City Office REIT (CIO) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Registrant Name	City Office REIT, Inc.
Entity Central Index Key	0001593222
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		39,647,063
Entity Address, State or Province	BC
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
6.625% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate properties
Land	$ 224,837	$ 223,789
Building and improvement	762,537	704,113
Tenant improvement	86,374	77,426
Furniture, fixtures and equipment	285	319
Real estate properties, gross	1,074,033	1,005,647
Accumulated depreciation	(86,475)	(70,484)
Real estate properties, net	987,558	935,163
Cash and cash equivalents	11,581	16,138
Restricted cash	19,295	17,007
Rents receivable, net	31,008	26,095
Deferred leasing costs, net	11,039	10,402
Acquired lease intangible assets, net	71,972	75,501
Other assets	17,141	2,755
Assets held for sale		17,370
Total Assets	1,149,594	1,100,431
Liabilities:
Debt	709,670	645,354
Accounts payable and accrued liabilities	22,960	25,892
Deferred rent	5,625	5,331
Tenant rent deposits	5,780	4,564
Acquired lease intangible liabilities, net	9,249	8,887
Other liabilities	19,512	11,148
Liabilities related to assets held for sale		878
Total Liabilities	772,796	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	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,647,063 and 39,544,073 shares issued and outstanding	396	395
Additional paid-in capital	377,937	377,126
Accumulated deficit	(114,565)	(92,108)
Total Stockholders' Equity	375,768	397,413
Non-controlling interests in properties	1,030	964
Total Equity	376,798	398,377
Total Liabilities and Equity	$ 1,149,594	$ 1,100,431

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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	39,647,063	39,544,073
Common stock, shares outstanding	39,647,063	39,544,073

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Rental and other revenues	$ 41,171	$ 30,236	$ 78,291	$ 61,770
Operating expenses:
Property operating expenses	14,526	11,748	28,370	23,374
General and administrative	3,362	1,966	5,660	3,943
Depreciation and amortization	14,604	11,771	29,022	23,665
Total operating expenses	32,492	25,485	63,052	50,982
Operating income	8,679	4,751	15,239	10,788
Interest expense:
Contractual interest expense	(7,502)	(5,081)	(14,645)	(10,269)
Amortization of deferred financing costs and debt fair value	(334)	(354)	(671)	(986)
Interest expense, net	(7,836)	(5,435)	(15,316)	(11,255)
Net gain on sale of real estate property	478		478	46,980
Net income/(loss)	1,321	(684)	401	46,513
Net income attributable to non-controlling interests in properties	(165)	(114)	(334)	(249)
Net income/(loss) attributable to the Company	1,156	(798)	67	46,264
Preferred stock distributions	(1,855)	(1,855)	(3,710)	(3,710)
Net (loss)/income attributable to common stockholders	$ (699)	$ (2,653)	$ (3,643)	$ 42,554
Net (loss)/income per common share:
Basic	$ (0.02)	$ (0.07)	$ (0.09)	$ 1.18
Diluted	$ (0.02)	$ (0.07)	$ (0.09)	$ 1.17
Weighted average common shares outstanding:
Basic	39,640	36,132	39,603	36,103
Diluted	39,640	36,132	39,603	36,452
Dividend distributions declared per common share	$ 0.235	$ 0.235	$ 0.470	$ 0.470

