Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Common Stock, Shares Outstanding | 39,544,705 | ||
Entity Public Float | $ 455 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate properties | ||
Land | $ 223,789 | $ 188,110 |
Building and improvement | 704,113 | 534,473 |
Tenant improvement | 77,426 | 53,427 |
Furniture, fixtures and equipment | 319 | 291 |
Real estate properties, gross | 1,005,647 | 776,301 |
Accumulated depreciation | (70,484) | (48,234) |
Real estate properties, net | 935,163 | 728,067 |
Cash and cash equivalents | 16,138 | 12,301 |
Restricted cash | 17,007 | 22,713 |
Rents receivable, net | 26,095 | 20,087 |
Deferred leasing costs, net | 10,402 | 7,793 |
Acquired lease intangible assets, net | 75,501 | 65,088 |
Prepaid expenses and other assets | 2,755 | 2,013 |
Assets held for sale | 17,370 | 38,427 |
Total Assets | 1,100,431 | 896,489 |
Liabilities: | ||
Debt | 645,354 | 489,509 |
Accounts payable and accrued liabilities | 25,892 | 17,605 |
Deferred rent | 5,331 | 4,223 |
Tenant rent deposits | 4,564 | 3,523 |
Acquired lease intangible liabilities, net | 8,887 | 8,649 |
Dividend distributions payable | 11,148 | 10,318 |
Liabilities related to assets held for sale | 878 | 2,830 |
Total Liabilities | 702,054 | 536,657 |
Commitments and Contingencies (Note 10) | ||
Equity: | ||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of December 31, 2018 and 2017 respectively | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,544,073 and 36,012,086 shares issued and outstanding as of December 31, 2018 and 2017 respectively | 395 | 360 |
Additional paid-in capital | 377,126 | 334,241 |
Accumulated deficit | (92,108) | (86,977) |
Total Stockholders' Equity | 397,413 | 359,624 |
Non-controlling interests in properties | 964 | 208 |
Total Equity | 398,377 | 359,832 |
Total Liabilities and Equity | $ 1,100,431 | $ 896,489 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 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 | 39,544,073 | 36,012,086 |
Common stock, shares outstanding | 39,544,073 | 36,012,086 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Rental income | $ 110,076 | $ 92,357 | $ 63,702 |
Expense reimbursement | 15,906 | 11,164 | 7,140 |
Other | 3,502 | 2,966 | 1,619 |
Total Revenues | 129,484 | 106,487 | 72,461 |
Operating Expenses: | |||
Property operating expenses | 49,872 | 42,886 | 28,305 |
General and administrative | 8,137 | 6,792 | 6,429 |
Base management fee | 109 | ||
External advisor acquisition | 7,045 | ||
Acquisition costs | 692 | ||
Depreciation and amortization | 52,352 | 41,594 | 30,178 |
Impairment of real estate | 3,497 | ||
Total Operating Expenses | 113,858 | 91,272 | 72,758 |
Operating income/(loss) | 15,626 | 15,215 | (297) |
Interest Expense: | |||
Contractual interest expense | (22,316) | (18,721) | (13,804) |
Amortization of deferred financing costs | (1,621) | (1,452) | (957) |
Interest expense, net | (23,937) | (20,173) | (14,761) |
Change in fair value of earn-out | (500) | ||
Change in fair value of contingent consideration | 2,000 | ||
Net gain on sale of real estate property | 46,980 | 12,116 | 15,934 |
Net income | 38,669 | 9,158 | 376 |
Net income attributable to non-controlling interests in properties | (501) | (3,402) | (354) |
Net income attributable to Operating Partnership unitholders' non-controlling interests | (865) | ||
Net income/(loss) attributable to the Company | 38,168 | 5,756 | (843) |
Preferred stock distributions | (7,420) | (7,411) | (1,781) |
Net income/(loss) attributable to common stockholders | $ 30,748 | $ (1,655) | $ (2,624) |
Net income/(loss) per common share and unit: | |||
Basic | $ 0.82 | $ (0.05) | $ (0.13) |
Diluted | $ 0.82 | $ (0.05) | $ (0.13) |
Weighted average common shares outstanding: | |||
Basic | 37,321 | 30,198 | 20,460 |
Diluted | 37,670 | 30,198 | 20,460 |
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, 2015 | $ 73,720 | $ 125 | $ 95,318 | $ (29,598) | $ 65,845 | $ 8,550 | $ (675) | |
Beginning 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 | 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 | |||||
Restricted stock award grants and vesting, values | $ 1,330 | $ 1 | 1,641 | (312) | 1,330 | |||
Restricted stock award grants and vesting, shares | 121,000 | |||||||
Net proceeds from sale of common stock, values | 42,902 | $ 34 | 42,868 | 42,902 | ||||
Net proceeds from sale of common stock, shares | 3,411,000 | |||||||
Common stock dividend distributions declared | (35,567) | (35,567) | (35,567) | |||||
Preferred stock dividend distributions declared | (7,420) | (7,420) | (7,420) | |||||
Minority interest buyout | (1,139) | (1,624) | (1,624) | 485 | ||||
Contributions | 297 | 297 | ||||||
Distributions | (527) | (527) | ||||||
Net (loss)/income | 38,669 | 38,168 | 38,168 | 501 | ||||
Ending balance at Dec. 31, 2018 | $ 398,377 | $ 112,000 | $ 395 | $ 377,126 | $ (92,108) | $ 397,413 | $ 964 | |
Ending balance, shares at Dec. 31, 2018 | 39,544,073 | 4,480,000 | 39,544,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income | $ 38,669 | $ 9,158 | $ 376 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 52,352 | 41,594 | 30,178 |
Amortization of deferred financing costs | 1,621 | 1,452 | 957 |
Amortization of above/below market leases | (182) | (337) | 299 |
Increase in straight-line rent | (4,703) | (2,820) | (3,751) |
Non-cash stock compensation | 1,416 | 1,671 | 2,436 |
Earn-out termination payment | (2,400) | 500 | |
Internalization shares issued | 3,464 | ||
Net gain on sale of real estate property | (46,980) | (12,116) | (15,934) |
Impairment of real estate | 3,497 | ||
Changes in non-cash working capital: | |||
Rents receivable, net | (1,602) | (1,647) | (4,331) |
Prepaid expenses and other assets | (353) | 349 | (587) |
Accounts payable and accrued liabilities | (910) | 670 | 3,135 |
Deferred rent | (834) | 324 | 2,743 |
Tenant rent deposits | 196 | 655 | (338) |
Net Cash Provided By Operating Activities | 42,187 | 36,553 | 19,147 |
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (23,586) | (8,189) | (8,729) |
Acquisition of real estate | (254,514) | (249,299) | (248,957) |
Net proceeds from sale of real estate | 84,839 | 18,479 | 43,525 |
Deferred leasing costs | (4,048) | (4,289) | (2,074) |
Net Cash Used In Investing Activities | (197,309) | (243,298) | (216,235) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of preferred stock | 108,127 | ||
Net proceeds from sale of common stock | 42,902 | 136,941 | 86,785 |
Debt issuance and extinguishment costs | (2,963) | (3,202) | (2,955) |
Proceeds from mortgage loans payable | 95,749 | 166,340 | 47,938 |
Repayment of mortgage loans payable | (52,820) | (27,772) | (20,199) |
Proceeds from credit facility | 303,000 | 226,000 | 95,500 |
Repayment of credit facility | (189,000) | (245,000) | (93,000) |
Shares withheld for payment of taxes on restricted stock unit vesting | (87) | ||
Minority interest buyout | (1,140) | ||
Contributions from non-controlling interests in properties | 297 | 2,525 | |
Distributions to non-controlling interests in properties | (527) | (4,943) | (455) |
Dividend distributions paid to stockholders and Operating Partnership unitholders | (42,158) | (36,256) | (20,841) |
Net Cash Provided By Financing Activities | 153,253 | 212,108 | 203,425 |
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash | (1,869) | 5,363 | 6,337 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 35,014 | 29,651 | 23,314 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 33,145 | 35,014 | 29,651 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and Cash Equivalents, End of Period | 16,138 | 12,301 | 13,703 |
Restricted Cash, End of Period | 17,007 | 22,713 | 15,948 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 33,145 | 35,014 | 29,651 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 22,131 | 18,408 | 13,621 |
Earn-out payment in common stock | 3,778 | ||
Purchases of additions in real estate properties included in accounts payable | 6,791 | 2,616 | 1,565 |
