City Office REIT (CIO) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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 Transition Report	false
Document Quarterly Report	true
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	Mar. 31, 2021	Dec. 31, 2020
Real estate properties
Land	$ 204,289	$ 204,289
Building and improvement	778,749	777,184
Tenant improvement	105,195	104,694
Furniture, fixtures and equipment	642	642
Real estate properties, gross	1,088,875	1,086,809
Accumulated depreciation	(140,142)	(131,220)
Real estate properties, net	948,733	955,589
Cash and cash equivalents	14,890	25,305
Restricted cash	18,295	20,646
Rents receivable, net	32,199	32,968
Deferred leasing costs, net	18,194	16,829
Acquired lease intangible assets, net	39,641	44,143
Other assets	16,199	15,758
Assets held for sale	0	46,054
Total Assets	1,088,151	1,157,292
Liabilities:
Debt	572,776	677,242
Accounts payable and accrued liabilities	20,847	25,414
Deferred rent	7,248	7,295
Tenant rent deposits	4,653	4,801
Acquired lease intangible liabilities, net	5,644	6,035
Other liabilities	17,370	18,099
Liabilities related to assets held for sale	0	531
Total Liabilities	628,538	739,417
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of March 31, 2021 and December 31, 2020	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 43,397,117 shares issued and outstanding as of March 31, 2021 and December 31, 2020	433	433
Additional paid-in capital	480,106	479,411
Accumulated deficit	(132,556)	(172,958)
Accumulated other comprehensive loss	(1,291)	(1,960)
Total Stockholders' Equity	458,692	416,926
Non-controlling interests in properties	921	949
Total Equity	459,613	417,875
Total Liabilities and Equity	$ 1,088,151	$ 1,157,292

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	43,397,117	43,397,117
Common stock, shares outstanding	43,397,117	43,397,117

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Rental and other revenues	$ 39,516	$ 40,122
Operating expenses:
Property operating expenses	14,118	14,694
General and administrative	2,801	2,783
Depreciation and amortization	14,415	14,953
Total operating expenses	31,334	32,430
Operating income	8,182	7,692
Interest expense:
Contractual interest expense	(6,243)	(6,362)
Amortization of deferred financing costs and debt fair value	(330)	(324)
Interest expense, net	(6,573)	(6,686)
Net gain on sale of real estate property	47,400
Net income	49,009	1,006
Net income attributable to non-controlling interests in properties	(192)	(182)
Net income attributable to the Company	48,817	824
Preferred stock distributions	(1,855)	(1,855)
Net income/(loss) attributable to common stockholders	$ 46,962	$ (1,031)
Net income/(loss) per common share:
Basic	$ 1.08	$ (0.02)
Diluted	$ 1.07	$ (0.02)
Weighted average common shares outstanding:
Basic	43,397	54,458
Diluted	44,043	54,458
Dividend distributions declared per common share	$ 0.150	$ 0.150

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 49,009	$ 1,006
Other comprehensive income/(loss):
Unrealized cash flow hedge gain/(loss)	527	(2,690)
Amounts reclassified to interest expense	142	(51)
Other comprehensive income/(loss)	669	(2,741)
Comprehensive income/(loss)	49,678	(1,735)
Comprehensive income attributable to non-controlling interests in properties	(192)	(182)
Comprehensive income/(loss) attributable to the Company	$ 49,486	$ (1,917)

