City Office REIT (CIO) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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 Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		36,133,271

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate properties
Land	$ 188,110	$ 188,110
Building and improvement	581,792	534,473
Tenant improvement	62,796	53,427
Furniture, fixtures and equipment	315	291
Real estate properties, gross	833,013	776,301
Accumulated depreciation	(60,507)	(48,234)
Real estate properties, net	772,506	728,067
Cash and cash equivalents	14,655	12,301
Restricted cash	17,957	22,713
Rents receivable, net	22,349	20,087
Deferred leasing costs, net	9,231	7,793
Acquired lease intangible assets, net	65,103	65,088
Prepaid expenses and other assets	5,538	2,013
Assets held for sale		38,427
Total Assets	907,339	896,489
Liabilities:
Debt	479,610	489,509
Accounts payable and accrued liabilities	15,938	17,605
Deferred rent	3,892	4,223
Tenant rent deposits	3,784	3,523
Acquired lease intangible liabilities, net	7,619	8,649
Dividend distributions payable	10,346	10,318
Liabilities related to assets held for sale		2,830
Total Liabilities	521,189	536,657
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 36,133,271 and 36,012,086 shares issued and outstanding	361	360
Additional paid-in capital	335,009	334,241
Accumulated deficit	(61,556)	(86,977)
Total Stockholders' Equity	385,814	359,624
Non-controlling interests in properties	336	208
Total Equity	386,150	359,832
Total Liabilities and Equity	$ 907,339	$ 896,489

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
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	5,600,000
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	36,133,271	36,012,086
Common stock, shares outstanding	36,133,271	36,012,086

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental income	$ 25,880	$ 21,635	$ 52,894	$ 43,948
Expense reimbursement	3,545	2,847	7,090	5,141
Other	811	675	1,786	1,466
Total Revenues	30,236	25,157	61,770	50,555
Operating Expenses:
Property operating expenses	11,748	10,674	23,374	20,284
General and administrative	1,966	1,597	3,943	3,790
Depreciation and amortization	11,771	9,148	23,665	19,646
Total Operating Expenses	25,485	21,419	50,982	43,720
Operating income	4,751	3,738	10,788	6,835
Interest Expense:
Contractual interest expense	(5,081)	(4,356)	(10,269)	(8,429)
Amortization of deferred financing costs	(354)	(331)	(986)	(655)
Interest expense, net	(5,435)	(4,687)	(11,255)	(9,084)
Change in fair value of contingent consideration		2,000		2,000
Net gain on sale of real estate property		12,116	46,980	12,116
Net (loss)/income	(684)	13,167	46,513	11,867
Net income attributable to non-controlling interests in properties	(114)	(3,104)	(249)	(3,272)
Net (loss)/income attributable to the Company	(798)	10,063	46,264	8,595
Preferred stock distributions	(1,855)	(1,855)	(3,710)	(3,701)
Net (loss)/income attributable to common stockholders	$ (2,653)	$ 8,208	$ 42,554	$ 4,894
Net (loss)/income per common share:
Basic	$ (0.07)	$ 0.27	$ 1.18	$ 0.16
Diluted	$ (0.07)	$ 0.27	$ 1.17	$ 0.16
Weighted average common shares outstanding:
Basic	36,132	30,257	36,103	29,886
Diluted	36,132	30,563	36,452	30,186
Dividend distributions declared per common share	$ 0.235	$ 0.235	$ 0.470	$ 0.470

