City Office REIT (CIO) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
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	false
Entity Common Stock, Shares Outstanding		43,397,117
Entity Address, State or Province	BC
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36409
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	98-1141883
Entity Address, City or Town	Vancouver
Entity Address, Address Line One	666 Burrard Street
Entity Address, Address Line Two	Suite 3210
Entity Address, Postal Zip Code	V6C 2X8
City Area Code	604
Local Phone Number	806-3366
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, $0.01 par value per share

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate properties
Land	$ 230,034	$ 230,034
Building and improvement	788,544	784,636
Tenant improvement	104,842	94,218
Furniture, fixtures and equipment	285	285
Real estate properties, gross	1,123,705	1,109,173
Accumulated depreciation	(120,298)	(101,835)
Real estate properties, net	1,003,407	1,007,338
Cash and cash equivalents	67,039	70,129
Restricted cash	16,104	17,394
Rents receivable, net	33,145	32,112
Deferred leasing costs, net	14,067	12,393
Acquired lease intangible assets, net	56,789	67,533
Other assets	16,817	17,061
Assets held for sale	4,543	4,514
Total Assets	1,211,911	1,228,474
Liabilities:
Debt	704,797	607,250
Accounts payable and accrued liabilities	28,203	28,786
Deferred rent	7,029	6,593
Tenant rent deposits	5,358	5,658
Acquired lease intangible liabilities, net	7,010	8,194
Other liabilities	18,832	22,794
Liabilities related to assets held for sale	27	67
Total Liabilities	771,256	679,342
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, 44,511,313 and 54,591,047 shares issued and outstanding	445	545
Additional paid-in capital	488,820	577,131
Accumulated deficit	(159,390)	(142,383)
Accumulated other comprehensive (loss)/income	(2,324)	715
Total Stockholders' Equity	439,551	548,008
Non-controlling interests in properties	1,104	1,124
Total Equity	440,655	549,132
Total Liabilities and Equity	$ 1,211,911	$ 1,228,474

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
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	44,511,313	54,591,047
Common stock, shares outstanding	44,511,313	54,591,047

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Rental and other revenues	$ 39,617	$ 41,171	$ 79,739	$ 78,291
Operating expenses:
Property operating expenses	14,084	14,526	28,780	28,370
General and administrative	2,697	3,362	5,480	5,660
Depreciation and amortization	15,080	14,604	30,032	29,022
Total operating expenses	31,861	32,492	64,292	63,052
Operating income	7,756	8,679	15,447	15,239
Interest expense:
Contractual interest expense	(6,792)	(7,502)	(13,153)	(14,645)
Amortization of deferred financing costs and debt fair value	(341)	(334)	(665)	(671)
Interest expense, net	(7,133)	(7,836)	(13,818)	(15,316)
Net gain on sale of real estate property		478		478
Net income	623	1,321	1,629	401
Net income attributable to non-controlling interests in properties	(179)	(165)	(361)	(334)
Net income attributable to the Company	444	1,156	1,268	67
Preferred stock distributions	(1,855)	(1,855)	(3,710)	(3,710)
Net loss attributable to common stockholders	$ (1,411)	$ (699)	$ (2,442)	$ (3,643)
Net loss per common share:
Basic	$ (0.03)	$ (0.02)	$ (0.05)	$ (0.09)
Diluted	$ (0.03)	$ (0.02)	$ (0.05)	$ (0.09)
Weighted average common shares outstanding:
Basic	47,542	39,640	50,993	39,603
Diluted	47,542	39,640	50,993	39,603
Dividend distributions declared per common share	$ 0.150	$ 0.235	$ 0.300	$ 0.470