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 Loss [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
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		$ 0	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	1,451,249		(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, 2020	417,875	$ 112,000	$ 433	479,411	(172,958)	(1,960)	416,926	949
Beginning balance, shares at Dec. 31, 2020		4,480,000	43,397,000
Restricted stock award grants and vesting, values	$ 645			695	(50)		645
Common stock repurchased, shares	0
Common stock dividend distribution declared	$ (6,510)				(6,510)		(6,510)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(220)							(220)
Net income	49,009				48,817		48,817	192
Other comprehensive loss	669					669	669
Ending balance at Mar. 31, 2021	$ 459,613	$ 112,000	$ 433	$ 480,106	$ (132,556)	$ (1,291)	$ 458,692	$ 921
Ending balance, shares at Mar. 31, 2021		4,480,000	43,397,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net income	$ 49,009	$ 1,006
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,415	14,953
Amortization of deferred financing costs and debt fair value	330	324
Amortization of above and below market leases	105	14
Straight-line rent/expense	(61)	(704)
Non-cash stock compensation	645	569
Net gain on sale of real estate property	(47,400)
Changes in non-cash working capital:
Rents receivable, net	1,014	(38)
Other assets	(531)	190
Accounts payable and accrued liabilities	(1,807)	(4,282)
Deferred rent	(47)	(1,295)
Tenant rent deposits	(148)	2
Net Cash Provided By Operating Activities	15,524	10,739
Cash Flows from/(to) Investing Activities:
Additions to real estate properties	(6,248)	(3,137)
Net proceeds from sale of real estate	93,303
Deferred leasing costs	(1,934)	(2,195)
Net Cash Provided by/(Used In) Investing Activities	85,121	(5,332)
Cash Flows (to)/from Financing Activities:
Proceeds from borrowings	45,000	100,000
Repayment of borrowings	(149,826)	(1,541)
Distributions to non-controlling interests in properties	(220)	(200)
Dividend distributions paid to stockholders	(8,365)	(14,684)
Repurchases of common stock		(11,622)
Shares withheld for payment of taxes on restricted stock unit vesting		(49)
Contributions from non-controlling interests in properties .		3
Net Cash (Used In)/Provided By Financing Activities	(113,411)	71,907
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash	(12,766)	77,314
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	45,951	87,523
Cash, Cash Equivalents and Restricted Cash, End of Period	33,185	164,837
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	14,890	146,509
Restricted Cash, End of Period	18,295	18,328
Cash, Cash Equivalents and Restricted Cash, End of Period	33,185	164,837
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	6,322	6,111
Purchase of additions in real estate properties included in accounts payable	4,145	2,587
Purchase of deferred leasing costs included in accounts payable	$ 493	$ 284

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
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 (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”). ASU 2020-04 provides companies with optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. For contracts affected by reference rate reform, if certain criteria are met, companies can elect to not remeasure contracts at the modification date or reassess a previous accounting conclusion. Companies can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. Further, in January 2021, the FASB issued ASU No. 2021-01 (“ASU 2021-01”), Topic 848, Reference Rate Reform (“Topic 848”). ASU 2021-01 clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 and ASU 2021-01 can be applied as of the beginning of the interim period that includes March 12, 2020, however, the guidance will only be available for optional use through December 31, 2022. The new standard applies prospectively to contract modifications and hedging relationships and may be elected over time as reference rate reform activities occur. The Company has not yet adopted the standard and continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its condensed consolidated financial statements and may elect optional expedients in future periods as reference rate reform activities occur.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Sale of Real Estate Property On February 10, 2021, the Company sold the Cherry Creek property in Denver, Colorado for $95.0 million, resulting in an aggregate gain of $47.4 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. Assets Held for Sale On November 18, 2020, the Company entered into a purchase and sale agreement to sell the Cherry Creek property for $95.0 million. The Company determined that the property met the criteria for classification as held for sale as of December 31, 2020. On February 10, 2021, the Company completed the sale of the Cherry Creek property. The property was classified as held for sale as of December 31, 2020 (in thousands): Cherry Creek December 31, Real estate properties, net $ 40,849 Deferred leasing costs, net 150 Acquired lease intangible assets, net 2,256 Rents receivable, prepaid expenses and other assets 2,799 Assets held for sale $ 46,054 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (531) Liabilities related to assets held for sale $ (531)

