City Office REIT (CIO) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Registrant Name	CITY OFFICE REIT, INC.
Entity Central Index Key	0001593222
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		39,938,451
Entity Address, State or Province	BC
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36409
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	98-1141883
Entity Address, City or Town	Vancouver
Entity Address, Address Line One	666 Burrard Street
Entity Address, Address Line Two	Suite 3210
Entity Address, Postal Zip Code	V6C 2X8
City Area Code	604
Local Phone Number	806-3366
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
6.625% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate properties
Land	$ 199,537	$ 199,537
Building and improvement	1,217,036	1,215,000
Tenant improvement	142,188	139,365
Furniture, fixtures and equipment	689	689
Real estate properties, gross	1,559,450	1,554,591
Accumulated depreciation	(186,143)	(175,720)
Real estate properties, net	1,373,307	1,378,871
Cash and cash equivalents	35,854	28,187
Restricted cash	16,385	16,075
Rents receivable, net	46,758	44,429
Deferred leasing costs, net	21,841	21,989
Acquired lease intangible assets, net	52,692	55,438
Other assets	29,039	29,450
Total Assets	1,575,876	1,574,439
Liabilities:
Debt	708,481	690,099
Accounts payable and accrued liabilities	29,527	35,753
Deferred rent	8,869	9,147
Tenant rent deposits	7,177	7,040
Acquired lease intangible liabilities, net	8,781	9,150
Other liabilities	21,522	20,076
Total Liabilities	784,357	771,265
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of March 31, 2023 and December 31, 2022	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,938,451 and 39,718,767 shares issued and outstanding as of March 31, 2023 and December 31, 2022	399	397
Additional paid-in capital	435,626	436,161
Retained earnings	242,318	251,542
Accumulated other comprehensive income	789	2,731
Total Stockholders' Equity	791,132	802,831
Non-controlling interests in properties	387	343
Total Equity	791,519	803,174
Total Liabilities and Equity	$ 1,575,876	$ 1,574,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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	39,938,451	39,718,767
Common stock, shares outstanding	39,938,451	39,718,767

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Rental and other revenues	$ 45,957	$ 44,852
Operating expenses:
Property operating expenses	17,720	16,489
General and administrative	3,765	3,456
Depreciation and amortization	15,304	15,815
Total operating expenses	36,789	35,760
Operating income	9,168	9,092
Interest expense:
Contractual interest expense	(7,972)	(5,747)
Amortization of deferred financing costs and debt fair value	(323)	(312)
Interest expense, net	(8,295)	(6,059)
Net gain on sale of real estate property	0	21,658
Net income	873	24,691
Net income attributable to non-controlling interests in properties	(169)	(171)
Net income attributable to the Company	704	24,520
Preferred stock distributions	(1,855)	(1,855)
Net (loss)/income attributable to common stockholders	$ (1,151)	$ 22,665
Net (loss)/income per common share:
Basic	$ (0.03)	$ 0.52
Diluted	$ (0.03)	$ 0.51
Weighted average common shares outstanding:
Basic	39,873	43,554
Diluted	39,873	44,406
Dividend distributions declared per common share	$ 0.2	$ 0.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 873	$ 24,691
Other comprehensive (loss)/income:
Unrealized cash flow hedge (loss)/gain	(1,465)	1,614
Amounts reclassified to interest expense	(477)	140
Other comprehensive (loss)/income	(1,942)	1,754
Comprehensive (loss)/income	(1,069)	26,445
Comprehensive income attributable to non-controlling interests in properties	(169)	(171)
Comprehensive (loss)/income attributable to the Company	$ (1,238)	$ 26,274

