City Office REIT (CIO) 10-Q 6 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	City Office REIT, Inc.
Entity Central Index Key	0001593222
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	CIO
Entity Common Stock, Shares Outstanding		39,635,793
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate properties
Land	$ 224,837	$ 223,789
Building and improvement	735,403	704,113
Tenant improvement	81,960	77,426
Furniture, fixtures and equipment	270	319
Real estate properties, gross	1,042,470	1,005,647
Accumulated depreciation	(78,263)	(70,484)
Real estate properties, net	964,207	935,163
Cash and cash equivalents	15,314	16,138
Restricted cash	21,713	17,007
Rents receivable, net	27,524	26,095
Deferred leasing costs, net	10,865	10,402
Acquired lease intangible assets, net	74,651	75,501
Other assets	14,419	2,755
Assets held for sale	15,932	17,370
Total Assets	1,144,625	1,100,431
Liabilities:
Debt	694,989	645,354
Accounts payable and accrued liabilities	23,408	25,892
Deferred rent	5,079	5,331
Tenant rent deposits	5,531	4,564
Acquired lease intangible liabilities, net	9,610	8,887
Other liabilities	19,352	11,148
Liabilities related to assets held for sale	270	878
Total Liabilities	758,239	702,054
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of December 31, 2018 and 2017 respectively	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,635,793 and 39,544,073 shares issued and outstanding	396	395
Additional paid-in capital	377,428	377,126
Accumulated deficit	(104,449)	(92,108)
Total Stockholders' Equity	385,375	397,413
Non-controlling interests in properties	1,011	964
Total Equity	386,386	398,377
Total Liabilities and Equity	$ 1,144,625	$ 1,100,431

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	39,635,793	39,544,073
Common stock, shares outstanding	39,635,793	39,544,073

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Rental and other revenues	$ 37,120	$ 31,534
Operating expenses:
Property operating expenses	13,844	11,625
General and administrative	2,299	1,978
Depreciation and amortization	14,417	11,893
Total operating expenses	30,560	25,496
Operating income	6,560	6,038
Interest expense:
Contractual interest expense	(7,143)	(5,188)
Amortization of deferred financing costs	(337)	(632)
Interest expense, net	(7,480)	(5,820)
Net gain on sale of real estate property		46,980
Net (loss)/income	(920)	47,198
Net income attributable to non-controlling interests in properties	(169)	(135)
Net (loss)/income attributable to the Company	(1,089)	47,063
Preferred stock distributions	(1,855)	(1,855)
Net (loss)/income attributable to common stockholders	$ (2,944)	$ 45,208
Net (loss)/income per common share:
Basic	$ (0.07)	$ 1.25
Diluted	$ (0.07)	$ 1.24
Weighted average common shares outstanding:
Basic	39,565	36,073
Diluted	39,565	36,432
Dividend distributions declared per common share	$ 0.235	$ 0.235

