City Office REIT (CIO) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Registrant Name	CITY OFFICE REIT, INC.
Entity Central Index Key	0001593222
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		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	Jun. 30, 2023	Dec. 31, 2022
Real estate properties
Land	$ 193,524	$ 199,537
Building and improvement	1,189,789	1,215,000
Tenant improvement	146,633	139,365
Furniture, fixtures and equipment	689	689
Real estate properties, gross	1,530,635	1,554,591
Accumulated depreciation	(197,062)	(175,720)
Real estate properties, net	1,333,573	1,378,871
Cash and cash equivalents	38,350	28,187
Restricted cash	14,307	16,075
Rents receivable, net	48,971	44,429
Deferred leasing costs, net	21,058	21,989
Acquired lease intangible assets, net	49,876	55,438
Other assets	31,313	29,450
Total Assets	1,537,448	1,574,439
Liabilities:
Debt	678,380	690,099
Accounts payable and accrued liabilities	30,625	35,753
Deferred rent	7,956	9,147
Tenant rent deposits	7,142	7,040
Acquired lease intangible liabilities, net	8,422	9,150
Other liabilities	16,035	20,076
Total Liabilities	748,560	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 June 30, 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 June 30, 2023 and December 31, 2022	399	397
Additional paid-in capital	436,733	436,161
Retained earnings	235,705	251,542
Accumulated other comprehensive income	3,726	2,731
Total Stockholders' Equity	788,563	802,831
Non-controlling interests in properties	325	343
Total Equity	788,888	803,174
Total Liabilities and Equity	$ 1,537,448	$ 1,574,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Rental and other revenues	$ 44,604	$ 45,498	$ 90,562	$ 90,350
Operating expenses:
Property operating expenses	17,246	16,836	34,966	33,325
General and administrative	3,668	3,614	7,433	7,070
Depreciation and amortization	15,768	15,701	31,072	31,516
Total operating expenses	36,682	36,151	73,471	71,911
Operating income	7,922	9,347	17,091	18,439
Interest expense:
Contractual interest expense	(7,981)	(5,982)	(15,953)	(11,729)
Amortization of deferred financing costs and debt fair value	(323)	(302)	(647)	(614)
Interest expense, net	(8,304)	(6,284)	(16,600)	(12,343)
Net (loss)/gain on disposition of real estate property	(134)	0	(134)	21,658
Net (loss)/income	(516)	3,063	357	27,754
Net income attributable to non-controlling interests in properties	(164)	(164)	(333)	(335)
Net (loss)/income attributable to the Company	(680)	2,899	24	27,419
Preferred stock distributions	(1,855)	(1,855)	(3,710)	(3,710)
Net (loss)/income attributable to common stockholders	$ (2,535)	$ 1,044	$ (3,686)	$ 23,709
Net (loss)/income per common share:
Basic	$ (0.06)	$ 0.02	$ (0.09)	$ 0.54
Diluted	$ (0.06)	$ 0.02	$ (0.09)	$ 0.53
Weighted average common shares outstanding:
Basic	39,938	43,632	39,906	43,593
Diluted	39,938	44,482	39,906	44,445
Dividend distributions declared per common share	$ 0.1	$ 0.2	$ 0.3	$ 0.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (516)	$ 3,063	$ 357	$ 27,754
Other comprehensive income:
Unrealized cash flow hedge gain	3,749	450	2,284	2,064
Amounts reclassified to interest expense	(812)	63	(1,289)	203
Other comprehensive income	2,937	513	995	2,267
Comprehensive income	2,421	3,576	1,352	30,021
Comprehensive income attributable to non-controlling interests in properties	(164)	(164)	(333)	(335)
Comprehensive income attributable to the Company	$ 2,257	$ 3,412	$ 1,019	$ 29,686