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 623	$ 1,321	$ 1,629	$ 401
Other comprehensive loss:
Unrealized cash flow hedge loss	(394)		(3,084)
Amounts reclassified to interest expense	96		45
Other comprehensive loss	(298)		(3,039)
Comprehensive income/(loss)	325	1,321	(1,410)	401
Comprehensive income attributable to non-controlling interests in properties	(179)	(165)	(361)	(334)
Comprehensive income/(loss) attributable to the Company	146	1,156	(1,771)	67
Preferred stock distributions	(1,855)	(1,855)	(3,710)	(3,710)
Comprehensive loss attributable to common stockholders	$ (1,709)	$ (699)	$ (5,481)	$ (3,643)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
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		4,480,000	39,544,000
Restricted stock award grants and vesting, values	220		$ 1	302	(83)		220
Restricted stock award grants and vesting, shares			92,000
Common stock dividend distribution declared	(9,314)				(9,314)		(9,314)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	12							12
Distributions	(134)							(134)
Net income	(920)				(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		4,480,000	39,544,000
Common stock repurchased, shares	0
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		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			509	(99)		410
Restricted stock award grants and vesting, shares			11,000
Common stock dividend distribution declared	(9,318)				(9,318)		(9,318)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	10							10
Distributions	(156)							(156)
Net income	1,321				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		4,480,000	39,647,000
Beginning balance at Dec. 31, 2019	549,132	$ 112,000	$ 545	577,131	(142,383)	$ 715	548,008	1,124
Beginning balance, shares at Dec. 31, 2019		4,480,000	54,591,000
Restricted stock award grants and vesting, values	520			599	(79)		520
Restricted stock award grants and vesting, shares			35,000
Common stock repurchased, values	(11,622)		$ (14)	(11,608)			(11,622)
Common stock repurchased, shares			(1,451,000)
Common stock dividend distribution declared	(7,771)				(7,771)		(7,771)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	3							3
Distributions	(200)							(200)
Net income	1,006				824		824	182
Other comprehensive loss	(2,741)					(2,741)	(2,741)
Ending balance at Mar. 31, 2020	526,472	$ 112,000	$ 531	566,122	(151,264)	(2,026)	525,363	1,109
Ending balance, shares at Mar. 31, 2020		4,480,000	53,175,000
Beginning balance at Dec. 31, 2019	$ 549,132	$ 112,000	$ 545	577,131	(142,383)	715	548,008	1,124
Beginning balance, shares at Dec. 31, 2019		4,480,000	54,591,000
Common stock repurchased, shares	10,249,655
Net income	$ 1,629
Other comprehensive loss	(3,039)
Ending balance at Jun. 30, 2020	440,655	$ 112,000	$ 445	488,820	(159,390)	(2,324)	439,551	1,104
Ending balance, shares at Jun. 30, 2020		4,480,000	44,511,000
Beginning balance at Mar. 31, 2020	526,472	$ 112,000	$ 531	566,122	(151,264)	(2,026)	525,363	1,109
Beginning balance, shares at Mar. 31, 2020		4,480,000	53,175,000
Restricted stock award grants and vesting, values	595		$ 2	659	(66)		595
Restricted stock award grants and vesting, shares			135,000
Common stock repurchased, values	(78,049)		$ (88)	(77,961)			(78,049)
Common stock repurchased, shares			(8,799,000)
Common stock dividend distribution declared	(6,649)				(6,649)		(6,649)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(184)							(184)
Net income	623				444		444	179
Other comprehensive loss	(298)					(298)	(298)
Ending balance at Jun. 30, 2020	$ 440,655	$ 112,000	$ 445	$ 488,820	$ (159,390)	$ (2,324)	$ 439,551	$ 1,104
Ending balance, shares at Jun. 30, 2020		4,480,000	44,511,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net income	$ 1,629	$ 401
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,032	29,022
Amortization of deferred financing costs and debt fair value	665	671
Amortization of above and below market leases	(47)	(92)
Increase in straight-line rent/expense	(1,002)	(3,424)
Non-cash stock compensation	1,157	879
Net gain on sale of real estate property		(478)
Changes in non-cash working capital:
Rents receivable, net	6	(1,677)
Other assets	(673)	(1,082)
Accounts payable and accrued liabilities	(567)	(5,241)
Deferred rent	436	53
Tenant rent deposits	(300)	(394)
Net Cash Provided By Operating Activities	31,336	18,638
Cash Flows to Investing Activities:
Additions to real estate properties	(15,140)	(9,881)
Acquisition of real estate		(61,012)
Net proceeds from sale of real estate .		33,941
Deferred leasing costs	(3,056)	(1,598)
Net Cash Used In Investing Activities	(18,196)	(38,550)
Cash Flows (to)/from Financing Activities:
Repurchases of common stock	(89,671)
Debt issuance and extinguishment costs		(648)
Proceeds from borrowings	130,000	95,950
Repayment of borrowings	(33,116)	(54,827)
Shares withheld for payment of taxes on restricted stock unit vesting	(42)	(246)
Contributions from non-controlling interests in properties .	3	22
Distributions to non-controlling interests in properties	(384)	(290)
Dividend distributions paid to stockholders	(24,310)	(22,318)
Net Cash (Used In)/Provided By Financing Activities	(17,520)	17,643
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(4,380)	(2,269)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	87,523	33,145
Cash, Cash Equivalents and Restricted Cash, End of Period	83,143	30,876
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	67,039	11,581
Restricted Cash, End of Period	16,104	19,295
Cash, Cash Equivalents and Restricted Cash, End of Period	83,143	30,876
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	13,393	14,696
Purchase of additions in real estate properties included in accounts payable	6,487	1,411
Purchase of deferred leasing costs included in accounts payable	550	160
Debt assumed on acquisition of real estate		$ 22,473

