Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | 41,572,870 | |
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, $0.01 par value per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real estate properties | ||
Land | $ 200,686 | $ 204,801 |
Building and improvement | 1,230,702 | 1,244,177 |
Tenant improvement | 129,496 | 119,011 |
Furniture, fixtures and equipment | 664 | 664 |
Real estate properties, gross | 1,561,548 | 1,568,653 |
Accumulated depreciation | (170,569) | (157,356) |
Real estate properties, net | 1,390,979 | 1,411,297 |
Cash and cash equivalents | 26,352 | 21,321 |
Restricted cash | 43,044 | 20,945 |
Rents receivable, net | 37,501 | 30,415 |
Deferred leasing costs, net | 21,213 | 20,327 |
Acquired lease intangible assets, net | 61,762 | 68,925 |
Other assets | 30,526 | 28,283 |
Total Assets | 1,611,377 | 1,601,513 |
Liabilities: | ||
Debt | 654,366 | 653,648 |
Accounts payable and accrued liabilities | 33,136 | 27,101 |
Deferred rent | 10,089 | 11,600 |
Tenant rent deposits | 6,856 | 6,165 |
Acquired lease intangible liabilities, net | 10,042 | 10,872 |
Other liabilities | 20,895 | 21,532 |
Total Liabilities | 735,384 | 730,918 |
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 June 30, 2022 and December 31, 2021 | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 43,330,831 and 43,554,375 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 433 | 435 |
Additional paid-in capital | 479,057 | 482,061 |
Retained earnings | 281,735 | 275,502 |
Accumulated other comprehensive income/(loss) | 1,885 | (382) |
Total Stockholders' Equity | 875,110 | 869,616 |
Non-controlling interests in properties | 883 | 979 |
Total Equity | 875,993 | 870,595 |
Total Liabilities and Equity | $ 1,611,377 | $ 1,601,513 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
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 | 43,330,831 | 43,554,375 |
Common stock, shares outstanding | 43,330,831 | 43,554,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Rental and other revenues | $ 45,498 | $ 39,964 | $ 90,350 | $ 79,480 |
Operating expenses: | ||||
Property operating expenses | 16,836 | 14,179 | 33,325 | 28,297 |
General and administrative | 3,614 | 3,068 | 7,070 | 5,868 |
Depreciation and amortization | 15,701 | 14,954 | 31,516 | 29,369 |
Total operating expenses | 36,151 | 32,201 | 71,911 | 63,534 |
Operating income | 9,347 | 7,763 | 18,439 | 15,946 |
Interest expense: | ||||
Contractual interest expense | (5,982) | (5,639) | (11,729) | (11,883) |
Amortization of deferred financing costs and debt fair value | (302) | (272) | (614) | (602) |
Interest expense, net | (6,284) | (5,911) | (12,343) | (12,485) |
Net gain on sale of real estate property | 0 | 0 | 21,658 | 47,400 |
Net income | 3,063 | 1,852 | 27,754 | 50,861 |
Net income attributable to non-controlling interests in properties | (164) | (190) | (335) | (382) |
Net income attributable to the Company | 2,899 | 1,662 | 27,419 | 50,479 |
Preferred stock distributions | (1,855) | (1,855) | (3,710) | (3,710) |
Net income/(loss) attributable to common stockholders | $ 1,044 | $ (193) | $ 23,709 | $ 46,769 |
Net income/(loss) per common share: | ||||
Basic | $ 0.02 | $ 0 | $ 0.54 | $ 1.08 |
Diluted | $ 0.02 | $ 0 | $ 0.53 | $ 1.06 |
Weighted average common shares outstanding: | ||||
Basic | 43,632 | 43,482 | 43,593 | 43,440 |
Diluted | 44,482 | 43,482 | 44,445 | 44,080 |
Dividend distributions declared per common share | $ 0.2 | $ 0.15 | $ 0.4 | $ 0.3 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,063 | $ 1,852 | $ 27,754 | $ 50,861 |
Other comprehensive income: | ||||
Unrealized cash flow hedge gain/(loss) | 450 | (47) | 2,064 | 480 |
Amounts reclassified to interest expense | 63 | 147 | 203 | 289 |
Other comprehensive income | 513 | 100 | 2,267 | 769 |
Comprehensive income | 3,576 | 1,952 | 30,021 | 51,630 |
Comprehensive income attributable to non-controlling interests in properties | (164) | (190) | (335) | (382) |
Comprehensive income attributable to the Company | $ 3,412 | $ 1,762 | $ 29,686 | $ 51,248 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Preferred stock [Member] | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive (loss)/income [Member] | Total stockholders' equity [Member] | Non-controlling interests in properties [Member] |
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 | 43,397 | ||||||
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 income | 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 | 43,397 | ||||||
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 | 43,397 | ||||||
Common stock repurchased, shares | 0 | |||||||
Net income | $ 50,861 | |||||||
Other comprehensive income | 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 | 43,554 | ||||||
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 | 43,397 | ||||||
Restricted stock award grants and vesting, values | 449 | $ 2 | 523 | (76) | 449 | |||
Restricted stock award grants and vesting, shares | 157 | |||||||
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 income | 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 | 43,554 | ||||||
Beginning balance at Dec. 31, 2021 | 870,595 | $ 112,000 | $ 435 | 482,061 | 275,502 | (382) | 869,616 | 979 |