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 Income [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
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		4,480,000	43,554,000
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 (loss)	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		4,480,000	43,554,000
Beginning balance at Dec. 31, 2022	803,174	$ 112,000	$ 397	436,161	251,542	2,731	802,831	343
Beginning balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Restricted stock award grants and vesting, values	(618)		$ 2	(535)	(85)		(618)
Restricted stock award grants and vesting, shares			220,000
Common stock dividend distribution declared	(7,988)				(7,988)		(7,988)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	110							110
Distributions	(235)							(235)
Net income	873				704		704	169
Other comprehensive income (loss)	(1,942)					(1,942)	(1,942)
Ending balance at Mar. 31, 2023	$ 791,519	$ 112,000	$ 399	$ 435,626	$ 242,318	$ 789	$ 791,132	$ 387
Ending balance, shares at Mar. 31, 2023		4,480,000	39,938,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 873	$ 24,691
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,304	15,815
Amortization of deferred financing costs and debt fair value	323	312
Amortization of above and below market leases	9	63
Straight-line rent/expense	(2,801)	(2,050)
Non-cash stock compensation	1,024	904
Net gain on sale of real estate property	0	(21,658)
Changes in non-cash working capital:
Rents receivable, net	539	(3,844)
Other assets	(282)	534
Accounts payable and accrued liabilities	(965)	35
Deferred rent	(278)	(436)
Tenant rent deposits	137	293
Net Cash Provided By Operating Activities	13,883	14,659
Cash Flows to Investing Activities:
Additions to real estate properties	(11,383)	(6,476)
Net proceeds from sale of real estate .	0	1,000
Deferred leasing costs	(1,037)	(1,423)
Net Cash Used In Investing Activities	(12,420)	(6,899)
Cash Flows from/(to) Financing Activities:
Debt issuance and extinguishment costs	(236)	0
Proceeds from borrowings	25,000	14,000
Repayment of borrowings	(6,683)	(5,564)
Dividend distributions paid to stockholders	(9,799)	(10,566)
Distributions to non-controlling interests in properties	(235)	(254)
Shares withheld for payment of taxes on restricted stock unit vesting	(1,643)	0
Contributions from non-controlling interests in properties	110	3
Net Cash Provided By/(Used In) Financing Activities	6,514	(2,381)
Net Increase in Cash, Cash Equivalents and Restricted Cash	7,977	5,379
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	44,262	42,266
Cash, Cash Equivalents and Restricted Cash, End of Period	52,239	47,645
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	35,854	26,742
Restricted Cash, End of Period	16,385	20,903
Cash, Cash Equivalents and Restricted Cash, End of Period	52,239	47,645
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	7,256	5,374
Purchase of additions in real estate properties included in accounts payable	7,811	10,465
Purchase of deferred leasing costs included in accounts payable	$ 1,207	$ 3,627

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
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 years prior to 2018, any applicable alternative minimum tax.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 No. 2022-06, 2022-06”). 2022-06

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments 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 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 $ million.

Lease Intangibles

Lease Intangibles	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of March 31, 2023 and December 31, 2022 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2023 Above Market In Place Leases Leasing Total Below Below Market Lease Total Cost $ 18,793 $ 77,530 $ 33,698 $ 130,021 $ (15,091 ) $ (138 ) $ (15,229 ) Accumulated amortization (9,447 ) (50,218 ) (17,664 ) (77,329 ) 6,395 53 6,448 $ 9,346 $ 27,312 $ 16,034 $ 52,692 $ (8,696 ) $ (85 ) $ (8,781 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2022 Above Market In Place Leases Leasing Total Below Below Total Cost $ 18,793 $ 78,720 $ 34,123 $ 131,636 $ (15,682 ) $ (138 ) $ (15,820 ) Accumulated amortization (9,069 ) (49,772 ) (17,357 ) (76,198 ) 6,618 52 6,670 $ 9,724 $ 28,948 $ 16,766 $ 55,438 $ (9,064 ) $ (86 ) $ (9,150 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2023 $ 6,484 2024 6,660 2025 6,479 2026 6,490 2027 5,217 Thereafter 12,581 $ 43,911