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 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, 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
Net income	46,513
Ending balance at Jun. 30, 2018	386,150	$ 112,000	$ 361	335,009	(61,556)	385,814	336
Ending balance, shares at Jun. 30, 2018		4,480,000	36,133,000
Beginning balance at Mar. 31, 2018	396,940	$ 112,000	$ 361	334,597	(50,332)	396,626	314
Beginning balance, shares at Mar. 31, 2018		4,480,000	36,132,000
Restricted stock award grants and vesting, values	332	$ 0	$ 0	412	(80)	332	0
Restricted stock award grants and vesting, shares		0	1,000
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
Contributions	43	0	0	0	0	0	43
Distributions	(135)	0	0	0	0	0	(135)
Net income	(684)	0	0	0	(798)	(798)	114
Ending balance at Jun. 30, 2018	386,150	$ 112,000	$ 361	335,009	(61,556)	385,814	336
Ending balance, shares at Jun. 30, 2018		4,480,000	36,133,000
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 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		4,480,000	39,636,000
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
Net income	$ 401
Ending balance at Jun. 30, 2019	$ 376,798	$ 112,000	$ 396	377,937	(114,565)	375,768	1,030
Ending balance, shares at Jun. 30, 2019	39,647,063	4,480,000	39,647,000
Beginning balance at Mar. 31, 2019	$ 386,386	$ 112,000	$ 396	377,428	(104,449)	385,375	1,011
Beginning balance, shares at Mar. 31, 2019		4,480,000	39,636,000
Restricted stock award grants and vesting, values	410	$ 0	$ 0	509	(99)	410	0
Restricted stock award grants and vesting, shares		0	11,000
Common stock dividend distributions declared	(9,318)	$ 0	$ 0	0	(9,318)	(9,318)	0
Preferred stock dividend distributions declared	(1,855)	0	0	0	(1,855)	(1,855)	0
Contributions	10	0	0	0	0	0	10
Distributions	(156)	0	0	0	0	0	(156)
Net income	1,321	0	0	0	1,156	1,156	165
Ending balance at Jun. 30, 2019	$ 376,798	$ 112,000	$ 396	$ 377,937	$ (114,565)	$ 375,768	$ 1,030
Ending balance, shares at Jun. 30, 2019	39,647,063	4,480,000	39,647,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 401	$ 46,513
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,022	23,665
Amortization of deferred financing costs and debt fair value	671	986
Amortization of above/below market leases	(92)	(140)
Increase in straight-line rent/expense	(3,424)	(1,842)
Non-cash stock compensation	879	705
Net gain on sale of real estate property	(478)	(46,980)
Changes in non-cash working capital:
Rents receivable, net	(1,677)	(93)
Other assets	(1,082)	(3,034)
Accounts payable and accrued liabilities	(5,241)	(6,467)
Deferred rent	53	(2,042)
Tenant rent deposits	(394)	89
Net Cash Provided By Operating Activities	18,638	11,360
Cash Flows (to)/from Investing Activities:
Additions to real estate properties	(9,881)	(9,156)
Acquisition of real estate	(61,012)	(55,453)
Net proceeds from sale of real estate	33,941	84,839
Deferred leasing costs	(1,598)	(2,057)
Net Cash (Used In)/Provided By Investing Activities	(38,550)	18,173
Cash Flows from/(to) Financing Activities:
Debt issuance and extinguishment costs	(648)	(1,942)
Proceeds from mortgage loans payable	40,950
Repayment of mortgage loans payable	(2,327)	(34,121)
Proceeds from credit facility	55,000	82,000
Repayment of credit facility	(52,500)	(57,000)
Shares withheld for payment of taxes on restricted stock unit vesting	(246)	(86)
Contributions from non-controlling interests in properties	22	43
Distributions to non-controlling interests in properties	(290)	(165)
Dividend distributions paid to stockholders and Operating Partnership unitholders	(22,318)	(20,664)
Net Cash Provided By/(Used In) Financing Activities	17,643	(31,935)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(2,269)	(2,402)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	33,145	35,014
Cash, Cash Equivalents and Restricted Cash, End of Period	30,876	32,612
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	11,581	14,655
Restricted Cash, End of Period	19,295	17,957
Cash, Cash Equivalents and Restricted Cash, End of Period	30,876	32,612
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	14,696	9,962
Purchases of additions in real estate properties included in accounts payable	1,411	3,380
Purchases of deferred leasing costs included in accounts payable	160	$ 158
Debt assumed on acquisition of real estate	$ 22,473