Beginning balance, shares at Dec. 31, 2021 | 4,480 | 43,554 | ||||||
Restricted stock award grants and vesting, values | 904 | 972 | (68) | 904 | ||||
Common stock dividend distribution declared | (8,711) | (8,711) | (8,711) | |||||
Preferred stock dividend distribution declared | (1,855) | (1,855) | (1,855) | |||||
Contributions | 3 | 3 | ||||||
Distributions | (254) | (254) | ||||||
Net income | 24,691 | 24,520 | 24,520 | 171 | ||||
Other comprehensive income | 1,754 | 1,754 | 1,754 | |||||
Ending balance at Mar. 31, 2022 | 887,127 | $ 112,000 | $ 435 | 483,033 | 289,388 | 1,372 | 886,228 | 899 |
Ending balance, shares at Mar. 31, 2022 | 4,480 | 43,554 | ||||||
Beginning balance at Dec. 31, 2021 | $ 870,595 | $ 112,000 | $ 435 | 482,061 | 275,502 | (382) | 869,616 | 979 |
Beginning balance, shares at Dec. 31, 2021 | 4,480 | 43,554 | ||||||
Common stock repurchased, shares | 394,833 | |||||||
Net income | $ 27,754 | |||||||
Other comprehensive income | 2,267 | |||||||
Ending balance at Jun. 30, 2022 | 875,993 | $ 112,000 | $ 433 | 479,057 | 281,735 | 1,885 | 875,110 | 883 |
Ending balance, shares at Jun. 30, 2022 | 4,480 | 43,330 | ||||||
Beginning balance at Mar. 31, 2022 | 887,127 | $ 112,000 | $ 435 | 483,033 | 289,388 | 1,372 | 886,228 | 899 |
Beginning balance, shares at Mar. 31, 2022 | 4,480 | 43,554 | ||||||
Restricted stock award grants and vesting, values | 905 | $ 2 | 1,020 | (117) | 905 | |||
Restricted stock award grants and vesting, shares | 171 | |||||||
Common stock repurchased, values | (5,000) | $ (4) | (4,996) | (5,000) | ||||
Common stock repurchased, shares | (395) | |||||||
Common stock dividend distribution declared | (8,580) | (8,580) | (8,580) | |||||
Preferred stock dividend distribution declared | (1,855) | (1,855) | (1,855) | |||||
Distributions | (180) | (180) | ||||||
Net income | 3,063 | 2,899 | 2,899 | 164 | ||||
Other comprehensive income | 513 | 513 | 513 | |||||
Ending balance at Jun. 30, 2022 | $ 875,993 | $ 112,000 | $ 433 | $ 479,057 | $ 281,735 | $ 1,885 | $ 875,110 | $ 883 |
Ending balance, shares at Jun. 30, 2022 | 4,480 | 43,330 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 27,754 | $ 50,861 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,516 | 29,369 |
Amortization of deferred financing costs and debt fair value | 614 | 602 |
Amortization of above and below market leases | 80 | 301 |
Straight-line rent/expense | (4,356) | 85 |
Non-cash stock compensation | 1,895 | 1,310 |
Receipts from sales-type lease | 43,549 | 0 |
Net gain on sale of real estate property | (21,658) | (47,400) |
Changes in non-cash working capital: | ||
Rents receivable, net | (4,109) | 635 |
Other assets | (764) | (1,048) |
Accounts payable and accrued liabilities | 1,268 | (2,757) |
Deferred rent | (1,511) | 2,850 |
Tenant rent deposits | 691 | 877 |
Net Cash Provided By Operating Activities | 74,969 | 35,685 |
Cash Flows (to)/from Investing Activities: | ||
Additions to real estate properties | (16,462) | (9,499) |
Acquisition of real estate. | 0 | (43,256) |
Net proceeds from sale of real estate | 0 | 93,303 |
Deferred leasing costs | (4,786) | (3,131) |
Net Cash (Used In)/Provided By Investing Activities | (21,248) | 37,417 |
Cash Flows to Financing Activities: | ||
Proceeds from borrowings | 31,000 | 98,000 |
Repayment of borrowings | (30,941) | (163,363) |
Dividend distributions paid to stockholders | (21,132) | (16,729) |
Repurchases of common stock | (5,000) | 0 |
Distributions to non-controlling interests in properties | (434) | (424) |
Shares withheld for payment of taxes on restricted stock unit vesting | (87) | (216) |
Contributions from non-controlling interests in properties | 3 | 2 |
Net Cash Used In Financing Activities | (26,591) | (82,730) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 27,130 | (9,628) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 42,266 | 45,951 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 69,396 | 36,323 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||
Cash and Cash Equivalents, End of Period | 26,352 | 13,394 |
Restricted Cash, End of Period | 43,044 | 22,929 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 69,396 | 36,323 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 10,850 | 11,955 |
Purchase of additions in real estate properties included in accounts payable | 10,301 | 4,233 |
Purchase of deferred leasing costs included in accounts payable | $ 2,926 | $ 2,164 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for tax years beginning before 2018, any applicable alternative minimum tax. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 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 In July 2021, the FASB issued ASU No. 2021-05 2021-05”), 2021-05 pre-ASU No. 2016-02 2021-05 2021-05 |
Real Estate Investments
