 City Center $ (140 ) $ (65 ) Central Fairwinds (764 ) 571 AmberGlen (1,375 ) (1,240 ) FRP Collection 842 995 Park Tower 1,645 1,488 $ 208 $ 1,749 |
Schedule of Distributions Declared per Share and Unit | During the year ended December 31, 2017, the Company declared the following distributions per share and unit: Period Distribution per Unit Declaration Date Record Date Payment Date January 1, 2017 – March 31, 2017 $ 0.235 March 21, 2017 April 11, 2017 April 25, 2017 April 1, 2017 – June 30, 2017 0.235 June 27, 2017 July 11, 2017 July 25, 2017 July 1, 2017 – September 30, 2017 0.235 September 15, 2017 October 11, 2017 October 25, 2017 October 1, 2017 – December 31, 2017 0.235 December 15, 2017 January 11, 2018 January 25, 2018 Total $ 0.940 |
Quarterly Financial Informati28
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following tables summarize certain selected quarterly financial data for 2017 and 2016 (in thousands, except per share data): 2017 Quarters Fourth Third Second First Revenue $ 31,181 $ 24,750 $ 25,157 $ 25,399 Net (loss)/income (987 ) (1,723 ) 13,167 (1,299 ) Net (loss)/income attributable to common stockholders (2,920 ) (3,630 ) 8,208 (3,313 ) Net (loss)/income per share (0.09 ) (0.12 ) 0.27 (0.11 ) 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 ) |
Organization and Description 29
Organization and Description of Business - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 01, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Description And Basis Of Presentation [Line Items] | |||||
Company formation date | Nov. 26, 2013 | ||||
Operation commencement date | Apr. 21, 2014 | ||||
Total cost of business acquisition | $ 7,045 | $ 492 | |||
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 | 297,321 | ||||
Common stock, fair market value | $ 3,500 | ||||
Additional cash payment for business acquisition | $ 3,500 | $ 3,500 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Properties (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Buildings and Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 29 years |
Minimum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 4 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] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 23 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 Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of REIT taxable income distributed to stockholders | 90.00% | ||
Potentially dilutive shares outstanding | 0 | 40,001 | 3,070,405 |
Operating Partnership [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percent of ownership interest acquired in properties | 100.00% | 99.80% |
Rents Receivable, Net - Compone
Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 1,905 | $ 2,024 |
Straight-line receivables | 18,182 | 15,233 |
Total rents receivable | $ 20,087 | $ 17,257 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Papago Tech [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, asset acquisitions | 2017-10 |
Real estate property, percentage owned, asset acquisitions | 100.00% |
Mission City and Sorrento Mesa [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, asset acquisitions | 2017-09 |
Real estate property, percentage owned, asset acquisitions | 100.00% |
2525 McKinnon [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, asset acquisitions | 2017-01 |
Real estate property, percentage owned, asset acquisitions | 100.00% |
SanTan [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2016-12 |
Real estate property, percentage owned, business combinations | 100.00% |
5090 N 40th St [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2016-11 |
Real estate property, percentage owned, business combinations | 100.00% |
Park Tower [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2016-11 |
Real estate property, percentage owned, business combinations | 95.00% |
FRP Collection [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2016-07 |
Real estate property, percentage owned, business combinations | 95.00% |
Carillon Point [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2016-06 |
Real estate property, percentage owned, business combinations | 100.00% |
Intellicenter [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2015-09 |
Real estate property, percentage owned, business combinations | 100.00% |
190 Office Center [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2015-09 |
Real estate property, percentage owned, business combinations | 100.00% |
DTC Crossroads [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2015-06 |
Real estate property, percentage owned, business combinations | 100.00% |
Superior Pointe [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2015-06 |
Real estate property, percentage owned, business combinations | 100.00% |
Logan Tower [Member] | |
Acquisitions [Line Items] | |
Real estate property, date acquired, business combinations | 2015-02 |
Real estate property, percentage owned, business combinations | 100.00% |
Real Estate Investments - Sch34
Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Acquisitions [Line Items] | |||
Land, asset acquisitions | $ 87,472 | ||
Buildings and improvements, asset acquisitions | 128,898 | ||
Tenant improvements, asset acquisitions | 11,844 | ||
Acquired intangible assets, asset acquisitions | 28,929 | ||
Prepaid expenses and other assets, asset acquisitions | 150 | ||
Accounts payable and other liabilities, asset acquisitions | (1,943) | ||
Lease intangible liabilities, asset acquisitions | (6,051) | ||