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 (loss)/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, 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
Common stock repurchased, values	$ (5,000)
Common stock repurchased, shares	394,833
Net (loss)/income	$ 27,754
Other comprehensive income (loss)	2,267
Ending balance at Jun. 30, 2022	875,993	$ 112,000	$ 433	479,057	281,735	1,885	875,110	883
Ending balance, shares at Jun. 30, 2022		4,480,000	43,330,000
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		4,480,000	43,554,000
Restricted stock award grants and vesting, values	905		$ 2	1,020	(117)		905
Restricted stock award grants and vesting, shares			171,000
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 (loss)/income	3,063				2,899		2,899	164
Other comprehensive income (loss)	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		4,480,000	43,330,000
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 (loss)/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
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
Common stock repurchased, shares	0
Net (loss)/income	$ 357
Other comprehensive income (loss)	995
Ending balance at Jun. 30, 2023	788,888	$ 112,000	$ 399	436,733	235,705	3,726	788,563	325
Ending balance, shares at Jun. 30, 2023		4,480,000	39,938,000
Beginning balance at Mar. 31, 2023	791,519	$ 112,000	$ 399	435,626	242,318	789	791,132	387
Beginning balance, shares at Mar. 31, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	1,023		$ 0	1,107	(84)		1,023
Restricted stock award grants and vesting, shares			0
Common stock dividend distribution declared	(3,994)				(3,994)		(3,994)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(226)							(226)
Net (loss)/income	(516)				(680)		(680)	164
Other comprehensive income (loss)	2,937					2,937	2,937
Ending balance at Jun. 30, 2023	$ 788,888	$ 112,000	$ 399	$ 436,733	$ 235,705	$ 3,726	$ 788,563	$ 325
Ending balance, shares at Jun. 30, 2023		4,480,000	39,938,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net (loss)/income	$ 357	$ 27,754
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,072	31,516
Amortization of deferred financing costs and debt fair value	647	614
Amortization of above and below market leases	34	80
Straight-line rent/expense	(4,795)	(4,356)
Non-cash stock compensation	2,048	1,895
Receipts from sales-type lease	0	43,549
Net loss/(gain) on disposition of real estate property	134	(21,658)
Changes in non-cash working capital:
Rents receivable, net	534	(4,109)
Other assets	(1,416)	(764)
Accounts payable and accrued liabilities	(141)	1,268
Deferred rent	(1,032)	(1,511)
Tenant rent deposits	141	691
Net Cash Provided By Operating Activities	27,583	74,969
Cash Flows to Investing Activities:
Additions to real estate properties	(17,826)	(16,462)
Reduction of cash on disposition of real estate property	(4,051)	0
Deferred leasing costs	(1,927)	(4,786)
Net Cash Used In Investing Activities	(23,804)	(21,248)
Cash Flows from/(to) Financing Activities:
Debt issuance and extinguishment costs	(236)	0
Proceeds from borrowings	35,000	31,000
Repayment of borrowings	(8,513)	(30,941)
Dividend distributions paid to stockholders	(19,641)	(21,132)
Repurchased of common stock	0	(5,000)
Distributions to non-controlling interests in properties	(461)	(434)
Shares withheld for payment of taxes on restricted stock unit vesting	(1,643)	(87)
Contributions from non-controlling interests in properties	110	3
Net Cash Provided By/(Used In) Financing Activities	4,616	(26,591)
Net Increase in Cash, Cash Equivalents and Restricted Cash	8,395	27,130
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	44,262	42,266
Cash, Cash Equivalents and Restricted Cash, End of Period	52,657	69,396
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	38,350	26,352
Restricted Cash, End of Period	14,307	43,044
Cash, Cash Equivalents and Restricted Cash, End of Period	52,657	69,396
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	14,827	10,850
Purchase of additions in real estate properties included in accounts payable	8,753	10,301
Purchase of deferred leasing costs included in accounts payable	$ 1,404	$ 2,926