Lease Intangibles

Lease Intangibles	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of March 31, 2021 and December 31, 2020 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2021 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,830 $ 79,316 $ 30,189 $ 124,335 $ (13,093 ) $ (138 ) $ (13,231 ) Accumulated amortization (8,930 ) (57,760 ) (18,004 ) (84,694 ) 7,542 45 7,587 $ 5,900 $ 21,556 $ 12,185 $ 39,641 $ (5,551 ) $ (93 ) $ (5,644 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2020 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,894 $ 80,259 $ 30,284 $ 125,437 $ (13,093 ) $ (138 ) $ (13,231 ) Accumulated amortization (8,497 ) (55,636 ) (17,161 ) (81,294 ) 7,152 44 7,196 $ 6,397 $ 24,623 $ 13,123 $ 44,143 $ (5,941 ) $ (94 ) $ (6,035 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2021 $ 9,446 2022 8,118 2023 5,424 2024 3,101 2025 2,703 Thereafter 5,205 ●● $33,997

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of March 31, 2021 and December 31, 2020 (dollars in thousands): Property March 31, 2021 December 31, Interest Rate as 2021 (1) Maturity Unsecured Credit Facility (2)(3) $ 55,000 $ 75,000 LIBOR +1.40 % (4) March 2022 Term Loan (3) 50,000 50,000 LIBOR +1.25 % (4) September 2024 Mission City 47,000 47,000 3.78 % November 2027 Canyon Park (5) 40,950 40,950 4.30 % March 2027 190 Office Center 40,069 40,236 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,287 33,444 4.56 % March 2027 Intellicenter 32,300 32,442 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 28,083 28,263 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,344 22,425 3.15 % December 2025 Cascade Station 21,857 21,952 4.55 % May 2024 5090 N. 40th St 21,540 21,640 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,287 17,375 4.28 % August 2024 Central Fairwinds 17,023 17,127 3.15 % June 2024 FRP Ingenuity Drive 16,665 16,736 4.44 % December 2024 Carillon Point 15,486 15,585 3.10 % October 2023 Midland Life Insurance (6) — 83,537 — — Total Principal 576,141 680,962 Deferred financing costs, net (3,804 ) (4,195 ) Unamortized fair value adjustments 439 475 Total $ 572,776 $ 677,242 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (the “Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 2 and 3 below. (2) In March 2018, the Company entered into the Credit Agreement March 2022 March 2023 (3) 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 (4) As of March 31, 2021, the one-month (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. (6) The mortgage loan was cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). In February 2021, the loan balance of $83.5 million was repaid in full. The scheduled principal repayments of debt as of March 31, 2021 are as follows (in thousands): 2021 $ 4,483 2022 61,529 2023 48,529 2024 124,725 2025 96,572 Thereafter 240,303 $ 576,141

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 the Interest 30-day The Interest Rate Swap has been designated and qualifies as a cash flow hedge and has been recognized on the condensed 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 March 31, 2021, the Interest Rate Swap was reported as a liability at its fair value of approximately $1.3 million, which is included in other liabilities on the Company’s condensed consolidated balance sheet. For the three months ended March 31, 2021 approximately $0.1 million of realized losses were reclassified to interest expense due to payments made to the swap counterparty. For the three months ended March 31, 2020 the amount of realized losses reclassified to interest expense due to payments received by the swap counterparty were nominal. As of December 31, 2020, the Interest Rate Swap was reported as a liability at its fair value of approximately $2.0 million, which is included in other liabilities on the Company’s condensed consolidated balance sheet . Cash, Cash Equivalents, Restricted Cash, Rents 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 $474.1 million and $573.6 million (compared to a carrying value of $471.1 million and $556.0 million) as of March 31, 2021 and December 31, 2020, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the three months ended March 31, 2021 and 2020, the Company earned $0.1 million and $0.1 million, respectively, in administrative services performed for Second City Real Estate II Corporation (“Second City”), Clarity Real Estate Ventures GP, Limited Partnership (“Clarity”) and their affiliates.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 as follows (in thousands): Three Months Ended March 31, 2021 2020 Fixed payments $ 33,551 $ 34,092 Variable payments 5,907 6,016 $ 39,458 $ 40,108 Future minimum lease payments to be received by the Company as of March 31, 2021 under non-cancellable 2021 $ 89,536 2022 105,566 2023 88,575 2024 68,921 2025 53,149 Thereafter 154,927 $ 560,674 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 March 31, 2021, these leases had remaining terms of 1 to 67 years and a weighted average remaining lease term of 58 years. Right-of-use March 31, 2021 December 31, 2020 Right-of-use $ 12,633 $ 12,739 Lease liability – operating leases $ 7,666 $ 7,719 Right-of-use $ 49 $ 55 Lease liability – financing leases $ 49 $ 55 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 for each of the three months ended March 31, 2021 and March 31, 2020 was $0.2 million. Financing lease expense for each of the three months ended March 31, 2021 and 2020 was nominal . Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2021 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing Leases 2021 $ 383 $ 20 2022 798 27 2023 663 4 2024 597 — 2025 596 — Thereafter 26,084 — Total future minimum lease payment s 29,121 51 Discoun t (21,455 ) (2 ) Total $ 7,666 $ 49

