City Office REIT (CIO) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
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		43,554,375
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	Jun. 30, 2021	Dec. 31, 2020
Real estate properties
Land	$ 241,582	$ 204,289
Building and improvement	783,264	777,184
Tenant improvement	106,876	104,694
Furniture, fixtures and equipment	669	642
Real estate properties, gross	1,132,391	1,086,809
Accumulated depreciation	(149,087)	(131,220)
Real estate properties, net	983,304	955,589
Cash and cash equivalents	13,394	25,305
Restricted cash	22,929	20,646
Rents receivable, net	32,448	32,968
Deferred leasing costs, net	20,253	16,829
Acquired lease intangible assets, net	37,363	44,143
Other assets	18,461	15,758
Assets held for sale	0	46,054
Total Assets	1,128,152	1,157,292
Liabilities:
Debt	612,510	677,242
Accounts payable and accrued liabilities	21,668	25,414
Deferred rent	10,208	7,295
Tenant rent deposits	5,921	4,801
Acquired lease intangible liabilities, net	5,352	6,035
Other liabilities	19,069	18,099
Liabilities related to assets held for sale	0	531
Total Liabilities	674,728	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 shares issued and outstanding as of June 30, 2021 and December 31, 2020	112,000	112,000
Common stock, $0.01 par value per share, 100,000,000 shares authorized, 43,554,375 and 43,397,117 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	435	433
Additional paid-in capital	480,629	479,411
Accumulated deficit	(139,358)	(172,958)
Accumulated other comprehensive loss	(1,191)	(1,960)
Total Stockholders' Equity	452,515	416,926
Non-controlling interests in properties	909	949
Total Equity	453,424	417,875
Total Liabilities and Equity	$ 1,128,152	$ 1,157,292

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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	43,554,375	43,397,117
Common stock, shares outstanding	43,554,375	43,397,117

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Rental and other revenues	$ 39,964	$ 39,617	$ 79,480	$ 79,739
Operating expenses:
Property operating expenses	14,179	14,084	28,297	28,780
General and administrative	3,068	2,697	5,868	5,480
Depreciation and amortization	14,954	15,080	29,369	30,032
Total operating expenses	32,201	31,861	63,534	64,292
Operating income	7,763	7,756	15,946	15,447
Interest expense:
Contractual interest expense	(5,639)	(6,792)	(11,883)	(13,153)
Amortization of deferred financing costs and debt fair value	(272)	(341)	(602)	(665)
Interest expense, net	(5,911)	(7,133)	(12,485)	(13,818)
Net gain on sale of real estate property			47,400
Net income	1,852	623	50,861	1,629
Net income attributable to non-controlling interests in properties	(190)	(179)	(382)	(361)
Net income attributable to the Company	1,662	444	50,479	1,268
Preferred stock distributions	(1,855)	(1,855)	(3,710)	(3,710)
Net (loss)/income attributable to common stockholders	$ (193)	$ (1,411)	$ 46,769	$ (2,442)
Net (loss)/income per common share:
Basic	$ 0	$ (0.03)	$ 1.08	$ (0.05)
Diluted	$ 0	$ (0.03)	$ 1.06	$ (0.05)
Weighted average common shares outstanding:
Basic	43,482	47,542	43,440	50,993
Diluted	43,482	47,542	44,080	50,993
Dividend distributions declared per common share	$ 0.15	$ 0.15	$ 0.30	$ 0.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,852	$ 623	$ 50,861	$ 1,629
Other comprehensive income/(loss):
Unrealized cash flow hedge (loss)/gain	(47)	(394)	480	(3,084)
Amounts reclassified to interest expense	147	96	289	45
Other comprehensive income/(loss)	100	(298)	769	(3,039)
Comprehensive income/(loss)	1,952	325	51,630	(1,410)
Comprehensive income attributable to non-controlling interests in properties	(190)	(179)	(382)	(361)
Comprehensive income/(loss) attributable to the Company	$ 1,762	$ 146	$ 51,248	$ (1,771)