Condensed Consolidated Stateme5

Condensed 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, 2016	$ 256,059	$ 112,000	$ 244	$ 195,566	$ (53,608)	$ 254,202	$ 108	$ 1,749
Beginning balance, shares at Dec. 31, 2016		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 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
Restricted stock award grants and vesting, values	$ 618		$ 1	768	(151)	618
Restricted stock award grants and vesting, shares			121,000
Common stock dividend distributions declared	(16,982)				(16,982)	(16,982)
Preferred stock dividend distributions declared	(3,710)				(3,710)	(3,710)
Contributions	43							43
Distributions	(164)							(164)
Net income	46,513				46,264	46,264		249
Ending balance at Jun. 30, 2018	$ 386,150	$ 112,000	$ 361	$ 335,009	$ (61,556)	$ 385,814		$ 336
Ending balance, shares at Jun. 30, 2018	36,133,271	4,480,000	36,133,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 46,513	$ 11,867
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,665	19,646
Amortization of deferred financing costs	986	655
Amortization of above/below market leases	(140)	(77)
Increase in straight-line rent	(1,842)	(1,960)
Non-cash stock compensation	705	1,179
Earn-out termination payment		(2,400)
Net gain on sale of real estate property	(46,980)	(12,116)
Changes in non-cash working capital:
Rents receivable, net	(93)	(1,135)
Prepaid expenses and other assets	(3,034)	(26)
Accounts payable and accrued liabilities	(6,467)	(764)
Deferred rent	(2,042)	(2,620)
Tenant rent deposits	89	(313)
Net Cash Provided By Operating Activities	11,360	11,936
Cash Flows from/(to) Investing Activities:
Additions to real estate properties	(9,156)	(4,038)
Acquisition of real estate	(55,453)	(46,035)
Net proceeds from sale of real estate	84,839	16,993
Deferred leasing costs	(2,057)	(1,810)
Net Cash Provided By/(Used In) Investing Activities	18,173	(34,890)
Cash Flows (to)/from Financing Activities:
Proceeds from sale of common stock		67,991
Debt issuance and extinguishment costs	(1,942)	(753)
Proceeds from mortgage loans payable		119,340
Repayment of mortgage loans payable	(34,121)	(25,836)
Proceeds from credit facility	82,000	57,000
Repayment of credit facility	(57,000)	(109,500)
Shares withheld for payment of taxes on restricted stock unit vesting	(86)
Contributions from non-controlling interests in properties	43
Distributions to non-controlling interests in properties	(165)	(4,418)
Dividend distributions paid to stockholders and Operating Partnership unitholders	(20,664)	(18,323)
Net Cash (Used In)/Provided By Financing Activities	(31,935)	85,501
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash	(2,402)	62,547
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	35,014	29,651
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 32,612	$ 92,198

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	$ 14,655	$ 68,149
Restricted Cash, End of Period	17,957	24,049
Cash, Cash Equivalents and Restricted Cash, End of Period	32,612	92,198
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	9,962	8,596
Purchases of additions in real estate properties included in accounts payable	3,380	677
Purchases of deferred leasing costs included in accounts payable	$ 158	$ 223

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2018
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, for tax years beginning before 2018, any applicable alternative minimum tax.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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 unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K New Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, the Company adopted FASB ASU 2014-09, 2016-02, 2017-05, Effective January 1, 2018, the Company adopted FASB ASU 2016-01, 2016-01 Effective January 1, 2018, the Company adopted FASB ASU 2016-15, Effective January 1, 2018, the Company adopted FASB ASU 2016-18, To be Adopted in Future Years In February 2016, the FASB issued ASU 2016-02, 2016-02 non-lease non-lease non-lease non-lease

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions During the six months ended June 30, 2018 and 2017 the Company acquired the following properties: Property Date Acquired Percentage Owned Pima Center April 2018 100 % 2525 McKinnon January 2017 100 % Pima Center and 2525 McKinnon were accounted for as asset acquisitions. The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 2018 (in thousands): Pima Center Buildings and improvements $ 42,235 Tenant improvements 2,898 Acquired intangible assets 10,691 Prepaid expenses and other assets 95 Accounts payable and other liabilities (337 ) Lease intangible liabilities (129 ) Total consideration $ 55,453 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 2017 (in thousands): 2525 Land $ 10,629 Buildings and improvements 33,357 Tenant improvements 1,158 Acquired intangible assets 3,267 Accounts payable and other liabilities (190 ) Lease intangible liabilities (2,186 ) Total consideration $ 46,035 Sale of Real Estate Property On March 8, 2018, the Company sold the Washington Group Plaza property in Boise, Idaho for $86.5 million, resulting in an aggregate net gain of $47.0 million, net of $1.7 million in costs, which has been classified as net gain on sale of real estate property in the condensed consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made. 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 condensed consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made.

Lease Intangibles

Lease Intangibles	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of June 30, 2018 and December 31, 2017 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2018 Above Market Leases Below Market (1) In Place Leasing Total Below Below Market (1) Total Cost $ 9,862 $ 1,855 $ 71,309 $ 27,770 $ 110,796 $ (10,998 ) $ (138 ) $ (11,136 ) Accumulated amortization (4,039 ) (6 ) (31,000 ) (10,648 ) (45,693 ) 3,483 34 3,517 $ 5,823 $ 1,849 $ 40,309 $ 17,122 $ 65,103 $ (7,515 ) $ (104 ) $ (7,619 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2017 Above Market Leases Below Market Lease In Place Leasing Total Below Below Market (1) 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 ) (1) For the below market ground lease asset the Company is the lessee, whereas, for the below market ground lease liabilty the Company is the lessor. The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2018 $ 8,486 2019 16,140 2020 14,018 2021 10,953 2022 3,434 Thereafter 4,453 $ 57,484

