City Office REIT (CIO) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		39,718,767
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	Sep. 30, 2022	Dec. 31, 2021
Real estate properties
Land	$ 200,686	$ 204,801
Building and improvement	1,233,713	1,244,177
Tenant improvement	134,785	119,011
Furniture, fixtures and equipment	673	664
Real estate properties, gross	1,569,857	1,568,653
Accumulated depreciation	(178,237)	(157,356)
Real estate properties, net	1,391,620	1,411,297
Cash and cash equivalents	22,012	21,321
Restricted cash	19,669	20,945
Rents receivable, net	39,700	30,415
Deferred leasing costs, net	22,060	20,327
Acquired lease intangible assets, net	58,580	68,925
Other assets	30,638	28,283
Total Assets	1,584,279	1,601,513
Liabilities:
Debt	676,116	653,648
Accounts payable and accrued liabilities	38,091	27,101
Deferred rent	8,921	11,600
Tenant rent deposits	7,014	6,165
Acquired lease intangible liabilities, net	9,602	10,872
Other liabilities	20,199	21,532
Total Liabilities	759,943	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 September 30, 2022 and December 31, 2021	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,718,767 and 43,554,375 shares issued and outstanding as of September 30, 2022 and December 31, 2021	397	435
Additional paid-in capital	435,086	482,061
Retained earnings	273,843	275,502
Accumulated other comprehensive income/(loss)	2,819	(382)
Total Stockholders' Equity	824,145	869,616
Non-controlling interests in properties	191	979
Total Equity	824,336	870,595
Total Liabilities and Equity	$ 1,584,279	$ 1,601,513

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 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	39,718,767	43,554,375
Common stock, shares outstanding	39,718,767	43,554,375

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Rental and other revenues	$ 45,522	$ 44,889	$ 135,871	$ 124,369
Operating expenses:
Property operating expenses	17,412	15,180	50,736	43,477
General and administrative	3,506	7,900	10,575	13,768
Depreciation and amortization	15,555	14,648	47,072	44,017
Total operating expenses	36,473	37,728	108,383	101,262
Operating income	9,049	7,161	27,488	23,107
Interest expense:
Contractual interest expense	(6,582)	(5,650)	(18,311)	(17,533)
Amortization of deferred financing costs and debt fair value	(303)	(267)	(917)	(869)
Interest expense, net	(6,885)	(5,917)	(19,228)	(18,402)
Net gain on sale of real estate property	0	0	21,658	47,400
Net income	2,164	1,244	29,918	52,105
Net income attributable to non-controlling interests in properties	(175)	(378)	(510)	(760)
Net income attributable to the Company	1,989	866	29,408	51,345
Preferred stock distributions	(1,855)	(1,855)	(5,565)	(5,565)
Net income/(loss) attributable to common stockholders	$ 134	$ (989)	$ 23,843	$ 45,780
Net income/(loss) per common share:
Basic	$ 0	$ (0.02)	$ 0.56	$ 1.05
Diluted	$ 0	$ (0.02)	$ 0.55	$ 1.04
Weighted average common shares outstanding:
Basic	41,351	43,554	42,838	43,478
Diluted	42,125	43,554	43,663	44,091
Dividend distributions declared per common share	$ 0.2	$ 0.15	$ 0.6	$ 0.45

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,164	$ 1,244	$ 29,918	$ 52,105
Other comprehensive income:
Unrealized cash flow hedge gain/(loss)	1,055	(22)	3,119	458
Amounts reclassified to interest expense	(121)	150	82	439
Other comprehensive income	934	128	3,201	897
Comprehensive income	3,098	1,372	33,119	53,002
Comprehensive income attributable to non-controlling interests in properties	(175)	(378)	(510)	(760)
Comprehensive income attributable to the Company	$ 2,923	$ 994	$ 32,609	$ 52,242