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
Beginning balance at Dec. 31, 2017	$ 359,832	$ 112,000	$ 360	$ 334,241	$ (86,977)	$ 359,624	$ 208
Beginning balance, shares at Dec. 31, 2017		4,480,000	36,012,000
Restricted stock award grants and vesting, values	285	$ 0	$ 1	356	(72)	285	0
Restricted stock award grants and vesting, shares		0	120,000
Common stock dividend distributions declared	(8,491)	$ 0	$ 0	0	(8,491)	(8,491)	0
Preferred stock dividend distributions declared	(1,855)	0	0	0	(1,855)	(1,855)	0
Distributions	(29)	0	0	0	0	0	(29)
Net (loss)/income	47,198	0	0	0	47,063	47,063	135
Ending balance at Mar. 31, 2018	396,940	$ 112,000	$ 361	334,597	(50,332)	396,626	314
Ending balance, shares at Mar. 31, 2018		4,480,000	36,132,000
Beginning balance at Dec. 31, 2018	$ 398,377	$ 112,000	$ 395	377,126	(92,108)	397,413	964
Beginning balance, shares at Dec. 31, 2018	39,544,073	4,480,000	39,544,000
Restricted stock award grants and vesting, values	$ 220	$ 0	$ 1	302	(83)	220	0
Restricted stock award grants and vesting, shares		0	92,000
Common stock dividend distributions declared	(9,314)	$ 0	$ 0	0	(9,314)	(9,314)	0
Preferred stock dividend distributions declared	(1,855)	0	0	0	(1,855)	(1,855)	0
Contributions	12	0	0	0	0	0	12
Distributions	(134)	0	0	0	0	0	(134)
Net (loss)/income	(920)	0	0	0	(1,089)	(1,089)	169
Ending balance at Mar. 31, 2019	$ 386,386	$ 112,000	$ 396	$ 377,428	$ (104,449)	$ 385,375	$ 1,011
Ending balance, shares at Mar. 31, 2019	39,635,793	4,480,000	39,636,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net (loss)/income	$ (920)	$ 47,198
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	14,417	11,893
Amortization of deferred financing costs	337	632
Amortization of above/below market leases	(27)	(200)
Increase in straight-line rent/expense	(1,454)	(844)
Non-cash stock compensation	444	350
Net gain on sale of real estate property		(46,980)
Changes in non-cash working capital:
Rents receivable, net	(225)	322
Other assets	(1,710)	(1,741)
Accounts payable and accrued liabilities	(7,506)	(6,890)
Deferred rent	(485)	(2,124)
Tenant rent deposits	(45)	189
Net Cash Provided By Operating Activities	2,826	1,805
Cash Flows (to)/from Investing Activities:
Additions to real estate properties	(2,292)	(2,753)
Acquisition of real estate	(51,070)
Net proceeds from sale of real estate	17,426	84,839
Deferred leasing costs	(811)	(1,071)
Net Cash (Used In)/Provided By Investing Activities	(36,747)	81,015
Cash Flows from/(to) Financing Activities:
Debt issuance and extinguishment costs	(516)	(1,896)
Proceeds from mortgage loans payable	40,950
Repayment of mortgage loans payable	(1,137)	(33,134)
Proceeds from credit facility	35,000	18,500
Repayment of credit facility	(25,000)	(52,000)
Shares withheld for payment of taxes on restricted stock unit vesting	(224)	(64)
Contributions from non-controlling interests in properties	12
Distributions to non-controlling interests in properties	(134)	(29)
Dividend distributions paid to stockholders and Operating Partnership unitholders	(11,148)	(10,318)
Net Cash Provided By/(Used In) Financing Activities	37,803	(78,941)
Net Increase in Cash, Cash Equivalents and Restricted Cash	3,882	3,879
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	33,145	35,014
Cash, Cash Equivalents and Restricted Cash, End of Period	37,027	38,893
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	15,314	18,509
Restricted Cash, End of Period	21,713	20,384
Cash, Cash Equivalents and Restricted Cash, End of Period	37,027	38,893
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	6,679	5,607
Purchases of additions in real estate properties included in accounts payable	4,161	3,503
Purchases of deferred leasing costs included in accounts payable	$ 192	$ 147