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 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, on-balance No. 2018-01, No. 2018-10, No. 2018-11, The Company adopted the new standard effective January 1, 2019 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 • 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 right-of

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions During the six months ended June 30, 2019 and 2018 the Company acquired the following properties: Property Date Acquired Percentage Owned Cascade Station June 2019 100 % Canyon Park February 2019 100 % Pima Center April 2018 100 % Each of the foregoing acquisitions were accounted for as asset acquisitions. The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 2019 (in thousands): Canyon Park Cascade Total June 30, 2019 Land $ 7,098 $ — $ 7,098 Buildings and improvements 36,619 25,141 61,760 Tenant improvements 1,797 2,080 3,877 Acquired intangible assets 8,109 3,134 11,243 Other assets 10 3,164 3,174 Debt — (697 ) (697 ) Accounts payable and other liabilities (1,266 ) (186 ) (1,452 ) Lease intangible liabilities (1,297 ) (220 ) (1,517 ) Net assets acquired $ 51,070 $ 32,416 $ 83,486 The acquisition of the Cascade Station property was partially funded through an assumption of debt in the amount of $22.5 million. The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 2018 (in thousands): Pima Center Buildings and improvements $ 42,235 Tenant improvements 2,898 Acquired intangible assets 10,691 Other assets 95 Accounts payable and other liabilities (337 ) Lease intangible liabilities (129 ) Net assets acquired $ 55,453 Sale of Real Estate Property On May 7, 2019, the Company sold the 10455 Pacific Center building of the Sorrento Mesa property in San Diego, California for $16.5 million, resulting in an aggregate gain of $0.5 million net of disposal-related costs, which has been classified as net gain on sale of real estate property in the condensed consolidated statements of operations. 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.

Lease Intangibles

Lease Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of June 30, 2019 and December 31, 2018 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2019 Above Market Leases Below Market (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground (1) Total Cost $ 11,924 $ — $ 86,640 $ 35,126 $ 133,690 $ (14,359 ) $ (138 ) $ (14,497 ) Accumulated amortization (5,784 ) — (41,672 ) (14,262 ) (61,718 ) 5,210 38 5,248 $ 6,140 $ — $ 44,968 $ 20,864 $ 71,972 $ (9,149 ) $ (100 ) $ (9,249 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below Market (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground (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 $ 10,192 2020 18,332 2021 15,022 2022 7,255 2023 4,393 Thereafter 7,529 $ 62,723

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of June 30, 2019 and December 31, 2018 (dollars in thousands): Property June 30, 2019 December 31, 2018 Interest Rate as of June 30, 2019 (1) Maturity Unsecured Credit Facility (2) $ 150,000 $ 147,500 LIBOR +1.60 % (3) March 2022 Midland Life Insurance (4) 86,142 86,973 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 190 Office Center 41,152 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 34,347 34,682 4.56 March 2027 Intellicenter 33,227 33,481 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection 29,288 29,589 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Cascade Station 22,474 — 4.55 May 2024 Greenwood Blvd 22,425 22,425 4.60 December 2025 5090 N 40 th 22,000 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,882 18,044 4.28 August 2024 Central Fairwinds 17,712 17,882 4.00 June 2024 FRP Ingenuity Drive 17,000 17,000 4.44 December 2024 Carillon Point 16,154 16,330 3.50 October 2023 Total Principal 715,003 651,406 Deferred financing costs, net (6,030 ) (6,052 ) Unamortized fair value adjustments 697 — Total $ 709,670 $ 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 June 30, 2019, the Unsecured Credit Facility had $250 million authorized with $150 million drawn and a $5.3 million letter of credit to satisfy escrow requirements for 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 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 June 30, 2019, the one month LIBOR rate was 2.40%. (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 years beyond the ARD. If the loan is not paid off at ARD, loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. The scheduled principal repayments of debt as of June 30, 2019 are as follows (in thousands): 2019 $ 2,692 2020 6,186 2021 89,125 2022 156,165 2023 47,822 Thereafter 413,013 $ 715,003