Real Estate Investments | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments | 3. Real Estate Investments Acquisitions During the six months ended June 30, 2022 and 2021 the Company acquired the following properties: Property Date Acquired Percentage Owned 5910 Pacific Center and 9985 Pacific Heights May 2021 100 % 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 During the first quarter of 2022, the sole tenant at the Lake Vista Pointe property exercised its lease option to purchase the building and the Company signed a purchase and sale agreement with the tenant. At the time the tenant exercised the option, the Company reassessed the lease classification of the lease, in accordance with ASC 842 – Leases, and determined that the lease should be reclassified from an operating lease to a sales-type lease. This reclassification resulted in a gain on sale of million net of disposal related costs. On June 15, 2022, the Company sold the Lake Vista Pointe property in Dallas, Texas for a gross sales price of 43.8 million. On February 10 operations. |
Lease Intangibles
Lease Intangibles | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of June 30, 2022 and December 31, 2021 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2022 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground Total Cost $ 19,488 $ 84,897 $ 37,591 $ 141,976 $ (16,605 ) $ (138 ) $ (16,743 ) Accumulated amortization (8,877 ) (52,350 ) (18,987 ) (80,214 ) 6,651 50 6,701 $ 10,611 $ 32,547 $ 18,604 $ 61,762 $ (9,954 ) $ (88 ) $ (10,042 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2021 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground Total Cost $ 21,147 $ 93,761 $ 39,345 $ 154,253 $ (16,743 ) $ (138 ) $ (16,881 ) Accumulated amortization (9,627 ) (56,987 ) (18,714 ) (85,328 ) 5,961 48 6,009 $ 11,520 $ 36,774 $ 20,631 $ 68,925 $ (10,782 ) $ (90 ) $ (10,872 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2022 $ 5,283 2023 9,028 2024 6,695 2025 6,507 2026 6,461 Thereafter 17,746 $ 51,720 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The following table summarizes the indebtedness as of June 30, 2022 and December 31, 2021 (dollars in thousands): Property June 30, 2022 December 31, 2021 Interest Rate as of June 30, 2022 (1) Maturity Unsecured Credit Facility (3)(4) $ 162,000 $ 142,000 LIBOR +1.30 % (2) November 2025 Term Loan (3) 50,000 50,000 LIBOR +1.25 % (2) September 2024 Mission City 47,000 47,000 3.78 % November 2027 Canyon Park (5) 40,031 40,381 4.30 % March 2027 Circle Point 39,650 39,650 4.49 % September 2028 190 Office Center 39,239 39,581 4.79 % October 2025 SanTan 32,477 32,807 4.56 % March 2027 Intellicenter 31,591 31,883 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 27,162 27,535 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 21,660 21,920 3.15 % December 2025 Cascade Station 21,387 21,581 4.55 % May 2024 5090 N. 40 th 21,024 21,233 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Property June 30, 2022 December 31, 2021 Interest Rate as of June 30, 2022 (1) Maturity Central Fairwinds 16,491 16,707 3.15 % June 2024 FRP Ingenuity Drive 16,312 16,457 4.44 % December 2024 Carillon Point 14,981 15,185 3.10 % October 2023 Lake Vista Pointe (6) — 17,018 — — Total Principal 658,605 658,538 Deferred financing costs, net (4,501 ) (5,223 ) Unamortized fair value adjustments 262 333 Total $ 654,366 $ 653,648 (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 3 and 4 below. (2) As of June 30, 2022, the one-month (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 125 215 30-day (4) In March 2018, the Company entered into the Credit Agreement Amended and Restated Credit Agreement November 2025 12 months 125 225 June 30 (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, the loan’s 200 450 (6) In June 2022, the loan balance of $ 16.8 The scheduled principal repayments of debt as of June 30, 2022 are as follows (in thousands): 2022 $ 3,141 2023 48,149 2024 108,479 2025 253,997 2026 4,536 Thereafter 240,303 $ 658,605 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
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 30-day measurement. The Interest As of June 30, 2022, the Interest Rate Swap was reported as a n As of December 31, 2021, the Interest Rate Swap was reported as a liability at its fair value of approximately $0.4 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 $436.7 million and $478.1 million (compared to a carrying value of $446.6 million and $466.5 million) as of June 30, 2022, and December 31, 2021, 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, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions Administrative Services Agreement For the six months ended June 30, 2022 and 2021, 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, 2022 | |
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 operating leases for the three and six months ended June 30, 2022 and the three and six months ended June 30, 2021 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed payments $ 38,309 $ 34,311 $ 76,628 $ 67,862 Variable payments 6,180 5,629 12,620 11,536 $ 44,489 $ 39,940 $ 89,248 $ 79,398 The Company recognized interest income of million and variable lease payments of $0.2 million for the sales-type lease at the Lake Vista Pointe property for the three a n Future minimum lease payments to be received by the Company as of June 30, 2022 under non-cancellable 2022 $ 63,397 2023 117,160 2024 104,445 2025 92,922 2026 84,779 Thereafter 252,335 $ 715,038 The Company’s leases may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increase rather than variable payments based on an index or unknown rate. Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of June 30, 2022, these leases had remaining terms of under one year to 66 years and a weighted average remaining lease term of 50 years. Right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s condensed consolidated balance sheet as follows (in thousands): June 30, 2022 December 31, 2021 Right-of-use $ 13,858 $ 14,114 Lease liability – operating leases $ 9,009 $ 9,160 Right-of-use $ 10,180 $ 10,308 Lease liability – financing leases $ 1,450 $ 1,425 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 Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of June 30, 2022 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2022 $ 290 $ 17 2023 836 12 2024 770 7 2025 770 8 2026 724 8 Thereafter 27,151 6,946 Total future minimum lease payments 30,541 6,998 Discount (21,532 ) (5,548 ) Total $ 9,009 $ 1,450 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of June 30, 2022, 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, 2022 | |
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 paid-in During the six months ended June 30, 2022, the Company completed the repurchase of 394,833 shares of its common stock for approximately $5.0 million. There were no shares repurchased during the six months ended June 30, 2021. Common Stock and Common Unit Distributions On June 16, 2022, the Company’s Board of Directors approved and the Company declared a cash dividend distribution of $0.20 per common share for the quarterly period ended June 30, 2022. The dividend was paid subsequent to quarter end on July 22, 2022 to common stockholders and common unitholders of record as of the close of business on July 8, 2022, resulting in an aggregate payment of $8.6 million. Preferred Stock Distributions On June 16, 2022, 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, 2022. The dividend was paid subsequent to quarter end on July 22, 2022 to the holders of record of Series A Preferred Stock as of the close of business on July 8, 2022. Equity Incentive Plan The Company has an equity incentive plan non-executive On January performance-based restricted unit award agreement The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and six months ended June 30, 2022: Number Number of Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 3,902 — Vested — — Forfeited — — Outstanding at March 31, 2022 584,047 307,500 Granted — — Issuance of dividend equivalents 7,451 — Vested (177,812 ) — Forfeited — — Outstanding at June 30, 2022 413,686 307,500 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and six months ended June 30, 2021: Number Number of Outstanding at December 31, 2020 332,435 97,500 Granted 169,500 120,000 Issuance of dividend equivalents 5,139 — Vested — — Forfeited — — Outstanding at March 31, 2021 507,074 217,500 Granted — — Issuance of dividend equivalents 6,884 — Vested (177,038 ) — Forfeited — — Outstanding at June 30, 2021 336,920 217,500 During the six months ended June 30, 2022 and June 30, 2021, the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average RSUs Performance 2021 169,500 120,000 $ 2,808 $ 9.70 2022 237,986 90,000 5,753 17.54 The During the three months ended June 30, 2022 and June 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2021 $ 457 $ 208 $ 665 2022 652 340 992 During the six months ended June 30, 2022 and June 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2021 $ 920 $ 391 $ 1,311 2022 1,251 645 1,896 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Subsequent to quarter end through August 2, 2022, the Com p repurchase of an additional |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 |
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 In July 2021, the FASB issued ASU No. 2021-05 2021-05”), 2021-05 pre-ASU No. 2016-02 2021-05 2021-05 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Line Items] | |
Schedule of Acquired Properties | During the six months ended June 30, 2022 and 2021 the Company acquired the following properties: Property Date Acquired Percentage Owned 5910 Pacific Center and 9985 Pacific Heights May 2021 100 % |
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the six months ended June 30, 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 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Lease Intangibles and Value of Assumed Lease Obligations | Lease intangibles and the value of assumed lease obligations as of June 30, 2022 and December 31, 2021 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2022 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground Total Cost $ 19,488 $ 84,897 $ 37,591 $ 141,976 $ (16,605 ) $ (138 ) $ (16,743 ) Accumulated amortization (8,877 ) (52,350 ) (18,987 ) (80,214 ) 6,651 50 6,701 $ 10,611 $ 32,547 $ 18,604 $ 61,762 $ (9,954 ) $ (88 ) $ (10,042 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2021 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground Total Cost $ 21,147 $ 93,761 $ 39,345 $ 154,253 $ (16,743 ) $ (138 ) $ (16,881 ) Accumulated amortization (9,627 ) (56,987 ) (18,714 ) (85,328 ) 5,961 48 6,009 $ 11,520 $ 36,774 $ 20,631 $ 68,925 $ (10,782 ) $ (90 ) $ (10,872 ) |