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for tax years beginning before 2018, any applicable alternative minimum tax.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. New Accounting Pronouncements Adopted in the Current Year In February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessors to classify leases as a sales-type, direct financing, or operating lease and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The Company adopted the new standard effective January , and elected the effective date method for the transition. The Company elected the following practical expedients: • Transition method practical expedient – permits the Company to use the effective date as the date of initial application. Upon adoption, the Company did not have a cumulative-effect adjustment to the opening balance of retained earnings. Financial information and disclosures for periods before January 1, 2019 were not 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. This allowed the Company to continue classifying its leases at transition in substantially the same manner. • Single component practical expedient – permits the Company to not separate lease and non-lease components of leases. Upon transition, rental income, expense reimbursement, and other were aggregated into a single line within rental and other revenues on the condensed consolidated statement of operations. • Land easement practical expedient – permits the Company not to reassess under the new standard its prior conclusions about land easements. • Short-term lease practical expedient – permits the Company not to recognize leases with a term equal to or less than 12 months. Lessor Accounting The accounting for lessors under the new standard remained relatively unchanged with a few targeted updates impacting the Company, which included: (i) narrower definition of initial direct costs that requires certain costs to be expensed rather than capitalized, and (ii) provisions for uncollectible rents to be recorded as a reduction in revenue rather than as bad debt expense. Lessee Accounting The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating at inception, with classification affecting the pattern and recording of expenses in the statement of operations. Upon transition the Company recognized right-of use assets and lease liabilities principally for its ground and office leases.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2019 (in thousands): Canyon Park Land $ 7,098 Buildings and improvements 36,619 Tenant improvements 1,797 Acquired intangible assets 8,109 Prepaid expenses and other assets 10 Accounts payable and other liabilities (1,266 ) Lease intangible liabilities (1,297 ) Total consideration $ 51,070 Sale of Real Estate Property On February 7, 2019, the Company sold the Plaza 25 property in Denver, Colorado for $17.9 million. No gain or loss was recognized on the sale as the property was carried at fair value less cost to sell on the date of disposition. 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. Assets Held for Sale On February 27, 2019, the Company entered into a Purchase and Sale agreement to sell the 10455 Pacific Center Court building of the Sorrento Mesa property for $16.5 million. The Company determined that the property met the criteria for classification as held for sale as of March 31, 2019. The transaction is anticipated to close in the second quarter of 2019, subject to customary closing conditions. As of March 31, 2019, a $1.0 million non-refundable deposit has been received. The property has been classified as held for sale as of March 31, 2019 (in thousands): March 31, 2019 10455 Pacific Center Court Real estate properties, net $ 14,231 Acquired lease intangible assets, net 1,350 Rents receivable, prepaid expenses and other assets 351 Assets held for sale $ 15,932 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (270 ) Liabilities related to assets held for sale $ (270 )

Lease Intangibles

Lease Intangibles	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of March 31, 2019 and December 31, 2018 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2019 Above Market Leases Below Market Ground Lease (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease ( 1) Total Cost $ 11,319 $ — $ 85,219 $ 34,526 $ 131,064 $ (14,222 ) $ (138 ) $ (14,360 ) Accumulated amortization (5,292 ) — (37,903 ) (13,218 ) (56,413 ) 4,713 37 4,750 $ 6,027 $ — $ 47,316 $ 21,308 $ 74,651 $ (9,509 ) $ (101 ) $ (9,610 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below Market Ground Lease (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease ( 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 ) (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. Upon the adoption of Topic 842 on January 1, 2019, the Company derecognized the below market ground lease intangible asset related to one of its lessee ground leases and included the net carrying value of the intangible asset within the right-of-use The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2019 $ 14,962 2020 17,692 2021 14,416 2022 6,652 2023 3,789 Thereafter 7,530 $ 65,041

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of March 31, 2019 and December 31, 2018 (dollars in thousands): Property March 31, 2019 December 31, 2018 Interest Rate as of March 31, 2019 (1) Maturity Unsecured Credit Facility (2) $ 157,500 $ 147,500 LIBOR +1.60 % (3) March 2022 Midland Life Insurance (4) 86,560 86,973 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 190 Office Center 41,250 41,250 4.79 October 2025 Canyon Park (5) 40,950 — 4.30 March 2027 Circle Point 39,650 39,650 4.49 September 2028 SanTan 34,492 34,682 4.56 March 2027 Intellicenter 33,350 33,481 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection 29,439 29,589 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Greenwood Blvd 22,425 22,425 4.60 December 2025 5090 N 40th St 22,000 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,963 18,044 4.28 August 2024 Central Fairwinds 17,798 17,882 4.00 June 2024 FRP Ingenuity Drive 17,000 17,000 4.44 December 2024 Carillon Point 16,242 16,330 3.50 October 2023 Total Principal 701,219 651,406 Deferred financing costs, net (6,230 ) (6,052 ) Total $ 694,989 $ 645,354 (1) All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 2 below. (2) As of March 31, 2019, the Unsecured Credit Facility had $250 million authorized with $157.5 million drawn and a $ 5.3 a mortgage lender. 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 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. (3) As of March 31, 2019, the one month LIBOR rate was 2.49%. (4) The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 200 450 The scheduled principal repayments of debt as of March 31, 2019 are as follows (in thousands): 2019 $ 3,712 2020 5,834 2021 88,754 2022 163,277 2023 47,415 Thereafter 392,227 $ 701,219