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 each of June 30, 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 $580.7 million and $503.3 million as of June 30, 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	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the six months ended June 30, 2019 and 2018, the Company earned $0.3 million and $0.4 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (collectively, “Second City”). Also during the six months ended June 30, 2019, the Company was assigned a purchase contract which had been entered into by an entity affiliated with principals of Second City, which principals are also officers of the Company. The Company subsequently assigned the purchase contract to a third party during the six months ended June 30, 2019. The Company paid no consideration to the related party for the contract other than return of deposits which the Company subsequently recovered from a third party in addition to an assignment fee. The Company recognized income of $2.6 million on the assignment of the purchase contract to the third party, which was recorded in rental and other revenues on the condensed consolidated statement of operations .

Leases

Leases	6 Months Ended
	Jun. 30, 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 For the three and six months ended June 30, 2019, the Company recognized $38.5 million and $75.6 million, respectively, of rental and other revenue related to its operating leases (in thousands): Three months ended June 30, 2019 Six months ended __June 30, 2019 __ Fixed payments $ 32,861 $ 65,060 Variable payments 5,646 10,526 $ 38,507 $ 75,586 Future minimum lease payments to be received by the Company as of June 30, 2019 under non-cancellable 2019 $ 60,208 2020 113,808 2021 102,819 2022 85,402 2023 67,284 Thereafter 143,674 $ 573,195 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. Seven 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 8.2% of the Company’s total future minimum lease payments as of June 30, 2019. Lessee Accounting As a lessee, the Company has ground and office leases classified as operating leases and one office lease classified as a financing lease. Upon adoption of Topic 842, on January 1, 2019, the Company recognized right-of-use right-of-use right-of-use right-of-use As of June 30, 2019 Right-of-use $ 13,215 Lease liability – operating leases $ 8,250 Right-of-use $ 91 Lease liability – financing leases $ 90 Lease liabilities are measured at the commencement date based on the present value of future lease payments. One of the Company’s operating ground leases 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. Right-of-use Operating lease expense for the three and six months ended June 30, 2019 was $0.2 million and $0.4 million, respectively. Financing lease expense for the three and six months ended June 30, 2019 was nominal. Future minimum lease payments to be paid by the Company as a lessee as of June 30, 2019 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2019 $ 303 $ 13 2020 782 27 2021 781 27 2022 741 27 2023 659 4 Thereafter 27,277 — Total future minimum lease payments 30,543 98 Discount (22,293 ) (8 ) Total $ 8,250 $ 90

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of June 30, 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	6 Months Ended
	Jun. 30, 2019
Federal Home Loan Banks [Abstract]
Stockholder's Equity	10. Stockholders’ Equity Common Stock and Common Unit Distributions On June 14, 2019, the Company’s Board of Directors approved and the Company declared a cash dividend distribution of $0.235 per common share for the quarterly period ended June 30, 2019. The dividend was paid subsequent to quarter end on July 25, 2019 to common stockholders and common unitholders of record as of the close of business on July 11, 2019, resulting in an aggregate payment of $9.3 million. Preferred Stock Distributions On June 14, 2019, the Company’s Board of Directors approved and the Company declared a cash dividend of $0.4140625 per preferred share for the quarterly period ended June 30, 2019. The dividend was paid subsequent to quarter end on July 25, 2019 to preferred stockholders of record as of the close of business on July 11, 2019, resulting in an aggregate payment of $1.9 million. Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive 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 shares to 2,263,580 shares. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. During the six months ended June 30, 2019, 162,500 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive A RSU award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the Plan Administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested RSUs. The Plan Administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the RSUs do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vests.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On July 31, 2019, an indirect, wholly-owned subsidiary of the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Clarity Real Estate III GP, Limited Partnership and Clarity Real Estate Ventures GP, Limited Partnership (together, “Clarity”), entities affiliated with principals of Second City and officers of the Company. Pursuant to the Administrative Services Agreement, the Company will provide various administrative services and support to the related entities managing the Clarity funds.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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
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, on-balance No. 2018-01, No. 2018-10, No. 2018-11, The Company adopted the new standard effective January 1, 2019 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 • 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 right-of