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	$ 52,105
Other comprehensive income	897
Ending balance at Sep. 30, 2021	446,548	$ 112,000	$ 435	481,345	(146,930)	(1,063)	445,787	761
Ending balance, shares at Sep. 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
Restricted stock award grants and vesting, values	666			716	(50)		666
Common stock dividend distribution declared	(6,533)				(6,533)		(6,533)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	10							10
Distributions	(536)							(536)
Net income	1,244				866		866	378
Other comprehensive income	128					128	128
Ending balance at Sep. 30, 2021	446,548	$ 112,000	$ 435	481,345	(146,930)	(1,063)	445,787	761
Ending balance, shares at Sep. 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	4,006,897
Net income	$ 29,918
Other comprehensive income	3,201
Ending balance at Sep. 30, 2022	824,336	$ 112,000	$ 397	435,086	273,843	2,819	824,145	191
Ending balance, shares at Sep. 30, 2022		4,480	39,718
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
Restricted stock award grants and vesting, values	992			1,075	(83)		992
Common stock repurchased, values	(45,082)		$ (36)	(45,046)			(45,082)
Common stock repurchased, shares			(3,612)
Common stock dividend distribution declared	(7,943)				(7,943)		(7,943)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	27							27
Distributions	(894)							(894)
Net income	2,164				1,989		1,989	175
Other comprehensive income	934					934	934
Ending balance at Sep. 30, 2022	$ 824,336	$ 112,000	$ 397	$ 435,086	$ 273,843	$ 2,819	$ 824,145	$ 191
Ending balance, shares at Sep. 30, 2022		4,480	39,718

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 29,918	$ 52,105
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,072	44,017
Amortization of deferred financing costs and debt fair value	917	869
Amortization of above and below market leases	70	281
Straight-line rent/expense	(6,697)	428
Non-cash stock compensation	2,887	1,976
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	(3,895)	635
Other assets	(158)	(560)
Accounts payable and accrued liabilities	6,977	8,558
Deferred rent	(2,679)	3,468
Tenant rent deposits	849	1,354
Net Cash Provided By Operating Activities	97,152	65,731
Cash Flows (to)/from Investing Activities:
Additions to real estate properties	(28,533)	(12,431)
Acquisition of real estate	0	(43,256)
Net proceeds from sale of real estate	0	122,103
Deferred leasing costs	(7,698)	(6,830)
Net Cash (Used In)/Provided By Investing Activities	(36,231)	59,586
Cash Flows to Financing Activities:
Proceeds from borrowings	82,000	106,000
Repayment of borrowings	(60,472)	(180,806)
Dividend distributions paid to stockholders	(31,567)	(25,117)
Repurchases of common stock	(50,082)	0
Distributions to non-controlling interests in properties	(1,328)	(960)
Shares withheld for payment of taxes on restricted stock unit vesting	(87)	(216)
Contributions from non-controlling interests in properties	30	12
Net Cash Used In Financing Activities	(61,506)	(101,087)
Net (Decrease)/ Increase in Cash, Cash Equivalents and Restricted Cash	(585)	24,230
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	42,266	45,951
Cash, Cash Equivalents and Restricted Cash, End of Period	41,681	70,181
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	22,012	17,697
Restricted Cash, End of Period	19,669	52,484
Cash, Cash Equivalents and Restricted Cash, End of Period	41,681	70,181
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	16,660	17,568
Purchase of additions in real estate properties included in accounts payable	10,568	4,804
Purchase of deferred leasing costs included in accounts payable	$ 1,904	$ 1,351

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Acquisitions During the nine months ended September 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 nine months ended September 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 $21.7 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, 2021, the Company sold the Cherry Creek property in Denver, Colorado for a gross sales price of $ million, resulting in an aggregate gain of $ million net of disposal-related costs, which has been classified as net gain on sale of real estate property in the condensed consolidated statements of operations.