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			(1,451,000)
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
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 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
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
Common stock repurchased, shares	0
Net income	$ 50,861
Other comprehensive loss	769
Ending balance at Jun. 30, 2021	453,424	$ 112,000	$ 435	480,629	(139,358)	(1,191)	452,515	909
Ending balance, shares at Jun. 30, 2021		4,480,000	43,554,000
Beginning balance at Mar. 31, 2021	459,613	$ 112,000	$ 433	480,106	(132,556)	(1,291)	458,692	921
Beginning balance, shares at Mar. 31, 2021		4,480,000	43,397,000
Restricted stock award grants and vesting, values	449		$ 2	523	(76)		449
Restricted stock award grants and vesting, shares			157,000
Common stock dividend distribution declared	(6,533)				(6,533)		(6,533)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	2							2
Distributions	(204)							(204)
Net income	1,852				1,662		1,662	190
Other comprehensive loss	100					100	100
Ending balance at Jun. 30, 2021	$ 453,424	$ 112,000	$ 435	$ 480,629	$ (139,358)	$ (1,191)	$ 452,515	$ 909
Ending balance, shares at Jun. 30, 2021		4,480,000	43,554,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income	$ 50,861	$ 1,629
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,369	30,032
Amortization of deferred financing costs and debt fair value	602	665
Amortization of above and below market leases	301	(47)
Straight-line rent/expense	85	(1,002)
Non-cash stock compensation	1,310	1,157
Net gain on sale of real estate property	(47,400)
Changes in non-cash working capital:
Rents receivable, net	635	6
Other assets	(1,048)	(673)
Accounts payable and accrued liabilities	(2,757)	(567)
Deferred rent	2,850	436
Tenant rent deposits	877	(300)
Net Cash Provided By Operating Activities	35,685	31,336
Cash Flows from/(to) Investing Activities:
Additions to real estate properties	(9,499)	(15,140)
Acquisition of real estate.	(43,256)
Net proceeds from sale of real estate.	93,303
Deferred leasing costs	(3,131)	(3,056)
Net Cash Provided by/(Used In) Investing Activities	37,417	(18,196)
Cash Flows to Financing Activities:
Proceeds from borrowings	98,000	130,000
Repayment of borrowings	(163,363)	(33,116)
Dividend distributions paid to stockholders	(16,729)	(24,310)
Distributions to non-controlling interests in properties	(424)	(384)
Shares withheld for payment of taxes on restricted stock unit vesting	(216)	(42)
Contributions from non-controlling interests in properties .	2	3
Repurchases of common stock		(89,671)
Net Cash Used In Financing Activities	(82,730)	(17,520)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(9,628)	(4,380)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	45,951	87,523
Cash, Cash Equivalents and Restricted Cash, End of Period	36,323	83,143
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	13,394	67,039
Restricted Cash, End of Period	22,929	16,104
Cash, Cash Equivalents and Restricted Cash, End of Period	36,323	83,143
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	11,955	13,393
Purchase of additions in real estate properties included in accounts payable	4,233	6,487
Purchase of deferred leasing costs included in accounts payable	$ 2,164	$ 550

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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, eli m

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 stateme n Form 10-K 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 2020-04”). 2020-04 No. 2021-01 2021-01”), 2021-01 2020-04 2021-01 2020-04 2021-01