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of June 30, 2018 and December 31, 2017 (in thousands): Property June 30, 2018 December 31, Interest Rate as Maturity Unsecured Credit Facility (1) $ 58,500 $ — LIBOR +1.40 % (2) March 2022 Midland Life Insurance (3) 87,787 88,582 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 190 Office Center (4) 41,250 41,250 4.79 October 2025 SanTan (4) 34,962 35,100 4.56 March 2027 Intellicenter (4) 33,563 33,563 4.65 October 2025 FRP Collection (4) 29,884 30,174 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 5090 N 40th St 22,000 22,000 3.92 January 2027 AmberGlen (4) 20,000 20,000 3.69 May 2027 Lake Vista Pointe (5) 18,203 18,358 4.28 August 2024 FRP Ingenuity Drive (5)(6) 17,000 17,000 4.44 December 2024 Plaza 25 (4)(5) 16,734 16,882 4.10 July 2025 Carillon Point (4) 16,501 16,671 3.50 October 2023 Central Fairwinds (4) 14,972 15,107 4.00 June 2024 Washington Group Plaza — 32,290 — — Secured Credit Facility (1) — 33,500 — — Total Principal 485,356 494,477 Deferred financing costs, net (5,746 ) (4,968 ) Total $ 479,610 $ 489,509 All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below. (1) As of June 30, 2018, the Unsecured Credit Facility had $250 million authorized and $58.5 million was drawn. On March 15, 2018, the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that will permit the Company to borrow up to $500 million, subject to customary terms and conditions. The Company’s previous secured credit facility was replaced and repaid in full. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (2) As of June 30, 2018, the one month LIBOR rate was 2.09%. (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. (4) The Company is subject to various debt covenants including debt service coverage ratios (“DSCR”) 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 DSCR covenant contained in the loan agreements for Plaza 25, allows for the posting of additional collateral reserves in the event the test is not met. As at June 30, 2018, the covenant was not met and thus the Company has posted all required collateral reserves and is not subject to the test while those reserves are held. (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 DSCR of no less than 1.15x. The scheduled principal repayments of debt as of June 30, 2018 are as follows (in thousands): 2018 $ 60,589 2019 5,049 2020 6,091 2021 88,110 2022 4,772 Thereafter 320,745 $ 485,356

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. 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 June 30, 2018 and December 31, 2017, the Company did not have any hedges or derivatives. Cash, 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 $417.4 million and $462.3 million as of June 30, 2018 and December 31, 2017, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the six months ended June 30, 2018 and 2017, the Company earned $0.4 million and $0.6 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“Second City”). Earn-Out For the six months ended June 30, 2017, the Company paid $2.4 million to Second City to terminate the Company’s earn-out

Future Minimum Rent Schedule

Future Minimum Rent Schedule	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Future Minimum Rent Schedule	8. Future Minimum Rent Schedule Future minimum lease payments to be received as of June 30, 2018 under non-cancellable 2018 49,021 2019 92,328 2020 81,055 2021 70,733 2022 54,263 Thereafter 103,646 $ 451,046 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. Ten state government tenants currently have the exercisable right to terminate their leases if the applicable state legislature does not appropriate rent in its annual budget. The Company has determined that the occurrence of any government tenant not being appropriated the rent in the applicable 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 11.4% of the Company’s total future minimum lease payments as of June 30, 2018.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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 June 30, 2018 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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Federal Home Loan Banks [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Common Stock and Common Unit Distributions On June 15, 2018, the Company’s Board of Directors approved and the Company declared a cash dividend distribution of $0.235 per share for the quarterly period ended June 30, 2018. The dividend was paid subsequent to quarter end on July 25, 2018 to common stockholders and common unitholders of record as of July 11, 2018 for an aggregate of $8.5 million. Preferred Stock Distributions On June 15, 2018 the Company’s Board of Directors approved and the Company declared a cash dividend of $0.4140625 per share for an aggregate amount of $1.9 million. The dividend was paid subsequent to quarter end on July 25, 2018. Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive 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 six months ended June 30, 2018, 156,375 restricted stock units (“RSUs”) were granted to executive officers, directors and certain 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 RSUs. The Plan Administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the RSUs 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 vests.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On July 9, 2018, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired a 272,000 square foot property in Denver, Colorado for $59.8 million. On July 31, 2018, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired a 163,000 square foot property in Phoenix, Arizona for $51.0 million. On August 1, 2018, the Company entered into an agreement with Second City Capital Partners II, Limited Partnership whereby Second City agreed to sell its seven percent minority interest in Central Fairwinds Limited Partnership to the Company for $1.1 million.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Preparation and Summary of Significant Accounting Policies	Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K
New Accounting Pronouncements	New Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, the Company adopted FASB ASU 2014-09, 2016-02, 2017-05, Effective January 1, 2018, the Company adopted FASB ASU 2016-01, 2016-01 Effective January 1, 2018, the Company adopted FASB ASU 2016-15, Effective January 1, 2018, the Company adopted FASB ASU 2016-18, To be Adopted in Future Years In February 2016, the FASB issued ASU 2016-02, 2016-02 non-lease non-lease non-lease non-lease