Lease Intangibles

Lease Intangibles	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of September 30, 2022 and December 31, 2021 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities September 30, 2022 Above Market In Place Leases Leasing Total Below Below Total Cost $ 19,478 $ 80,788 $ 35,710 $ 135,976 $ (16,531 ) $ (138 ) $ (16,669 ) Accumulated amortization (9,298 ) (50,044 ) (18,054 ) (77,396 ) 7,016 51 7,067 $ 10,180 $ 30,744 $ 17,656 $ 58,580 $ (9,515 ) $ (87 ) $ (9,602 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2021 Above Market In Place Leases Leasing Total Below Below 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 $ 2,542 2023 9,027 2024 6,695 2025 6,507 2026 6,461 Thereafter 17,746 $ 48,978

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of September 30, 2022 and December 31, 2021 (dollars in thousands): Property September 30, 2022 December 31, Interest Rate as 2022 (1) Maturity Unsecured Credit Facility (3)(4) $ 185,000 $ 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) 39,853 40,381 4.30 % March 2027 Circle Point 39,598 39,650 4.49 % September 2028 190 Office Center 39,071 39,581 4.79 % October 2025 SanTan 32,309 32,807 4.56 % March 2027 Intellicenter 31,447 31,883 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 26,974 27,535 3.10 % September 2023 Property September 30, 2022 December 31, 2021 Interest Rate as of September 30, 2022 (1) Maturity 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 21,529 21,920 3.15 % December 2025 Cascade Station 21,291 21,581 4.55 % May 2024 5090 N. 40 th 20,917 21,233 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,383 16,707 3.15 % June 2024 FRP Ingenuity Drive (6) 16,240 16,457 4.44 % December 2024 Carillon Point 14,877 15,185 3.10 % October 2023 Lake Vista Pointe ( 7 — 17,018 — — Total Principal 680,089 658,538 Deferred financing costs, net (4,198 ) (5,223 ) Unamortized fair value adjustments 225 333 Total $ 676,116 $ 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 September 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 (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 interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 450 (6) As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep’ event that will begin in Q4 2022 where excess funds will be held in escrow to fund future tenant improvement expenses of current vacant space. (7) In June 2022, the loan balance of $16.8 million was repaid in full. The scheduled principal repayments of debt as of September 30, 2022 are as follows (in thousands): 2022 $ 1,623 2023 48,150 2024 108,480 2025 276,997 2026 4,536 Thereafter 240,303 $ 680,089

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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, the Company entered into the Interest Rate Swap for a notional amount of $ million. Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately % of the notional amount annually, payable monthly, and receive floating rate 30-day LIBOR payments. Accordingly, the fair value of the Interest Rate Swap has been classified as a Level 2 fair value measurement. 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 September 30, 2022, the Interest Rate Swap was reported as an asset at its fair value of approximately $2.8 million, which is included in other assets on the Company’s condensed consolidated balance sheet. For the nine months ended September 30, 2022, approximately $0.1 million of realized losses were reclassified to interest expense due to payments made to or received from 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 $420.4 million and $478.1 million (compared to a carrying value of $445.1 million and $466.5 million) as of September 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	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the nine months ended September 30, 2022 and 2021, the Company earned $0.4 million and $0.5 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 and the three and nine months ended September 30, 2021 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed payments $ 39,117 $ 38,963 $ 115,746 $ 106,825 Variable payments 6,067 5,868 18,687 17,404 $ 45,184 $ 44,831 $ 134,433 $ 124,229 The Company recognized interest income of $0.6 million and variable lease payments of $0.2 million for the sales-type lease at the Lake Vista Pointe property for the Future minimum lease payments to be received by the Company as of September 30, 2022 under non-cancellable 2022 $ 31,795 2023 121,218 2024 111,347 2025 99,896 2026 91,616 Thereafter 285,667 $ 741,539 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 September 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 September 30, 2022 December 31, 2021 Right-of-use $ 13,734 $ 14,114 Lease liability – operating leases $ 8,937 $ 9,160 Right-of-use $ 10,117 $ 10,308 Lease liability – financing leases $ 1,463 $ 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 expenses for the three and nine months ended September 30, 2022 were $0.3 million and $0.8 million, respectively. Operating lease expenses for the three and nine months ended September 30, 2021 were $0.2 million and $0.7 million, respectively. Financing lease expenses for the three and nine months ended September 30, 2022 were $0.1 million and $0.3 million, respectively. Financing lease expenses for the three and nine months ended September 30, 2021 were nominal. Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of September 30, 2022 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2022 $ 83 $ 9 2023 836 12 2024 770 7 2025 770 8 2026 724 8 Thereafter 27,151 6,946 Total future minimum lease payments 30,334 6,990 Discount (21,397 ) (5,527 ) Total $ 8,937 $ 1,463