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions During the six months ended June 30, 2021 and 2020 the Company acquired the following properties: Property Date Acquired Percentage Owned 5910 Pacific Center and 9985 Pacific Heights (1) May 2021 100 % (1) 5910 Pacific Center and 9985 Pacific Heights have been added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The foregoing acquisition was accounted for as an asset acquisition. 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, 2021 (in thousands): 5910 Pacific Land $ 37,294 Building and improvement 2,979 Tenant improvement 917 Lease intangible assets 2,469 Other assets 19 Accounts payable and other liabilities (319 ) Lease intangible liabilities (103 ) Net assets acquired $ 43,256 Sale of Real Estate Property On February 10, 2021, the Company sold the Cherry Creek property in Denver, Colorado for a gross sales price of Assets Held for Sale On November 18, 2020, the Company entered into a purchase and sale agreement to sell the Cherry Creek property for a gross sales price of 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	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligation s Lease Intangible Assets Lease Intangible Liabilities June 30, 2021 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,489 $ 79,885 $ 30,097 $ 124,471 $ (13,184 ) $ (138 ) $ (13,322 ) Accumulated amortization (8,930 ) (59,541 ) (18,637 ) (87,108 ) 7,924 46 7,970 $ 5,559 $ 20,344 $ 11,460 $ 37,363 $ (5,260 ) $ (92 ) $ (5,352 ) 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 $ 6,112 2022 8,941 2023 5,914 2024 3,118 2025 2,720 Thereafter 5,206 $ 32,011

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of June 30, 2021 and December 31, 2020 (dollars in thousands): Property June 30, 2021 December 31, Interest Rate as 2021 (1) Maturity Unsecured Credit Facility (2)(3) $ 96,000 $ 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) 40,782 40,950 4.30 % March 2027 190 Office Center 39,910 40,236 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,129 33,444 4.56 % March 2027 Intellicenter 32,164 32,442 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 27,901 28,263 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,175 22,425 3.15 % December 2025 Cascade Station 21,767 21,952 4.55 % May 2024 5090 N. 40th St 21,439 21,640 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,198 17,375 4.28 % August 2024 Central Fairwinds 16,918 17,127 3.15 % June 2024 FRP Ingenuity Drive 16,597 16,736 4.44 % December 2024 Carillon Point 15,387 15,585 3.10 % October 2023 Midland Life Insurance (6) — 83,537 — — Total Principal 615,617 680,962 Deferred financing costs, net (3,511 ) (4,195 ) Unamortized fair value adjustments 404 475 Total $ 612,510 $ 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 (the “Term Loan”), as explained in footnotes 2 and 3 below. (2) In March 2018, the Company entered into the Credit Agreement for the Unsecured Credit Facility that provides for commitments of up to $250 million, which includes an accordion feature that allows the Company to borrow up to $500 million, subject to customary terms and conditions. The Unsecured Credit Facility matures in March 2022 March 2023 (3) In September 2019, the Company entered into a five-year $50 million 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 LIBOR payments. (4) As of June 30, 2021, the one-month LIBOR rate was 0.10%. (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 June 30, 2021 are as follows (in thousands): 2021 $ 2,967 2022 102,539 2023 48,539 2024 124,736 2025 91,997 Thereafter 244,839 $ 615,617

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 Rate Swap for a notional amount of $50 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 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 June 30, 2021, the Interest Rate Swap was reported as a liabili t , , 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 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 $476.4 million and $573.6 million (compared to a carrying value of $469.6 million and $556.0 million) as of June 30, 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	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the six months ended June 30, 2021 and 2020, the Company earned $0.3 million and $0.3 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and the three and six months ended June 30, 2020 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed payments $ 34,311 $ 33,907 $ 67,862 $ 67,999 Variable payments 5,629 5,697 11,536 11,713 $ 39,940 $ 39,604 $ 79,398 $ 79,712 Future minimum lease payments to be received by the Company as of June 30, 2021 under non-cancellable 2021 $ 61,009 2022 108,545 2023 88,167 2024 68,482 2025 55,089 Thereafter 160,172 $ 541,464 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 s Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of June 30, 2021, these leases had remaining terms of 1 to 67 years and a weighted average remaining lease term of 49 years. Right-of-use June 30, 2021 December 31, 2020 Right-of-use $ 14,362 $ 12,739 Lease liability – operating leases $ 9,447 $ 7,719 Right-of-use $ 43 $ 55 Lease liability – financing leases $ 43 $ 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 6.2% 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 expenses for the three and six months ended June 30, 2021 were $0.3 million and $0.5 million , , Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of June 30, 2021 for the next five years and thereafter are as follows (in thousands): Operating Financing 2021 $ 301 $ 14 2022 971 27 2023 836 4 2024 770 — 2025 770 — Thereafter 27,875 — Total future minimum lease payments 31,523 45 Discount (22,076 ) (2 ) Total $ 9,447 $ 43