Purchases of deferred leasing costs included in accounts payable | $ 654 | $ 815 | $ 19 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 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 years prior to 2018, any applicable alternative minimum tax. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 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, for years prior to 2018, 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 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, 2018 and December 31, 2017 and December 31, 2016. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. 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 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 established Topic 842, Leases, by issuing Accounting Standards Update No. 2016-02, on-balance No. 2018-01, No. 2018-10, No. 2018-11, • Transition method practical expedient—permits the Company to use the effective date as the date of initial application. Consequently, financial information and disclosures for periods before January 1, 2019 will not be updated. • Package of practical expedients—permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. • Single component practical expedient—permits the Company to not separate lease and non-lease • Short-term lease practical expedient—for operating leases with a term equal to or less than 12 months, permits the Company to not recognize right-of-use (“ROU”) assets or lease liabilities. The Company does not expect to elect the use-of-hindsight Lessor Accounting The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that certain initial direct costs be expensed rather than capitalized. While the new standard identifies common area maintenance as a non-lease While the Company does not anticipate any material change to the accounting for leases under which it is a lessor, the Company continues to evaluate the impact this ASU will have on the accounting for its leasing arrangements as well as its disclosures within the notes of the financial statements. Lessee Accounting The new standard requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. While the Company continues to assess all of the effects of adoption, the Company currently believe the most significant effects relate to (1) the recognition of new ROU assets and lease liabilities on the balance sheet for its ground operating leases, real estate operating leases, and office/equipment operating leases; and (2) providing significant new disclosures about its leasing activities. On adoption, the Company will recognize additional ROU assets and lease liabilities for operating leases in an amount not expected to exceed $12 million. |
Rents Receivable, Net
Rents Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 Billed receivables $ 2,383 $ 1,905 Straight-line receivables 23,712 18,182 Total rents receivable $ 26,095 $ 20,087 As of December 31, 2018, and 2017, the Company’s allowance for doubtful accounts was not significant. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments Acquisitions During the years ended December 31, 2018, December 31, 2017 and December 31, 2016 the Company acquired the following properties: Property Date Acquired Percentage Owned Camelback Square December 2018 100 % Greenwood Blvd December 2018 100 % Circle Point Land December 2018 100 % The Quad July 2018 100 % Circle Point July 2018 100 % Pima Center April 2018 100 % 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 % Camelback Square, Greenwood Blvd, Circle Point Land, The Quad, Circle Point, Pima Center, 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, and Carillon Point 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, 2018 (in thousands): Pima Circle The Circle Point Greenwood Camelback Total December 31, Land $ — $ 8,744 $ 8,079 $ 4,937 $ 3,945 $ 11,738 $ 37,443 Buildings and improvements 42,235 33,708 38,060 — 23,741 35,532 173,276 Tenant improvements 2,898 5,393 1,798 — 2,278 2,390 14,757 Acquired intangible assets 10,691 10,299 4,209 — 4,578 4,304 34,081 Prepaid expenses and other assets 95 25 15 — 15 10 160 Accounts payable and other liabilities (337 ) (1,157 ) (527 ) (72 ) (96 ) (421 ) (2,610 ) Lease intangible liabilities (129 ) (390 ) (1,247 ) — — (827 ) (2,593 ) Total consideration $ 55,453 $ 56,622 $ 50,387 $ 4,865 $ 34,461 $ 52,726 $ 254,514 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, 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 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 TH 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 operating results of acquired properties meeting the definition of a business, during the year ended December 31, 2016, since the date of acquisition have been included in the Company’s consolidated financial statements. Properties acquired in 2018 and 2017 were accounted for as asset acquisitions pursuant to ASU 2017-01. Year ended Operating revenues $ 7,215 Operating expenses (7,433 ) Interest (589 ) $ (807 ) 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 consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made. 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. Proceeds from the sale were applied subsequently in a like-kind exchange so as to qualify for tax-deferred Assets Held for Sale On November 30, 2018, the Company entered into a Purchase and Sale agreement to sell the Plaza 25 property for $17.9 million. The Company determined that the property met the criteria for classification as held for sale as of December 31, 2018. Upon classification as held for sale, we recognized an impairment charge of $3.5 million to lower the carrying amount of the property to its estimated fair value less cost to sell. As of December 31, 2018, a $0.5 million non-refundable The property has been classified as held for sale as of December 31, 2018 (in thousands): December 31, 2018 Plaza 25 Real estate properties, net $ 16,149 Deferred leasing costs, net 419 Acquired lease intangible assets, net 11 Rents receivable, prepaid expenses and other assets 791 Assets held for sale $ 17,370 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (878 ) Liabilities related to assets held for sale $ (878 ) 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 closed in March 2018. The property was presented 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 retained 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 are included in the December 31, 2017 Consolidated Balance Sheet and Consolidated Statement of Operations as a VIE. |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2018 and December 31, 2017 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below (1) In Place Leasing Total Below Below (1) Total Cost $ 10,595 $ 1,855 $ 82,474 $ 31,706 $ 126,630 $ (12,925) $ (138) $ (13,063) Accumulated amortization (4,800 ) (19 ) (34,273 ) (12,037 ) (51,129 ) 4,140 36 4,176 $ 5,795 $ 1,836 $ 48,201 $ 19,669 $ 75,501 $ (8,785 ) $ (102 ) $ (8,887 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2017 Above Market Leases Below Lease In Place Leasing Total Below Below (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 liability the Company is the lessor. The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): 2019 $ 19,824 2020 17,333 2021 14,057 2022 6,191 2023 3,215 Thereafter 5,994 $ 66,614 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the secured indebtedness as of December 31, 2018 and 2017 (in thousands): Property December 31, December 31, Interest Rate as Maturity Unsecured Credit Facility (1) $ 147,500 $ — LIBOR +1.50 % (2) March 2022 Midland Life Insurance (3) 86,973 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 Circle Point (4) 39,650 — 4.49 September 2028 SanTan (4) 34,682 35,100 4.56 March 2027 Intellicenter (4) 33,481 33,563 4.65 October 2025 The Quad 30,600 — 4.20 September 2028 FRP Collection (4) 29,589 30,174 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Greenwood Blvd (4) 22,425 — 4.60 December 2025 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) 18,044 18,358 4.28 August 2024 Central Fairwinds (4) 17,882 15,107 4.00 June 2024 FRP Ingenuity Drive (5)(6) 17,000 17,000 4.44 December 2024 Carillon Point (4) 16,330 16,671 3.50 October 2023 Washington Group Plaza — 32,290 — — Plaza 25 — 16,882 — — Secured Credit Facility — 33,500 — — Total Principal 651,406 494,477 Deferred financing costs, net (6,052 ) (4,968 ) Total $ 645,354 $ 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 December 31, 2018, the Unsecured Credit Facility had $250 million authorized and $147.5 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 December 31, 2018, the one month LIBOR rate was 2.50%. (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, 1.35x, 1.35x, 1.20x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Carillon Point, Central Fairwinds, Circle Point and Greenwood Blvd. (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 mortgage payable as of December 31, 2018 are as follows (in thousands): 2019 $ 4,799 2020 5,831 2021 88,241 2022 152,568 2023 46,675 Thereafter 353,292 $ 651,406 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017, 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 $503.3 million and $462.3 million as of December 31, 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 | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Administrative Services Agreement On October 29, 2018, the Company entered into the First Amendment (the “Amendment”) to the Administrative Services Agreement with real estate investment funds affiliated with Second City Capital II Corporate and Second City Real Estate II Corporation (“SCRE II”). The terms of the Amendment were effective on February 1, 2019 (the “Effective Date”). After February 1, 2019, the annual fees payable to the Company will be $500,000 for the first twelve months following the Effective Date and thereafter an amount equal to 40% of the management fee paid to SCRE II by the fund managed by SCRE II. During the years ended December 31, 2018, 2017, and 2016, the Company earned $0.7 million, $1.2 million, and $1.4 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“Second City”). Earn-Out During the years ended December 31, 2018, 2017 and 2016, payments of approximately $0, $2.4 million and $3.8 million, respectively, were made to Second City under the Earn-Out Minority Interest Buy Out On August 1, 2018, the Company signed 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. As a result of the agreement the Company’s ownership percentage in Central Fairwinds Limited Partnership is 97%. |