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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. In September 2022, the Company completed the full August 2020 share repurchase plan. 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 During the nine months ended September 30, 2022, the Company completed the repurchase of 4,006,897 shares of its common stock for approximately $50.0 million. There were no shares repurchased during the nine months ended September 30, 2021. Common Stock and Common Unit Distributions On September 15, 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 September 30, 2022. The dividend was paid subsequent to quarter end on October 21, 2022 to common stockholders and common unitholders of record as of the close of business on October 7, 2022, resulting in an aggregate payment of $7.9 million. Preferred Stock Distributions On September 15, 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 September 30, 2022. The dividend was paid subsequent to quarter end on October 21, 2022 to the holders of record of Series A Preferred Stock as of the close of business on October 7, 2022. 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 Group”) as of the first trading date in the year of grant. 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. The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 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 — Outstanding at March 31, 2022 584,047 307,500 Issuance of dividend equivalents 7,451 — Vested (177,812 ) — Outstanding at June 30, 2022 413,686 307,500 Issuance of dividend equivalents 6,185 — Outstanding at September 30, 2022 419,871 307,500 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 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 — Outstanding at March 31, 2021 507,074 217,500 Issuance of dividend equivalents 6,884 — Vested (177,038 ) — Outstanding at June 30, 2021 336,920 217,500 Issuance of dividend equivalents 3,963 — Outstanding at September 30, 2021 340,883 217,500 During the nine months ended September 30, 2022 and September 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 2022 237,986 90,000 $ 5,753 $ 17.54 2021 169,500 120,000 2,808 9.70 The RSU Awards will vest in three equal, annual installments on each of the first three anniversaries of the grant date. The Performance RSU Awards will vest on the last day of the three-year measurement period. During the three months ended September 30, 2022 and September 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2022 $ 652 $ 340 $ 992 2021 457 208 665 During the nine months ended September 30, 2022 and September 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2022 $ 1,902 $ 985 $ 2,887 2021 1,377 599 1,976

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2022
Real Estate [Line Items]
Schedule of Acquired Properties	During the nine months ended September 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 nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities September 30, 2022 Above Market In Place Leases Leasing Total Below Below Total Cost $ 19,478 $ 80,788 $ 35,710 $ 135,976 $ (16,531 ) $ (138 ) $ (16,669 ) Accumulated amortization (9,298 ) (50,044 ) (18,054 ) (77,396 ) 7,016 51 7,067 $ 10,180 $ 30,744 $ 17,656 $ 58,580 $ (9,515 ) $ (87 ) $ (9,602 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2021 Above Market In Place Leases Leasing Total Below Below 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 $ 2,542 2023 9,027 2024 6,695 2025 6,507 2026 6,461 Thereafter 17,746 $ 48,978