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
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 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, 2020
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 Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04. 2020-04 2020-04 2020-04 On April 10, 2020, the Financial Accounting Standards Board (the “FASB”) issued a Staff Q&A to respond to some frequently asked questions about accounting for rent relief related to the effects of the COVID-19 COVID-19 COVID-19

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions During the six months ended June 30, 2020 and 2019 the Company acquired the following properties: Property Date Acquired Percentage Owned Cascade Station June 2019 100 % Canyon Park February 2019 100 % 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 Land $ 7,098 $ — $ 7,098 Building and improvement 36,619 25,141 61,760 Tenant improvement 1,797 2,080 3,877 Lease 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. 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. Assets Held for Sale On May 10, 2019, the Company entered into a purchase and sale agreement to sell a land parcel at the Circle Point property for $6.5 million. The Company determined that the land parcel met the criteria for classification as held for sale as of June 30, 2020 and December 31, 2019. As of June 30, 2020, the Company had received a $0.8 non-refundable The property has been classified as held for sale as of June 30, 2020 and December 31, 2019 (in thousands): Circle Point Land June 30, 2020 December 31, Real estate properties, net $ 4,543 $ 4,514 Assets held for sale $ 4,543 $ 4,514 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (27 ) $ (67 ) Liabilities related to assets held for sale $ (27 ) $ (67 )

Lease Intangibles

Lease Intangibles	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of June 30, 2020 and December 31, 2019 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2020 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 14,870 $ 87,163 $ 35,949 $ 137,982 $ (13,862 ) $ (138 ) $ (14,000 ) Accumulated amortization (7,469 ) (55,325 ) (18,399 ) (81,193 ) 6,948 42 6,990 $ 7,401 $ 31,838 $ 17,550 $ 56,789 $ (6,914 ) $ (96 ) $ (7,010 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 15,242 $ 87,320 $ 36,048 $ 138,610 $ (13,878 ) $ (138 ) $ (14,016 ) Accumulated amortization (6,704 ) (48,229 ) (16,144 ) (71,077 ) 5,782 40 5,822 $ 8,538 $ 39,091 $ 19,904 $ 67,533 $ (8,096 ) $ (98 ) $ (8,194 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2020 $ 9,413 2021 15,890 2022 8,229 2023 5,355 2024 3,077 Thereafter 7,815 $ 49,779