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2021
Federal Home Loan Banks [Abstract]
Stockholder's 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. In July 2020, the Company completed the full March 2020 share repurchase plan. On August 5, 2020, the Company’s Board of Directors approved an additional share repurchase plan authorizing the Company to repurchase up to an additional aggregate amount of $50 million of its outstanding shares of common stock. Under the share repurchase programs, 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 SEC 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 There were no shares repurchased during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company completed the repurchase of 1,451,249 shares of its common stock for approximately $11.6 million. Common Stock and Common Unit Distributions O n March 23, 2021, 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 March 31, 2021. The dividend was paid subsequent to quarter end on April 23, 2021 to common stockholders and common unitholders of record as of the close of business on April 9, 2021, resulting in an aggregate payment of $6.5 million. Preferred Stock Distributions On March 23, 2021 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 March 31, 2021. The dividend was paid subsequent to quarter end on Equity Incentive Plan The Company has an equity incentive plan non-executive 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 During the three months ended March 31, 2021, 169,500 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive three For the three months ended March 31, 2021, the Company recognized net compensation expense of $0.5 million related to the RSUs. For the three months ended March 31, 2020, the Company recognized net compensation expense of $0.5 million related to the RSUs. During the three months ended March 31, 2021, 120,000 Performance RSU Awards were granted to executive officers with a fair value of $1.2 million. The Performance RSU Awards will vest on the last day of the three-year measurement period of January 1, 2021 through December 31, 2023. For the three months ended March 31, 2021, the Company recognized net compensation expense of $0.2 million related to the Performance RSU Awards. For the three months ended March 31, 2020, the Company recognized net compensation expense of $0.1 million related to the Performance RSU Awards .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Subsequent to March 31, 2021, the Company, through the Operating Partnership, entered into an Agreement of Purchase and Sale to acquire two properties located in San Diego, California for $43.3 million, exclusive of closing costs. The transaction is expected to close during the second quarter of 2021, subject to customary closing conditions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”). ASU 2020-04 provides companies with optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. For contracts affected by reference rate reform, if certain criteria are met, companies can elect to not remeasure contracts at the modification date or reassess a previous accounting conclusion. Companies can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. Further, in January 2021, the FASB issued ASU No. 2021-01 (“ASU 2021-01”), Topic 848, Reference Rate Reform (“Topic 848”). ASU 2021-01 clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 and ASU 2021-01 can be applied as of the beginning of the interim period that includes March 12, 2020, however, the guidance will only be available for optional use through December 31, 2022. The new standard applies prospectively to contract modifications and hedging relationships and may be elected over time as reference rate reform activities occur. The Company has not yet adopted the standard and continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its condensed consolidated financial statements and may elect optional expedients in future periods as reference rate reform activities occur.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Property Classified as Held for Sale	The property was classified as held for sale as of December 31, 2020 (in thousands): Cherry Creek December 31, Real estate properties, net $ 40,849 Deferred leasing costs, net 150 Acquired lease intangible assets, net 2,256 Rents receivable, prepaid expenses and other assets 2,799 Assets held for sale $ 46,054 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (531) Liabilities related to assets held for sale $ (531)