Total Consideration, asset acquisitions | 249,299 | ||
Land, business combinations | $ 29,186 | $ 24,002 | |
Buildings and improvements, business combinations | 184,614 | 120,365 | |
Tenant improvements, business combinations | 9,366 | 4,817 | |
Acquired intangible assets, business combinations | 30,007 | 21,707 | |
Prepaid expenses and other assets, business combinations | 481 | 88 | |
Accounts payable and other liabilities, business combinations | (2,037) | (2,010) | |
Lease intangible liabilities, business combinations | (2,660) | (2,181) | |
Total Consideration, business combinations | 248,957 | 166,788 | |
2525 McKinnon [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 10,629 | ||
Buildings and improvements, asset acquisitions | 33,357 | ||
Tenant improvements, asset acquisitions | 1,158 | ||
Acquired intangible assets, asset acquisitions | 3,267 | ||
Accounts payable and other liabilities, asset acquisitions | (190) | ||
Lease intangible liabilities, asset acquisitions | (2,186) | ||
Total Consideration, asset acquisitions | 46,035 | ||
Mission City and Sorrento Mesa [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 66,097 | ||
Buildings and improvements, asset acquisitions | 78,072 | ||
Tenant improvements, asset acquisitions | 8,393 | ||
Acquired intangible assets, asset acquisitions | 22,846 | ||
Prepaid expenses and other assets, asset acquisitions | 140 | ||
Accounts payable and other liabilities, asset acquisitions | (1,507) | ||
Lease intangible liabilities, asset acquisitions | (3,766) | ||
Total Consideration, asset acquisitions | 170,275 | ||
Papago Tech [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 10,746 | ||
Buildings and improvements, asset acquisitions | 17,469 | ||
Tenant improvements, asset acquisitions | 2,293 | ||
Acquired intangible assets, asset acquisitions | 2,816 | ||
Prepaid expenses and other assets, asset acquisitions | 10 | ||
Accounts payable and other liabilities, asset acquisitions | (246) | ||
Lease intangible liabilities, asset acquisitions | (99) | ||
Total Consideration, asset acquisitions | $ 32,989 | ||
Carillon Point [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 5,172 | ||
Buildings and improvements, business combinations | 14,500 | ||
Tenant improvements, business combinations | 2,816 | ||
Acquired intangible assets, business combinations | 3,851 | ||
Prepaid expenses and other assets, business combinations | 73 | ||
Accounts payable and other liabilities, business combinations | (217) | ||
Lease intangible liabilities, business combinations | (353) | ||
Total Consideration, business combinations | 25,842 | ||
FRP Collection [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 7,031 | ||
Buildings and improvements, business combinations | 36,480 | ||
Tenant improvements, business combinations | 2,219 | ||
Acquired intangible assets, business combinations | 3,932 | ||
Prepaid expenses and other assets, business combinations | 101 | ||
Accounts payable and other liabilities, business combinations | (532) | ||
Total Consideration, business combinations | 49,231 | ||
Park Tower [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 3,484 | ||
Buildings and improvements, business combinations | 66,967 | ||
Tenant improvements, business combinations | 1,689 | ||
Acquired intangible assets, business combinations | 8,324 | ||
Prepaid expenses and other assets, business combinations | 307 | ||
Accounts payable and other liabilities, business combinations | (296) | ||
Lease intangible liabilities, business combinations | (773) | ||
Total Consideration, business combinations | 79,702 | ||
5090 N 40th St [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 6,696 | ||
Buildings and improvements, business combinations | 31,465 | ||
Tenant improvements, business combinations | 658 | ||
Acquired intangible assets, business combinations | 3,616 | ||
Accounts payable and other liabilities, business combinations | (448) | ||
Lease intangible liabilities, business combinations | (604) | ||
Total Consideration, business combinations | 41,383 | ||
SanTan [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 6,803 | ||
Buildings and improvements, business combinations | 35,202 | ||
Tenant improvements, business combinations | 1,984 | ||
Acquired intangible assets, business combinations | 10,284 | ||
Accounts payable and other liabilities, business combinations | (544) | ||
Lease intangible liabilities, business combinations | (930) | ||
Total Consideration, business combinations | $ 52,799 | ||
Logan Tower [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 1,306 | ||
Buildings and improvements, business combinations | 7,844 | ||
Tenant improvements, business combinations | 353 | ||
Acquired intangible assets, business combinations | 1,274 | ||
Accounts payable and other liabilities, business combinations | (48) | ||
Lease intangible liabilities, business combinations | (306) | ||
Total Consideration, business combinations | 10,423 | ||
Superior Pointe [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 3,153 | ||
Buildings and improvements, business combinations | 19,250 | ||
Tenant improvements, business combinations | 584 | ||
Acquired intangible assets, business combinations | 2,866 | ||
Prepaid expenses and other assets, business combinations | 24 | ||
Accounts payable and other liabilities, business combinations | (316) | ||
Lease intangible liabilities, business combinations | (53) | ||