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of June 30, 2020 and December 31, 2019 (dollars in thousands): Property June 30, 2020 December 31, 2019 Interest Rate as of June 30, 2020 (1) Maturity Unsecured Credit Facility (3)(4) $ 100,000 $ — LIBOR +1.50 % (2) March 2022 Term Loan (4) 50,000 50,000 LIBOR +1.40 % (2) September 2024 Midland Life Insurance (5) 84,425 85,293 4.34 % May 2021 Mission City 47,000 47,000 3.78 % November 2027 Canyon Park (6) 40,950 40,950 4.30 % March 2027 190 Office Center 40,549 40,854 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,752 34,053 4.56 % March 2027 Intellicenter 32,710 32,971 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 28,619 28,969 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,425 22,425 3.15 % December 2025 Cascade Station 22,130 22,304 4.55 % May 2024 5090 N 40 th 21,838 22,000 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,547 17,717 4.28 % August 2024 Central Fairwinds 17,332 17,534 3.15 % June 2024 FRP Ingenuity Drive 16,869 17,000 4.44 % December 2024 Carillon Point 15,780 15,972 3.10 % October 2023 Total Principal 709,176 612,292 Deferred financing costs, net (4,926 ) (5,660 ) Unamortized fair value adjustments 547 618 Total $ 704,797 $ 607,250 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (“Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 3 and 4 below. (2) As of June 30, 2020, the one-month (3) In March 2018, the Company entered into the Credit Agreement March 2022 March 2023 (4) In September 2019, the Company entered into a five-year $50 million Term Loan (the “Term Loan”) increasing its authorized borrowings under the Unsecured Credit Facility from $250 million to $300 million. Borrowings under the Term Loan bear interest at a rate equal to the LIBOR rate plus a margin between 125 to 215 basis points depending upon the Company’s consolidated leverage ratio. In conjunction with the Term Loan, the Company also entered into a five-year interest rate swap for a notional amount of $50 million (the “Interest Rate Swap”). Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate 30-day (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). (6) 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, 2020 are as follows (in thousands): 2020 $ 3,163 2021 89,355 2022 106,529 2023 48,529 2024 124,725 Thereafter 336,875 $ 709,176

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
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 In September 2019, the Company entered into a five-year Interest Rate Swap for a notional amount of $50.0 million. Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate 30-day The Interest Rate Swap has been designated and qualifies as a cash flow hedge and has been recognized on the consolidated balance sheets at fair value. Gains and losses resulting from changes in the fair value of derivatives that have been designated and qualify as cash flow hedges are reported as a component of other comprehensive income/(loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of June 30, 2020, the Interest Rate Swap was reported as a liability at its fair value of approximately $2.3 million, which is included in other liabilities on the Company’s consolidated balance sheet. For the six months ended June 30, 2020 the amount of realized losses reclassified to interest expense due to payments received by the swap counterparty were nominal. As of December 31, 2019, the Interest Rate Swap was reported as an asset at its fair value of approximately $0.7 million, which is included in other assets on the Company’s consolidated balance sheet. 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 $582.0 million and $576.9 million as of June 30, 2020 and December 31, 2019, 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, 2020
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the six months ended June 30, 2020 and 2019, the Company earned $0.2 million and $0.3 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“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 $ 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. On July 31, 2019, an indirect, wholly-owned subsidiary of the Company entered into an Administrative Services Agreement

Leases

Leases	6 Months Ended
	Jun. 30, 2020
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 recognized fixed and variable lease payments for the three and six months ended June 30, 2020 and the three and six months ended June 30, 2019 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed payments $ 33,907 $ 32,861 $ 67,999 $ 65,060 Variable payments 5,697 5,646 11,713 10,526 $ 39,604 $ 38,507 $ 79,712 $ 75,586 Future minimum lease payments to be received by the Company as of June 30, 2020 under non-cancellable 2020 $ 61,615 2021 117,530 2022 98,570 2023 80,442 2024 60,917 Thereafter 118,525 $ 537,599 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. Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of June 30, 2020, these leases had remaining terms of 2 to 68 years and a weighted average remaining lease term of 56 years. Right-of-use As of June 30, As of December 31, Right-of-use $ 12,931 $ 13,130 Lease liability – operating leases $ 7,937 $ 8,033 Right-of-use $ 67 $ 79 Lease liability – financing leases $ 67 $ 79 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 6.3% 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 s were s were s three and were Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of June 30, 2020 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing 2020 $ 196 $ 13 2021 817 27 2022 798 27 2023 663 4 2024 597 — Thereafter 26,680 — Total future minimum lease payments 29,751 71 Discount (21,814 ) (4 ) Total $ 7,937 $ 67