Lease Intangibles (Tables)

Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Lease Intangibles and Value of Assumed Lease Obligations	Lease intangibles and the value of assumed lease obligations as of March 31, 2021 and December 31, 2020 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2021 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,830 $ 79,316 $ 30,189 $ 124,335 $ (13,093 ) $ (138 ) $ (13,231 ) Accumulated amortization (8,930 ) (57,760 ) (18,004 ) (84,694 ) 7,542 45 7,587 $ 5,900 $ 21,556 $ 12,185 $ 39,641 $ (5,551 ) $ (93 ) $ (5,644 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2020 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,894 $ 80,259 $ 30,284 $ 125,437 $ (13,093 ) $ (138 ) $ (13,231 ) Accumulated amortization (8,497 ) (55,636 ) (17,161 ) (81,294 ) 7,152 44 7,196 $ 6,397 $ 24,623 $ 13,123 $ 44,143 $ (5,941 ) $ (94 ) $ (6,035 )
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): 2021 $ 9,446 2022 8,118 2023 5,424 2024 3,101 2025 2,703 Thereafter 5,205 ●● $33,997

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	Property March 31, 2021 December 31, Interest Rate as 2021 (1) Maturity Unsecured Credit Facility (2)(3) $ 55,000 $ 75,000 LIBOR +1.40 % (4) March 2022 Term Loan (3) 50,000 50,000 LIBOR +1.25 % (4) September 2024 Mission City 47,000 47,000 3.78 % November 2027 Canyon Park (5) 40,950 40,950 4.30 % March 2027 190 Office Center 40,069 40,236 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,287 33,444 4.56 % March 2027 Intellicenter 32,300 32,442 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 28,083 28,263 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,344 22,425 3.15 % December 2025 Cascade Station 21,857 21,952 4.55 % May 2024 5090 N. 40th St 21,540 21,640 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,287 17,375 4.28 % August 2024 Central Fairwinds 17,023 17,127 3.15 % June 2024 FRP Ingenuity Drive 16,665 16,736 4.44 % December 2024 Carillon Point 15,486 15,585 3.10 % October 2023 Midland Life Insurance (6) — 83,537 — — Total Principal 576,141 680,962 Deferred financing costs, net (3,804 ) (4,195 ) Unamortized fair value adjustments 439 475 Total $ 572,776 $ 677,242 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (the “Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 2 and 3 below. (2) In March 2018, the Company entered into the Credit Agreement March 2022 March 2023 (3) 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 (4) As of March 31, 2021, the one-month (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. (6) The mortgage loan was cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). In February 2021, the loan balance of $83.5 million was repaid in full.
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of March 31, 2021 are as follows (in thousands): 2021 $ 4,483 2022 61,529 2023 48,529 2024 124,725 2025 96,572 Thereafter 240,303 $ 576,141

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for the three months ended March 31, 2021 and 2020 as follows (in thousands): Three Months Ended March 31, 2021 2020 Fixed payments $ 33,551 $ 34,092 Variable payments 5,907 6,016 $ 39,458 $ 40,108
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of March 31, 2021 under non-cancellable 2021 $ 89,536 2022 105,566 2023 88,575 2024 68,921 2025 53,149 Thereafter 154,927 $ 560,674
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use March 31, 2021 December 31, 2020 Right-of-use $ 12,633 $ 12,739 Lease liability – operating leases $ 7,666 $ 7,719 Right-of-use $ 49 $ 55 Lease liability – financing leases $ 49 $ 55
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 March 31, 2021 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing Leases 2021 $ 383 $ 20 2022 798 27 2023 663 4 2024 597 — 2025 596 — Thereafter 26,084 — Total future minimum lease payment s 29,121 51 Discoun t (21,455 ) (2 ) Total $ 7,666 $ 49