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of September 30, 2022 and December 31, 2021 (dollars in thousands): Property September 30, 2022 December 31, Interest Rate as 2022 (1) Maturity Unsecured Credit Facility (3)(4) $ 185,000 $ 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) 39,853 40,381 4.30 % March 2027 Circle Point 39,598 39,650 4.49 % September 2028 190 Office Center 39,071 39,581 4.79 % October 2025 SanTan 32,309 32,807 4.56 % March 2027 Intellicenter 31,447 31,883 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 26,974 27,535 3.10 % September 2023 Property September 30, 2022 December 31, 2021 Interest Rate as of September 30, 2022 (1) Maturity 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 21,529 21,920 3.15 % December 2025 Cascade Station 21,291 21,581 4.55 % May 2024 5090 N. 40 th 20,917 21,233 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,383 16,707 3.15 % June 2024 FRP Ingenuity Drive (6) 16,240 16,457 4.44 % December 2024 Carillon Point 14,877 15,185 3.10 % October 2023 Lake Vista Pointe ( 7 — 17,018 — — Total Principal 680,089 658,538 Deferred financing costs, net (4,198 ) (5,223 ) Unamortized fair value adjustments 225 333 Total $ 676,116 $ 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 September 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 (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 interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 450 (6) As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep’ event that will begin in Q4 2022 where excess funds will be held in escrow to fund future tenant improvement expenses of current vacant space. (7) In June 2022, the loan balance of $16.8 million was repaid in full.
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of September 30, 2022 are as follows (in thousands): 2022 $ 1,623 2023 48,150 2024 108,480 2025 276,997 2026 4,536 Thereafter 240,303 $ 680,089

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the three and nine months ended September 30, 2022 and the three and nine months ended September 30, 2021 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed payments $ 39,117 $ 38,963 $ 115,746 $ 106,825 Variable payments 6,067 5,868 18,687 17,404 $ 45,184 $ 44,831 $ 134,433 $ 124,229
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of September 30, 2022 under non-cancellable 2022 $ 31,795 2023 121,218 2024 111,347 2025 99,896 2026 91,616 Thereafter 285,667 $ 741,539
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use September 30, 2022 December 31, 2021 Right-of-use $ 13,734 $ 14,114 Lease liability – operating leases $ 8,937 $ 9,160 Right-of-use $ 10,117 $ 10,308 Lease liability – financing leases $ 1,463 $ 1,425
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 September 30, 2022 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2022 $ 83 $ 9 2023 836 12 2024 770 7 2025 770 8 2026 724 8 Thereafter 27,151 6,946 Total future minimum lease payments 30,334 6,990 Discount (21,397 ) (5,527 ) Total $ 8,937 $ 1,463

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 — Outstanding at March 31, 2022 584,047 307,500 Issuance of dividend equivalents 7,451 — Vested (177,812 ) — Outstanding at June 30, 2022 413,686 307,500 Issuance of dividend equivalents 6,185 — Outstanding at September 30, 2022 419,871 307,500 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 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 — Outstanding at March 31, 2021 507,074 217,500 Issuance of dividend equivalents 6,884 — Vested (177,038 ) — Outstanding at June 30, 2021 336,920 217,500 Issuance of dividend equivalents 3,963 — Outstanding at September 30, 2021 340,883 217,500
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the nine months ended September 30, 2022 and September 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 2022 237,986 90,000 $ 5,753 $ 17.54 2021 169,500 120,000 2,808 9.70
Summary of Recognized Compensation Expense for RSUs and Performance RSU	During the three months ended September 30, 2022 and September 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2022 $ 652 $ 340 $ 992 2021 457 208 665 During the nine months ended September 30, 2022 and September 30, 2021, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2022 $ 1,902 $ 985 $ 2,887 2021 1,377 599 1,976