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs As of March 31, 2019 and December 31, 2018, the Company did not have any hedges or derivatives. Cash, Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $548.0 million and $503.3 million as of March 31, 2019 and December 31, 2018, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the three months ended March 31, 2019 and 2018, the Company earned $ 0.1 0.2

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	8. Leases Lessor Accounting The Company is focused on acquiring, owning and operating high-quality office properties for lease to a stable and diverse tenant base. Our properties have both full-service gross and net leases which are generally classified as operating leases. Rental income related to such leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses. The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under the new leasing standard. As a result, rental income, expense reimbursement, and other were aggregated into a single line within rental and other revenues on the condensed consolidated statement of operations. For the three months ended March 31, 2019, the Company recognized $37.1 million of rental and other revenue related to its operating leases (in thousands): Fixed payments $ 32,199 Variable payments 4,880 $ 37,079 Future minimum lease payments to be received by the Company as of March 31, 2019 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): 2019 $ 86,919 2020 108,063 2021 97,491 2022 79,821 2023 61,816 Thereafter 136,400 $ 570,510 The Company’s leases may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increase rather than variable payments based on an index or unknown rate. Nine state government tenants currently have the exercisable right to terminate their leases if the applicable state legislature does not appropriate rent in its annual budget. The Company has determined that the occurrence of any government tenant not being appropriated the rent in the applicable annual budget is a remote contingency and accordingly recognizes lease revenue on a straight-line basis over the respective lease term. These tenants represent approximately 8.1% of the Company’s total future minimum lease payments as of March 31, 2019. Lessee Accounting As a lessee, the Company has ground and office leases which were classified as operating leases. Upon adoption of Topic 842, on January 1, 2019 the Company recognized right-of-use assets of $9.2 million and lease liabilities of $7.2 million. The difference between the recorded right-of-use assets and lease liabilities is mainly due to the reclassification of the below market ground lease intangible asset which was included within the right-of-use assets recognized upon transition. As of March 31, 2019, these leases had remaining terms of 2 to 70 years March 31, Right-of-use $ 10,256 Lease liability – operating leases $ 8,183 Operating lease liabilities are measured at the commencement date based on the present value of future lease payments. One of the Company’s operating ground lease includes rental payment increases over the lease term based on increases in the Consumer Price Index (“CPI”). Changes in the CPI were not estimated as part of the measurement of the operating lease liability. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a weighted average discount rate of 6.31% in determining its lease liabilities. The discount rates were derived from the Company’s assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments. Operating lease right-of-use assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Operating lease expense for the three months ended March 31, 2019 was $ 0.2 Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2019 for the next five years and thereafter are as follows (in thousands): 2019 $ 360 2020 782 2021 781 2022 741 2023 659 Thereafter 27,277 Total future minimum lease payments 30,600 Discount (22,417 ) Total $ 8,183