Future Minimum Rent Schedule
Future Minimum Rent Schedule | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future Minimum Rent Schedule | 9. Future Minimum Rent Schedule Future minimum lease payments to be received as of December 31, 2018 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2019 $ 112,848 2020 101,448 2021 89,496 2022 71,270 2023 52,615 Thereafter 106,126 $ 533,803 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 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 9.0% of the Company’s total future minimum lease payments as of December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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, 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. Earnings per Share The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): Year ended December 31, 2018 2017 2016 Net income $ 38,669 $ 9,158 $ 376 Less: Net income attributable to noncontrolling interests in properties 501 3,402 354 Less: Net income attributable to Preferred stockholders 7,420 7,411 1,781 Less: Net income attributable to Operating Partnership unitholders’ noncontrolling interests — — 865 Numerator for basic and diluted EPS $ 30,748 $ (1,655 ) $ (2,624 ) Denominator for basic EPS 37,321 30,198 20,460 Dilutive effect of RSUs 349 — — Denominator for dilutive EPS 37,670 30,198 20,460 Net income/(loss) per common share: Basic $ 0.82 $ (0.05 ) $ (0.13 ) Dilutive $ 0.82 $ (0.05 ) $ (0.13 ) |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Stockholder's Equity | 12. Stockholder’s Equity On November 1, 2018, the Company and the Operating Partnership entered into amendments (the “Amendments”) to the equity distribution agreements (the “Original Agreements” and, as amended by the Amendments, the “Agreements”) with each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and BMO Capital Markets Corp., (collectively, the “Sales Agents”). Pursuant to the terms of the Agreements, the Company may issue and sell from time to time, up to 8,000,000 shares of the Company’s common stock, $0.01 par value per share and up to 1,000,000 shares of the Company’s 6.625% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock” and together with the Common Stock, the “Shares”) through the Sales Agents, acting as agents or principals (the “ATM Program”). During the year ended December 31, 2018, the Company issued 3,410,802 shares of common stock under the ATM Program. The Company raised $43.6 million in gross proceeds, resulting in net proceeds to us of approximately $42.9 million after deducting sales commissions and offering expenses. 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 the Original Agreements with the Sales Agents, pursuant to which the Company may issue and sell from time to time up to 6,000,000 shares of common stock and up to 1,000,000 shares of Series A Preferred Stock through the Sales Agents, acting as agents or principals. Pursuant to the 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 Agreements. The Company has no obligation to sell any of the Shares under the Agreements and may at any time suspend solicitations and offers under, or terminate, the Agreements. 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 The following table summarizes the non-controlling December 31, 2018 December 31, 2017 City Center $ (183 ) $ (140 ) Central Fairwinds (304 ) (764 ) AmberGlen (1,272 ) (1,375 ) FRP Collection 791 842 Park Tower 1,932 1,645 $ 964 $ 208 Common Stock and Common Unit Distributions During the year ended December 31, 2018, the Company declared aggregate cash distributions to common stockholders and common unitholders of $35.6 million. The Company paid aggregate cash distributions of $34.7 million for the year-ended December 31, 2018 and $9.3 million was payable as of December 31, 2018. During the year ended December 31, 2018, the Company declared the following distributions per share and unit: Period Distribution per Share/Unit Declaration Date Record Date Payment Date January 1, 2018 – March 31, 2018 $ 0.235 March 21, 2018 April 11, 2018 April 25, 2018 April 1, 2018 – June 30, 2018 0.235 June 15, 2018 July 11, 2018 July 25, 2018 July 1, 2018 – September 30, 2018 0.235 September 14, 2018 October 11, 2018 October 25, 2018 October 1, 2018 – December 31, 2018 0.235 December 21, 2018 January 11, 2018 January 25, 2018 Total $ 0.940 Preferred Stock Distributions During the year ended December 31, 2018, the Company declared aggregate cash distributions to preferred stockholders of $7.4 million. The Company paid aggregate cash distributions of $7.4 million for the year ended December 31, 2018 and $1.9 million was payable as of December 31, 2018. 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, 2018, 156,375 restricted stock units (“RSUs”) were granted to directors, executive officers and non-executive During the year ended December 31, 2017, 117,478 restricted stock units (“RSUs”) were granted to directors, executive officers and non-executive During the twelve months ended December 31, 2016, 78,250 restricted stock units (“RSUs”) were granted to directors 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On February 7, 2019, the Company sold the Plaza 25 property in Denver, Colorado for a sales price of $17.9 million. On February 25, 2019, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired a 206,770 square foot property in Seattle, Washington for $63.0 million. The Company completed a $41.0 million 8-year 5-year Subsequent to December 31, 2018, the Company, through the Operating Partnership, entered into an Agreement of Purchase and Sale to acquire a two-building |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 14. Quarterly Financial Information (unaudited): The following tables summarize certain selected quarterly financial data for 2018 and 2017 (in thousands, except per share data): 2018 Quarters Fourth Third Second First Revenue $ 34,167 $ 33,547 $ 30,236 $ 31,534 Net (loss)/income (6,684 ) (1,161 ) (684 ) 47,198 Net (loss)/income attributable to common stockholders (8,656 ) (3,151 ) (2,653 ) 45,208 Net (loss)/income per share (0.22 ) (0.08 ) (0.07 ) 1.25 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 ) |
Schedule III - Real Estate Prop
Schedule III - Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Properties and Accumulated Depreciation | SCHEDULE III – REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION December 31, 2018 (In Thousands) Description Encumbrances (2) Initial Costs to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried as of December 31, (1) Accumulated Amortization Date of Construction Date Acquired Depreciation Life For Latest Income Land Buildings and Improvements Improvements Land Building and Improvements Total (3) AmberGlen $ 20,000 $ 6,546 $ 3,490 $ 2,050 $ 6,546 $ 5,540 $ 12,086 $ 2,630 1984-1998 December 2009 50 Years City Center 23,417 3,123 10,656 8,809 3,123 19,465 22,588 6,624 1984 December 2010 40 Years Central Fairwinds 17,882 1,747 9,751 6,716 1,747 16,467 18,214 3,692 1982 May 2012 40 Years Cherry Creek 47,791 25,745 20,144 1,359 25,745 21,503 47,248 5,834 1962-1980 January 2014 36 Years Lake Vista Pointe 18,044 4,115 20,600 55 4,115 20,655 24,770 4,220 2007 July 2014 45 Years FRP Ingenuity Drive 17,000 4,415 17,775 683 4,415 18,458 22,873 2,818 1999 November 2014 40 Years Logan Tower — 1,306 8,197 697 1,306 8,894 10,200 1,354 1983 February 2015 33 Years Superior Pointe — 3,153 19,834 1,671 3,153 21,505 24,658 2,519 2000 June 2015 40 Years DTC Crossroads 15,765 7,137 23,184 1,006 7,137 24,190 31,327 2,968 1999 June 2015 33 Years 190 Office Center 41,250 7,162 39,690 1,005 7,162 40,695 47,857 3,825 2001 September 2015 45 Years Intellicenter 33,481 5,244 34,278 26 5,244 34,304 39,548 3,673 2008 September 2015 50 Years Carillon Point 16,330 5,172 17,316 68 5,172 17,384 22,556 2,252 2007 June 2016 39 Years FRP Collection 29,589 7,031 38,700 993 7,031 39,693 46,724 4,180 1986-1999 July 2016 40 Years Park Tower — 3,479 68,656 13,987 3,479 82,643 86,122 6,146 1973 November 2016 30 Years 5090 N 40th St 22,000 6,696 32,123 1,144 6,696 33,267 39,963 1,973 1988 November 2016 45 Years SanTan 34,682 6,803 37,187 4,448 6,803 41,635 