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): 2022 $ 5,283 2023 9,028 2024 6,695 2025 6,507 2026 6,461 Thereafter 17,746 $ 51,720 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Indebtness | The following table summarizes the indebtedness as of June 30, 2022 and December 31, 2021 (dollars in thousands): Property June 30, 2022 December 31, 2021 Interest Rate as of June 30, 2022 (1) Maturity Unsecured Credit Facility (3)(4) $ 162,000 $ 142,000 LIBOR +1.30 % (2) November 2025 Term Loan (3) 50,000 50,000 LIBOR +1.25 % (2) September 2024 Mission City 47,000 47,000 3.78 % November 2027 Canyon Park (5) 40,031 40,381 4.30 % March 2027 Circle Point 39,650 39,650 4.49 % September 2028 190 Office Center 39,239 39,581 4.79 % October 2025 SanTan 32,477 32,807 4.56 % March 2027 Intellicenter 31,591 31,883 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 27,162 27,535 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 21,660 21,920 3.15 % December 2025 Cascade Station 21,387 21,581 4.55 % May 2024 5090 N. 40 th 21,024 21,233 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Property June 30, 2022 December 31, 2021 Interest Rate as of June 30, 2022 (1) Maturity Central Fairwinds 16,491 16,707 3.15 % June 2024 FRP Ingenuity Drive 16,312 16,457 4.44 % December 2024 Carillon Point 14,981 15,185 3.10 % October 2023 Lake Vista Pointe (6) — 17,018 — — Total Principal 658,605 658,538 Deferred financing costs, net (4,501 ) (5,223 ) Unamortized fair value adjustments 262 333 Total $ 654,366 $ 653,648 (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 3 and 4 below. (2) As of June 30, 2022, the one-month (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 125 215 30-day (4) In March 2018, the Company entered into the Credit Agreement Amended and Restated Credit Agreement November 2025 12 months 125 225 June 30 (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, the loan’s 200 450 (6) In June 2022, the loan balance of $ 16.8 |
Schedule of Principal Repayments of Mortgage Payable | The scheduled principal repayments of debt as of June 30, 2022 are as follows (in thousands): 2022 $ 3,141 2023 48,149 2024 108,479 2025 253,997 2026 4,536 Thereafter 240,303 $ 658,605 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating Lease Lease Income | The Company recognized fixed and variable lease payments for operating leases for the three and six months ended June 30, 2022 and the three and six months ended June 30, 2021 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed payments $ 38,309 $ 34,311 $ 76,628 $ 67,862 Variable payments 6,180 5,629 12,620 11,536 $ 44,489 $ 39,940 $ 89,248 $ 79,398 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments to be received by the Company as of June 30, 2022 under non-cancellable 2022 $ 63,397 2023 117,160 2024 104,445 2025 92,922 2026 84,779 Thereafter 252,335 $ 715,038 |
Schedule Of Supplemental Balance Sheet Information Related To Leases | Right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s condensed consolidated balance sheet as follows (in thousands): June 30, 2022 December 31, 2021 Right-of-use $ 13,858 $ 14,114 Lease liability – operating leases $ 9,009 $ 9,160 Right-of-use $ 10,180 $ 10,308 Lease liability – financing leases $ 1,450 $ 1,425 |
Schedule future minimum lease payments to be paid | Operating Financing Leases 2022 $ 290 $ 17 2023 836 12 2024 770 7 2025 770 8 2026 724 8 Thereafter 27,151 6,946 Total future minimum lease payments 30,541 6,998 Discount (21,532 ) (5,548 ) Total $ 9,009 $ 1,450 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Summary of Activity of Awards under Equity Incentive Plan | The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and six months ended June 30, 2022: Number Number of Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 3,902 — Vested — — Forfeited — — Outstanding at March 31, 2022 584,047 307,500 Granted — — Issuance of dividend equivalents 7,451 — Vested (177,812 ) — Forfeited — — Outstanding at June 30, 2022 413,686 307,500 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and six months ended June 30, 2021: Number Number of Outstanding at December 31, 2020 332,435 97,500 Granted 169,500 120,000 Issuance of dividend equivalents 5,139 — Vested — — Forfeited — — Outstanding at March 31, 2021 507,074 217,500 Granted — — Issuance of dividend equivalents 6,884 — Vested (177,038 ) — Forfeited — — Outstanding at June 30, 2021 336,920 217,500 |
Summary of Restricted Stock Units ("RSUs") and Performance RSU | During the six months ended June 30, 2022 and June 30, 2021, the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average RSUs Performance 2021 169,500 120,000 $ 2,808 $ 9.70 2022 237,986 90,000 5,753 17.54 |
Summary of Recognized Compensation Expense for RSUs and Performance RSU | During the three months ended June 30, 2022 and June 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2021 $ 457 $ 208 $ 665 2022 652 340 992 During the six months ended June 30, 2022 and June 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2021 $ 920 $ 391 $ 1,311 2022 1,251 645 1,896 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
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% |
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, 2021 USD ($) |
Acquisitions [Line Items] | |