Total Consideration, business combinations | 25,508 | ||
DTC Crossroads [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 7,137 | ||
Buildings and improvements, business combinations | 22,545 | ||
Tenant improvements, business combinations | 638 | ||
Acquired intangible assets, business combinations | 4,152 | ||
Accounts payable and other liabilities, business combinations | (605) | ||
Lease intangible liabilities, business combinations | (353) | ||
Total Consideration, business combinations | 33,514 | ||
190 Office Center [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 7,162 | ||
Buildings and improvements, business combinations | 39,367 | ||
Tenant improvements, business combinations | 323 | ||
Acquired intangible assets, business combinations | 5,673 | ||
Prepaid expenses and other assets, business combinations | 64 | ||
Accounts payable and other liabilities, business combinations | (720) | ||
Lease intangible liabilities, business combinations | (805) | ||
Total Consideration, business combinations | 51,064 | ||
Intellicenter [Member] | |||
Acquisitions [Line Items] | |||
Land, business combinations | 5,244 | ||
Buildings and improvements, business combinations | 31,359 | ||
Tenant improvements, business combinations | 2,919 | ||
Acquired intangible assets, business combinations | 7,742 | ||
Accounts payable and other liabilities, business combinations | (321) | ||
Lease intangible liabilities, business combinations | (664) | ||
Total Consideration, business combinations | $ 46,279 |
Real Estate Investments - Sch35
Real Estate Investments - Schedule of Operating Results Relating to Acquired Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||||||||
Operating revenues | $ 31,181 | $ 24,750 | $ 25,157 | $ 25,399 | $ 21,304 | $ 18,791 | $ 16,092 | $ 16,274 | $ 106,487 | $ 72,461 | $ 55,052 |
Operating expenses | (42,886) | (28,305) | (20,420) | ||||||||
Interest | $ (20,173) | (14,761) | (11,353) | ||||||||
Carillon Point, FRP Collection, Park Tower, 5090 N 40th St., 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, and 190 Office Center [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Operating revenues | 10,047 | ||||||||||
Operating expenses | (9,957) | ||||||||||
Interest | (1,192) | ||||||||||
Total | $ (1,102) |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands | May 02, 2017 | Jun. 15, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Line Items] | |||||
Net gain on sale of real estate property | $ 12,116 | $ 15,934 | |||
Washington Group Plaza [Member] | |||||
Real Estate [Line Items] | |||||
Non-refundable deposit received | 10,000 | ||||
Earnest money deposit received | 250 | ||||
Irrevocable letter of credit received | $ 9,750 | ||||
Scenario, Forecast [Member] | Washington Group Plaza [Member] | |||||
Real Estate [Line Items] | |||||
Proceeds of sale of property | $ 86,500 | ||||
Portland Oregon [Member] | |||||
Real Estate [Line Items] | |||||
Proceeds of sale of property | $ 18,900 | ||||
Net gain on sale of real estate property | 12,100 | ||||
Cost incurred on property sold | $ 2,000 | ||||
Allentown Pa [Member] | |||||
Real Estate [Line Items] | |||||
Proceeds of sale of property | $ 44,900 | ||||
Net gain on sale of real estate property | 15,900 | ||||
Cost incurred on property sold | $ 2,000 |
Real Estate Investments - Sch37
Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | $ 38,427 |
Liabilities related to assets held for sale | (2,830) |
Washington Group Plaza [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 38,427 |
Liabilities related to assets held for sale | (2,830) |
Washington Group Plaza [Member] | Real Estate Properties, Net [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 34,543 |
Washington Group Plaza [Member] | Deferred Leasing Costs, Net [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 1,295 |
Washington Group Plaza [Member] | Acquired Lease Intangible Assets, Net [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 817 |
Washington Group Plaza [Member] | Rents Receivable, Prepaid Expenses and Other Assets [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets held for sale | 1,772 |
Washington Group Plaza [Member] | Acquired Lease Intangibles Liabilities, Net [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Liabilities related to assets held for sale | (2) |
Washington Group Plaza [Member] | Accounts Payable, Accrued Expenses, Deferred Rent and Tenant Rent Deposits [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Liabilities related to assets held for sale | $ (2,828) |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 108,214 | $ 92,859 |
Accumulated amortization, Lease Intangible Assets | (43,126) | (36,645) |
Total, Lease Intangible Assets | 65,088 | 56,214 |
Cost, Lease Intangible Liabilities | (11,746) | (5,725) |
Accumulated amortization, Lease Intangible Liabilities | 3,097 | 1,423 |
Total, Lease Intangible Liabilities | (8,649) | (4,302) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 9,082 | 7,796 |
Accumulated amortization, Lease Intangible Assets | (3,215) | (3,779) |
Total, Lease Intangible Assets | 5,867 | 4,017 |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 71,426 | 59,370 |
Accumulated amortization, Lease Intangible Assets | (30,613) | (24,384) |
Total, Lease Intangible Assets | 40,813 | 34,986 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 27,706 | 25,693 |
Accumulated amortization, Lease Intangible Assets | (9,298) | (8,482) |