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Acquired Properties	During the six months ended June 30, 2018 and 2017 the Company acquired the following properties: Property Date Acquired Percentage Owned Pima Center April 2018 100 % 2525 McKinnon January 2017 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 six months ended June 30, 2018 (in thousands): Pima Center Buildings and improvements $ 42,235 Tenant improvements 2,898 Acquired intangible assets 10,691 Prepaid expenses and other assets 95 Accounts payable and other liabilities (337 ) Lease intangible liabilities (129 ) Total consideration $ 55,453 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 2017 (in thousands): 2525 Land $ 10,629 Buildings and improvements 33,357 Tenant improvements 1,158 Acquired intangible assets 3,267 Accounts payable and other liabilities (190 ) Lease intangible liabilities (2,186 ) Total consideration $ 46,035

Lease Intangibles (Tables)

Lease Intangibles (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2018 Above Market Leases Below Market (1) In Place Leasing Total Below Below Market (1) Total Cost $ 9,862 $ 1,855 $ 71,309 $ 27,770 $ 110,796 $ (10,998 ) $ (138 ) $ (11,136 ) Accumulated amortization (4,039 ) (6 ) (31,000 ) (10,648 ) (45,693 ) 3,483 34 3,517 $ 5,823 $ 1,849 $ 40,309 $ 17,122 $ 65,103 $ (7,515 ) $ (104 ) $ (7,619 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2017 Above Market Leases Below Market Lease In Place Leasing Total Below Below Market (1) 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 ) (1) For the below market ground lease asset the Company is the lessee, whereas, for the below market ground lease liabilty the Company is the lessor.
Estimated Aggregate Amortization Expense for Lease Intangibles	The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2018 $ 8,486 2019 16,140 2020 14,018 2021 10,953 2022 3,434 Thereafter 4,453 $ 57,484

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Indebtedness	The following table summarizes the indebtedness as of June 30, 2018 and December 31, 2017 (in thousands): Property June 30, 2018 December 31, Interest Rate as Maturity Unsecured Credit Facility (1) $ 58,500 $ — LIBOR +1.40 % (2) March 2022 Midland Life Insurance (3) 87,787 88,582 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 190 Office Center (4) 41,250 41,250 4.79 October 2025 SanTan (4) 34,962 35,100 4.56 March 2027 Intellicenter (4) 33,563 33,563 4.65 October 2025 FRP Collection (4) 29,884 30,174 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 5090 N 40th St 22,000 22,000 3.92 January 2027 AmberGlen (4) 20,000 20,000 3.69 May 2027 Lake Vista Pointe (5) 18,203 18,358 4.28 August 2024 FRP Ingenuity Drive (5)(6) 17,000 17,000 4.44 December 2024 Plaza 25 (4)(5) 16,734 16,882 4.10 July 2025 Carillon Point (4) 16,501 16,671 3.50 October 2023 Central Fairwinds (4) 14,972 15,107 4.00 June 2024 Washington Group Plaza — 32,290 — — Secured Credit Facility (1) — 33,500 — — Total Principal 485,356 494,477 Deferred financing costs, net (5,746 ) (4,968 ) Total $ 479,610 $ 489,509 All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below. (1) As of June 30, 2018, the Unsecured Credit Facility had $250 million authorized and $58.5 million was drawn. On March 15, 2018, the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that will permit the Company to borrow up to $500 million, subject to customary terms and conditions. The Company’s previous secured credit facility was replaced and repaid in full. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (2) As of June 30, 2018, the one month LIBOR rate was 2.09%. (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. (4) The Company is subject to various debt covenants including debt service coverage ratios (“DSCR”) 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 DSCR covenant contained in the loan agreements for Plaza 25, allows for the posting of additional collateral reserves in the event the test is not met. As at June 30, 2018, the covenant was not met and thus the Company has posted all required collateral reserves and is not subject to the test while those reserves are held. (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 DSCR of no less than 1.15x.
Schedule of Principal Repayments of Debt Payable	The scheduled principal repayments of debt as of June 30, 2018 are as follows (in thousands): 2018 $ 60,589 2019 5,049 2020 6,091 2021 88,110 2022 4,772 Thereafter 320,745 $ 485,356