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 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 15, 2022 | Feb. 10, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Real Estate [Line Items] | ||||||
Gain on sale of Real Estate Property | $ 0 | $ 0 | $ 21,658 | $ 47,400 | ||
Cherry Creek [Member] | ||||||
Real Estate [Line Items] | ||||||
Gain on sale of Real Estate Property | $ 47,400 | |||||
Proceeds of sale of property | $ 95,000 | |||||
Lake Vista Pointe [Member] | ||||||
Real Estate [Line Items] | ||||||
Reclassification in gain on sale | $ 21,700 | |||||
Gross proceeds from sale of real estate property | $ 43,800 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 141,976 | $ 154,253 |
Accumulated amortization, Lease Intangible Assets | (80,214) | (85,328) |
Total, Lease Intangible Assets | 61,762 | 68,925 |
Cost, Lease Intangible Liabilities | (16,743) | (16,881) |
Accumulated amortization, Lease Intangible Liabilities | 6,701 | 6,009 |
Total, Lease Intangible Liabilities | (10,042) | (10,872) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 19,488 | 21,147 |
Accumulated amortization, Lease Intangible Assets | (8,877) | (9,627) |
Total, Lease Intangible Assets | 10,611 | 11,520 |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 84,897 | 93,761 |
Accumulated amortization, Lease Intangible Assets | (52,350) | (56,987) |
Total, Lease Intangible Assets | 32,547 | 36,774 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 37,591 | 39,345 |
Accumulated amortization, Lease Intangible Assets | (18,987) | (18,714) |
Total, Lease Intangible Assets | 18,604 | 20,631 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (16,605) | (16,743) |
Accumulated amortization, Lease Intangible Liabilities | 6,651 | 5,961 |
Total, Lease Intangible Liabilities | (9,954) | (10,782) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 50 | 48 |
Total, Lease Intangible Liabilities | $ (88) | $ (90) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 5,283 |
2023 | 9,028 |
2024 | 6,695 |
2025 | 6,507 |
2026 | 6,461 |
Thereafter | 17,746 |
Total | $ 51,720 |
Debt - Summary of Outstanding I
Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||
Indebtedness | $ 658,605 | $ 658,538 | |
Deferred financing costs, net | (4,501) | (5,223) | |
Unamortized fair value adjustments | 262 | 333 | |
Total | 654,366 | 653,648 | |
Unsecured Debt [Member] | Term loan [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | [1] | $ 50,000 | 50,000 |
Interest Rate, terms | [1],[2] | LIBOR +1.25 | |
Interest Rate, spread | [1],[2] | 1.25% | |
Maturity | [1] | 2024-09 | |
Credit Facility [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | [1],[3] | $ 162,000 | 142,000 |
Interest Rate, terms | [1],[2],[3] | LIBOR +1.30 | |
Interest Rate, spread | [1],[2],[3] | 1.30% | |
Maturity | [1],[3] | 2025-11 | |
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 | $ 39,239 | 39,581 | |
Interest Rate | 4.79% | ||
Maturity | 2025-10 | ||
Canyon Park [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | [4] | $ 40,031 | 40,381 |
Interest Rate | [4],[5] | 4.30% | |
Maturity | [4] | 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 | $ 32,477 | 32,807 | |
Interest Rate | 4.56% | ||
Maturity | 2027-03 | ||
Intellicenter [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | $ 31,591 | 31,883 | |
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 | $ 27,162 | 27,535 | |
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 | $ 21,387 | 21,581 | |
Interest Rate | 4.55% | ||
Maturity | 2024-05 | ||
Greenwood Blvd [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | $ 21,660 | 21,920 | |
Interest Rate | 3.15% | ||
Maturity | 2025-12 | ||
5090 N 40th St [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | $ 21,024 | 21,233 | |
Interest Rate | 3.92% | ||
Maturity | 2027-01 | ||
AmberGlen [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 | [6] | $ 0 | 17,018 |
Central Fairwinds [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | $ 16,491 | 16,707 | |
Interest Rate | 3.15% | ||
Maturity | 2024-06 | ||
FRP Ingenuity Drive [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | $ 16,312 | 16,457 | |
Interest Rate | 4.44% | ||
Maturity | 2024-12 | ||
Carillon Point [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Indebtedness | $ 14,981 | $ 15,185 | |
Interest Rate | 3.10% | ||
Maturity | 2023-10 | ||
[1]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 LIBOR payments.[2]As of June 30, 2022, the one-month LIBOR rate was 1.79%.[3]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 included an accordion feature that allowed the Company to borrow up to $500 million, subject to customary terms and conditions. On November 16, 2021, the Company entered into an Amended and Restated Credit Agreement for the Unsecured Credit Facility that provides for commitments of up to $300 million. Combined with the Company’s existing five-year Term Loan, the total authorized borrowings increased from $300 million to $350 million. The Unsecured Credit Facility matures in November 2025 and may be extended 12 months at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the LIBOR rate plus a margin of between 125 to 225 basis points depending upon the Company’s consolidated leverage ratio. As of June 30, 2022, the Unsecured Credit Facility had $162.0 million drawn and a $4.2 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.[4]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, the 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.[5]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 3 and 4 below.[6]In June 2022, the loan balance of $16.8 million was repaid in full. |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Nov. 16, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2019 | Mar. 31, 2018 | ||