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Acquired Properties	During the six months ended June 30, 2019 and 2018 the Company acquired the following properties: Property Date Acquired Percentage Owned Cascade Station June 2019 100 % Canyon Park February 2019 100 % Pima Center April 2018 100 %
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 six months ended June 30, 2019 (in thousands): Canyon Park Cascade Total June 30, 2019 Land $ 7,098 $ — $ 7,098 Buildings and improvements 36,619 25,141 61,760 Tenant improvements 1,797 2,080 3,877 Acquired intangible assets 8,109 3,134 11,243 Other assets 10 3,164 3,174 Debt — (697 ) (697 ) Accounts payable and other liabilities (1,266 ) (186 ) (1,452 ) Lease intangible liabilities (1,297 ) (220 ) (1,517 ) Net assets acquired $ 51,070 $ 32,416 $ 83,486 The acquisition of the Cascade Station property was partially funded through an assumption of debt in the amount of $22.5 million. The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 2018 (in thousands): Pima Center Buildings and improvements $ 42,235 Tenant improvements 2,898 Acquired intangible assets 10,691 Other assets 95 Accounts payable and other liabilities (337 ) Lease intangible liabilities (129 ) Net assets acquired $ 55,453

Lease Intangibles (Tables)

Lease Intangibles (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2019 Above Market Leases Below Market (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground (1) Total Cost $ 11,924 $ — $ 86,640 $ 35,126 $ 133,690 $ (14,359 ) $ (138 ) $ (14,497 ) Accumulated amortization (5,784 ) — (41,672 ) (14,262 ) (61,718 ) 5,210 38 5,248 $ 6,140 $ — $ 44,968 $ 20,864 $ 71,972 $ (9,149 ) $ (100 ) $ (9,249 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below Market (1) In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground (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 $ 10,192 2020 18,332 2021 15,022 2022 7,255 2023 4,393 Thereafter 7,529 $ 62,723

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Secured Indebtedness	The following table summarizes the indebtedness as of June 30, 2019 and December 31, 2018 (dollars in thousands): Property June 30, 2019 December 31, 2018 Interest Rate as of June 30, 2019 (1) Maturity Unsecured Credit Facility (2) $ 150,000 $ 147,500 LIBOR +1.60 % (3) March 2022 Midland Life Insurance (4) 86,142 86,973 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 190 Office Center 41,152 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 34,347 34,682 4.56 March 2027 Intellicenter 33,227 33,481 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection 29,288 29,589 3.85 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Cascade Station 22,474 — 4.55 May 2024 Greenwood Blvd 22,425 22,425 4.60 December 2025 5090 N 40 th 22,000 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,882 18,044 4.28 August 2024 Central Fairwinds 17,712 17,882 4.00 June 2024 FRP Ingenuity Drive 17,000 17,000 4.44 December 2024 Carillon Point 16,154 16,330 3.50 October 2023 Total Principal 715,003 651,406 Deferred financing costs, net (6,030 ) (6,052 ) Unamortized fair value adjustments 697 — Total $ 709,670 $ 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 June 30, 2019, the Unsecured Credit Facility had $250 million authorized with $150 million drawn and a $5.3 million letter of credit to satisfy escrow requirements for 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 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 June 30, 2019, the one month LIBOR rate was 2.40%. (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 years beyond the ARD. If the loan is not paid off at ARD, loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points.
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of June 30, 2019 are as follows (in thousands): 2019 $ 2,692 2020 6,186 2021 89,125 2022 156,165 2023 47,822 Thereafter 413,013 $ 715,003