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	5. Debt On January 5, 2023, the Company transitioned the borrowing rate of its unsecured credit facility (the “Unsecured Credit Facility”) and $ million term loan from LIBOR to daily-simple SOFR. The Company applied the practical expedients available under the reference rate reform guidance and accounted for the modifications as continuations of the existing contracts. The following table summarizes the indebtedness as of March 31, 2023 and December 31, 2022 (dollars in thousands): Property March 31, 2023 December 31, 2022 Interest Rate as of March 31, 2023 (1) Maturity Unsecured Credit Facility (3)(5) $ 195,713 $ 200,500 SOFR +1.40 % (2) November 2025 Term Loan (4) 50,000 50,000 SOFR +1.35 % (2) September 2024 Term Loan (5) 25,000 — SOFR +2.10 % (2) January 2026 Mission City 46,646 46,859 3.78 % November 2027 Canyon Park (6) 39,490 39,673 4.30 % March 2027 Circle Point 39,280 39,440 4.49 % September 2028 190 Office Center (7) 38,711 38,894 4.79 % October 2025 SanTan 31,968 32,140 4.56 % March 2027 Intellicenter 31,141 31,297 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection 26,592 26,784 3.10 % September 2023 Greenwood Blvd 21,263 21,396 3.15 % December 2025 Cascade Station (8) 21,089 21,192 4.55 % May 2024 5090 N. 40 th 20,701 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,163 16,273 3.15 % June 2024 FRP Ingenuity Drive (9) 16,088 16,165 4.44 % December 2024 Carillon Point 14,668 14,773 3.10 % October 2023 Total Principal 712,113 693,796 Deferred financing costs, net (3,786 ) (3,887 ) Unamortized fair value adjustments 154 190 Total $ 708,481 $ 690,099 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility and the term loans, as explained in footnotes 3, 4 and 5 below. (2) As of March 31, 2023, the daily-simple SOFR rate was 4.87%. (3) Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 235 basis points depending upon the Company’s consolidated leverage ratio. On February 9, 2023, the Company entered into a three-year interest rate swap for a notional amount of $140 million, effective March 8, 2023, effectively fixing the SOFR component of the borrowing rate for $140 million of the Unsecured Credit Facility. As of March 31, 2023, the Unsecured Credit Facility had $195.7 million drawn and a $4.2 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended 12 (4) Borrowings under the $50 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 225 basis points depending upon the Company’s consolidated leverage ratio. The SOFR component of the borrowing rate is effectively fixed by a $50 million interest rate swap. (5) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement dated November 16, 2021 (as amended, the “Amended and Restated Credit Agreement”) for the Unsecured Credit Facility and entered into a three-year (6) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, 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. (7) In the fourth quarter of 2022, a ‘cash-sweep period’ began for the 190 Office Center loan due to the non-renewal ‘cash-sweep period’ (8) In the first quarter of 2023, a ‘cash-sweep period’ (9) As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of March 31, 2023, the DSCR was still not met. As of March 31, 2023 and December 31, 2022, total restricted cash for the property was $ 2.8 million and $2.6 million, respectively. The scheduled principal repayments of debt as of March 31, 2023 are as follows (in thousands): 2023 $ 46,084 2024 108,480 2025 287,710 2026 29,416 2027 176,303 Thereafter 64,120 $ 712,113

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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 January 2023, the Company amended the $ million interest rate swap to transition from LIBOR to daily-simple SOFR. The Company applied the practical expedients available for hedging relationships under the reference rate reform guidance, which preserves the presentation of the derivative consistent with past presentation and does not result in dedesignation of the hedging relationship. Pursuant to the amended interest rate swap, the Company will pay a fixed rate of approximately % of the notional amount annually, payable monthly, and receive floating rate daily-simple SOFR payments. In January 2023, the Company entered into an interest rate swap for a notional amount of $25 million. Pursuant to the interest rate swap, the Company will pay a fixed rate of approximately 3.90% of the notional amount annually, payable monthly, and receive floating rate daily-simple SOFR payments. In February 2023, the Company entered into an interest rate swap for a notional amount of $140 million. Pursuant to the interest rate swap, the Company will pay a fixed rate of approximately 4.19% of the notional amount annually, payable quarterly, and receive floating rate daily-simple SOFR payments. The fair value of the interest rate swaps have been classified as Level 2 fair value measurements. The interest rate swaps have been designated and qualify as cash flow hedges and have been recognized on the condensed consolidated balance sheets at fair value, presented within other assets and other liabilities. 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. The following table summarizes the Company’s derivative financial instruments as of March 31, 2023 and December 31, 2022 (in thousands): Notional Value Effective Date Maturity Date Fair Value Assets/(Liabilities) March 31, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 2,241 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 (94 ) — Interest Rate Swap 140,000 March 2023 November 2025 (1,358 ) — $ 215,000 $ 789 $ 2,731 For the three months ended March 31, 2023, approximately $0.5 million of realized gains were reclassified to interest expense due to payments received from the swap counterparty. For the three months ended March 31, 2022, approximately $0.1 million of realized losses were reclassified to interest expense due to payments made to the swap counterparty. Cash, Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accr ued Lia 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 $425.6 million and $420.7 million (compared to a carrying value of $441.4 million and $443.3 million) as of March 31, 2023, and December 31, 2022, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the three months ended March 31, 2023 and 2022, the Company earned $0.1 million and $0.1 million, respectively, in administrative services performed for Second City Real Estate II Corporation, Clarity Real Estate Ventures GP, Limited Partnership and their affiliates.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 as provided under the lease. The Company recognized fixed and variable lease payments for operating leases for the three months ended March 31, 2023 and 2022 as follows (in thousands): Three Months Ended March 31, 2023 2022 Fixed payments $ 38,914 $ 38,320 Variable payments 6,743 6,440 $ 45,657 $ 44,760 Future minimum lease payments to be received by the Company as of March 31, 2023 under non-cancellable 2023 $ 94,066 2024 118,908 2025 107,742 2026 98,598 2027 82,242 Thereafter 223,165 $ 724,721 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 increases rather than variable payments based on an index or unknown rate. Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of March 31, 2023, these leases had remaining terms of under one year to 65 years and a weighted average remaining lease term of 50 years. Right-of-use March 31, 2023 December 31, 2022 Right operating $ 12,825 $ 12,935 Lease operating $ 8,738 $ 8,802 Right financing $ 9,991 $ 10,054 Lease financing $ 1,491 $ 1,475 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 expense for the three months ended March 31, 2023 and March 31, 2022 were $0.2 million and $0.3 million, respectively. Financing lease expense for the three months ended March 31, 2023 and March 31, 2022 were $0.1 million and $0.1 million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing 2023 $ 459 $ 5 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 29,873 6,974 Discount (21,135 ) (5,483 ) Total $ 8,738 $ 1,491