Debt Instrument [Line Items] | |||||||
Repayment of borrowings | $ 30,941 | $ 163,363 | |||||
Interest Rate Swap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Fixed Interest Rate | 1.27% | ||||||
Derivative, Notional Amount | $ 50,000 | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | 250,000 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | 300,000 | ||||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan | $ 50,000 | ||||||
Lake Vista Pointe [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of borrowings | $ 16,800 | ||||||
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 0.02% | ||||||
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 0.045% | ||||||
Credit Facility [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, outstanding | 4,200 | $ 4,200 | |||||
Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 0.0125% | ||||||
Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 0.0215% | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | $ 300,000 | $ 250,000 | |||||
Revolving Credit Facility, outstanding | $ 162,000 | $ 162,000 | |||||
Loan maturity date | Nov. 16, 2025 | ||||||
Loan expected extended maturity date | Nov. 16, 2026 | ||||||
Revolving Credit Facility, maximum borrowing capacity | $ 500,000 | ||||||
Interest Rate, Description | [1],[2],[3] | 1.30% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
One month LIBOR rate | 1.79% | 1.79% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | $ 300,000 | ||||||
Fixed charge coverage ratio | 1.50% | 1.50% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 0.0125% | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | $ 350,000 | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 0.0225% | ||||||
[1]As of June 30, 2022, the one-month LIBOR rate was 1.79%.[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 included an accordion feature that allowed the Company to borrow up to $500 million, subject to customary terms and conditions. On November 16, 2021, the Company entered into an Amended and Restated Credit Agreement for the Unsecured Credit Facility that provides for commitments of up to $300 million. Combined with the Company’s existing five-year Term Loan, the total authorized borrowings increased from $300 million to $350 million. The Unsecured Credit Facility matures in November 2025 and may be extended 12 months at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the LIBOR rate plus a margin of between 125 to 225 basis points depending upon the Company’s consolidated leverage ratio. As of June 30, 2022, the Unsecured Credit Facility had $162.0 million drawn and a $4.2 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.[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 $50 million (the “Interest Rate Swap”). Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate 30-day LIBOR payments. |
Debt - Schedule of Principal Re
Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 3,141 | |
2023 | 48,149 | |
2024 | 108,479 | |
2025 | 253,997 | |
2026 | 4,536 | |
Thereafter | 240,303 | |
Total | $ 658,605 | $ 658,538 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate swap gain reclassified to interest expense | $ (63) | $ (147) | $ (203) | $ (289) | ||
Debt instrument carrying amount | 658,605 | 658,605 | $ 658,538 | |||
Interest Rate Swap [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Notional amount | $ 50,000 | |||||
Fixed interest rate | 1.27% | |||||
Interest rate swap gain reclassified to interest expense | 200 | $ 300 | ||||
Interest Rate Swap [Member] | Other Assets [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Derivative assets fair value | 1,900 | 1,900 | ||||
Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Derivative Liability | 400 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Mortgage loans payable, fair value | 436,700 | 436,700 | 478,100 | |||
Debt instrument carrying amount | $ 446,600 | $ 446,600 | $ 466,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease cost | $ 0.3 | $ 0.3 | $ 0.5 | $ 0.5 |
Financing Lease Cost | $ 0.1 | $ 0.2 | ||
Operating Lease, Weighted Average Remaining Lease Term | 50 years | 50 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.20% | 6.20% | ||
Lake Vista Pointe [Member] | ||||
Interest income on sales type lease | $ 0.6 | $ 0.6 | ||
Variable lease payments on sales type lease | $ 0.2 | $ 0.2 | ||
Maximum [Member] | ||||
Remaining lease terms | 66 years | 66 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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fixed payments | $ 38,309 | $ 34,311 | $ 76,628 | $ 67,862 |
Variable payments | 6,180 | 5,629 | 12,620 | 11,536 |
Operating Lease, Lease Income | $ 44,489 | $ 39,940 | $ 89,248 | $ 79,398 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 63,397 |