Total, Lease Intangible Assets | 18,408 | 17,211 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (11,608) | (5,587) |
Accumulated amortization, Lease Intangible Liabilities | 3,065 | 1,395 |
Total, Lease Intangible Liabilities | (8,543) | (4,192) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 32 | 28 |
Total, Lease Intangible Liabilities | $ (106) | $ (110) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 15,984 |
2,019 | 13,505 |
2,020 | 11,585 |
2,021 | 9,478 |
2,022 | 3,187 |
Thereafter | 2,700 |
Total | $ 56,439 |
Debt - Summary of Secured Indeb
Debt - Summary of Secured Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Total | $ 489,509 | $ 370,057 |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 33,500 | 52,500 |
Maturity | 2018-06 | |
London Interbank Offered Rate (LIBOR) [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate, Description | 2.25% | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 494,477 | 374,909 |
Deferred financing costs, net | (4,968) | (4,852) |
Total | 489,509 | 370,057 |
Secured Debt [Member] | Midland Life Insurance [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 88,582 | 90,124 |
Interest Rate | 4.34% | |
Maturity | 2021-05 | |
Secured Debt [Member] | FRP Ingenuity Drive [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 17,000 | 17,000 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Secured Debt [Member] | Washington Group Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 32,290 | 32,995 |
Interest Rate | 3.85% | |
Maturity | 2018-07 | |
Secured Debt [Member] | AmberGlen Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | 24,280 | |
Secured Debt [Member] | Lake Vista Pointe [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 18,358 | 18,460 |
Interest Rate | 4.28% | |
Maturity | 2024-08 | |
Secured Debt [Member] | Plaza 25 [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 16,882 | 17,000 |
Interest Rate | 4.10% | |
Maturity | 2025-07 | |
Secured Debt [Member] | 190 Office Center [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 41,250 | 41,250 |
Interest Rate | 4.79% | |
Maturity | 2025-10 | |
Secured Debt [Member] | Intellicenter [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 33,563 | 33,563 |
Interest Rate | 4.65% | |
Maturity | 2025-10 | |
Secured Debt [Member] | FRP Collection [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 30,174 | 30,737 |
Interest Rate | 3.85% | |
Maturity | 2023-09 | |
Secured Debt [Member] | Carillon Point [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 16,671 | $ 17,000 |
Interest Rate | 3.50% | |
Maturity | 2023-10 | |
Secured Debt [Member] | 5090 N 40th St [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 22,000 | |
Interest Rate | 3.92% | |
Maturity | 2027-01 | |
Secured Debt [Member] | SanTan [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 35,100 | |
Interest Rate | 4.56% | |
Maturity | 2027-03 | |
Secured Debt [Member] | 2525 McKinnon [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 27,000 | |
Interest Rate | 4.24% | |
Maturity | 2027-04 | |
Secured Debt [Member] | AmberGlen Property [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 20,000 | |
Interest Rate | 3.69% | |
Maturity | 2027-05 | |
Secured Debt [Member] | Central Fairwinds [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 15,107 | |
Interest Rate | 4.00% | |
Maturity | 2024-06 | |
Secured Debt [Member] | Mission City [Member] | ||
Debt Instrument [Line Items] | ||
Secured indebtedness | $ 47,000 | |
Interest Rate | 3.78% | |
Maturity | 2027-11 |
Debt - Summary of Secured Ind41
Debt - Summary of Secured Indebtedness (Parenthetical) (Detail) - USD ($) | May 02, 2017 | Jun. 15, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2017 |
Debt Instrument [Line Items] | ||||||
Repayment of mortgage loans payable | $ 27,772,000 | $ 20,199,000 | $ 1,082,000 | |||
Midland Life Insurance [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of mortgage loans payable | $ 4,000,000 | |||||
AmberGlen Mortgage Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of mortgage loans payable | $ 24,100,000 | |||||
Secured Debt [Member] | 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% | |||||
Secured Debt [Member] | FRP Ingenuity Drive [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 4.44% | |||||
Minimum net worth required | $ 17,000,000 | |||||
Minimum liquidity requirements | $ 1,700,000 | |||||
Secured Debt [Member] | FRP Ingenuity Drive [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 115.00% | |||||
Secured Debt [Member] | Washington Group Plaza [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 3.85% | |||||
Secured Debt [Member] | Lake Vista Pointe [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 4.28% | |||||
Secured Debt [Member] | Plaza 25 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization period | 360 months | |||||
Effective interest rate of loan | 4.10% | |||||
Secured Debt [Member] | Plaza 25 [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 145.00% | |||||
Secured Debt [Member] | 190 Office Center [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 4.79% | |||||
Secured Debt [Member] | 190 Office Center [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 115.00% | |||||
Secured Debt [Member] | Intellicenter [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 4.65% | |||||
Secured Debt [Member] | Intellicenter [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 120.00% | |||||
Secured Debt [Member] | FRP Collection [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 3.85% | |||||