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (680)	$ 2,899	$ 24	$ 27,419

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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 Marylan d on . On , 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 to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. 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	6 Months Ended
	Jun. 30, 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 for the year ended December 31, 2022. During the second quarter of 2023, the Company applied the below accounting policy for Variable Interest Entities (“VIE”) in relation to the deconsolidation of the 190 Office Center property. Refer to Note 3 – Real Estate Investments for additional information. Variable Interest Entities The Company consolidates a VIE if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”). ASU 2020-04 provides companies with optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. For contracts affected by reference rate reform, if certain criteria are met, companies can elect to not remeasure contracts at the modification date or reassess a previous accounting conclusion. Companies can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. Further, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 clarified the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 and ASU 2021-01 can be applied as of the beginning of the interim period that includes March 12, 2020, however, the guidance will only be available for optional use through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 amends the date the guidance will be available to December 31, 2024. The new standard applies prospectively to contract modifications and hedging relationships and may be elected over time as reference rate reform activities occur. During the first quarter of 2023, the Company transitioned its LIBOR-based contracts to SOFR and elected to apply the practical expedients to modifications of qualifying debt contracts and hedging relationships as continuations of the existing contracts, rather than as new contracts. Application of the hedge accounting expedients preserves the presentation of derivatives consistent with past presentation and does not result in dedesignation of hedging relationships. Applying the expedients did not have a material impact on the consolidated financial statements. The Company has no remaining LIBOR-based contracts.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Disposition of Real Estate Property 190 Office Center On May 15, 2023, the Company consented to the appointment of a receiver to assume possession and control of the 190 Office Center property as a result of an event of default as defined in the property’s non-recourse loan agreement. Given the appointment of the receiver, the Company assessed whether the entity holding the property should be reassessed for consolidation as a VIE in accordance with ASC 810 – Consolidation. Based on its analysis, the Company concluded that it is not the primary beneficiary of the VIE and therefore deconsolidated the property as of May 15, 2023. The Company deconsolidated the net carrying value of real estate assets of $ million, the mortgage loan of $ million, cash and restricted cash of $ million and net current liabilities of million. For the three months ended June 30, 2023, the Company recognized a loss on deconsolidation of $ million, which has been included within net loss/gain on disposition of real estate property on the Company’s condensed consolidated statement of operations and statement of cash flows. Lake Vista Pointe 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	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangible s Lease intangibles and the value of assumed lease obligations as of June 30, 2023 and December 31, 2022 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2023 Above Market In Place Leases Leasing Total Below Below Total Cost $ 18,786 $ 77,066 $ 33,491 $ 129,343 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (9,823 ) (51,444 ) (18,200 ) (79,467 ) 6,630 54 6,684 $ 8,963 $ 25,622 $ 15,291 $ 49,876 $ (8,338 ) $ (84 ) $ (8,422 ) 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 $ 4,248 2024 6,687 2025 6,517 2026 6,204 2027 5,217 Thereafter 12,581 $ 41,454

Debt

Debt	6 Months Ended
	Jun. 30, 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 $50 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 June 30, 2023 and December 31, 2022 (dollars in thousands): Property June 30, 2023 December 31, Interest Rate as 2023 (1) Maturity Unsecured Credit Facility (3)(5) $ 205,713 $ 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 46,430 46,859 3.78 % November 2027 Canyon Park (6) 39,306 39,673 4.30 % March 2027 Circle Point 39,118 39,440 4.49 % September 2028 SanTan (7) 31,794 32,140 4.56 % March 2027 Intellicenter 30,991 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 26,401 26,784 3.10 % September 2023 Greenwood Blvd 21,129 21,396 3.15 % December 2025 Property June 30, 2023 December 31, Interest Rate as 2023 (1) Maturity Cascade Station (8) 20,989 21,192 4.55 % May 2024 5090 N. 40th St 20,592 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,051 16,273 3.15 % June 2024 FRP Ingenuity Drive (9) 16,014 16,165 4.44 % December 2024 Carillon Point 14,562 14,773 3.10 % October 2023 190 Office Center (10) — 38,894 4.79 % October 2025 Total Principal 681,690 693,796 Deferred financing costs, net (3,428 ) (3,887 ) Unamortized fair value adjustments 118 190 Total $ 678,380 $ 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 June 30, 2023, the daily-simple SOFR rate was 5.09%. (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 June 30, 2023, the Unsecured Credit Facility had $205.7 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 months at the Company’s option upon meeting certain conditions. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (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 (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 second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and d y (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal (9) As of September 30, 2022, the 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 June 30, 2023, the DSCR was still not met. As of June 30, 2023 and December 31, 2022, total restricted cash for the property was $3.0 million and $2.6 million, respectively. (10) In non-recourse The scheduled principal repayments of debt as of June 30, 2023 are as follows (in thousands): 2023 $ 43,835 2024 107,728 2025 260,288 2026 29,416 2027 176,303 Thereafter 64,120 $ 681,690

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 $50 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 1.17% 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 June 30, 2023 and December 31, 2022 (in thousands): Notional Value Effective Date Maturity Date Fair Value Assets/(Liabilities) June 30, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 2,305 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 341 — Interest Rate Swap 140,000 March 2023 November 2025 1,080 — $ 215,000 $ 3,726 $ 2,731 For the six months ended June 30, 2023, approximately $1.3 million of realized gains were reclassified to interest expense due to payments received from the swap counterparty. For the six months ended June 30, 2022, approximately $0.2 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 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 $380.3 million and $420.7 million (compared to a carrying value of $401.0 million and $443.3 million) as of June 30, 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	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the six months ended June 30, 2023 and 2022, the Company earned $0.2 million and $0.3 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed pay $ 37,571 $ 38,309 $ 76,484 $ 76,628 Variable pay 6,742 6,180 13,485 12,620 $ 44,313 $ 44,489 $ 89,969 $ 89,248 The Company ceased recognizing rental lease income with respect to the 190 Office Center property on the deconsolidation of the entity on May 15, 2023 (refer to Note 3). The Company recognized interest income of Future minimum lease payments to be received by the Company as of June 30, 2023 under non-cancellable 2023 $ 62,936 2024 124,703 2025 112,593 2026 101,868 2027 85,094 Thereafter 230,167 $ 717,361 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 June 30, 2023, these leases had remaining terms of three t o years and a weighted average remaining lease term of years. Right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s condensed consolidated balance sheet as follows (in thousands): June 30, 2023 December 31, 2022 Right operatin $ 12,720 $ 12,935 Lease operating $ 8,675 $ 8,802 Right financing $ 9,934 $ 10,054 Lease financing $ 1,511 $ 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 and six months ended June 30, 2023 w a a a a Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of June 30, 2023 for the next five years and thereafter are as follows (in thousands): Operating Financing 2023 $ 266 $ 4 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 29,680 6,973 Discount (21,005 ) (5,462 ) Total $ 8,675 $ 1,511