2023 | 117,160 |
2024 | 104,445 |
2025 | 92,922 |
2026 | 84,779 |
Thereafter | 252,335 |
Total future minimum lease payments to be received | $ 715,038 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Lease liability – operating leases | $ 9,009 | |
Lease liability – financing leases | 1,450 | |
Other Assets [Member] | ||
Right-of-use asset - operating leases | 13,858 | $ 14,114 |
Right-of-use asset – financing leases | 10,180 | 10,308 |
Other Liabilities [Member] | ||
Lease liability – operating leases | 9,009 | 9,160 |
Lease liability – financing leases | $ 1,450 | $ 1,425 |
Leases - Schedule Future Minimu
Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
2022 | $ 290 |
2023 | 836 |
2024 | 770 |
2025 | 770 |
2026 | 724 |
Thereafter | 27,151 |
Total future minimum lease payments | 30,541 |
Discount | (21,532) |
Total | 9,009 |
2022 | 17 |
2023 | 12 |
2024 | 7 |
2025 | 8 |
2026 | 8 |
Thereafter | 6,946 |
Total future minimum lease payments | 6,998 |
Discount | (5,548) |
Total | $ 1,450 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jul. 22, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | May 04, 2022 | 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 | 3,763,580 | 2,263,580 | |||||||
Stock Repurchase Program, Authorized Amount | $ 50 | $ 100 | |||||||
Stock Repurchased During Period, Shares | 394,833 | 0 | |||||||
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 Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum. | ||||||||
Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||||||
Payment for repurchase of common stock | $ 5 | ||||||||
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 | $ 0.2 | $ 0.2 | |||||||
Dividends paid, declared date | Jun. 16, 2022 | ||||||||
Dividends paid date | Jul. 22, 2022 | ||||||||
Dividends paid, date of record | Jul. 08, 2022 | ||||||||
Stock Repurchased During Period, Shares | (395) | ||||||||
Common stock [Member] | Dividend Paid [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cash distributions | $ 8.6 | ||||||||
Preferred stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Declared cash dividend distribution per share | $ 0.4140625 | $ 0.4140625 | |||||||
Dividends paid, declared date | Jun. 16, 2022 | ||||||||
Dividends paid date | Jul. 22, 2022 | ||||||||
Dividends paid, date of record | Jul. 08, 2022 | ||||||||
Preferred stock [Member] | Dividend Paid [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cash distributions | $ 1.9 | ||||||||
Executive Officer [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share-based Payment Award, Award Vesting Period | 3 years |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restricted Stock Units (RSUs) [Member] | ||||||
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivity [Line Items] | ||||||
Beginning balance | 584,047 | 342,159 | 507,074 | 332,435 | 342,159 | 332,435 |
Granted | 0 | 237,986 | 0 | 169,500 | 237,986 | 169,500 |
Issuance of dividend equivalents | 7,451 | 3,902 | 6,884 | 5,139 | ||
Vested | (177,812) | 0 | (177,038) | 0 | ||
Forfeited | 0 | 0 | 0 | 0 | ||
Ending balance | 413,686 | 584,047 | 336,920 | 507,074 | 413,686 | 336,920 |
Performance Restricted Stock Unit | ||||||
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivity [Line Items] | ||||||
Beginning balance | 307,500 | 217,500 | 217,500 | 97,500 | 217,500 | 97,500 |
Granted | 0 | 90,000 | 0 | 120,000 | 90,000 | 120,000 |
Issuance of dividend equivalents | 0 | 0 | 0 | 0 | ||
Vested | 0 | 0 | 0 | 0 | ||
Forfeited | 0 | 0 | 0 | 0 | ||
Ending balance | 307,500 | 307,500 | 217,500 | 217,500 | 307,500 | 217,500 |
Stockholder's Equity - Summar_2
Stockholder's Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityGranted [Line Items] | ||||||
Fair Value | $ 5,753 | $ 2,808 | ||||
Weighted Average Grant Fair Value Per Share | $ 17.54 | $ 9.7 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityGranted [Line Items] | ||||||
Units Granted | 0 | 237,986 | 0 | 169,500 | 237,986 | 169,500 |
Performance Restricted Stock Unit [Member] | ||||||
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityGranted [Line Items] | ||||||
Units Granted | 0 | 90,000 | 0 | 120,000 | 90,000 | 120,000 |
Stockholder's Equity - Summar_3
Stockholder's Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
ScheduleOfRecognizedNetCompensationExpense [Line Items] | ||||
Share-based Payment Arrangement, Amount Capitalized | $ 992 | $ 665 | $ 1,896 | $ 1,311 |
Restricted Stock Units (RSUs) [Member] | ||||
ScheduleOfRecognizedNetCompensationExpense [Line Items] | ||||
Share-based Payment Arrangement, Amount Capitalized | 652 | 457 | 1,251 | 920 |
Performance Restricted Stock Unit [Member] | ||||
ScheduleOfRecognizedNetCompensationExpense [Line Items] | ||||
Share-based Payment Arrangement, Amount Capitalized | $ 340 | $ 208 | $ 645 | $ 391 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
Aug. 02, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Subsequent Event [Line Items] | |||
Stock Repurchased During Period, Shares | 394,833 | 0 | |
Payment for repurchase of common stock | $ 5 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock Repurchased During Period, Shares | 1,907,861 | ||
Payment for repurchase of common stock | $ 25.2 |