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 expansi o 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, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021. 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 Common Stock and Common Unit Distributions On June 15, 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 June 30, 2021. The dividend was paid subsequent to quarter end on July 23, 2021 to common stockholders and common unitholders of record as of the close of business on July 9, 2021, resulting in an aggregate payment of $6.5 million. Preferred Stock Distributions On June 15, 2021, the Company’s Board of Directors approved and the Company declared a cash dividend distribution 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, 2021. The dividend was paid subsequent to quarter end on July 23, 2021 to the holders of record of Series A Preferred Stock as of the close of business on July 9, 2021. 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 performance-based restricted stock unit awards (“Performance RSU Awards”) pursuant to the Equity Incentive Plan. The Performance RSU Awards are based upon the total stockholder return (“TSR”) of the Company’s common stock over a three-year measurement period beginning January 1, 2020 and ending on December 31, 2022 (the “Measurement Period”) relative to the TSR of the companies in the SNL US REIT Office index as of January 2, 2020 (the “2020 RSU Peer Group”). 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. To the extent earned, the payouts of the Performance RSU Awards are intended to be settled in the form of shares of the Company’s common stock, pursuant to the Equity Incentive Plan. Upon satisfaction of the vesting conditions, dividend equivalents in an amount equal to all regular and special dividends declared with respect to the Company’s common stock during each annual measurement period during the Measurement Period are determined and paid on a cumulative, reinvested basis over the term of the applicable Performance RSU Award, at the time such award vests and based on the number of shares of the Company’s common stock that are earned. During the six months ended June 30, 2021, 169,500 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive three million and During the six months ended June 30, 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 and six months ended June 30, 2021, the Company recognized net compensation expense of $0.2 million and

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 stateme n Form 10-K
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 2020-04”). 2020-04 No. 2021-01 2021-01”), 2021-01 2020-04 2021-01 2020-04 2021-01

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Acquired Properties	During the six months ended June 30, 2021 and 2020 the Company acquired the following properties: Property Date Acquired Percentage Owned 5910 Pacific Center and 9985 Pacific Heights (1) May 2021 100 % (1) 5910 Pacific Center and 9985 Pacific Heights have been added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”).
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, 2021 (in thousands): 5910 Pacific Land $ 37,294 Building and improvement 2,979 Tenant improvement 917 Lease intangible assets 2,469 Other assets 19 Accounts payable and other liabilities (319 ) Lease intangible liabilities (103 ) Net assets acquired $ 43,256
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)	6 Months Ended
	Jun. 30, 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 obligation s Lease Intangible Assets Lease Intangible Liabilities June 30, 2021 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,489 $ 79,885 $ 30,097 $ 124,471 $ (13,184 ) $ (138 ) $ (13,322 ) Accumulated amortization (8,930 ) (59,541 ) (18,637 ) (87,108 ) 7,924 46 7,970 $ 5,559 $ 20,344 $ 11,460 $ 37,363 $ (5,260 ) $ (92 ) $ (5,352 ) 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 $ 6,112 2022 8,941 2023 5,914 2024 3,118 2025 2,720 Thereafter 5,206 $ 32,011