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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	Sep. 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		9 Months Ended
	Jun. 15, 2022	Feb. 10, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 135,976	$ 154,253
Accumulated amortization, Lease Intangible Assets	(77,396)	(85,328)
Total, Lease Intangible Assets	58,580	68,925
Cost, Lease Intangible Liabilities	(16,669)	(16,881)
Accumulated amortization, Lease Intangible Liabilities	7,067	6,009
Total, Lease Intangible Liabilities	(9,602)	(10,872)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	19,478	21,147
Accumulated amortization, Lease Intangible Assets	(9,298)	(9,627)
Total, Lease Intangible Assets	10,180	11,520
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	80,788	93,761
Accumulated amortization, Lease Intangible Assets	(50,044)	(56,987)
Total, Lease Intangible Assets	30,744	36,774
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	35,710	39,345
Accumulated amortization, Lease Intangible Assets	(18,054)	(18,714)
Total, Lease Intangible Assets	17,656	20,631
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(16,531)	(16,743)
Accumulated amortization, Lease Intangible Liabilities	7,016	5,961
Total, Lease Intangible Liabilities	(9,515)	(10,782)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	51	48
Total, Lease Intangible Liabilities	$ (87)	$ (90)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 2,542
2023	9,027
2024	6,695
2025	6,507
2026	6,461
Thereafter	17,746
Total	$ 48,978

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Indebtedness		$ 680,089	$ 658,538
Deferred financing costs, net		(4,198)	(5,223)
Unamortized fair value adjustments		225	333
Total		676,116	653,648
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	[1]	$ 50,000	50,000
Interest Rate, terms	[1],[2],[3]	LIBOR +1.25
Interest Rate, spread	[1],[2],[3]	1.25%
Maturity	[1]	2024-09
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	[1],[4]	$ 185,000	142,000
Interest Rate, terms	[1],[2],[3],[4]	LIBOR +1.30
Interest Rate, spread	[1],[2],[3],[4]	1.30%
Maturity	[1],[4]	2025-11
Mission City [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 47,000	47,000
Interest Rate	[2]	3.78%
Maturity		2027-11
190 Office Center [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 39,071	39,581
Interest Rate	[2]	4.79%
Maturity		2025-10
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	[5]	$ 39,853	40,381
Interest Rate	[2],[5]	4.30%
Maturity	[5]	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 39,598	39,650
Interest Rate	[2]	4.49%
Maturity		2028-09
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 32,309	32,807
Interest Rate	[2]	4.56%
Maturity		2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 31,447	31,883
Interest Rate	[2]	4.65%
Maturity		2025-10
The Quad [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 30,600	30,600
Interest Rate	[2]	4.20%
Maturity		2028-09
FRP Collection [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 26,974	27,535
Interest Rate	[2]	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		$ 21,291	21,581
Interest Rate	[2]	4.55%
Maturity		2024-05
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 21,529	21,920
Interest Rate	[2]	3.15%
Maturity		2025-12
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 20,917	21,233
Interest Rate	[2]	3.92%
Maturity		2027-01
AmberGlen [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 20,000	20,000
Interest Rate	[2]	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		$ 16,383	16,707
Interest Rate	[2]	3.15%
Maturity		2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	[7]	$ 16,240	16,457
Interest Rate	[7]	4.44%
Maturity	[7]	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 14,877	$ 15,185
Interest Rate	[2]	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]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.[3]As of September 30, 2022, the one-month LIBOR rate was 3.14%.[4]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 September 30, 2022, the Unsecured Credit Facility had $185.0 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.[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 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]In June 2022, the loan balance of $16.8 million was repaid in full.[7]As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep’ event that will begin in Q4 2022 where excess funds will be held in escrow to fund future tenant improvement expenses of current vacant space.