Secured Debt [Member] | FRP Collection [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 140.00% | |||||
Secured Debt [Member] | Carillon Point [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 3.50% | |||||
Secured Debt [Member] | Carillon Point [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 135.00% | |||||
Secured Debt [Member] | SanTan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 4.56% | |||||
Secured Debt [Member] | SanTan [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 120.00% | |||||
Secured Debt [Member] | AmberGlen Property [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 3.69% | |||||
Secured indebtedness closed | $ 20,000,000 | |||||
Secured Debt [Member] | AmberGlen Property [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 115.00% | |||||
Secured Debt [Member] | Central Fairwinds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate of loan | 4.00% | |||||
Secured Debt [Member] | Central Fairwinds [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 135.00% | |||||
Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 150,000,000 | $ 100,000,000 | $ 75,000,000 | $ 100,000,000 | ||
Revolving Credit Facility, outstanding amount | $ 33,500,000 | |||||
Loan maturity date | Jun. 26, 2018 | |||||
Loan expected extended maturity date | Jun. 26, 2019 | |||||
Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
One month LIBOR rate | 1.56% | |||||
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) - Secured Debt [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 69,705 | |
2,019 | 5,049 | |
2,020 | 6,086 | |
2,021 | 88,110 | |
2,022 | 4,772 | |
Thereafter | 320,755 | |
Total | $ 494,477 | $ 374,909 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Feb. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Hedges or derivatives | $ 0 | $ 0 | |
Earn-out payment | $ 2,400,000 | 2,400,000 | 3,800,000 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage loans payable, fair value | $ 462,300,000 | $ 323,700,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Feb. 21, 2017 | Jul. 15, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||||
Earn-out payment | $ 2.4 | $ 2.4 | $ 3.8 | ||
Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock, shares issued | 40,000 | 3,206,000 | 12,000 | ||
Second City Funds [Member] | Administrative Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue for services | $ 1.2 | $ 1.4 | $ 0 | ||
Limited Partner [Member] | Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Redemption of common units | 3,126,084 | ||||
Common stock, shares issued | 3,126,084 | ||||
Former Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advisory and transaction fees incurred | $ 0 | $ 0.1 | $ 3 |
Future Minimum Rent Schedule -
Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 95,653 |
2,019 | 85,981 |
2,020 | 75,929 |
2,021 | 66,196 |
2,022 | 52,405 |
Thereafter | 98,214 |
Total future minimum lease payments to be received | $ 474,378 |
Future Minimum Rent Schedule 46
Future Minimum Rent Schedule - Additional Information (Detail) | Dec. 31, 2017 |
Sales Revenue, Services, Net [Member] | Government Contracts Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Percentage of total future minimum lease payments | 11.70% |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 21, 2017USD ($)$ / sharesshares | Jun. 16, 2017$ / sharesshares | Jan. 13, 2017USD ($)$ / sharesshares | Oct. 28, 2016USD ($)shares | Oct. 04, 2016USD ($)$ / sharesshares | Apr. 05, 2016USD ($)$ / sharesshares | Feb. 01, 2016USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Installment$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||||||
Common stock issued | shares | 36,012,086 | 24,382,226 | ||||||||
Common stock price per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Net proceeds from issuance of public offering | $ 136,941 | $ 86,785 | ||||||||
Preferred stock, share issued | shares | 4,480,000 | 4,480,000 | ||||||||
Preferred stock price per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Net proceeds from issuance of public offering | $ 108,127 | |||||||||
Interest rate | 6.625% | 6.625% | ||||||||
Common stock, shares authorized | shares | 100,000,000 | 100,000,000 | ||||||||
Preferred stock, shares authorized | shares | 5,600,000 | 4,600,000 | ||||||||
Operating partnership common units | shares | 0 | |||||||||
Partnership unit, description | Beginning on or after the date which is 12 months after the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will 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 tendered common units by issuing common stock on a one-for-one basis. | |||||||||
Common units redeemed for shares of common stock | shares | 40,000 | |||||||||
Aggregate cash distributions declared | $ 29,800 | |||||||||
Aggregate cash distributions paid | 28,400 | |||||||||
Aggregate cash distributions payable | 8,500 | |||||||||
Preferred stock, aggregate cash distributions declared | 7,400 | |||||||||
Payment of aggregate cash distributions | $ 7,800 | |||||||||
Maximum number of shares issued under Equity Incentive Plan | shares | 1,263,580 | |||||||||
Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, cash distributions payable | $ 1,900 | |||||||||
Sales Agreement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock price per share | $ / shares | $ 0.01 | |||||||||
Preferred stock price per share | $ / shares | $ 0.01 | |||||||||
Interest rate | 6.625% | |||||||||