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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, 2020, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Federal Home Loan Banks [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Share Repurchase Plan On March 9, 2020, the Company’s Board of Directors approved a share repurchase plan authorizing the Company to repurchase up to $100 million of its outstanding shares of common stock. Under the share repurchase program, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in During the six months ended June 30, 2020, the Company completed the repurchase of 10,249,655 shares of its common stock for approximately $89.3 million. There were no shares repurchased during the six months ended June 30, 2019. Common Stock and Common Unit Distributions On June 12, 2020, the Company’s Board of Directors approved and the Company declared a cash dividend distribution of $0.15 per common share for the quarterly period ended June 30, 2020. The dividend was paid subsequent to quarter end on July 24, 2020 to common stockholders and common unitholders of record as of the close of business on July 10, 2020, resulting in an aggregate payment of $6.6 million. Preferred Stock Distributions On June 12, 2020 the Company’s Board of Directors approved and the Company declared a cash dividend of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock (“Series A Preferred Stock”) for an aggregate amount of $1.9 million for the quarterly period ended June 30, 2020. The dividend was paid subsequent to quarter end on July 24, 2020 to the holders of record of Series A Preferred Stock as of the close of business on July 10, 2020. Equity Incentive Plan 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. On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement three During the six months ended June 30, 2020, 147,050 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive three During the six months ended June 30, 2020, 97,500 Performance RSU Awards were granted to executive officers with a fair value of three

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Subsequent to quarter end through August 3, 2020, the Company settled on the repurchase of 1,114,196 shares of its common stock for approximately $10.7 million. On July 23, 2020, the Company completed the previously announced disposition of a land parcel at the Circle Point property in Denver, Colorado for $ million, resulting in a gain, net of disposal costs, of $ million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04. 2020-04 2020-04 2020-04 On April 10, 2020, the Financial Accounting Standards Board (the “FASB”) issued a Staff Q&A to respond to some frequently asked questions about accounting for rent relief related to the effects of the COVID-19 COVID-19 COVID-19

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Acquired Properties	During the six months ended June 30, 2020 and 2019 the Company acquired the following properties: Property Date Acquired Percentage Owned Cascade Station June 2019 100 % Canyon Park February 2019 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 Land $ 7,098 $ — $ 7,098 Building and improvement 36,619 25,141 61,760 Tenant improvement 1,797 2,080 3,877 Lease 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
Schedule of Property Classified as Held for Sale	The property has been classified as held for sale as of June 30, 2020 and December 31, 2019 (in thousands): Circle Point Land June 30, 2020 December 31, Real estate properties, net $ 4,543 $ 4,514 Assets held for sale $ 4,543 $ 4,514 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (27 ) $ (67 ) Liabilities related to assets held for sale $ (27 ) $ (67 )

Lease Intangibles (Tables)

Lease Intangibles (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2020 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 14,870 $ 87,163 $ 35,949 $ 137,982 $ (13,862 ) $ (138 ) $ (14,000 ) Accumulated amortization (7,469 ) (55,325 ) (18,399 ) (81,193 ) 6,948 42 6,990 $ 7,401 $ 31,838 $ 17,550 $ 56,789 $ (6,914 ) $ (96 ) $ (7,010 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 15,242 $ 87,320 $ 36,048 $ 138,610 $ (13,878 ) $ (138 ) $ (14,016 ) Accumulated amortization (6,704 ) (48,229 ) (16,144 ) (71,077 ) 5,782 40 5,822 $ 8,538 $ 39,091 $ 19,904 $ 67,533 $ (8,096 ) $ (98 ) $ (8,194 )
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): 2020 $ 9,413 2021 15,890 2022 8,229 2023 5,355 2024 3,077 Thereafter 7,815 $ 49,779