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2023, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2023
Federal Home Loan Banks [Abstract]
Stockholder's Equity	10. Stockholders’ Equity Share Repurchase Plan On March 9, 2020, the Company’s Board of Directors (the “Board of Directors”) approved a share repurchase plan authorizing the Company to repurchase up to $ 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 Board of Directors approved an additional share repurchase plan authorizing the Company to repurchase up to an additional aggregate amount of $ 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 There were no shares repurchased during the three months ended March 31, 2023 and 2022. Common Stock and Common Unit Distributions On March 14, 2023, the Board of Directors approved and the Company declared a cash dividend distribution of $ Preferred Stock Distributions On March 14, 2023, the Board of Directors approved and the Company declared a cash dividend distribution of $ Equity Incentive Plan The Company has an equity incentive plan non-executive shares of common stock. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement measurement period beginning January 1 of the year of grant (the “Measurement Period”) relative to the TSR of a defined peer group list of other US Office REIT companies (the “Peer 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. During the first quarter of 2023, the Performance RSU Awards granted in January 2020, with a January 1, 2020 through December 31, 2022 Measurement Period, were earned at 150% of the target number of shares granted based on achievement of a TSR that was at or above the 75th percentile of the 2020 Peer Group. The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2023: Number of RSUs Number of Performance RSUs Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 — Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2022: Number of RSUs Number of Performance RSUs 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 During the three months ended March 31, 2023 and March 31, 2022, 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 Grant Fair Value Per Share RSUs Performance RSUs 2023 198,022 214,888 $ 3,729 $ 9.03 2022 237,986 90,000 5,753 17.54 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 March 31, 2023 and March 31, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance RSUs Total 2023 $ 643 $ 381 $ 1,024 2022 599 305 904

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 No. 2022-06, 2022-06”). 2022-06

Lease Intangibles (Tables)

Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Lease Intangibles and Value of Assumed Lease Obligations	Lease intangibles and the value of assumed lease obligations as of March 31, 2023 and December 31, 2022 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2023 Above Market In Place Leases Leasing Total Below Below Market Lease Total Cost $ 18,793 $ 77,530 $ 33,698 $ 130,021 $ (15,091 ) $ (138 ) $ (15,229 ) Accumulated amortization (9,447 ) (50,218 ) (17,664 ) (77,329 ) 6,395 53 6,448 $ 9,346 $ 27,312 $ 16,034 $ 52,692 $ (8,696 ) $ (85 ) $ (8,781 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2022 Above Market In Place Leases Leasing Total Below Below Total Cost $ 18,793 $ 78,720 $ 34,123 $ 131,636 $ (15,682 ) $ (138 ) $ (15,820 ) Accumulated amortization (9,069 ) (49,772 ) (17,357 ) (76,198 ) 6,618 52 6,670 $ 9,724 $ 28,948 $ 16,766 $ 55,438 $ (9,064 ) $ (86 ) $ (9,150 )
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): 2023 $ 6,484 2024 6,660 2025 6,479 2026 6,490 2027 5,217 Thereafter 12,581 $ 43,911