Common stock, shares authorized | shares | 6,000,000 | |||||||||
Preferred stock, shares authorized | shares | 1,000,000 | |||||||||
Percentage of compensation from gross proceeds of shares sold | 2.00% | |||||||||
Shares sold | shares | 0 | |||||||||
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 | |||||||||
Common stock acquired, shares issued | shares | 297,321 | |||||||||
Additional cash payment for business acquisition | $ 3,500 | $ 3,500 | ||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Net compensation expense | $ 1,700 | $ 2,400 | ||||||||
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 | 117,478 | |||||||||
Restricted stock units grant date fair value | $ 1,500 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock price per share | $ / shares | $ 0.01 | |||||||||
Follow-on Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock issued | shares | 8,050,000 | |||||||||
Common stock price per share | $ / shares | $ 11.40 | |||||||||
Gross proceeds from issuance of public offering | $ 91,800 | |||||||||
Net proceeds from issuance of public offering | 86,700 | |||||||||
Underwriting discounts and other expenses | $ 5,100 | |||||||||
Follow-on Public Offering [Member] | Series A Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Underwriting discounts and other expenses | $ 3,500 | |||||||||
Preferred stock, share issued | shares | 480,000 | 4,000,000 | ||||||||
Preferred stock price per share | $ / shares | $ 25 | |||||||||
Gross proceeds from issuance of public offering | $ 12,000 | $ 100,000 | ||||||||
Net proceeds from issuance of public offering | $ 96,500 | |||||||||
Interest rate | 6.625% | |||||||||
Preferred Stock, redemption price per share | $ / shares | $ 25 | |||||||||
Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock issued | shares | 5,750,000 | 5,750,000 | ||||||||
Common stock price per share | $ / shares | $ 12.60 | $ 12.40 | ||||||||
Gross proceeds from issuance of public offering | $ 71,300 | |||||||||
Net proceeds from issuance of public offering | $ 69,000 | 68,000 | ||||||||
Underwriting discounts and other expenses | 3,500 | $ 3,300 | ||||||||
Gross proceeds from issuance of public offering | $ 72,500 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Noncontrolling Interests in Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 208 | $ 1,749 |
City Center [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (140) | (65) |
Central Fairwinds [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (764) | 571 |
AmberGlen Property [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (1,375) | (1,240) |
FRP Collection [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | 842 | 995 |
Park Tower [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 1,645 | $ 1,488 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Distributions Declared per Share and Unit (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Distribution per Common Share/Unit | $ 0.940 | $ 0.940 | $ 0.940 |
January 1, 2017 - March 31, 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Distribution per Common Share/Unit | $ 0.235 | ||
January 1, 2017 - March 31, 2017 [Member] | Common Stock [Member] | |||
Dividends Payable [Line Items] | |||
Declaration Date | Mar. 21, 2017 | ||
Record Date | Apr. 11, 2017 | ||
Payment Date | Apr. 25, 2017 | ||
April 1, 2017 - June 30, 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Distribution per Common Share/Unit | $ 0.235 | ||
April 1, 2017 - June 30, 2017 [Member] | Common Stock [Member] | |||
Dividends Payable [Line Items] | |||
Declaration Date | Jun. 27, 2017 | ||
Record Date | Jul. 11, 2017 | ||
Payment Date | Jul. 25, 2017 | ||
July 1, 2017 - September 30, 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Distribution per Common Share/Unit | $ 0.235 | ||
July 1, 2017 - September 30, 2017 [Member] | Common Stock [Member] | |||
Dividends Payable [Line Items] | |||
Declaration Date | Sep. 15, 2017 | ||
Record Date | Oct. 11, 2017 | ||
Payment Date | Oct. 25, 2017 | ||
October 1, 2017 - December 31, 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Distribution per Common Share/Unit | $ 0.235 | ||
October 1, 2017 - December 31, 2017 [Member] | Common Stock [Member] | |||
Dividends Payable [Line Items] | |||
Declaration Date | Dec. 15, 2017 | ||
Record Date | Jan. 11, 2018 | ||
Payment Date | Jan. 25, 2018 |
Quarterly Financial Informati50
Quarterly Financial Information - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 31,181 | $ 24,750 | $ 25,157 | $ 25,399 | $ 21,304 | $ 18,791 | $ 16,092 | $ 16,274 | $ 106,487 | $ 72,461 | $ 55,052 |
Net (loss)/income | (987) | (1,723) | 13,167 | (1,299) | (3,193) | (1,882) | 14,244 | (8,793) | 9,158 | 376 | (7,667) |
Net (loss)/income attributable to common stockholders | $ (2,920) | $ (3,630) | $ 8,208 | $ (3,313) | $ (5,080) | $ (1,945) | $ 11,522 | $ (7,121) | $ (1,655) | $ (2,624) | $ (6,591) |
Net (loss)/income per share | $ (0.09) | $ (0.12) | $ 0.27 | $ (0.11) | $ (0.21) | $ (0.08) | $ 0.56 | $ (0.56) | $ (0.05) | $ (0.13) | $ (0.53) |
Schedule III - Real Estate Pr51
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 462,187 | ||
Initial Costs to Company, Land | 188,110 | ||
Initial Costs to Company, Buildings and Improvements | 562,997 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 25,194 | ||
Gross Amount, Land | 188,110 | ||
Gross Amount, Building and Improvements | 588,191 | ||
Gross Amount, Total | 776,301 | $ 589,376 | $ 381,789 |