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of June 30, 2020 and December 31, 2019 (dollars in thousands): Property June 30, 2020 December 31, 2019 Interest Rate as of June 30, 2020 (1) Maturity Unsecured Credit Facility (3)(4) $ 100,000 $ — LIBOR +1.50 % (2) March 2022 Term Loan (4) 50,000 50,000 LIBOR +1.40 % (2) September 2024 Midland Life Insurance (5) 84,425 85,293 4.34 % May 2021 Mission City 47,000 47,000 3.78 % November 2027 Canyon Park (6) 40,950 40,950 4.30 % March 2027 190 Office Center 40,549 40,854 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,752 34,053 4.56 % March 2027 Intellicenter 32,710 32,971 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 28,619 28,969 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,425 22,425 3.15 % December 2025 Cascade Station 22,130 22,304 4.55 % May 2024 5090 N 40 th 21,838 22,000 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,547 17,717 4.28 % August 2024 Central Fairwinds 17,332 17,534 3.15 % June 2024 FRP Ingenuity Drive 16,869 17,000 4.44 % December 2024 Carillon Point 15,780 15,972 3.10 % October 2023 Total Principal 709,176 612,292 Deferred financing costs, net (4,926 ) (5,660 ) Unamortized fair value adjustments 547 618 Total $ 704,797 $ 607,250 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (“Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 3 and 4 below. (2) As of June 30, 2020, the one-month (3) In March 2018, the Company entered into the Credit Agreement March 2022 March 2023 (4) In September 2019, the Company entered into a five-year $50 million Term Loan (the “Term Loan”) increasing its authorized borrowings under the Unsecured Credit Facility from $250 million to $300 million. Borrowings under the Term Loan bear interest at a rate equal to the LIBOR rate plus a margin between 125 to 215 basis points depending upon the Company’s consolidated leverage ratio. In conjunction with the Term Loan, the Company also entered into a five-year interest rate swap for a notional amount of $50 million (the “Interest Rate Swap”). Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate 30-day (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). (6) 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, 2020 are as follows (in thousands): 2020 $ 3,163 2021 89,355 2022 106,529 2023 48,529 2024 124,725 Thereafter 336,875 $ 709,176

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for the three and six months ended June 30, 2020 and the three and six months ended June 30, 2019 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed payments $ 33,907 $ 32,861 $ 67,999 $ 65,060 Variable payments 5,697 5,646 11,713 10,526 $ 39,604 $ 38,507 $ 79,712 $ 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, 2020 under non-cancellable 2020 $ 61,615 2021 117,530 2022 98,570 2023 80,442 2024 60,917 Thereafter 118,525 $ 537,599
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use As of June 30, As of December 31, Right-of-use $ 12,931 $ 13,130 Lease liability – operating leases $ 7,937 $ 8,033 Right-of-use $ 67 $ 79 Lease liability – financing leases $ 67 $ 79
Schedule future minimum lease payments to be paid	Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of June 30, 2020 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing 2020 $ 196 $ 13 2021 817 27 2022 798 27 2023 663 4 2024 597 — Thereafter 26,680 — Total future minimum lease payments 29,751 71 Discount (21,814 ) (4 ) Total $ 7,937 $ 67

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020
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
Canyon Park [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2019-02
Real estate property, percentage owned, asset acquisitions	100.00%
Cascade Station [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2019-06
Real estate property, percentage owned, asset acquisitions	100.00%

Real Estate Investments - Sch_2

Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Acquisitions [Line Items]
Land	$ 7,098
Building and improvement	61,760
Tenant improvement	3,877
Lease intangible assets	11,243
Other assets	3,174
Debt	(697)
Accounts payable and other liabilities	(1,452)
Lease intangible liabilities	(1,517)
Net assets acquired	83,486
Canyon Park [Member]
Acquisitions [Line Items]
Land	7,098
Building and improvement	36,619
Tenant improvement	1,797
Lease intangible assets	8,109
Other assets	10
Accounts payable and other liabilities	(1,266)
Lease intangible liabilities	(1,297)
Net assets acquired	51,070
Cascade Station [Member]
Acquisitions [Line Items]
Building and improvement	25,141
Tenant improvement	2,080
Lease intangible assets	3,134
Other assets	3,164
Debt	(697)
Accounts payable and other liabilities	(186)
Lease intangible liabilities	(220)
Net assets acquired	$ 32,416