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of March 31, 2023 and December 31, 2022 (dollars in thousands): Property March 31, 2023 December 31, 2022 Interest Rate as of March 31, 2023 (1) Maturity Unsecured Credit Facility (3)(5) $ 195,713 $ 200,500 SOFR +1.40 % (2) November 2025 Term Loan (4) 50,000 50,000 SOFR +1.35 % (2) September 2024 Term Loan (5) 25,000 — SOFR +2.10 % (2) January 2026 Mission City 46,646 46,859 3.78 % November 2027 Canyon Park (6) 39,490 39,673 4.30 % March 2027 Circle Point 39,280 39,440 4.49 % September 2028 190 Office Center (7) 38,711 38,894 4.79 % October 2025 SanTan 31,968 32,140 4.56 % March 2027 Intellicenter 31,141 31,297 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection 26,592 26,784 3.10 % September 2023 Greenwood Blvd 21,263 21,396 3.15 % December 2025 Cascade Station (8) 21,089 21,192 4.55 % May 2024 5090 N. 40 th 20,701 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,163 16,273 3.15 % June 2024 FRP Ingenuity Drive (9) 16,088 16,165 4.44 % December 2024 Carillon Point 14,668 14,773 3.10 % October 2023 Total Principal 712,113 693,796 Deferred financing costs, net (3,786 ) (3,887 ) Unamortized fair value adjustments 154 190 Total $ 708,481 $ 690,099 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility and the term loans, as explained in footnotes 3, 4 and 5 below. (2) As of March 31, 2023, the daily-simple SOFR rate was 4.87%. (3) Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 235 basis points depending upon the Company’s consolidated leverage ratio. On February 9, 2023, the Company entered into a three-year interest rate swap for a notional amount of $140 million, effective March 8, 2023, effectively fixing the SOFR component of the borrowing rate for $140 million of the Unsecured Credit Facility. As of March 31, 2023, the Unsecured Credit Facility had $195.7 million drawn and a $4.2 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended 12 (4) Borrowings under the $50 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 225 basis points depending upon the Company’s consolidated leverage ratio. The SOFR component of the borrowing rate is effectively fixed by a $50 million interest rate swap. (5) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement dated November 16, 2021 (as amended, the “Amended and Restated Credit Agreement”) for the Unsecured Credit Facility and entered into a three-year (6) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, 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. (7) In the fourth quarter of 2022, a ‘cash-sweep period’ began for the 190 Office Center loan due to the non-renewal ‘cash-sweep period’ (8) In the first quarter of 2023, a ‘cash-sweep period’ (9) As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of March 31, 2023, the DSCR was still not met. As of March 31, 2023 and December 31, 2022, total restricted cash for the property was $ 2.8 million and $2.6 million, respectively.
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of March 31, 2023 are as follows (in thousands): 2023 $ 46,084 2024 108,480 2025 287,710 2026 29,416 2027 176,303 Thereafter 64,120 $ 712,113

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of company's derivative financial instruments	The following table summarizes the Company’s derivative financial instruments as of March 31, 2023 and December 31, 2022 (in thousands): Notional Value Effective Date Maturity Date Fair Value Assets/(Liabilities) March 31, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 2,241 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 (94 ) — Interest Rate Swap 140,000 March 2023 November 2025 (1,358 ) — $ 215,000 $ 789 $ 2,731

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the three months ended March 31, 2023 and 2022 as follows (in thousands): Three Months Ended March 31, 2023 2022 Fixed payments $ 38,914 $ 38,320 Variable payments 6,743 6,440 $ 45,657 $ 44,760
Schedule of future minimum rental payments for operating leases	Future minimum lease payments to be received by the Company as of March 31, 2023 under non-cancellable 2023 $ 94,066 2024 118,908 2025 107,742 2026 98,598 2027 82,242 Thereafter 223,165 $ 724,721
Schedule of supplemental balance sheet information related to leases	Right-of-use March 31, 2023 December 31, 2022 Right operating $ 12,825 $ 12,935 Lease operating $ 8,738 $ 8,802 Right financing $ 9,991 $ 10,054 Lease financing $ 1,491 $ 1,475
Schedule future minimum lease payments to be paid	Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2023 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing 2023 $ 459 $ 5 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 29,873 6,974 Discount (21,135 ) (5,483 ) Total $ 8,738 $ 1,491