Future Minimum Rent Schedule (T

Future Minimum Rent Schedule (Tables)	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases	Future minimum lease payments to be received as of June 30, 2018 under non-cancellable 2018 49,021 2019 92,328 2020 81,055 2021 70,733 2022 54,263 Thereafter 103,646 $ 451,046

Organization and Description 24

Organization and Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Real Estate Investments - Sched

Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Pima Center [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2018-04
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%

Real Estate Investments - Sch26

Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
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
Pima Center [Member]
Acquisitions [Line Items]
Buildings and improvements, asset acquisitions	$ 42,235
Tenant improvements, asset acquisitions	2,898
Acquired intangible assets, asset acquisitions	10,691
Prepaid expenses and other assets, asset acquisitions	95
Accounts payable and other liabilities, asset acquisitions	(337)
Lease intangible liabilities, asset acquisitions	(129)
Total Consideration, asset acquisitions	$ 55,453

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 08, 2018	May 02, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Real Estate [Line Items]
Net gain on sale of real estate property			$ 12,116	$ 46,980	$ 12,116
AmberGlen Property [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
Washington Group Plaza [Member]
Real Estate [Line Items]
Proceeds of sale of property	$ 86,500
Net gain on sale of real estate property	47,000
Cost incurred on property sold	$ 1,700

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 110,796	$ 108,214
Accumulated amortization, Lease Intangible Assets	(45,693)	(43,126)
Total, Lease Intangible Assets	65,103	65,088
Cost, Lease Intangible Liabilities	(11,136)	(11,746)
Accumulated amortization, Lease Intangible Liabilities	3,517	3,097
Total, Lease Intangible Liabilities	(7,619)	(8,649)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	9,862	9,082
Accumulated amortization, Lease Intangible Assets	(4,039)	(3,215)
Total, Lease Intangible Assets	5,823	5,867
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	1,855
Accumulated amortization, Lease Intangible Assets	(6)
Total, Lease Intangible Assets	1,849
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	71,309	71,426
Accumulated amortization, Lease Intangible Assets	(31,000)	(30,613)
Total, Lease Intangible Assets	40,309	40,813
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	27,770	27,706
Accumulated amortization, Lease Intangible Assets	(10,648)	(9,298)
Total, Lease Intangible Assets	17,122	18,408
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(10,998)	(11,608)
Accumulated amortization, Lease Intangible Liabilities	3,483	3,065
Total, Lease Intangible Liabilities	(7,515)	(8,543)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	34	32
Total, Lease Intangible Liabilities	$ (104)	$ (106)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 8,486
2,019	16,140
2,020	14,018
2,021	10,953
2,022	3,434
Thereafter	4,453
Total	$ 57,484

Debt - Summary of Indebtedness

Debt - Summary of Indebtedness (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Indebtedness	$ 485,356	$ 494,477
Deferred financing costs, net	(5,746)	(4,968)
Total	479,610	489,509
Credit Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		33,500
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 58,500
Maturity	2022-03
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Interest Rate, spread	1.40%
Washington Group Plaza [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		32,290
Lake Vista Pointe [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 18,203	18,358
Interest Rate	4.28%
Maturity	2024-08
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 17,000	17,000
Interest Rate	4.44%
Maturity	2024-12
Plaza 25 [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,734	16,882
Interest Rate	4.10%
Maturity	2025-07
Midland Life Insurance [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 87,787	88,582
Interest Rate	4.34%
Maturity	2021-05
Mission City [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 47,000	47,000
Interest Rate	3.78%
Maturity	2027-11
190 Office Center [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 41,250	41,250
Interest Rate	4.79%
Maturity	2025-10
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 34,962	35,100
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 33,563	33,563
Interest Rate	4.65%
Maturity	2025-10
FRP Collection [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 29,884	30,174
Interest Rate	3.85%
Maturity	2023-09
2525 McKinnon [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 27,000	27,000
Interest Rate	4.24%
Maturity	2027-04
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 22,000	22,000
Interest Rate	3.92%
Maturity	2027-01
AmberGlen Property [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,000	20,000
Interest Rate	3.69%
Maturity	2027-05
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,501	16,671
Interest Rate	3.50%
Maturity	2023-10
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,972	$ 15,107
Interest Rate	4.00%
Maturity	2024-06