48,438 3,270 2000-2003 December 2016 41 Years 2525 McKinnon 27,000 10,629 34,515 1,134 10,629 35,649 46,278 1,928 2003 January 2017 50 Years Mission City 47,000 25,741 41,474 2,949 25,741 44,423 70,164 3,322 1990-2007 September 2017 29 Years Sorrento Mesa — 40,356 44,991 1,374 40,356 46,365 86,721 2,764 1985-2001 September 2017 33 Years Papago Tech — 10,746 19,762 295 10,746 20,057 30,803 1,237 1993-1995 October 2017 40 Years Pima Center — — 45,133 222 — 45,355 45,355 1,529 2006-2008 April 2018 44 Years Circle Point 39,650 13,681 39,101 714 13,681 39,815 53,496 1,009 2001 July 2018 40 Years The Quad 30,600 8,079 39,858 (18 ) 8,079 39,840 47,919 616 1982 July 2018 40 Years Greenwood Blvd 22,425 3,945 26,019 — 3,945 26,019 29,964 12 1997 December 2018 45 Years Camelback Square — 11,738 37,922 — 11,738 37,922 49,660 17 1978 December 2018 48 Years Corporate 147,500 — 115 — — 115 115 72 Total $ 651,406 $ 223,789 $ 730,471 $ 51,387 $ 223,789 $ 781,858 $ 1,005,647 $ 70,484 (1) The aggregate cost for federal tax purposes as of December 31, 2018 of our real estate assets was $1,020,653. (2) Encumbrances exclude net deferred financing costs of $6,052. (3) Properties identified as held for sale at December 31, 2018 are excluded. A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2018 and 2017 is as follows: 2018 2017 Real Estate Properties Balance, beginning of year $ 776,301 $ 589,376 Acquisitions 225,476 228,214 Dispositions and impairments (5,715 ) (11,683 ) Capital improvements 30,378 10,804 Assets held for sale (20,793 ) (40,410 ) Balance, end of year $ 1,005,647 $ 776,301 Accumulated Depreciation Balance, beginning of year $ 48,234 $ 39,052 Depreciation 29,196 22,424 Dispositions (2,301 ) (7,374 ) Depreciation on assets held for sale (4,645 ) (5,868 ) Balance, end of year $ 70,484 $ 48,234 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, for years prior to 2018, 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 |
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, 2018 and December 31, 2017 and December 31, 2016. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. |
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 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 established Topic 842, Leases, by issuing Accounting Standards Update No. 2016-02, on-balance No. 2018-01, No. 2018-10, No. 2018-11, • Transition method practical expedient—permits the Company to use the effective date as the date of initial application. Consequently, financial information and disclosures for periods before January 1, 2019 will not be updated. • Package of practical expedients—permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. • Single component practical expedient—permits the Company to not separate lease and non-lease • Short-term lease practical expedient—for operating leases with a term equal to or less than 12 months, permits the Company to not recognize right-of-use (“ROU”) assets or lease liabilities. The Company does not expect to elect the use-of-hindsight Lessor Accounting The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that certain initial direct costs be expensed rather than capitalized. While the new standard identifies common area maintenance as a non-lease While the Company does not anticipate any material change to the accounting for leases under which it is a lessor, the Company continues to evaluate the impact this ASU will have on the accounting for its leasing arrangements as well as its disclosures within the notes of the financial statements. Lessee Accounting The new standard requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. While the Company continues to assess all of the effects of adoption, the Company currently believe the most significant effects relate to (1) the recognition of new ROU assets and lease liabilities on the balance sheet for its ground operating leases, real estate operating leases, and office/equipment operating leases; and (2) providing significant new disclosures about its leasing activities. On adoption, the Company will recognize additional ROU assets and lease liabilities for operating leases in an amount not expected to exceed $12 million. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
Text Block [Abstract] | |
Components of Rents Receivable | The Company’s rents receivable is comprised of the following components (in thousands): December 31, 2018 December 31, 2017 Billed receivables $ 2,383 $ 1,905 Straight-line receivables 23,712 18,182 Total rents receivable $ 26,095 $ 20,087 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of Acquired Properties | During the years ended December 31, 2018, December 31, 2017 and December 31, 2016 the Company acquired the following properties: Property Date Acquired Percentage Owned Camelback Square December 2018 100 % Greenwood Blvd December 2018 100 % Circle Point Land December 2018 100 % The Quad July 2018 100 % Circle Point July 2018 100 % Pima Center April 2018 100 % 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 % |
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, 2018 (in thousands): Pima Circle The Circle Point Greenwood Camelback Total December 31, Land $ — $ 8,744 $ 8,079 $ 4,937 $ 3,945 $ 11,738 $ 37,443 Buildings and improvements 42,235 33,708 38,060 — 23,741 35,532 173,276 Tenant improvements 2,898 5,393 1,798 — 2,278 2,390 14,757 Acquired intangible assets 10,691 10,299 4,209 — 4,578 4,304 34,081 Prepaid expenses and other assets 95 25 15 — 15 10 160 Accounts payable and other liabilities (337 ) (1,157 ) (527 ) (72 ) (96 ) (421 ) (2,610 ) Lease intangible liabilities (129 ) (390 ) (1,247 ) — — (827 ) (2,593 ) Total consideration $ 55,453 $ 56,622 $ 50,387 $ 4,865 $ 34,461 $ 52,726 $ 254,514 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, 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 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 TH 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 |
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 Operating revenues $ 7,215 Operating expenses (7,433 ) Interest (589 ) $ (807 ) |
Schedule of Property Classified as Held for Sale | The property has been classified as held for sale as of December 31, 2018 (in thousands): December 31, 2018 Plaza 25 Real estate properties, net $ 16,149 Deferred leasing costs, net 419 Acquired lease intangible assets, net 11 Rents receivable, prepaid expenses and other assets 791 Assets held for sale $ 17,370 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (878 ) Liabilities related to assets held for sale $ (878 ) The property was presented 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, 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 December 31, 2018 and December 31, 2017 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below (1) In Place Leasing Total Below Below (1) Total Cost $ 10,595 $ 1,855 $ 82,474 $ 31,706 $ 126,630 $ (12,925) $ (138) $ (13,063) Accumulated amortization (4,800 ) (19 ) (34,273 ) (12,037 ) (51,129 ) 4,140 36 4,176 $ 5,795 $ 1,836 $ 48,201 $ 19,669 $ 75,501 $ (8,785 ) $ (102 ) $ (8,887 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2017 Above Market Leases Below Lease In Place Leasing Total Below Below (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 liability the Company is the lessor. |
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): 2019 $ 19,824 2020 17,333 2021 14,057 2022 6,191 2023 3,215 Thereafter 5,994 $ 66,614 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Secured Indebtedness | The following table summarizes the secured indebtedness as of December 31, 2018 and 2017 (in thousands): Property December 31, December 31, Interest Rate as Maturity Unsecured Credit Facility (1) $ 147,500 $ — LIBOR +1.50 % (2) March 2022 Midland Life Insurance (3) 86,973 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 Circle Point (4) 39,650 — 4.49 September 2028 SanTan (4) 34,682 35,100 4.56 March 2027 Intellicenter (4) 33,481 33,563 4.65 October 2025 The Quad 30,600 — 4.20 September 2028 FRP Collection (4) 29,589 30,174 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Greenwood Blvd (4) 22,425 — 4.60 December 2025 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) 18,044 18,358 4.28 August 2024 Central Fairwinds (4) 17,882 15,107 4.00 June 2024 FRP Ingenuity Drive (5)(6) 17,000 17,000 4.44 December 2024 Carillon Point (4) 16,330 16,671 3.50 October 2023 Washington Group Plaza — 32,290 — — Plaza 25 — 16,882 — — Secured Credit Facility — 33,500 — — Total Principal 651,406 494,477 Deferred financing costs, net (6,052 ) (4,968 ) Total $ 645,354 $ 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 December 31, 2018, the Unsecured Credit Facility had $250 million authorized and $147.5 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 December 31, 2018, the one month LIBOR rate was 2.50%. (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, 1.35x, 1.35x, 1.20x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Carillon Point, Central Fairwinds, Circle Point and Greenwood Blvd. (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 Mortgage Payable | The scheduled principal repayments of mortgage payable as of December 31, 2018 are as follows (in thousands): 2019 $ 4,799 2020 5,831 2021 88,241 2022 152,568 2023 46,675 Thereafter 353,292 $ 651,406 |