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	May 10, 2019	May 07, 2019	Feb. 07, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Line Items]
Net gain on sale of real estate property				$ 478		$ 478
Non-refundable deposit received					800
Debt Assumed						22,473
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
Circle Point Land [Member]
Real Estate [Line Items]
Proceeds of sale of property	$ 6,500

Real Estate Investments - Sch_3

Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 4,543	$ 4,514
Liabilities related to assets held for sale	(27)	(67)
Circle Point Land [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	4,543	4,514
Liabilities related to assets held for sale	(27)	(67)
Circle Point Land [Member] | Real estate properties, net [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	4,543	4,514
Circle Point Land [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	$ (27)	$ (67)

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 137,982	$ 138,610
Accumulated amortization, Lease Intangible Assets	(81,193)	(71,077)
Total, Lease Intangible Assets	56,789	67,533
Cost, Lease Intangible Liabilities	(14,000)	(14,016)
Accumulated amortization, Lease Intangible Liabilities	6,990	5,822
Total, Lease Intangible Liabilities	(7,010)	(8,194)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	14,870	15,242
Accumulated amortization, Lease Intangible Assets	(7,469)	(6,704)
Total, Lease Intangible Assets	7,401	8,538
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	87,163	87,320
Accumulated amortization, Lease Intangible Assets	(55,325)	(48,229)
Total, Lease Intangible Assets	31,838	39,091
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	35,949	36,048
Accumulated amortization, Lease Intangible Assets	(18,399)	(16,144)
Total, Lease Intangible Assets	17,550	19,904
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(13,862)	(13,878)
Accumulated amortization, Lease Intangible Liabilities	6,948	5,782
Total, Lease Intangible Liabilities	(6,914)	(8,096)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	42	40
Total, Lease Intangible Liabilities	$ (96)	$ (98)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 9,413
2021	15,890
2022	8,229
2023	5,355
2024	3,077
Thereafter	7,815
Total	$ 49,779

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Indebtedness	$ 709,176	$ 612,292
Deferred financing costs, net	(4,926)	(5,660)
Unamortized fair value adjustments	547	618
Total	704,797	607,250
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	$ 50,000	50,000
Interest Rate, terms	LIBOR +1.40
Interest Rate, spread	1.40%
Maturity	2024-09
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 100,000
Interest Rate, terms	LIBOR +1.50
Interest Rate, spread	1.50%
Maturity	2022-03
Midland Life Insurance [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 84,425	85,293
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	$ 40,549	40,854
Interest Rate	4.79%
Maturity	2025-10
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 40,950	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	$ 33,752	34,053
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 32,710	32,971
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	$ 28,619	28,969
Interest Rate	3.10%
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	$ 22,130	22,304
Interest Rate	4.55%
Maturity	2024-05
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 22,425	22,425
Interest Rate	3.15%
Maturity	2025-12
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 21,838	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	$ 17,547	17,717
Interest Rate	4.28%
Maturity	2024-08
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 17,332	17,534
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,869	17,000
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,780	$ 15,972
Interest Rate	3.10%
Maturity	2023-10

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Sep. 30, 2019	Mar. 31, 2018
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		1.27%
Derivative, Notional Amount		$ 50
Maximum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount		300	$ 250
Unsecured Debt [Member]
Debt Instrument [Line Items]
Term loan		$ 50
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]
Revolving Credit Facility, outstanding	$ 7
Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	125.00%
Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	215.00%
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount			250
Revolving Credit Facility, outstanding	$ 100
Loan maturity date	Mar. 31, 2022
Loan expected extended maturity date	Mar. 31, 2023
Revolving Credit Facility, maximum borrowing capacity			$ 500
Interest Rate, Description	1.50%
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
One month LIBOR rate	0.16%
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	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020	$ 3,163
2021	89,355
2022	106,529
2023	48,529
2024	124,725
Thereafter	336,875
Total	$ 709,176	$ 612,292

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount			$ 50
Fixed interest rate			1.27%
Interest Rate Swap [Member] | Other Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets fair value		$ 0.7
Derivative Liability	$ 2.3
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	$ 582	$ 576.9