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Operating Lease Lease Income	For the three and six months ended June 30, 2019, the Company recognized $38.5 million and $75.6 million, respectively, of rental and other revenue related to its operating leases (in thousands): Three months ended June 30, 2019 Six months ended __June 30, 2019 __ Fixed payments $ 32,861 $ 65,060 Variable payments 5,646 10,526 $ 38,507 $ 75,586
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of June 30, 2019 under non-cancellable 2019 $ 60,208 2020 113,808 2021 102,819 2022 85,402 2023 67,284 Thereafter 143,674 $ 573,195
Schedule Of Supplemental Balance Sheet Information Related To Leases	Operating and financing right-of-use As of June 30, 2019 Right-of-use $ 13,215 Lease liability – operating leases $ 8,250 Right-of-use $ 91 Lease liability – financing leases $ 90
Schedule future minimum lease payments to be paid	Future minimum lease payments to be paid by the Company as a lessee as of June 30, 2019 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2019 $ 303 $ 13 2020 782 27 2021 781 27 2022 741 27 2023 659 4 Thereafter 27,277 — Total future minimum lease payments 30,543 98 Discount (22,293 ) (8 ) Total $ 8,250 $ 90

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Real Estate Investments - Sched

Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Canyon Park [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2019-02	2019-02
Real estate property, percentage owned, asset acquisitions	100.00%	100.00%
Cascade Station [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2019-06	2019-06
Real estate property, percentage owned, asset acquisitions	100.00%	100.00%
Pima Center [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2018-04	2018-04
Real estate property, percentage owned, asset acquisitions	100.00%	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	Jun. 30, 2019	Jun. 30, 2018
Acquisitions [Line Items]
Land, asset acquisitions	$ 7,098
Buildings and improvements, asset acquisitions	61,760
Tenant improvements, asset acquisitions	3,877
Acquired intangible assets, asset acquisitions	11,243
Other assets	3,174
Debt	(697)
Accounts payable and other liabilities, asset acquisitions	(1,452)
Lease intangible liabilities, asset acquisitions	(1,517)
Net assets acquired	83,486
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
Other assets		95
Accounts payable and other liabilities, asset acquisitions		(337)
Lease intangible liabilities, asset acquisitions		(129)
Net assets acquired		$ 55,453
Canyon Park [Member]
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
Other assets	10
Accounts payable and other liabilities, asset acquisitions	(1,266)
Lease intangible liabilities, asset acquisitions	(1,297)
Net assets acquired	51,070
Cascade Station [Member]
Acquisitions [Line Items]
Buildings and improvements, asset acquisitions	25,141
Tenant improvements, asset acquisitions	2,080
Acquired intangible assets, asset acquisitions	3,134
Other assets	3,164
Debt	(697)
Accounts payable and other liabilities, asset acquisitions	(186)
Lease intangible liabilities, asset acquisitions	(220)
Net assets acquired	$ 32,416

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	May 07, 2019	Feb. 07, 2019	Mar. 08, 2018	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Line Items]
Net gain on sale of real estate property				$ 478	$ 478	$ 46,980
Debt Assumed					22,473
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
Net gain on sale of real estate property	$ 500
Cascade Station [Member]
Real Estate [Line Items]
Debt Assumed					$ 22,500

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 133,690	$ 126,630
Accumulated amortization, Lease Intangible Assets	(61,718)	(51,129)
Total, Lease Intangible Assets	71,972	75,501
Cost, Lease Intangible Liabilities	(14,497)	(13,063)
Accumulated amortization, Lease Intangible Liabilities	5,248	4,176
Total, Lease Intangible Liabilities	(9,249)	(8,887)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	11,924	10,595
Accumulated amortization, Lease Intangible Assets	(5,784)	(4,800)
Total, Lease Intangible Assets	6,140	5,795
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	86,640	82,474
Accumulated amortization, Lease Intangible Assets	(41,672)	(34,273)
Total, Lease Intangible Assets	44,968	48,201
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	35,126	31,706
Accumulated amortization, Lease Intangible Assets	(14,262)	(12,037)
Total, Lease Intangible Assets	20,864	19,669
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(14,359)	(12,925)
Accumulated amortization, Lease Intangible Liabilities	5,210	4,140
Total, Lease Intangible Liabilities	(9,149)	(8,785)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	38	36
Total, Lease Intangible Liabilities	$ (100)	$ (102)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 10,192
2020	18,332
2021	15,022
2022	7,255
2023	4,393
Thereafter	7,529
Total	$ 62,723