Future Minimum Rent Schedule (T
Future Minimum Rent Schedule (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases | Future minimum lease payments to be received as of December 31, 2018 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2019 $ 112,848 2020 101,448 2021 89,496 2022 71,270 2023 52,615 Thereafter 106,126 $ 533,803 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations | The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts): Year ended December 31, 2018 2017 2016 Net income $ 38,669 $ 9,158 $ 376 Less: Net income attributable to noncontrolling interests in properties 501 3,402 354 Less: Net income attributable to Preferred stockholders 7,420 7,411 1,781 Less: Net income attributable to Operating Partnership unitholders’ noncontrolling interests — — 865 Numerator for basic and diluted EPS $ 30,748 $ (1,655 ) $ (2,624 ) Denominator for basic EPS 37,321 30,198 20,460 Dilutive effect of RSUs 349 — — Denominator for dilutive EPS 37,670 30,198 20,460 Net income/(loss) per common share: Basic $ 0.82 $ (0.05 ) $ (0.13 ) Dilutive $ 0.82 $ (0.05 ) $ (0.13 ) |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Summary of Noncontrolling Interests | The following table summarizes the non-controlling December 31, 2018 December 31, 2017 City Center $ (183 ) $ (140 ) Central Fairwinds (304 ) (764 ) AmberGlen (1,272 ) (1,375 ) FRP Collection 791 842 Park Tower 1,932 1,645 $ 964 $ 208 |
Schedule of Distributions Declared per Share and Unit | During the year ended December 31, 2018, the Company declared the following distributions per share and unit: Period Distribution per Share/Unit Declaration Date Record Date Payment Date January 1, 2018 – March 31, 2018 $ 0.235 March 21, 2018 April 11, 2018 April 25, 2018 April 1, 2018 – June 30, 2018 0.235 June 15, 2018 July 11, 2018 July 25, 2018 July 1, 2018 – September 30, 2018 0.235 September 14, 2018 October 11, 2018 October 25, 2018 October 1, 2018 – December 31, 2018 0.235 December 21, 2018 January 11, 2018 January 25, 2018 Total $ 0.940 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following tables summarize certain selected quarterly financial data for 2018 and 2017 (in thousands, except per share data): 2018 Quarters Fourth Third Second First Revenue $ 34,167 $ 33,547 $ 30,236 $ 31,534 Net (loss)/income (6,684 ) (1,161 ) (684 ) 47,198 Net (loss)/income attributable to common stockholders (8,656 ) (3,151 ) (2,653 ) 45,208 Net (loss)/income per share (0.22 ) (0.08 ) (0.07 ) 1.25 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 ) |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company formation date | Nov. 26, 2013 |
Operation commencement date | Apr. 21, 2014 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Properties (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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 Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |
Percentage of REIT taxable income distributed to stockholders | 90.00% |
Accounting Standards Update 2016-02 [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Right of use assets | $ 12,000,000 |
Lease liabilities | $ 12,000,000 |
Rents Receivable, Net - Compone
Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 2,383 | $ 1,905 |
Straight-line receivables | 23,712 | 18,182 |
Total rents receivable | $ 26,095 | $ 20,087 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Camelback Square [Member] | |||
Acquisitions [Line Items] | |||
Real estate property, date acquired, asset acquisitions | 2018-12 | ||
Real estate property, percentage owned, asset acquisitions | 100.00% | ||
Greenwood Blvd [Member] | |||
Acquisitions [Line Items] | |||
Real estate property, date acquired, asset acquisitions | 2018-12 | ||
Real estate property, percentage owned, asset acquisitions | 100.00% | ||
Circle Point Land [Member] | |||
Acquisitions [Line Items] | |||
Real estate property, date acquired, asset acquisitions | 2018-12 | ||
Real estate property, percentage owned, asset acquisitions | 100.00% | ||
The Quad [Member] | |||
Acquisitions [Line Items] | |||
Real estate property, date acquired, asset acquisitions | 2018-07 | ||
Real estate property, percentage owned, asset acquisitions | 100.00% | ||
Circle Point [Member] | |||
Acquisitions [Line Items] | |||
Real estate property, date acquired, asset acquisitions | 2018-07 | ||
Real estate property, percentage owned, asset acquisitions | 100.00% | ||
Pima Center [Member] | |||
Acquisitions [Line Items] | |||
Real estate property, date acquired, asset acquisitions | 2018-04 | ||
Real estate property, percentage owned, asset acquisitions | 100.00% | ||
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% |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Acquisitions [Line Items] | |||
Land, asset acquisitions | $ 37,443 | $ 87,472 | |
Buildings and improvements, asset acquisitions | 173,276 | 128,898 | |
Tenant improvements, asset acquisitions | 14,757 | 11,844 | |
Acquired intangible assets, asset acquisitions | 34,081 | 28,929 | |
Prepaid expenses and other assets, asset acquisitions | 160 | 150 | |
Accounts payable and other liabilities, asset acquisitions | (2,610) | (1,943) | |
Lease intangible liabilities, asset acquisitions | (2,593) | (6,051) | |
Total Consideration, asset acquisitions | 254,514 | 249,299 | |
Land, business combinations | $ 29,186 | ||
Buildings and improvements, business combinations | 184,614 | ||
Tenant improvements, business combinations | 9,366 | ||
Acquired intangible assets, business combinations | 30,007 | ||
Prepaid expenses and other assets, business combinations | 481 | ||
Accounts payable and other liabilities, business combinations | (2,037) | ||
Lease intangible liabilities, business combinations | (2,660) | ||
Total Consideration, business combinations | 248,957 | ||
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 | ||
Circle Point [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 8,744 | ||
Buildings and improvements, asset acquisitions | 33,708 | ||
Tenant improvements, asset acquisitions | 5,393 | ||
Acquired intangible assets, asset acquisitions | 10,299 | ||
Prepaid expenses and other assets, asset acquisitions | 25 | ||
Accounts payable and other liabilities, asset acquisitions | (1,157) | ||
Lease intangible liabilities, asset acquisitions | (390) | ||
Total Consideration, asset acquisitions | 56,622 | ||
The Quad [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 8,079 | ||
Buildings and improvements, asset acquisitions | 38,060 | ||
Tenant improvements, asset acquisitions | 1,798 | ||
Acquired intangible assets, asset acquisitions | 4,209 | ||
Prepaid expenses and other assets, asset acquisitions | 15 | ||
Accounts payable and other liabilities, asset acquisitions | (527) | ||
Lease intangible liabilities, asset acquisitions | (1,247) | ||
Total Consideration, asset acquisitions | 50,387 | ||
Circle Point Land [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 4,937 | ||
Accounts payable and other liabilities, asset acquisitions | (72) | ||
Total Consideration, asset acquisitions | 4,865 | ||
Greenwood Blvd [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 3,945 | ||
Buildings and improvements, asset acquisitions | 23,741 | ||
Tenant improvements, asset acquisitions | 2,278 | ||
Acquired intangible assets, asset acquisitions | 4,578 | ||
Prepaid expenses and other assets, asset acquisitions | 15 | ||
Accounts payable and other liabilities, asset acquisitions | (96) | ||
Total Consideration, asset acquisitions | 34,461 | ||
Camelback Square [Member] | |||
Acquisitions [Line Items] | |||
Land, asset acquisitions | 11,738 | ||
Buildings and improvements, asset acquisitions | 35,532 | ||
Tenant improvements, asset acquisitions | 2,390 | ||
Acquired intangible assets, asset acquisitions | 4,304 | ||
Prepaid expenses and other assets, asset acquisitions | 10 | ||
Accounts payable and other liabilities, asset acquisitions | (421) | ||
Lease intangible liabilities, asset acquisitions | (827) | ||
Total Consideration, asset acquisitions | $ 52,726 | ||
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 |
Real Estate Investments - Sch_3
Real Estate Investments - Schedule of Operating Results Relating to Acquired Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||||||||
Operating revenues | $ 34,167 | $ 33,547 | $ 30,236 | $ 31,534 | $ 31,181 | $ 24,750 | $ 25,157 | $ 25,399 | $ 129,484 | $ 106,487 | $ 72,461 |
Operating expenses | (49,872) | (42,886) | (28,305) | ||||||||
Interest | $ (23,937) | $ (20,173) | (14,761) | ||||||||