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands		1 Months Ended		9 Months Ended
		Jun. 30, 2022	Nov. 16, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Repayment of borrowings				$ 60,472	$ 180,806
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
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				$ 185,000
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],[4]			1.30%
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
One month LIBOR rate				3.14%
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%
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]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 September 30, 2022, the one-month LIBOR rate was 3.14%.[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 September 30, 2022, the Unsecured Credit Facility had $185.0 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]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	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 1,623
2023	48,150
2024	108,480
2025	276,997
2026	4,536
Thereafter	240,303
Total	$ 680,089	$ 658,538

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 121	$ (150)	$ (82)	$ (439)
Debt instrument carrying amount	680,089		680,089		$ 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%
Derivative assets fair value	2,800		2,800
Interest rate swap gain reclassified to interest expense			100	$ 400
Derivative Liability					400
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	420,400		420,400		478,100
Debt instrument carrying amount	$ 445,100		$ 445,100		$ 466,500

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 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	$ 0.4	$ 0.5

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease cost	$ 0.3	$ 0.2	$ 0.8	$ 0.7
Financing Lease Cost	$ 0.1		$ 0.3
Finance Lease, Weighted Average Remaining Lease Term	50 years		50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
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
Variable lease payments on sales type lease			$ 0.2
Maximum [Member]
Remaining operating lease terms	66 years		66 years
Remaining finance leases terms	66 years		66 years
Minimum [Member]
Remaining operating lease terms	1 year		1 year
Remaining finance leases terms	1 year		1 year

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fixed payments	$ 39,117	$ 38,963	$ 115,746	$ 106,825
Variable payments	6,067	5,868	18,687	17,404
Operating Lease, Lease Income	$ 45,184	$ 44,831	$ 134,433	$ 124,229

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 31,795
2023	121,218
2024	111,347
2025	99,896
2026	91,616
Thereafter	285,667
Total future minimum lease payments to be received	$ 741,539

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Right-of-use asset - operating leases	$ 13,734	$ 14,114
Lease liability – operating leases	8,937	9,160
Right-of-use asset – financing leases	10,117	10,308
Lease liability – financing leases	$ 1,463	$ 1,425

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
2022	$ 83
2023	836
2024	770
2025	770
2026	724
Thereafter	27,151
Total future minimum lease payments	30,334
Discount	(21,397)
Total	8,937	$ 9,160
2022	9
2023	12
2024	7
2025	8
2026	8
Thereafter	6,946
Total future minimum lease payments	6,990
Discount	(5,527)
Total	$ 1,463	$ 1,425

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 21, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 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				4,006,897	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				$ 50
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				Sep. 15, 2022
Dividends paid date				Oct. 21, 2022
Dividends paid, date of record				Oct. 07, 2022
Stock Repurchased During Period, Shares		(3,612)	(395)
Common stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 7.9
Preferred stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.4140625		$ 0.4140625
Dividends paid, declared date				Sep. 15, 2022
Dividends paid date				Oct. 21, 2022
Dividends paid, date of record				Oct. 07, 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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted Stock Units (RSUs) [Member]
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivity [Line Items]
Beginning balance	413,686	584,047	342,159	336,920	507,074	332,435	342,159	332,435
Granted			237,986			169,500	237,986	169,500
Issuance of dividend equivalents	6,185	7,451	3,902	3,963	6,884	5,139
Vested		(177,812)			(177,038)
Ending balance	419,871	413,686	584,047	340,883	336,920	507,074	419,871	340,883
Performance Restricted Stock Unit
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivity [Line Items]
Beginning balance	307,500	307,500	217,500	217,500	217,500	97,500	217,500	97,500
Granted			90,000			120,000	90,000	120,000
Issuance of dividend equivalents	0	0	0	0	0	0
Vested		0			0
Ending balance	307,500	307,500	307,500	217,500	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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Sep. 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	237,986	169,500	237,986	169,500
Performance Restricted Stock Unit [Member]
ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityGranted [Line Items]
Units Granted	90,000	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
ScheduleOfRecognizedNetCompensationExpense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 992	$ 665	$ 2,887	$ 1,976
Restricted Stock Units (RSUs) [Member]
ScheduleOfRecognizedNetCompensationExpense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	652	457	1,902	1,377
Performance Restricted Stock Unit [Member]
ScheduleOfRecognizedNetCompensationExpense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 340	$ 208	$ 985	$ 599