Accumulated Amortization | 48,234 | $ 39,052 | $ 26,909 |
AmberGlen Property [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 20,000 | ||
Initial Costs to Company, Land | 6,546 | ||
Initial Costs to Company, Buildings and Improvements | 3,490 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,793 | ||
Gross Amount, Land | 6,546 | ||
Gross Amount, Building and Improvements | 5,283 | ||
Gross Amount, Total | 11,829 | ||
Accumulated Amortization | $ 2,272 | ||
Date Acquired | 2009-12 | ||
Depreciation Life for the Latest Income Statement | 50 years | ||
AmberGlen Property [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,984 | ||
AmberGlen Property [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 | $ 23,850 | ||
Initial Costs to Company, Land | 3,123 | ||
Initial Costs to Company, Buildings and Improvements | 10,656 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 8,190 | ||
Gross Amount, Land | 3,123 | ||
Gross Amount, Building and Improvements | 18,846 | ||
Gross Amount, Total | 21,969 | ||
Accumulated Amortization | $ 6,032 | ||
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] | |||
Encumbrances | $ 15,107 | ||
Initial Costs to Company, Land | 1,747 | ||
Initial Costs to Company, Buildings and Improvements | 9,751 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 5,352 | ||
Gross Amount, Land | 1,747 | ||
Gross Amount, Building and Improvements | 15,103 | ||
Gross Amount, Total | 16,850 | ||
Accumulated Amortization | $ 2,929 | ||
Date of Construction | 1,982 | ||
Date Acquired | 2012-05 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
Cherry Creek [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 48,675 | ||
Initial Costs to Company, Land | 25,745 | ||
Initial Costs to Company, Buildings and Improvements | 20,144 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 926 | ||
Gross Amount, Land | 25,745 | ||
Gross Amount, Building and Improvements | 21,070 | ||
Gross Amount, Total | 46,815 | ||
Accumulated Amortization | $ 5,089 | ||
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 | $ 16,882 | ||
Initial Costs to Company, Land | 1,764 | ||
Initial Costs to Company, Buildings and Improvements | 20,563 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,085 | ||
Gross Amount, Land | 1,764 | ||
Gross Amount, Building and Improvements | 21,648 | ||
Gross Amount, Total | 23,412 | ||
Accumulated Amortization | $ 3,470 | ||
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 | $ 18,358 | ||
Initial Costs to Company, Land | 4,115 | ||
Initial Costs 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 | $ 3,272 | ||
Date of Construction | 2,007 | ||
Date Acquired | 2014-07 | ||
Depreciation Life for the Latest Income Statement | 45 years | ||
FRP Ingenuity Drive [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,000 | ||
Initial Costs to Company, Land | 4,415 | ||
Initial Costs to Company, Buildings and Improvements | 17,775 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 35 | ||
Gross Amount, Land | 4,415 | ||
Gross Amount, Building and Improvements | 17,810 | ||
Gross Amount, Total | 22,225 | ||
Accumulated Amortization | $ 2,142 | ||
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 Costs to Company, Land | $ 1,306 | ||
Initial Costs to Company, Buildings and Improvements | 8,197 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 384 | ||
Gross Amount, Land | 1,306 | ||
Gross Amount, Building and Improvements | 8,581 | ||
Gross Amount, Total | 9,887 | ||
Accumulated Amortization | $ 1,000 | ||
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 Costs to Company, Land | $ 3,153 | ||
Initial Costs to Company, Buildings and Improvements | 19,834 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,137 | ||
Gross Amount, Land | 3,153 | ||
Gross Amount, Building and Improvements | 20,971 | ||
Gross Amount, Total | 24,124 | ||
Accumulated Amortization | $ 2,085 | ||
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 | $ 16,057 | ||
Initial Costs to Company, Land | 7,137 | ||
Initial Costs to Company, Buildings and Improvements | 23,184 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 378 | ||
Gross Amount, Land | 7,137 | ||
Gross Amount, Building and Improvements | 23,562 | ||
Gross Amount, Total | 30,699 | ||
Accumulated Amortization | $ 2,242 | ||
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 Costs to Company, Land | 7,162 | ||
Initial Costs to Company, Buildings and Improvements | 39,690 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 749 | ||
Gross Amount, Land | 7,162 | ||
Gross Amount, Building and Improvements | 40,439 | ||
Gross Amount, Total | 47,601 | ||
Accumulated Amortization | $ 2,614 | ||
Date of Construction | 2,001 | ||
Date Acquired | 2015-09 | ||
Depreciation Life for the Latest Income Statement | 45 years | ||
Intellicenter [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 33,563 | ||
Initial Costs to Company, Land | 5,244 | ||
Initial Costs to Company, Buildings and Improvements | 34,278 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 8 | ||
Gross Amount, Land | 5,244 | ||
Gross Amount, Building and Improvements | 34,286 | ||
Gross Amount, Total | 39,530 | ||
Accumulated Amortization | $ 2,570 | ||
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 | $ 16,671 | ||
Initial Costs to Company, Land | 5,172 | ||
Initial Costs to Company, Buildings and Improvements | 17,316 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 17 | ||
Gross Amount, Land | 5,172 | ||
Gross Amount, Building and Improvements | 17,333 | ||