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) |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 07, 2019 | Mar. 08, 2018 | May 02, 2017 | Jun. 15, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Line Items] | |||||||
Net gain on sale of real estate property | $ 46,980 | $ 12,116 | $ 15,934 | ||||
Impairment charge | 3,497 | ||||||
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 | ||||||
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 | ||||||
Corporate Parkway [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 | ||||||
Plaza 25 [Member] | |||||||
Real Estate [Line Items] | |||||||
Non-refundable deposit received | 500 | ||||||
Impairment charge | $ 3,500 | ||||||
Plaza 25 [Member] | Subsequent Event [Member] | |||||||
Real Estate [Line Items] | |||||||
Proceeds of sale of property | $ 17,900 |
Real Estate Investments - Sch_4
Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | $ 17,370 | $ 38,427 |
Liabilities related to assets held for sale | (878) | (2,830) |
Plaza 25 [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 17,370 | |
Liabilities related to assets held for sale | (878) | |
Plaza 25 [Member] | Real Estate Properties, Net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 16,149 | |
Plaza 25 [Member] | Deferred Leasing Costs, Net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 419 | |
Plaza 25 [Member] | Acquired Lease Intangible Assets, Net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 11 | |
Plaza 25 [Member] | Rents Receivable, Prepaid Expenses and Other Assets [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 791 | |
Plaza 25 [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 | $ (878) | |
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, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 126,630 | $ 108,214 |
Accumulated amortization, Lease Intangible Assets | (51,129) | (43,126) |
Total, Lease Intangible Assets | 75,501 | 65,088 |
Cost, Lease Intangible Liabilities | (13,063) | (11,746) |
Accumulated amortization, Lease Intangible Liabilities | 4,176 | 3,097 |
Total, Lease Intangible Liabilities | (8,887) | (8,649) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 10,595 | 9,082 |
Accumulated amortization, Lease Intangible Assets | (4,800) | (3,215) |
Total, Lease Intangible Assets | 5,795 | 5,867 |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 1,855 | |
Accumulated amortization, Lease Intangible Assets | (19) | |
Total, Lease Intangible Assets | 1,836 | |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 82,474 | 71,426 |
Accumulated amortization, Lease Intangible Assets | (34,273) | (30,613) |
Total, Lease Intangible Assets | 48,201 | 40,813 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 31,706 | 27,706 |
Accumulated amortization, Lease Intangible Assets | (12,037) | (9,298) |
Total, Lease Intangible Assets | 19,669 | 18,408 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (12,925) | (11,608) |
Accumulated amortization, Lease Intangible Liabilities | 4,140 | 3,065 |
Total, Lease Intangible Liabilities | (8,785) | (8,543) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 36 | 32 |
Total, Lease Intangible Liabilities | $ (102) | $ (106) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 19,824 |
2,020 | 17,333 |
2,021 | 14,057 |
2,022 | 6,191 |
2,023 | 3,215 |
Thereafter | 5,994 |
Total | $ 66,614 |
Debt - Summary of Secured Indeb
Debt - Summary of Secured Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Indebtedness | $ 651,406 | $ 494,477 |
Deferred financing costs, net | (6,052) | (4,968) |
Total | 645,354 | 489,509 |
Credit Facility [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 147,500 | |
Maturity | 2022-03 | |
Credit Facility [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | 33,500 | |
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate, spread | 1.50% | |
Midland Life Insurance [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 86,973 | 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 | |
Circle Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 39,650 | |
Interest Rate | 4.49% | |
Maturity | 2028-09 | |
SanTan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 34,682 | 35,100 |
Interest Rate | 4.56% | |
Maturity | 2027-03 | |
Intellicenter [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 33,481 | 33,563 |
Interest Rate | 4.65% | |
Maturity | 2025-10 | |
The Quad [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 30,600 | |
Interest Rate | 4.20% | |
Maturity | 2028-09 | |
FRP Collection [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 29,589 | 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 | |
Greenwood Blvd [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 22,425 | |
Interest Rate | 4.60% | |
Maturity | 2025-12 | |
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 | |
Lake Vista Pointe [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 18,044 | 18,358 |
Interest Rate | 4.28% | |
Maturity | 2024-08 | |
Central Fairwinds [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,882 | 15,107 |
Interest Rate | 4.00% | |
Maturity | 2024-06 | |
FRP Ingenuity Drive [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,000 | 17,000 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Carillon Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 16,330 | 16,671 |
Interest Rate | 3.50% | |
Maturity | 2023-10 | |
Washington Group Plaza [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | 32,290 | |
Plaza 25 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 16,882 |
Debt - Summary of Secured Ind_2
Debt - Summary of Secured Indebtedness (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Mar. 15, 2018 | |
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% | |
Circle Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate of loan | 4.49% | |
Circle Point [Member] | Secured Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
DSCR | 120.00% | |
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% | |
Greenwood Blvd [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate of loan | 4.60% | |
Greenwood Blvd [Member] | Secured Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
DSCR | 135.00% | |
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% | |
Lake Vista Pointe [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Amortization period | 360 months | |
Effective interest rate of loan | 4.28% | |
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% | |
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% | |
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% | |
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 | $ 147,500,000 | |
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 | 1.50% | |
One month LIBOR rate | 2.50% | |
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 Mortgage Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 4,799 | |
2,020 | 5,831 | |
2,021 | 88,241 | |
2,022 | 152,568 | |
2,023 | 46,675 | |
Thereafter | 353,292 | |
Total | $ 651,406 | $ 494,477 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Feb. 21, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Hedges or derivatives | $ 0 | $ 0 | ||
Second City Funds [Member] | Termination and Mutual Release Agreement - Earn-Out [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Related party transaction | $ 2,400,000 | 0 | 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 | $ 503,300,000 | $ 462,300,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 01, 2019 | Oct. 29, 2018 | Aug. 01, 2018 | Feb. 21, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Central Fairwinds Limited Partnership [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage minority interest owned, acquired | 7.00% | ||||||
Percentage minority interest owned | 97.00% | ||||||
Administrative Services Agreement [Member] | SCRE II [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Agreement entered date | Oct. 29, 2018 | ||||||
Agreement effective date | Feb. 1, 2019 | ||||||
Administrative Services Agreement [Member] | SCRE II [Member] | First Twelve Months [Member] | Subsequent Event [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual payment receivable for services | $ 500,000 | ||||||
Administrative Services Agreement [Member] | SCRE II [Member] | Thereafter [Member] | Subsequent Event [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee paid percentage | 40.00% | ||||||
Administrative Services Agreement [Member] | Second City Funds [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual payment receivable for services | $ 700,000 | $ 1,200,000 | $ 1,400,000 | ||||
Termination and Mutual Release Agreement - Earn-Out [Member] | Second City Funds [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction | $ 2,400,000 | $ 0 | $ 2,400,000 | $ 3,800,000 | |||
Central Fairwinds Limited Partnership Minority Interest Purchase Agreements [Member] | Second City Funds [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction | $ 1,100,000 |