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023: Number of RSUs Number of Performance RSUs Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 — Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2022: Number of RSUs Number of Performance RSUs 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
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the three months ended March 31, 2023 and March 31, 2022, 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 Grant Fair Value Per Share RSUs Performance RSUs 2023 198,022 214,888 $ 3,729 $ 9.03 2022 237,986 90,000 5,753 17.54
Summary of Recognized Compensation Expense for RSUs and Performance RSU	During the three months ended March 31, 2023 and March 31, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance RSUs Total 2023 $ 643 $ 381 $ 1,024 2022 599 305 904

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - Lake Vista Pointe [Member] - USD ($) $ in Millions		3 Months Ended
	Jun. 15, 2022	Mar. 31, 2022
Real Estate [Line Items]
Sales-type Lease, Selling Profit (Loss)		$ 21.7
Proceeds from Sale of Real Estate	$ 43.8

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 130,021	$ 131,636
Accumulated amortization, Lease Intangible Assets	(77,329)	(76,198)
Total, Lease Intangible Assets	52,692	55,438
Cost, Lease Intangible Liabilities	(15,229)	(15,820)
Accumulated amortization, Lease Intangible Liabilities	6,448	6,670
Total, Lease Intangible Liabilities	(8,781)	(9,150)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	18,793	18,793
Accumulated amortization, Lease Intangible Assets	(9,447)	(9,069)
Total, Lease Intangible Assets	9,346	9,724
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	77,530	78,720
Accumulated amortization, Lease Intangible Assets	(50,218)	(49,772)
Total, Lease Intangible Assets	27,312	28,948
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	33,698	34,123
Accumulated amortization, Lease Intangible Assets	(17,664)	(17,357)
Total, Lease Intangible Assets	16,034	16,766
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(15,091)	(15,682)
Accumulated amortization, Lease Intangible Liabilities	6,395	6,618
Total, Lease Intangible Liabilities	(8,696)	(9,064)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	53	52
Total, Lease Intangible Liabilities	$ (85)	$ (86)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 6,484
2024	6,660
2025	6,479
2026	6,490
2027	5,217
Thereafter	12,581
Total	$ 43,911

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Indebtedness	$ 712,113		$ 693,796
Deferred financing costs, net	(3,786)		(3,887)
Unamortized fair value adjustments	154		190
Total	708,481		690,099
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	$ 50,000		50,000
Interest Rate, terms	1.35
Interest Rate, spread	1.35%
Maturity	2024-09
Debt Instrument, Face Amount		$ 50,000
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	$ 25,000		0
Interest Rate, terms	2.10
Interest Rate, spread	2.10%
Maturity	2026-01
Debt Instrument, Face Amount		25,000
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 195,713		200,500
Interest Rate, terms	1.40
Interest Rate, spread	1.40%
Maturity	2025-11
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 50,000
Mission City [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 46,646		46,859
Interest Rate	3.78%
Maturity	2027-11
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 39,490		39,673
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 39,280		39,440
Interest Rate	4.49%
Maturity	2028-09
190 Office Center [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,711		38,894
Interest Rate	4.79%
Maturity	2025-10
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 31,968		32,140
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 31,141		31,297
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
2525 McKinnon [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 27,000		27,000
Interest Rate	4.24%
Maturity	2027-04
FRP Collection [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 26,592		26,784
Interest Rate	3.10%
Maturity	2023-09
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 21,263		21,396
Interest Rate	3.15%
Maturity	2025-12
Cascade Station [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 21,089		21,192
Interest Rate	4.55%
Maturity	2024-05
5090 N. 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,701		20,810
Interest Rate	3.92%
Maturity	2027-01
AmberGlen Property [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,000		20,000
Interest Rate	3.69%
Maturity	2027-05
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,163		16,273
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,088		16,165
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,668		$ 14,773
Interest Rate	3.10%
Maturity	2023-10