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 10, 2021	Nov. 18, 2020	Mar. 31, 2021
Real Estate [Line Items]
Net gain on sale of real estate property			$ 47,400
Cherry Creek [Member]
Real Estate [Line Items]
Proceeds of sale of property	$ 95,000	$ 95,000
Net gain on sale of real estate property	$ 47,400

Real Estate Investments - Sched

Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 0	$ 46,054
Liabilities related to assets held for sale	$ 0	531
Cherry Creek [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		46,054
Liabilities related to assets held for sale		(531)
Cherry Creek [Member] | Real estate properties, net [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		40,849
Cherry Creek [Member] | Deferred leasing costs, net [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		150
Cherry Creek [Member] | Acquired lease intangible assets, net [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		2,256
Cherry Creek [Member] | Rents receivable, prepaid expenses and other assets [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		2,799
Cherry Creek [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		$ (531)

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 124,335	$ 125,437
Accumulated amortization, Lease Intangible Assets	(84,694)	(81,294)
Total, Lease Intangible Assets	39,641	44,143
Cost, Lease Intangible Liabilities	(13,231)	(13,231)
Accumulated amortization, Lease Intangible Liabilities	7,587	7,196
Total, Lease Intangible Liabilities	(5,644)	(6,035)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	14,830	14,894
Accumulated amortization, Lease Intangible Assets	(8,930)	(8,497)
Total, Lease Intangible Assets	5,900	6,397
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	79,316	80,259
Accumulated amortization, Lease Intangible Assets	(57,760)	(55,636)
Total, Lease Intangible Assets	21,556	24,623
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	30,189	30,284
Accumulated amortization, Lease Intangible Assets	(18,004)	(17,161)
Total, Lease Intangible Assets	12,185	13,123
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(13,093)	(13,093)
Accumulated amortization, Lease Intangible Liabilities	7,542	7,152
Total, Lease Intangible Liabilities	(5,551)	(5,941)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	45	44
Total, Lease Intangible Liabilities	$ (93)	$ (94)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 9,446
2022	8,118
2023	5,424
2024	3,101
2025	2,703
Thereafter	5,205
Total	$ 33,997

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Indebtedness	$ 576,141	$ 680,962
Deferred financing costs, net	(3,804)	(4,195)
Unamortized fair value adjustments	439	475
Total	572,776	677,242
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	$ 50,000	50,000
Interest Rate, terms	LIBOR +1.25
Interest Rate, spread	1.25%
Maturity	2024-09
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 55,000	75,000
Interest Rate, terms	LIBOR +1.40
Interest Rate, spread	1.40%
Maturity	2022-03
Midland Life Insurance [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		83,537
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	$ 40,069	40,236
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	$ 33,287	33,444
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 32,300	32,442
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	$ 28,083	28,263
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	$ 21,857	21,952
Interest Rate	4.55%
Maturity	2024-05
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 22,344	22,425
Interest Rate	3.15%
Maturity	2025-12
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 21,540	21,640
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	$ 17,287	17,375
Interest Rate	4.28%
Maturity	2024-08
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 17,023	17,127
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,665	16,736
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,486	$ 15,585
Interest Rate	3.10%
Maturity	2023-10

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 25, 2021	Mar. 31, 2018	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Loan repaid			$ 149,826	$ 1,541
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate					1.27%
Derivative, Notional Amount					$ 50,000
Maximum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount		$ 250,000			300,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Term loan					$ 50,000
Midland Life Insurance [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Loan repaid	$ 83,500
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			$ 4,800
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		$ 250,000
Revolving Credit Facility, outstanding			$ 55,000
Loan maturity date		Mar. 31, 2022
Loan expected extended maturity date		Mar. 31, 2023
Revolving Credit Facility, maximum borrowing capacity		$ 500,000
Interest Rate, Description			1.40%
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
One month LIBOR rate			0.11%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio			1.50%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description			140.00%
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description			225.00%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 4,483
2022	61,529
2023	48,529
2024	124,725
2025	96,572
Thereafter	240,303
Total	$ 576,141	$ 680,962