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2019 management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2019
Federal Home Loan Banks [Abstract]
Stockholder's Equity	10. Stockholders’ Equity Common Stock and Common Unit Distributions On March 15, 2019 April 25, 2019 April 11, 2019, $9.3 million. Preferred Stock Distributions On March 15, 2019 0.4140625 1.9 April 11, 2019 Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive employees, 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”). On May 2, 2019, the Company’s stockholders approved an amendment to the Equity Incentive Plan increasing the maximum number of shares of common stock that may be issued under the Equity Incentive Plan from 1,263,580 During the three months ended March 31, 2019, 162,500 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive employees with a fair value of $1.8 million. The awards will vest in three equal, annual installments on each of the first three anniversaries of the date of grant. For the three months ended March 31, 2019 the Company recognized net compensation expense of $0.4 million related to the RSUs. A RSU award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the Plan Administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested RSUs. The Plan Administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the RSUs do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vests.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Preparation and Summary of Significant Accounting Policies	Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
New Accounting Pronouncements	New Accounting Pronouncements Adopted in the Current Year In February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessors to classify leases as a sales-type, direct financing, or operating lease and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The Company adopted the new standard effective January , and elected the effective date method for the transition. The Company elected the following practical expedients: • Transition method practical expedient – permits the Company to use the effective date as the date of initial application. Upon adoption, the Company did not have a cumulative-effect adjustment to the opening balance of retained earnings. Financial information and disclosures for periods before January 1, 2019 were not 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. This allowed the Company to continue classifying its leases at transition in substantially the same manner. • Single component practical expedient – permits the Company to not separate lease and non-lease components of leases. Upon transition, rental income, expense reimbursement, and other were aggregated into a single line within rental and other revenues on the condensed consolidated statement of operations. • Land easement practical expedient – permits the Company not to reassess under the new standard its prior conclusions about land easements. • Short-term lease practical expedient – permits the Company not to recognize leases with a term equal to or less than 12 months. Lessor Accounting The accounting for lessors under the new standard remained relatively unchanged with a few targeted updates impacting the Company, which included: (i) narrower definition of initial direct costs that requires certain costs to be expensed rather than capitalized, and (ii) provisions for uncollectible rents to be recorded as a reduction in revenue rather than as bad debt expense. Lessee Accounting The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating at inception, with classification affecting the pattern and recording of expenses in the statement of operations. Upon transition the Company recognized right-of use assets and lease liabilities principally for its ground and office leases.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed	The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2019 (in thousands): Canyon Park Land $ 7,098 Buildings and improvements 36,619 Tenant improvements 1,797 Acquired intangible assets 8,109 Prepaid expenses and other assets 10 Accounts payable and other liabilities (1,266 ) Lease intangible liabilities (1,297 ) Total consideration $ 51,070
Schedule of Property Classified as Held for Sale	March 31, 2019 10455 Pacific Center Court Real estate properties, net $ 14,231 Acquired lease intangible assets, net 1,350 Rents receivable, prepaid expenses and other assets 351 Assets held for sale $ 15,932 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (270 ) Liabilities related to assets held for sale $ (270 )

Lease Intangibles (Tables)

Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2019 Above Market Leases Below Market Ground Lease (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease ( 1) Total Cost $ 11,319 $ — $ 85,219 $ 34,526 $ 131,064 $ (14,222 ) $ (138 ) $ (14,360 ) Accumulated amortization (5,292 ) — (37,903 ) (13,218 ) (56,413 ) 4,713 37 4,750 $ 6,027 $ — $ 47,316 $ 21,308 $ 74,651 $ (9,509 ) $ (101 ) $ (9,610 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below Market Ground Lease (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease ( 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 ) (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. Upon the adoption of Topic 842 on January 1, 2019, the Company derecognized the below market ground lease intangible asset related to one of its lessee ground leases and included the net carrying value of the intangible asset within the right-of-use
Estimated Aggregate Amortization Expense for Lease Intangibles	The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2019 $ 14,962 2020 17,692 2021 14,416 2022 6,652 2023 3,789 Thereafter 7,530 $ 65,041

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Secured Indebtedness	The following table summarizes the indebtedness as of March 31, 2019 and December 31, 2018 (dollars in thousands): Property March 31, 2019 December 31, 2018 Interest Rate as of March 31, 2019 (1) Maturity Unsecured Credit Facility (2) $ 157,500 $ 147,500 LIBOR +1.60 % (3) March 2022 Midland Life Insurance (4) 86,560 86,973 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 190 Office Center 41,250 41,250 4.79 October 2025 Canyon Park (5) 40,950 — 4.30 March 2027 Circle Point 39,650 39,650 4.49 September 2028 SanTan 34,492 34,682 4.56 March 2027 Intellicenter 33,350 33,481 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection 29,439 29,589 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Greenwood Blvd 22,425 22,425 4.60 December 2025 5090 N 40th St 22,000 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,963 18,044 4.28 August 2024 Central Fairwinds 17,798 17,882 4.00 June 2024 FRP Ingenuity Drive 17,000 17,000 4.44 December 2024 Carillon Point 16,242 16,330 3.50 October 2023 Total Principal 701,219 651,406 Deferred financing costs, net (6,230 ) (6,052 ) Total $ 694,989 $ 645,354 (1) All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 2 below. (2) As of March 31, 2019, the Unsecured Credit Facility had $250 million authorized with $157.5 million drawn and a $ 5.3 a mortgage lender. 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 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. (3) As of March 31, 2019, the one month LIBOR rate was 2.49%. (4) The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 200 450
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of March 31, 2019 are as follows (in thousands): 2019 $ 3,712 2020 5,834 2021 88,754 2022 163,277 2023 47,415 Thereafter 392,227 $ 701,219