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Administrative Services Agreement [Member] | Second City Funds [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 0.2	$ 0.3
Administrative Services Agreement [Member] | Clarity Real Estate III GP Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 0.1
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) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease cost	$ 0.2	$ 0.2	$ 0.4	$ 0.4
Operating Lease, Weighted Average Remaining Lease Term	56 years		56 years
Operating Lease, Weighted Average Discount Rate, Percent	6.30%		6.30%
Maximum [Member]
Remaining lease terms	68 years		68 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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fixed payments	$ 33,907	$ 32,861	$ 67,999	$ 65,060
Variable payments	5,697	5,646	11,713	10,526
Operating Lease, Lease Income	$ 39,604	$ 38,507	$ 79,712	$ 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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Lease, Lease Income	$ 39,604	$ 38,507	$ 79,712	$ 75,586

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020	$ 61,615
2021	117,530
2022	98,570
2023	80,442
2024	60,917
Thereafter	118,525
Total future minimum lease payments to be received	$ 537,599

Leases - Schedule of Operatin_3

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lease liability – operating leases	$ 7,937
Lease liability – financing leases	67
Other Assets [Member]
Right-of-use asset - operating leases	12,931	$ 13,130
Right-of-use asset – financing leases	67	79
Other Liabilities [Member]
Lease liability – operating leases	7,937	8,033
Lease liability – financing leases	$ 67	$ 79

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands	Jun. 30, 2020USD ($)
2020	$ 196
2021	817
2022	798
2023	663
2024	597
Thereafter	26,680
Total future minimum lease payments	29,751
Discount	(21,814)
Total	7,937
2020	13
2021	27
2022	27
2023	4
2024	0
Thereafter	0
Total future minimum lease payments	71
Discount	(4)
Total	$ 67

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 24, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Mar. 09, 2020	May 02, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Dividend percent on preferred stock					6.625%		6.625%
Maximum number of shares issued under Equity Incentive Plan									2,263,580	1,263,580
Stock Repurchase Program, Authorized Amount								$ 100
Stock Repurchased During Period, Shares					10,249,655	0
Stock Repurchase During Period Before Commission, Value					$ 89.3
Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance					The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the 2020 RSU Peer Group would result in a 50% payout; TSR at the 50th percentile of the 2020 RSU Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the 2020 RSU Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum.
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Dividend percent on preferred stock					6.625%
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.15			$ 0.15
Dividends paid, declared date					Jun. 12, 2020
Dividends paid date					Jul. 24, 2020
Dividends paid, date of record					Jul. 10, 2020
Dividend paid	$ 6.6
Stock Repurchased During Period, Shares		(8,799,000)	(1,451,000)
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.4140625			$ 0.4140625
Dividends paid, declared date					Jun. 12, 2020
Dividends paid date					Jul. 24, 2020
Dividends paid, date of record					Jul. 10, 2020
Dividend paid	$ 1.9
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Net compensation expense		$ 0.5		$ 0.5	$ 1	$ 0.9
Restricted Stock Units (RSUs) [Member] | Directors and Non-Executive Employees [Member]
Class of Stock [Line Items]
Performance stock units granted to executive officers, directors and non-executive employees					147,050
Performance stock units grant date fair value					$ 2
Share-based Payment Award, Award Vesting Period					3 years
Performance Restricted Stock Unit [Member]
Class of Stock [Line Items]
Net compensation expense				$ 0		$ 0
Performance Restricted Stock Unit [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Performance stock units granted to executive officers, directors and non-executive employees					97,500
Performance stock units grant date fair value					$ 1.3
Net compensation expense		$ 0.1			$ 0.2
Share-based Payment Award, Award Vesting Period					3 years
CIO Performance Restricted Stock Unit [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Share-based Payment Award, Award Vesting Period					3 years

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 23, 2020	Aug. 03, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Line Items]
Stock Repurchased During Period, Shares						10,249,655	0
Stock Repurchased During Period, Value			$ 78,049	$ 11,622
Disposal costs on sale of real estate investment					$ 478		$ 478
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds of sale of property	$ 6,500
Stock Repurchased During Period, Shares		1,114,196
Stock Repurchased During Period, Value		$ 10,700
Disposal costs on sale of real estate investment	$ 1,300