Gross Amount, Total | 22,505 | ||
Accumulated Amortization | $ 1,351 | ||
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 | $ 30,174 | ||
Initial Costs to Company, Land | 7,031 | ||
Initial Costs to Company, Buildings and Improvements | 38,700 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 58 | ||
Gross Amount, Land | 7,031 | ||
Gross Amount, Building and Improvements | 38,758 | ||
Gross Amount, Total | 45,789 | ||
Accumulated Amortization | $ 2,661 | ||
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 Costs to Company, Land | $ 3,479 | ||
Initial Costs to Company, Buildings and Improvements | 68,656 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 3,282 | ||
Gross Amount, Land | 3,479 | ||
Gross Amount, Building and Improvements | 71,938 | ||
Gross Amount, Total | 75,417 | ||
Accumulated Amortization | $ 3,178 | ||
Date of Construction | 1,973 | ||
Date Acquired | 2016-11 | ||
Depreciation Life for the Latest Income Statement | 30 years | ||
5090 N 40th St [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 22,000 | ||
Initial Costs to Company, Land | 6,696 | ||
Initial Costs to Company, Buildings and Improvements | 32,123 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 395 | ||
Gross Amount, Land | 6,696 | ||
Gross Amount, Building and Improvements | 32,518 | ||
Gross Amount, Total | 39,214 | ||
Accumulated Amortization | $ 1,008 | ||
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] | |||
Encumbrances | $ 35,100 | ||
Initial Costs to Company, Land | 6,803 | ||
Initial Costs to Company, Buildings and Improvements | 37,187 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 356 | ||
Gross Amount, Land | 6,803 | ||
Gross Amount, Building and Improvements | 37,543 | ||
Gross Amount, Total | 44,346 | ||
Accumulated Amortization | $ 1,672 | ||
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 | ||
2525 McKinnon [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 27,000 | ||
Initial Costs to Company, Land | 10,629 | ||
Initial Costs to Company, Buildings and Improvements | 34,515 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 680 | ||
Gross Amount, Land | 10,629 | ||
Gross Amount, Building and Improvements | 35,195 | ||
Gross Amount, Total | 45,824 | ||
Accumulated Amortization | $ 955 | ||
Date of Construction | 2,003 | ||
Date Acquired | 2017-01 | ||
Depreciation Life for the Latest Income Statement | 50 years | ||
Mission City [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 47,000 | ||
Initial Costs to Company, Land | 25,741 | ||
Initial Costs to Company, Buildings and Improvements | 41,474 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 78 | ||
Gross Amount, Land | 25,741 | ||
Gross Amount, Building and Improvements | 41,552 | ||
Gross Amount, Total | 67,293 | ||
Accumulated Amortization | $ 684 | ||
Date Acquired | 2017-09 | ||
Depreciation Life for the Latest Income Statement | 29 years | ||
Mission City [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,990 | ||
Mission City [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,007 | ||
Sorrento Mesa [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 40,356 | ||
Initial Costs to Company, Buildings and Improvements | 44,991 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 236 | ||
Gross Amount, Land | 40,356 | ||
Gross Amount, Building and Improvements | 45,227 | ||
Gross Amount, Total | 85,583 | ||
Accumulated Amortization | $ 765 | ||
Date Acquired | 2017-09 | ||
Depreciation Life for the Latest Income Statement | 33 years | ||
Sorrento Mesa [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,985 | ||
Sorrento Mesa [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,001 | ||
Papago Tech [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 10,746 | ||
Initial Costs to Company, Buildings and Improvements | 19,762 | ||
Gross Amount, Land | 10,746 | ||
Gross Amount, Building and Improvements | 19,762 | ||
Gross Amount, Total | 30,508 | ||
Accumulated Amortization | $ 203 | ||
Date Acquired | 2017-10 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
Papago Tech [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,993 | ||
Papago Tech [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1,995 | ||
Corporate [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 33,500 | ||
Initial Costs to Company, Buildings and Improvements | 111 | ||
Gross Amount, Building and Improvements | 111 | ||
Gross Amount, Total | 111 | ||
Accumulated Amortization | $ 40 |
Schedule III - Real Estate Pr52
Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Real estate assets, aggregate cost for federal tax purpose | $ 669,562 |
Asset held for sale | 38,427 |
Asset held for sale , net | 27,322 |
Washington Group Plaza [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Asset held for sale | 38,427 |
Secured Debt [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Deferred financing costs | $ 4,968 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Properties | ||
Balance, beginning of year | $ 589,376 | $ 381,789 |
Acquisitions | 228,214 | 223,167 |
Dispositions | (11,683) | (24,309) |
Capital improvements | 10,804 | 8,729 |
Assets held for sale | (40,410) | |
Balance, end of year | 776,301 | 589,376 |
Accumulated depreciation | ||
Balance, beginning of year | 39,052 | 26,909 |
Depreciation | 22,424 | 30,178 |
Depreciation on dispositions | (7,374) | (18,035) |
Depreciation on assets held for sale | (5,868) | |
Balance, end of year | $ 48,234 | $ 39,052 |