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 $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 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. On May 4, 2023, the Board of Directors approved an additional share repurchase plan (“Repurchase Program”) authorizing the Company to repurchase up to $50 million of its outstanding shares of common stock or Series A Preferred Stock. Under the share repurchase programs, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in There were no shares repurchased during the six months ended June 30, 2023. During the six months ended June 30, 2022, the Company completed the repurchase of 394,833 shares of its common stock for approximately $5.0 million. Common Stock and Common Unit Distributions On May 5, 2023, the Board of Directors approved and the Company declared a cash dividend distribution of $0.10 per common share for the quarterly period ended June 30, 2023. The dividend was paid subsequent to quarter end on July 21, 2023 to common stockholders and common unitholders of record as of the close of business on July 7, 2023, resulting in an aggregate payment of $4.0 million. Preferred Stock Distributions On May 5, 2023, the Board of Directors approved and the Company declared a cash dividend distribution of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock (“Series A Preferred Stock”) for an aggregate amount of $1.9 million for the quarterly period ended June 30, 2023. The dividend was paid subsequent to quarter end on July 21, 2023 to the holders of record of Series A Preferred Stock as of the close of business on July 7, 2023. Equity Incentive Plan The Company has an equity incentive plan non-executive On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement During the 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 and six months ended June 30, 2023: Number Number of 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 Issuance of dividend equivalents 14,356 — Outstanding at June 30, 2023 433,663 424,888 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and six months ended June 30, 2022: Number Number of Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 3,902 — 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 During the six months ended June 30, 2023 and June 30, 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 RSUs Performance 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 June 30, 2023 and June 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 633 $ 390 $ 1,023 2022 652 340 992 During the six months ended June 30, 2023 and June 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 1,276 $ 771 $ 2,047 2022 1,251 645 1,896

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 for the year ended December 31, 2022. During the second quarter of 2023, the Company applied the below accounting policy for Variable Interest Entities (“VIE”) in relation to the deconsolidation of the 190 Office Center property. Refer to Note 3 – Real Estate Investments for additional information.
Variable Interest Entities	Variable Interest Entities The Company consolidates a VIE if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”). ASU 2020-04 provides companies with optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. For contracts affected by reference rate reform, if certain criteria are met, companies can elect to not remeasure contracts at the modification date or reassess a previous accounting conclusion. Companies can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. Further, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 clarified the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 and ASU 2021-01 can be applied as of the beginning of the interim period that includes March 12, 2020, however, the guidance will only be available for optional use through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 amends the date the guidance will be available to December 31, 2024. The new standard applies prospectively to contract modifications and hedging relationships and may be elected over time as reference rate reform activities occur. During the first quarter of 2023, the Company transitioned its LIBOR-based contracts to SOFR and elected to apply the practical expedients to modifications of qualifying debt contracts and hedging relationships as continuations of the existing contracts, rather than as new contracts. Application of the hedge accounting expedients preserves the presentation of derivatives consistent with past presentation and does not result in dedesignation of hedging relationships. Applying the expedients did not have a material impact on the consolidated financial statements. The Company has no remaining LIBOR-based contracts.