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Operating Lease Lease Income	For the three months ended March 31, 2019, the Company recognized $37.1 million of rental and other revenue related to its operating leases (in thousands): Fixed payments $ 32,199 Variable payments 4,880 $ 37,079
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of March 31, 2019 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands): 2019 $ 86,919 2020 108,063 2021 97,491 2022 79,821 2023 61,816 Thereafter 136,400 $ 570,510
Schedule Of Supplemental Balance Sheet Information Related To Leases	Operating right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s condensed consolidated balance sheet as follows (in thousands): March 31, Right-of-use $ 10,256 Lease liability – operating leases $ 8,183
Schedule future minimum lease payments to be paid	2019 $ 360 2020 782 2021 781 2022 741 2023 659 Thereafter 27,277 Total future minimum lease payments 30,600 Discount (22,417 ) Total $ 8,183

Real Estate Investments - Sched

Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - Canyon Park [Member] $ in Thousands	Mar. 31, 2019USD ($)
Acquisitions [Line Items]
Land, asset acquisitions	$ 7,098
Buildings and improvements, asset acquisitions	36,619
Tenant improvements, asset acquisitions	1,797
Acquired intangible assets, asset acquisitions	8,109
Prepaid expenses and other assets, asset acquisitions	10
Accounts payable and other liabilities, asset acquisitions	(1,266)
Lease intangible liabilities, asset acquisitions	(1,297)
Total consideration, asset acquisitions	$ 51,070

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 27, 2019	Feb. 07, 2019	Mar. 08, 2018	Mar. 31, 2018	Mar. 31, 2019
Real Estate [Line Items]
Net gain on sale of real estate property				$ 46,980
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
Plaza 25 [Member]
Real Estate [Line Items]
Proceeds of sale of property		$ 17,900
Sorrento Mesa [Member]
Real Estate [Line Items]
Proceeds of sale of property	$ 16,500
Non-refundable deposit received					$ 1,000

Real Estate Investments - Sch_2

Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 15,932	$ 17,370
Liabilities related to assets held for sale	(270)	$ (878)
Pacific Center Court 10455 [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	15,932
Liabilities related to assets held for sale	(270)
Pacific Center Court 10455 [Member] | Real Estate Properties, Net [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	14,231
Pacific Center Court 10455 [Member] | Acquired Lease Intangible Assets, Net [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	1,350
Pacific Center Court 10455 [Member] | Rents Receivable, Prepaid Expenses and Other Assets [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	351
Pacific Center Court 10455 [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	$ (270)

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 131,064	$ 126,630
Accumulated amortization, Lease Intangible Assets	(56,413)	(51,129)
Total, Lease Intangible Assets	74,651	75,501
Cost, Lease Intangible Liabilities	(14,360)	(13,063)
Accumulated amortization, Lease Intangible Liabilities	4,750	4,176
Total, Lease Intangible Liabilities	(9,610)	(8,887)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	11,319	10,595
Accumulated amortization, Lease Intangible Assets	(5,292)	(4,800)
Total, Lease Intangible Assets	6,027	5,795
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	0	1,855
Accumulated amortization, Lease Intangible Assets	0	(19)
Total, Lease Intangible Assets	0	1,836
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	85,219	82,474
Accumulated amortization, Lease Intangible Assets	(37,903)	(34,273)
Total, Lease Intangible Assets	47,316	48,201
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	34,526	31,706
Accumulated amortization, Lease Intangible Assets	(13,218)	(12,037)
Total, Lease Intangible Assets	21,308	19,669
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(14,222)	(12,925)
Accumulated amortization, Lease Intangible Liabilities	4,713	4,140
Total, Lease Intangible Liabilities	(9,509)	(8,785)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	37	36
Total, Lease Intangible Liabilities	$ (101)	$ (102)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 14,962
2020	17,692
2021	14,416
2022	6,652
2023	3,789
Thereafter	7,530
Total	$ 65,041