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amounts reclassified to interest expense	$ 142	$ (51)
Debt instrument carrying amount	576,141		$ 680,962
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount				$ 50,000
Fixed interest rate				1.27%
Amounts reclassified to interest expense	100
Interest Rate Swap [Member] | Other Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	1,300		2,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	474,100		573,600
Debt instrument carrying amount	$ 471,100		$ 556,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Administrative Services Agreement [Member] | Second City Funds [Member] | Clarity Real Estate Ventures GP, Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 0.1	$ 0.1

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease cost	$ 0.2	$ 0.2
Operating Lease, Weighted Average Remaining Lease Term	58 years
Operating Lease, Weighted Average Discount Rate, Percent	6.30%
Maximum [Member]
Remaining lease terms	67 years
Minimum [Member]
Remaining lease terms	1 year

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fixed payments	$ 33,551	$ 34,092
Variable payments	5,907	6,016
Operating Lease, Lease Income	$ 39,458	$ 40,108

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021	$ 89,536
2022	105,566
2023	88,575
2024	68,921
2025	53,149
Thereafter	154,927
Total future minimum lease payments to be received	$ 560,674

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lease liability – operating leases	$ 7,666
Lease liability – financing leases	49
Other Assets [Member]
Right-of-use asset - operating leases	12,633	$ 12,739
Right-of-use asset – financing leases	49	55
Other Liabilities [Member]
Lease liability – operating leases	7,666	7,719
Lease liability – financing leases	$ 49	$ 55

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands	Mar. 31, 2021USD ($)
2021	$ 383
2022	798
2023	663
2024	597
2025	596
Thereafter	26,084
Total future minimum lease payments	29,121
Discount	(21,455)
Total	7,666
2021	20
2022	27
2023	4
2024	0
2025	0
Thereafter	0
Total future minimum lease payments	51
Discount	(2)
Total	$ 49

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 23, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Aug. 05, 2020	Mar. 09, 2020	May 02, 2019
Class of Stock [Line Items]
Preferred stock, Dividend rate percentage		6.625%		6.625%
Maximum number of shares issued under Equity Incentive Plan							2,263,580
Stock Repurchase Program, Authorized Amount					$ 50	$ 100
Stock Repurchased During Period, Shares		0	1,451,249
Stock Repurchase During Period Before Commission, Value			$ 11.6
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]
Preferred stock, Dividend rate percentage		6.625%
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.15
Dividends paid, declared date		Mar. 23, 2021
Dividends paid date		Apr. 23, 2021
Dividends paid, date of record		Apr. 9, 2021
Dividend paid	$ 6.5
Stock Repurchased During Period, Shares			(1,451,000)
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.4140625
Dividends paid, declared date		Mar. 23, 2021
Dividends paid date		Apr. 23, 2021
Dividends paid, date of record		Apr. 9, 2021
Dividend paid	$ 1.9
Executive Officer [Member]
Class of Stock [Line Items]
Share-based Payment Award, Award Vesting Period		3 years
Restricted Stock Units (RSUs) [Member] | Directors and Non-Executive Employees [Member]
Class of Stock [Line Items]
Stock units granted to executive officers, directors and non-executive employees		169,500
Stock units grant date fair value		$ 1.6
Net compensation expense		$ 0.5	$ 0.5
Share-based Payment Award, Award Vesting Period		3 years
Performance Restricted Stock Unit [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Stock units granted to executive officers, directors and non-executive employees		120,000
Stock units grant date fair value		$ 1.2
Net compensation expense		$ 0.2	$ 0.1
Share-based Payment Award, Award Vesting Period		3 years

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	1 Months Ended
	Apr. 30, 2021USD ($)
Subsequent Event [Member] | San Diego and California [Member]
Subsequent Event [Line Items]
Acquisition of real estate	$ 43.3