Future Minimum Rent Schedule -
Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 112,848 |
2,020 | 101,448 |
2,021 | 89,496 |
2,022 | 71,270 |
2,023 | 52,615 |
Thereafter | 106,126 |
Total future minimum lease payments to be received | $ 533,803 |
Future Minimum Rent Schedule _2
Future Minimum Rent Schedule - Additional Information (Detail) | Dec. 31, 2018 |
Sales Revenue, Services, Net [Member] | Government Contracts Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Percentage of total future minimum lease payments | 9.00% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $ (6,684) | $ (1,161) | $ (684) | $ 47,198 | $ (987) | $ (1,723) | $ 13,167 | $ (1,299) | $ 38,669 | $ 9,158 | $ 376 |
Less: Net income attributable to noncontrolling interests in properties | 501 | 3,402 | 354 | ||||||||
Less: Net income attributable to Preferred stockholders | 7,420 | 7,411 | 1,781 | ||||||||
Less: Net income attributable to Operating Partnership unitholders' noncontrolling interests | 865 | ||||||||||
Net income/(loss) attributable to common stockholders | $ (8,656) | $ (3,151) | $ (2,653) | $ 45,208 | $ (2,920) | $ (3,630) | $ 8,208 | $ (3,313) | $ 30,748 | $ (1,655) | $ (2,624) |
Denominator for basic EPS | 37,321 | 30,198 | 20,460 | ||||||||
Dilutive effect of RSUs | 349 | ||||||||||
Denominator for dilutive EPS | 37,670 | 30,198 | 20,460 | ||||||||
Net income/(loss) per common share: | |||||||||||
Basic | $ 0.82 | $ (0.05) | $ (0.13) | ||||||||
Dilutive | $ 0.82 | $ (0.05) | $ (0.13) |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 01, 2018$ / sharesshares | Dec. 21, 2017USD ($)$ / sharesshares | Jun. 16, 2017shares | Jan. 13, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)Installment$ / sharesshares | Dec. 31, 2017USD ($)Installment$ / sharesshares | Dec. 31, 2016USD ($)Installmentshares |
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | shares | 100,000,000 | 100,000,000 | |||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares authorized | shares | 5,600,000 | 5,600,000 | |||||
Preferred stock, Dividend rate percentage | 6.625% | 6.625% | |||||
Preferred stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | |||||
Net proceeds from sale of common stock | $ 42,902 | $ 136,941 | $ 86,785 | ||||
Aggregate cash distributions payable | $ 11,148 | $ 10,318 | |||||
Maximum number of shares issued under Equity Incentive Plan | shares | 1,263,580 | ||||||
Sales Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | shares | 8,000,000 | 6,000,000 | |||||
Common stock, par value | $ / shares | $ 0.01 | ||||||
Preferred stock, shares authorized | shares | 1,000,000 | 1,000,000 | |||||
Preferred stock, Dividend rate percentage | 6.625% | ||||||
Preferred stock, par value per share | $ / shares | $ 0.01 | ||||||
Net proceeds from sale of common stock | $ 42,900 | ||||||
Percentage of compensation from gross proceeds of shares sold | 2.00% | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock, shares issued | shares | 3,411,000 | 11,500,000 | 8,050,000 | ||||
Aggregate cash distributions payable | $ 9,300 | ||||||
Common Stock [Member] | Sales Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock, shares issued | shares | 3,410,802 | ||||||
Gross proceeds from sale of stock | $ 43,600 | ||||||
Common Stock [Member] | Public Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock, shares issued | shares | 5,750,000 | 5,750,000 | |||||
Gross proceeds from sale of stock | $ 72,500 | $ 71,300 | |||||
Shares issued, price per share | $ / shares | $ 12.60 | $ 12.40 | |||||
Net proceeds from sale of stock | $ 69,000 | $ 68,000 | |||||
Underwriting discounts and other expenses | $ 3,500 | $ 3,300 | |||||
Common Stock [Member] | Dividend Declared [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cash distributions | 35,600 | ||||||
Common Stock [Member] | Dividend Paid [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cash distributions | 34,700 | ||||||
Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Aggregate cash distributions payable | 1,900 | ||||||
Preferred Stock [Member] | Dividend Declared [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cash distributions | 7,400 | ||||||
Preferred Stock [Member] | Dividend Paid [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cash distributions | 7,400 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Class of Stock [Line Items] | |||||||
Net compensation expense | $ 1,400 | $ 1,700 | $ 2,400 | ||||
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 | 117,478 | 78,250 | ||||
Restricted stock units grant date fair value | $ 1,900 | $ 1,500 | $ 1,000 | ||||
Number of annual installments for award vesting | Installment | 3 | 3 | 3 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Noncontrolling Interests in Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 964 | $ 208 |
City Center [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (183) | (140) |
Central Fairwinds [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (304) | (764) |
AmberGlen Property [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (1,272) | (1,375) |
FRP Collection [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | 791 | 842 |
Park Tower [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 1,932 | $ 1,645 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Distributions Declared per Share and Unit (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||||||
Distribution per Common Share/Unit | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.940 | $ 0.940 | $ 0.940 |
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Declaration Date | Dec. 21, 2018 | Sep. 14, 2018 | Jun. 15, 2018 | Mar. 21, 2018 | |||
Record Date | Jan. 11, 2018 | Oct. 11, 2018 | Jul. 11, 2018 | Apr. 11, 2018 | |||
Payment Date | Jan. 25, 2018 | Oct. 25, 2018 | Jul. 25, 2018 | Apr. 25, 2018 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Feb. 25, 2019USD ($)ft² | Feb. 07, 2019USD ($) | Jun. 30, 2019USD ($)Building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | ||||||
Acquisition of real estate | $ 254,514 | $ 249,299 | $ 248,957 | |||
Accounts payable and other liabilities, asset acquisitions | $ 2,610 | $ 1,943 | ||||
Plaza 25 [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds of sale of property | $ 17,900 | |||||
Washington Property [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Area of property | ft² | 206,770 | |||||
Acquisition of real estate | $ 63,000 | |||||
Scenario, Forecast [Member] | Oregon Property [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Acquisition of real estate | $ 32,500 | |||||
Number Of real estate buildings acquired | Building | 2 | |||||
Accounts payable and other liabilities, asset acquisitions | $ 22,500 | |||||
Washington Property [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt face amount | $ 41,000 | |||||
Debt term | 8 years | |||||
Debt term extension | 5 years | |||||
Interest Rate | 4.30% |
Quarterly Financial Informati_3
Quarterly Financial Information - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 34,167 | $ 33,547 | $ 30,236 | $ 31,534 | $ 31,181 | $ 24,750 | $ 25,157 | $ 25,399 | $ 129,484 | $ 106,487 | $ 72,461 |
Net (loss)/income | (6,684) | (1,161) | (684) | 47,198 | (987) | (1,723) | 13,167 | (1,299) | 38,669 | 9,158 | 376 |
Net (loss)/income attributable to common stockholders | $ (8,656) | $ (3,151) | $ (2,653) | $ 45,208 | $ (2,920) | $ (3,630) | $ 8,208 | $ (3,313) | $ 30,748 | $ (1,655) | $ (2,624) |
Net (loss)/income per share | $ (0.22) | $ (0.08) | $ (0.07) | $ 1.25 | $ (0.09) | $ (0.12) | $ 0.27 | $ (0.11) |
Schedule III - Real Estate Pr_2
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 651,406 | ||
Initial Costs to Company, Land | 223,789 | ||
Initial Costs to Company, Buildings and Improvements | 730,471 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 51,387 | ||
Gross Amount, Land | 223,789 | ||
Gross Amount, Building and Improvements | 781,858 | ||
Gross Amount, Total | 1,005,647 | $ 776,301 | $ 589,376 |
Accumulated Amortization | 70,484 | $ 48,234 | $ 39,052 |
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 | 2,050 | ||
Gross Amount, Land | 6,546 | ||
Gross Amount, Building and Improvements | 5,540 | ||
Gross Amount, Total | 12,086 | ||
Accumulated Amortization | $ 2,630 | ||
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 | $ 23,417 | ||
Initial Costs to Company, Land | 3,123 | ||
Initial Costs to Company, Buildings and Improvements | 10,656 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 8,809 | ||
Gross Amount, Land | 3,123 | ||
Gross Amount, Building and Improvements | 19,465 | ||
Gross Amount, Total | 22,588 | ||
Accumulated Amortization | $ 6,624 | ||
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 | $ 17,882 | ||
Initial Costs to Company, Land | 1,747 | ||