Debt - Summary of Secured Indeb

Debt - Summary of Secured Indebtedness (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Indebtedness	$ 701,219	$ 651,406
Deferred financing costs, net	(6,230)	(6,052)
Total	694,989	645,354
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 157,500	147,500
Maturity	2022-03
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Interest Rate, spread	1.60%
Midland Life Insurance [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 86,560	86,973
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
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 40,950
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 39,650	39,650
Interest Rate	4.49%
Maturity	2028-09
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 34,492	34,682
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 33,350	33,481
Interest Rate	4.65%
Maturity	2025-10
The Quad [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,600	30,600
Interest Rate	4.20%
Maturity	2028-09
FRP Collection [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 29,439	29,589
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	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	$ 17,963	18,044
Interest Rate	4.28%
Maturity	2024-08
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 17,798	17,882
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	$ 16,242	$ 16,330
Interest Rate	3.50%
Maturity	2023-10

Debt - Summary of Secured Ind_2

Debt - Summary of Secured Indebtedness (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 15, 2018
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	200.00%
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	450.00%
Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
letter of credit	$ 5.3
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount	250	$ 250
letter of credit	$ 157.5
Loan maturity date	Mar. 31, 2022
Loan expected extended maturity date	Mar. 31, 2023
Revolving Credit Facility, maximum borrowing capacity		$ 500
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.60%
One month LIBOR rate	2.49%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.50%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	140.00%
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	225.00%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019	$ 3,712
2020	5,834
2021	88,754
2022	163,277
2023	47,415
Thereafter	392,227
Total	$ 701,219	$ 651,406

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedges or derivatives	$ 0	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	$ 548,000,000	$ 503,300,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Administrative Services Agreement [Member] | Second City Funds [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 0.1	$ 0.2

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease cost	$ 200
Operating Lease, Liability	$ 8,183
Operating Lease, Weighted Average Remaining Lease Term	57 years
Operating Lease, Weighted Average Discount Rate, Percent	6.31%
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset	$ 9,200
Operating Lease, Liability	$ 7,200
Maximum [Member]
Remaining lease terms	70 years
Minimum [Member]
Remaining lease terms	2 years

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Fixed payments	$ 32,199
Variable payments	4,880
Operating Lease, Lease Income	$ 37,079

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Leases (Paranthetical) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Operating Lease, Lease Income	$ 37,079

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019	$ 86,919
2020	108,063
2021	97,491
2022	79,821
2023	61,816
Thereafter	136,400
Total future minimum lease payments to be received	$ 570,510

Leases - Schedule of Operatin_3

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Lease liability – operating leases	$ 8,183
Other Assets [Member]
Right-of-use asset - operating leases	10,256
Other Liabilities [Member]
Lease liability – operating leases	$ 8,183

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands	Mar. 31, 2019USD ($)
2019	$ 360
2020	782
2021	781
2022	741
2023	659
Thereafter	27,277
Total future minimum lease payments	30,600
Discount	(22,417)
Total	$ 8,183

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	Apr. 25, 2019USD ($)	Mar. 31, 2019USD ($)Installment$ / sharesshares	May 02, 2019shares
Subsequent Event [Member] | Maximum [Member]
Class of Stock [Line Items]
Maximum number of shares issued under Equity Incentive Plan | shares			2,263,580
Subsequent Event [Member] | Minimum [Member]
Class of Stock [Line Items]
Maximum number of shares issued under Equity Incentive Plan | shares			1,263,580
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share | $ / shares		$ 0.235
Dividends paid, declared date		Mar. 15, 2019
Dividends paid date		Apr. 25, 2019
Dividends paid, date of record		Apr. 11, 2019
Common Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Dividend paid	$ 9.3
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share | $ / shares		$ 0.4140625
Dividends paid, declared date		Mar. 15, 2019
Dividends paid date		Apr. 11, 2019
Preferred Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Dividend paid	$ 1.9
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Number of annual installments for award vesting | Installment		3
Net compensation expense		$ 0.4
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		162,500
Restricted stock units grant date fair value		$ 1.8