Debt - Summary of Indebtednes31

Debt - Summary of Indebtedness (Parenthetical) (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2018	Mar. 15, 2018
Washington Group Plaza [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Lake Vista Pointe [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.28%
FRP Ingenuity Drive [Member] | Secured Debt [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
FRP Ingenuity Drive [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	115.00%
Plaza 25 [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.10%
Plaza 25 [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	145.00%
Midland Life Insurance [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Loan maturity date	May 6, 2021
Amortization period	360 months
Effective interest rate of loan	4.34%
190 Office Center [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.79%
190 Office Center [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	115.00%
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.56%
SanTan [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	120.00%
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.65%
Intellicenter [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	120.00%
FRP Collection [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	3.85%
FRP Collection [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	140.00%
AmberGlen Property [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	3.69%
AmberGlen Property [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	115.00%
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	3.50%
Carillon Point [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	135.00%
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.00%
Central Fairwinds [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
DSCR	135.00%
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount	$ 250,000,000	$ 250,000,000
Revolving Credit Facility, outstanding amount	$ 58,500,000
Loan maturity date	Mar. 31, 2022
Loan expected extended maturity date	Mar. 31, 2023
Revolving Credit Facility, maximum borrowing capacity		$ 500,000,000
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.40%
One month LIBOR rate	2.09%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	150.00%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.40%
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	2.25%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Debt Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,018	$ 60,589
2,019	5,049
2,020	6,091
2,021	88,110
2,022	4,772
Thereafter	320,745
Total	$ 485,356	$ 494,477

Fair Value of Financial Instr33

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedges or derivatives	$ 0	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	$ 417,400,000	$ 462,300,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Second City Funds [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Administrative Services Agreement [Member]
Related Party Transaction [Line Items]
Revenue for services	$ 0.4	$ 0.6
Termination and Mutual Release Agreement - Earn-Out [Member]
Related Party Transaction [Line Items]
Related party transaction		$ 2.4

Future Minimum Rent Schedule -

Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Leases [Abstract]
2,018	$ 49,021
2,019	92,328
2,020	81,055
2,021	70,733
2,022	54,263
Thereafter	103,646
Total future minimum lease payments to be received	$ 451,046

Future Minimum Rent Schedule 36

Future Minimum Rent Schedule - Additional Information (Detail)	Jun. 30, 2018
Sales Revenue, Services, Net [Member] | Government Contracts Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of total future minimum lease payments	11.40%

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	Jul. 25, 2018USD ($)	Jun. 30, 2018$ / shares	Jun. 30, 2018USD ($)Installment$ / sharesshares
Class of Stock [Line Items]
Maximum number of shares issued under Equity Incentive Plan | shares			1,263,580
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share | $ / shares		$ 0.235	$ 0.235
Dividends paid, declared date		Jun. 15, 2018
Dividends paid date		Jul. 25, 2018
Dividends paid, date of record		Jul. 11, 2018
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share | $ / shares		$ 0.4140625	$ 0.4140625
Dividends paid, declared date		Jun. 15, 2018
Dividends paid date		Jul. 25, 2018
Subsequent Event [Member] | Common Stock [Member]
Class of Stock [Line Items]
Dividend paid	$ 8.5
Subsequent Event [Member] | Preferred Stock [Member]
Class of Stock [Line Items]
Dividend paid	$ 1.9
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Net compensation expense			$ 0.7
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			156,375
Restricted stock units grant date fair value			$ 1.9

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	Aug. 01, 2018USD ($)	Jul. 31, 2018USD ($)ft²	Jul. 09, 2018USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Subsequent Event [Line Items]
Acquisition of real estate				$ 55,453	$ 46,035
Denver, Colorado [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Area of property | ft²			272,000
Acquisition of real estate			$ 59,800
Phoenix, Arizona [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Area of property | ft²		163,000
Acquisition of real estate		$ 51,000
Central Fairwinds Limited Partnership Minority Interest Purchase Agreements [Member] | Second City Funds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Related party transaction	$ 1,100
Central Fairwinds Limited Partnership [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage minority interest owned	7.00%