Debt - Summary of Secured Indeb

Debt - Summary of Secured Indebtedness (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Indebtedness	$ 715,003	$ 651,406
Deferred financing costs, net	(6,030)	(6,052)
Unamortized fair value adjustments	697
Total	709,670	645,354
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 150,000	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	$ 86,142	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	$ 41,152	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	$ 34,347	34,682
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 33,227	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	$ 29,288	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
Cascade Station [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 22,474
Interest Rate	4.55%
Maturity	2024-05
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	$ 17,882	18,044
Interest Rate	4.28%
Maturity	2024-08
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 17,712	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	$ 16,154	$ 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	6 Months Ended
	Jun. 30, 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	2.00%
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	4.50%
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	$ 150
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	2.40%
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	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019	$ 2,692
2020	6,186
2021	89,125
2022	156,165
2023	47,822
Thereafter	413,013
Total	$ 715,003	$ 651,406

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 30, 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	$ 580,700,000	$ 503,300,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Administrative Services Agreement [Member] | Second City Funds [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 0.3	$ 0.4
Purchase Contracts [Member] | Rental and other revenues [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 2.6

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Lease cost	$ 200	$ 400
Operating Lease, Liability	$ 8,250	$ 8,250
Operating Lease, Weighted Average Remaining Lease Term	56 years	56 years
Operating Lease, Weighted Average Discount Rate, Percent	6.31%	6.31%
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset	$ 9,200	$ 9,200
Operating Lease, Liability	$ 7,200	$ 7,200
Maximum [Member]
Remaining lease terms	70 years	70 years
Minimum [Member]
Remaining lease terms	2 years	2 years

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Fixed payments	$ 32,861	$ 65,060
Variable payments	5,646	10,526
Operating Lease, Lease Income	$ 38,507	$ 75,586

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Leases (Paranthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Operating Lease, Lease Income	$ 38,507	$ 75,586

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 60,208
2020	113,808
2021	102,819
2022	85,402
2023	67,284
Thereafter	143,674
Total future minimum lease payments to be received	$ 573,195

Leases - Schedule of Operatin_3

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Lease liability – operating leases	$ 8,250
Lease liability – financing leases	90
Other Assets [Member]
Right-of-use asset - operating leases	13,215
Right-of-use asset – financing leases	91
Other Liabilities [Member]
Lease liability – operating leases	8,250
Lease liability – financing leases	$ 90

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands	Jun. 30, 2019USD ($)
2019	$ 303
2020	782
2021	781
2022	741
2023	659
Thereafter	27,277
Total future minimum lease payments	30,543
Discount	(22,293)
Total	8,250
2019	13
2020	27
2021	27
2022	27
2023	4
Total future minimum lease payments	98
Discount	(8)
Total	$ 90

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	Jul. 25, 2019USD ($)	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Installment$ / sharesshares	Jun. 30, 2018USD ($)	May 02, 2019shares
Maximum [Member]
Class of Stock [Line Items]
Maximum number of shares issued under Equity Incentive Plan | shares						2,263,580
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		$ 0.235
Dividends paid, declared date				Jun. 14, 2019
Dividends paid date				Jul. 25, 2019
Dividends paid, date of record				Jul. 11, 2019
Dividend paid	$ 9.3
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share | $ / shares		$ 0.4140625		$ 0.4140625
Dividends paid, declared date				Jun. 14, 2019
Dividends paid date				Jul. 25, 2019
Dividends paid, date of record				Jul. 11, 2019
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		$ 0.5	$ 0.3	$ 0.9	$ 0.7
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