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 215,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount		$ 140,000	$ 50,000	$ 25,000
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.35%
Term loan				50,000
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	2.10%
Term loan				25,000
Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term loan [Member]
Debt Instrument [Line Items]
Term loan				50,000
Unsecured Debt [Member] | Margin [Member] | Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	210%
Unsecured Debt [Member] | Minimum [Member] | Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	135%
Unsecured Debt [Member] | Maximum [Member] | Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	225%
190 Office Center [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 3,400				$ 3,800
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	200%
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	450%
Cascade Station [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 700
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member]
Debt Instrument [Line Items]
Restricted Cash	2,800				$ 2,600
Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding		$ 140,000
Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding	4,200
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding	$ 195,700
Interest Rate, Description	1.40%
Credit Facility [Member] | Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term loan [Member]
Debt Instrument [Line Items]
One month SOFR rate	4.87%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount				350,000
Interest Rate, Description	135%
Fixed charge coverage ratio	1.50%
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount				$ 375,000
Interest Rate, Description	235%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 46,084
2024	108,480
2025	287,710
2026	29,416
2027	176,303
Thereafter	64,120
Total	$ 712,113	$ 693,796

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Value	$ 215,000
Fair Value	789				$ 2,731
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value		$ 140,000	$ 50,000	$ 25,000
September 2024 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	50,000
Fair Value, Assets	2,241				2,731
January 2026 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,000
Fair Value, Liability	(94)				0
November 2025 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	140,000
Fair Value, Liability	$ (1,358)				$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount	$ 215,000
Interest rate swap gain (loss) reclassified to interest expense	477	$ (140)
Debt instrument carrying amount	712,113						$ 693,796
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount				$ 140,000	$ 50,000	$ 25,000
Fixed interest rate			4.19%		1.17%	3.90%
Interest rate swap gain (loss) reclassified to interest expense	500	$ (100)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	425,600						420,700
Debt instrument carrying amount	$ 441,400						$ 443,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Administrative Services Agreement [Member] | SCRE II [Member] | Clarity Real Estate Ventures GP, Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 0.1	$ 0.1

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Lease cost	$ 0.2	$ 0.3
Operating Lease, Weighted Average Remaining Lease Term	50 years
Operating Lease, Weighted Average Discount Rate, Percent	6.20%
Finance Lease, Weighted Average Remaining Lease Term	50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%
Financing Lease Cost	$ 0.1	$ 0.1
Maximum [Member]
Remaining lease terms	65 years
Remaining lease terms, Financing leases	65 years
Minimum [Member]
Remaining lease terms	1 year
Remaining lease terms, Financing leases	1 year

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fixed payments	$ 38,914	$ 38,320
Variable payments	6,743	6,440
Operating Lease, Lease Income	$ 45,657	$ 44,760
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 94,066
2024	118,908
2025	107,742
2026	98,598
2027	82,242
Thereafter	223,165
Total future minimum lease payments to be received	$ 724,721

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Right-of-use asset - operating leases	$ 12,825	$ 12,935
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – operating leases	$ 8,738	$ 8,802
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Right-of-use asset – financing leases	$ 9,991	$ 10,054
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – financing leases	$ 1,491	$ 1,475
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2023	$ 459
2024	770
2025	770
2026	724
2027	587
Thereafter	26,563
Total future minimum lease payments	29,873
Discount	(21,135)
Total	8,738	$ 8,802
2023	5
2024	7
2025	8
2026	8
2027	8
Thereafter	6,938
Total future minimum lease payments	6,974
Discount	(5,483)
Total	$ 1,491	$ 1,475

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Apr. 25, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 04, 2022	Aug. 05, 2020	Mar. 09, 2020
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
Stock Repurchase Program, Authorized Amount						$ 50	$ 100
Stock Repurchased During Period, Shares		0	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
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
Dividends paid, declared date		Mar. 14, 2023
Dividends paid date		Apr. 25, 2023
Dividends paid, date of record		Apr. 11, 2023
Common Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 8
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.4140625
Dividends paid, declared date		Mar. 14, 2023
Dividends paid date		Apr. 25, 2023
Dividends paid, date of record		Apr. 11, 2023
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
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	428,320	342,159
Granted	198,022	237,986
Issuance of dividend equivalents	9,485	3,902
Vested	(216,520)
Ending balance	419,307	584,047
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	307,500	217,500
Granted	214,888	90,000
Issuance of dividend equivalents	0	0
Vested	(97,500)
Ending balance	424,888	307,500
Performance Restricted Stock Unit including 2020 Performance Restricted Stock Unit Awards [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Granted	214,888

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
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Fair Value	$ 3,729	$ 5,753
Weighted Average Grant Fair Value Per Share	$ 9.03	$ 17.54
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	198,022	237,986
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	214,888	90,000

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
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 1,024	$ 904
Restricted Stock Units (RSUs) [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	643	599
Performance Restricted Stock Unit [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 381	$ 305