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of June 30, 2021 and December 31, 2020 (dollars in thousands): Property June 30, 2021 December 31, Interest Rate as 2021 (1) Maturity Unsecured Credit Facility (2)(3) $ 96,000 $ 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) 40,782 40,950 4.30 % March 2027 190 Office Center 39,910 40,236 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,129 33,444 4.56 % March 2027 Intellicenter 32,164 32,442 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 27,901 28,263 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,175 22,425 3.15 % December 2025 Cascade Station 21,767 21,952 4.55 % May 2024 5090 N. 40th St 21,439 21,640 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,198 17,375 4.28 % August 2024 Central Fairwinds 16,918 17,127 3.15 % June 2024 FRP Ingenuity Drive 16,597 16,736 4.44 % December 2024 Carillon Point 15,387 15,585 3.10 % October 2023 Midland Life Insurance (6) — 83,537 — — Total Principal 615,617 680,962 Deferred financing costs, net (3,511 ) (4,195 ) Unamortized fair value adjustments 404 475 Total $ 612,510 $ 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 (the “Term Loan”), as explained in footnotes 2 and 3 below. (2) In March 2018, the Company entered into the Credit Agreement for the Unsecured Credit Facility that provides for commitments of up to $250 million, which includes an accordion feature that allows the Company to borrow up to $500 million, subject to customary terms and conditions. The Unsecured Credit Facility matures in March 2022 March 2023 (3) In September 2019, the Company entered into a five-year $50 million 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 LIBOR payments. (4) As of June 30, 2021, the one-month LIBOR rate was 0.10%. (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 June 30, 2021 are as follows (in thousands): 2021 $ 2,967 2022 102,539 2023 48,539 2024 124,736 2025 91,997 Thereafter 244,839 $ 615,617

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for the three and six months ended June 30, 2021 and the three and six months ended June 30, 2020 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed payments $ 34,311 $ 33,907 $ 67,862 $ 67,999 Variable payments 5,629 5,697 11,536 11,713 $ 39,940 $ 39,604 $ 79,398 $ 79,712
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of June 30, 2021 under non-cancellable 2021 $ 61,009 2022 108,545 2023 88,167 2024 68,482 2025 55,089 Thereafter 160,172 $ 541,464
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use June 30, 2021 December 31, 2020 Right-of-use $ 14,362 $ 12,739 Lease liability – operating leases $ 9,447 $ 7,719 Right-of-use $ 43 $ 55 Lease liability – financing leases $ 43 $ 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 June 30, 2021 for the next five years and thereafter are as follows (in thousands): Operating Financing 2021 $ 301 $ 14 2022 971 27 2023 836 4 2024 770 — 2025 770 — Thereafter 27,875 — Total future minimum lease payments 31,523 45 Discount (22,076 ) (2 ) Total $ 9,447 $ 43

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
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) - 5910 Pacific Center and 9985 Pacific Heights [Member]	6 Months Ended
	Jun. 30, 2021
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2021-05
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) - 5910 Pacific Center and 9985 Pacific Heights [Member] $ in Thousands	Jun. 30, 2021USD ($)
Acquisitions [Line Items]
Land	$ 37,294
Buildings and improvements	2,979
Tenant improvements	917
Lease intangible assets	2,469
Other assets	19
Accounts payable and other liabilities	(319)
Lease intangible liabilities	(103)
Net assets acquired	$ 43,256

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 10, 2021	Nov. 18, 2020	Jun. 30, 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 - Sch_3

Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 124,471	$ 125,437
Accumulated amortization, Lease Intangible Assets	(87,108)	(81,294)
Total, Lease Intangible Assets	37,363	44,143
Cost, Lease Intangible Liabilities	(13,322)	(13,231)
Accumulated amortization, Lease Intangible Liabilities	7,970	7,196
Total, Lease Intangible Liabilities	(5,352)	(6,035)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	14,489	14,894
Accumulated amortization, Lease Intangible Assets	(8,930)	(8,497)
Total, Lease Intangible Assets	5,559	6,397
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	79,885	80,259
Accumulated amortization, Lease Intangible Assets	(59,541)	(55,636)
Total, Lease Intangible Assets	20,344	24,623
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	30,097	30,284
Accumulated amortization, Lease Intangible Assets	(18,637)	(17,161)
Total, Lease Intangible Assets	11,460	13,123
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(13,184)	(13,093)
Accumulated amortization, Lease Intangible Liabilities	7,924	7,152
Total, Lease Intangible Liabilities	(5,260)	(5,941)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	46	44
Total, Lease Intangible Liabilities	$ (92)	$ (94)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 6,112
2022	8,941
2023	5,914
2024	3,118
2025	2,720
Thereafter	5,206
Total	$ 32,011