Initial Costs to Company, Buildings and Improvements | 9,751 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 6,716 | ||
Gross Amount, Land | 1,747 | ||
Gross Amount, Building and Improvements | 16,467 | ||
Gross Amount, Total | 18,214 | ||
Accumulated Amortization | $ 3,692 | ||
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 | $ 47,791 | ||
Initial Costs to Company, Land | 25,745 | ||
Initial Costs to Company, Buildings and Improvements | 20,144 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,359 | ||
Gross Amount, Land | 25,745 | ||
Gross Amount, Building and Improvements | 21,503 | ||
Gross Amount, Total | 47,248 | ||
Accumulated Amortization | $ 5,834 | ||
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 | ||
Lake Vista Pointe [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 18,044 | ||
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 | $ 4,220 | ||
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 | 683 | ||
Gross Amount, Land | 4,415 | ||
Gross Amount, Building and Improvements | 18,458 | ||
Gross Amount, Total | 22,873 | ||
Accumulated Amortization | $ 2,818 | ||
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 | 697 | ||
Gross Amount, Land | 1,306 | ||
Gross Amount, Building and Improvements | 8,894 | ||
Gross Amount, Total | 10,200 | ||
Accumulated Amortization | $ 1,354 | ||
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 | 1,671 | ||
Gross Amount, Land | 3,153 | ||
Gross Amount, Building and Improvements | 21,505 | ||
Gross Amount, Total | 24,658 | ||
Accumulated Amortization | $ 2,519 | ||
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 | $ 15,765 | ||
Initial Costs to Company, Land | 7,137 | ||
Initial Costs to Company, Buildings and Improvements | 23,184 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,006 | ||
Gross Amount, Land | 7,137 | ||
Gross Amount, Building and Improvements | 24,190 | ||
Gross Amount, Total | 31,327 | ||
Accumulated Amortization | $ 2,968 | ||
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 | 1,005 | ||
Gross Amount, Land | 7,162 | ||
Gross Amount, Building and Improvements | 40,695 | ||
Gross Amount, Total | 47,857 | ||
Accumulated Amortization | $ 3,825 | ||
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 | $ 33,481 | ||
Initial Costs to Company, Land | 5,244 | ||
Initial Costs to Company, Buildings and Improvements | 34,278 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 26 | ||
Gross Amount, Land | 5,244 | ||
Gross Amount, Building and Improvements | 34,304 | ||
Gross Amount, Total | 39,548 | ||
Accumulated Amortization | $ 3,673 | ||
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 | $ 16,330 | ||
Initial Costs to Company, Land | 5,172 | ||
Initial Costs to Company, Buildings and Improvements | 17,316 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 68 | ||
Gross Amount, Land | 5,172 | ||
Gross Amount, Building and Improvements | 17,384 | ||
Gross Amount, Total | 22,556 | ||
Accumulated Amortization | $ 2,252 | ||
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 | $ 29,589 | ||
Initial Costs to Company, Land | 7,031 | ||
Initial Costs to Company, Buildings and Improvements | 38,700 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 993 | ||
Gross Amount, Land | 7,031 | ||
Gross Amount, Building and Improvements | 39,693 | ||
Gross Amount, Total | 46,724 | ||
Accumulated Amortization | $ 4,180 | ||
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 | 13,987 | ||
Gross Amount, Land | 3,479 | ||
Gross Amount, Building and Improvements | 82,643 | ||
Gross Amount, Total | 86,122 | ||
Accumulated Amortization | $ 6,146 | ||
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 | 1,144 | ||
Gross Amount, Land | 6,696 | ||
Gross Amount, Building and Improvements | 33,267 | ||
Gross Amount, Total | 39,963 | ||
Accumulated Amortization | $ 1,973 | ||
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 | $ 34,682 | ||
Initial Costs to Company, Land | 6,803 | ||
Initial Costs to Company, Buildings and Improvements | 37,187 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 4,448 | ||
Gross Amount, Land | 6,803 | ||
Gross Amount, Building and Improvements | 41,635 | ||
Gross Amount, Total | 48,438 | ||
Accumulated Amortization | $ 3,270 | ||
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 | 1,134 | ||
Gross Amount, Land | 10,629 | ||
Gross Amount, Building and Improvements | 35,649 | ||
Gross Amount, Total | 46,278 | ||
Accumulated Amortization | $ 1,928 | ||
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 | 2,949 | ||
Gross Amount, Land | 25,741 | ||
Gross Amount, Building and Improvements | 44,423 | ||
Gross Amount, Total | 70,164 | ||
Accumulated Amortization | $ 3,322 | ||
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 | 1,374 | ||
Gross Amount, Land | 40,356 | ||
Gross Amount, Building and Improvements | 46,365 | ||
Gross Amount, Total | 86,721 | ||
Accumulated Amortization | $ 2,764 | ||
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 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 295 | ||
Gross Amount, Land | 10,746 | ||
Gross Amount, Building and Improvements | 20,057 | ||
Gross Amount, Total | 30,803 | ||
Accumulated Amortization | $ 1,237 | ||
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 | ||
Pima Center [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Buildings and Improvements | $ 45,133 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 222 | ||
Gross Amount, Building and Improvements | 45,355 | ||
Gross Amount, Total | 45,355 | ||
Accumulated Amortization | $ 1,529 | ||
Date Acquired | 2018-04 | ||
Depreciation Life for the Latest Income Statement | 44 years | ||
Pima Center [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,006 | ||
Pima Center [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2,008 | ||
Circle Point [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 39,650 | ||
Initial Costs to Company, Land | 13,681 | ||
Initial Costs to Company, Buildings and Improvements | 39,101 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 714 | ||
Gross Amount, Land | 13,681 | ||
Gross Amount, Building and Improvements | 39,815 | ||
Gross Amount, Total | 53,496 | ||
Accumulated Amortization | $ 1,009 | ||
Date of Construction | 2,001 | ||
Date Acquired | 2018-07 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
The Quad [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 30,600 | ||
Initial Costs to Company, Land | 8,079 | ||
Initial Costs to Company, Buildings and Improvements | 39,858 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | (18) | ||
Gross Amount, Land | 8,079 | ||
Gross Amount, Building and Improvements | 39,840 | ||
Gross Amount, Total | 47,919 | ||
Accumulated Amortization | $ 616 | ||
Date of Construction | 1,982 | ||
Date Acquired | 2018-07 | ||
Depreciation Life for the Latest Income Statement | 40 years | ||
Greenwood Blvd [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 22,425 | ||
Initial Costs to Company, Land | 3,945 | ||
Initial Costs to Company, Buildings and Improvements | 26,019 | ||
Gross Amount, Land | 3,945 | ||
Gross Amount, Building and Improvements | 26,019 | ||
Gross Amount, Total | 29,964 | ||
Accumulated Amortization | $ 12 | ||
Date of Construction | 1,997 | ||
Date Acquired | 2018-12 | ||
Depreciation Life for the Latest Income Statement | 45 years | ||
Camelback Square [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 11,738 | ||
Initial Costs to Company, Buildings and Improvements | 37,922 | ||
Gross Amount, Land | 11,738 | ||
Gross Amount, Building and Improvements | 37,922 | ||
Gross Amount, Total | 49,660 | ||
Accumulated Amortization | $ 17 | ||
Date of Construction | 1,978 | ||
Date Acquired | 2018-12 | ||
Depreciation Life for the Latest Income Statement | 48 years | ||
Corporate [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 147,500 | ||
Initial Costs to Company, Buildings and Improvements | 115 | ||
Gross Amount, Building and Improvements | 115 | ||
Gross Amount, Total | 115 | ||
Accumulated Amortization | $ 72 |
Schedule III - Real Estate Pr_3
Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) | Dec. 31, 2018USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Real estate assets, aggregate cost for federal tax purpose | $ 1,020,653 |
Secured Debt [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Deferred financing costs | $ 6,052 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties | ||
Balance, beginning of year | $ 776,301 | $ 589,376 |
Acquisitions | 225,476 | 228,214 |
Dispositions and impairments | (5,715) | (11,683) |
Capital improvements | 30,378 | 10,804 |
Assets held for sale | (20,793) | (40,410) |
Balance, end of year | 1,005,647 | 776,301 |
Accumulated Depreciation | ||
Balance, beginning of year | 48,234 | 39,052 |
Depreciation | 29,196 | 22,424 |
Dispositions | (2,301) | (7,374) |
Depreciation on assets held for sale | (4,645) | (5,868) |
Balance, end of year | $ 70,484 | $ 48,234 |