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Indebtedness	$ 615,617	$ 680,962
Deferred financing costs, net	(3,511)	(4,195)
Unamortized fair value adjustments	404	475
Total	612,510	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	$ 96,000	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	$ 39,910	40,236
Interest Rate	4.79%
Maturity	2025-10
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 40,782	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	$ 33,129	33,444
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 32,164	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	$ 27,901	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	$ 21,767	21,952
Interest Rate	4.55%
Maturity	2024-05
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 22,175	22,425
Interest Rate	3.15%
Maturity	2025-12
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 21,439	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	$ 17,198	17,375
Interest Rate	4.28%
Maturity	2024-08
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,918	17,127
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,597	16,736
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,387	$ 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		6 Months Ended
	Feb. 25, 2021	Mar. 31, 2018	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Loan repaid			$ 163,363	$ 33,116
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			$ 96,000
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			0.10%
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, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 2,967
2022	102,539
2023	48,539
2024	124,736
2025	91,997
Thereafter	244,839
Total	$ 615,617	$ 680,962

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amounts reclassified to interest expense	$ 147	$ 96	$ 289	$ 45
Debt instrument carrying amount	615,617		615,617		$ 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			300
Interest Rate Swap [Member] | Other Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	1,200		1,200		2,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	476,400		476,400		573,600
Debt instrument carrying amount	$ 469,600		$ 469,600		$ 556,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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	$ 0.3	$ 0.3

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease cost	$ 0.3	$ 0.2	$ 0.5	$ 0.4
Operating Lease, Weighted Average Remaining Lease Term	49 years		49 years
Operating Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
Maximum [Member]
Remaining lease terms	67 years		67 years
Minimum [Member]
Remaining lease terms	1 year		1 year

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fixed payments	$ 34,311	$ 33,907	$ 67,862	$ 67,999
Variable payments	5,629	5,697	11,536	11,713
Operating Lease, Lease Income	$ 39,940	$ 39,604	$ 79,398	$ 79,712

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
2021	$ 61,009
2022	108,545
2023	88,167
2024	68,482
2025	55,089
Thereafter	160,172
Total future minimum lease payments to be received	$ 541,464

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lease liability – operating leases	$ 9,447
Lease liability – financing leases	43
Other Assets [Member]
Right-of-use asset - operating leases	14,362	$ 12,739
Right-of-use asset – financing leases	43	55
Other Liabilities [Member]
Lease liability – operating leases	9,447	7,719
Lease liability – financing leases	$ 43	$ 55

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands	Jun. 30, 2021USD ($)
2021	$ 301
2022	971
2023	836
2024	770
2025	770
Thereafter	27,875
Total future minimum lease payments	31,523
Discount	(22,076)
Total	9,447
2021	14
2022	27
2023	4
2024	0
2025	0
Thereafter	0
Total future minimum lease payments	45
Discount	(2)
Total	$ 43

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 23, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 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	10,249,655
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]
Preferred stock, Dividend rate percentage					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. 15, 2021
Dividends paid date					Jul. 23, 2021
Dividends paid, date of record					Jul. 9, 2021
Dividend paid	$ 6.5
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. 15, 2021
Dividends paid date					Jul. 23, 2021
Dividends paid, date of record					Jul. 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		$ 0.9	1
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		$ 0.4	$ 0.2
Share-based Payment Award, Award Vesting Period					3 years