Lease Intangibles (Tables)

Lease Intangibles (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities June 30, 2023 Above Market In Place Leases Leasing Total Below Below Total Cost $ 18,786 $ 77,066 $ 33,491 $ 129,343 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (9,823 ) (51,444 ) (18,200 ) (79,467 ) 6,630 54 6,684 $ 8,963 $ 25,622 $ 15,291 $ 49,876 $ (8,338 ) $ (84 ) $ (8,422 ) 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 $ 4,248 2024 6,687 2025 6,517 2026 6,204 2027 5,217 Thereafter 12,581 $ 41,454

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of June 30, 2023 and December 31, 2022 (dollars in thousands): Property June 30, 2023 December 31, Interest Rate as 2023 (1) Maturity Unsecured Credit Facility (3)(5) $ 205,713 $ 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 46,430 46,859 3.78 % November 2027 Canyon Park (6) 39,306 39,673 4.30 % March 2027 Circle Point 39,118 39,440 4.49 % September 2028 SanTan (7) 31,794 32,140 4.56 % March 2027 Intellicenter 30,991 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 26,401 26,784 3.10 % September 2023 Greenwood Blvd 21,129 21,396 3.15 % December 2025 Property June 30, 2023 December 31, Interest Rate as 2023 (1) Maturity Cascade Station (8) 20,989 21,192 4.55 % May 2024 5090 N. 40th St 20,592 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,051 16,273 3.15 % June 2024 FRP Ingenuity Drive (9) 16,014 16,165 4.44 % December 2024 Carillon Point 14,562 14,773 3.10 % October 2023 190 Office Center (10) — 38,894 4.79 % October 2025 Total Principal 681,690 693,796 Deferred financing costs, net (3,428 ) (3,887 ) Unamortized fair value adjustments 118 190 Total $ 678,380 $ 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 June 30, 2023, the daily-simple SOFR rate was 5.09%. (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 June 30, 2023, the Unsecured Credit Facility had $205.7 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 months at the Company’s option upon meeting certain conditions. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (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 (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 second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and d y (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal (9) As of September 30, 2022, the 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 June 30, 2023, the DSCR was still not met. As of June 30, 2023 and December 31, 2022, total restricted cash for the property was $3.0 million and $2.6 million, respectively. (10) In non-recourse
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of June 30, 2023 are as follows (in thousands): 2023 $ 43,835 2024 107,728 2025 260,288 2026 29,416 2027 176,303 Thereafter 64,120 $ 681,690

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022 (in thousands): Notional Value Effective Date Maturity Date Fair Value Assets/(Liabilities) June 30, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 2,305 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 341 — Interest Rate Swap 140,000 March 2023 November 2025 1,080 — $ 215,000 $ 3,726 $ 2,731

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the three and six months ended June 30, 2023 and 2022 as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed pay $ 37,571 $ 38,309 $ 76,484 $ 76,628 Variable pay 6,742 6,180 13,485 12,620 $ 44,313 $ 44,489 $ 89,969 $ 89,248
Schedule of future minimum rental payments for operating leases	Future minimum lease payments to be received by the Company as of June 30, 2023 under non-cancellable 2023 $ 62,936 2024 124,703 2025 112,593 2026 101,868 2027 85,094 Thereafter 230,167 $ 717,361
Schedule of supplemental balance sheet information related to leases	Right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s condensed consolidated balance sheet as follows (in thousands): June 30, 2023 December 31, 2022 Right operatin $ 12,720 $ 12,935 Lease operating $ 8,675 $ 8,802 Right financing $ 9,934 $ 10,054 Lease financing $ 1,511 $ 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 June 30, 2023 for the next five years and thereafter are as follows (in thousands): Operating Financing 2023 $ 266 $ 4 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 29,680 6,973 Discount (21,005 ) (5,462 ) Total $ 8,675 $ 1,511

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023: Number Number of 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 Issuance of dividend equivalents 14,356 — Outstanding at June 30, 2023 433,663 424,888 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and six months ended June 30, 2022: Number Number of Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 3,902 — 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
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the six months ended June 30, 2023 and June 30, 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 RSUs Performance 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 June 30, 2023 and June 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 633 $ 390 $ 1,023 2022 652 340 992 During the six months ended June 30, 2023 and June 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 1,276 $ 771 $ 2,047 2022 1,251 645 1,896

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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) - USD ($) $ in Millions		3 Months Ended
	Jun. 15, 2022	Jun. 30, 2023	Mar. 31, 2022	May 15, 2023
Lake Vista Pointe [Member]
Real Estate [Line Items]
Sales-type Lease, Selling Profit (Loss)			$ 21.7
Proceeds from Sale of Real Estate	$ 43.8
190 Office Center [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Real Estate [Line Items]
Loss on deconsolidation		$ 0.1
Real estate assets deconsolidated in the period				$ 35.7
Mortgage loan deconsolidated in the period				38.6
Cash and restricted cash deconsolidated in the period				4
Net current liabilities deconsolidated in the period				$ 1

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 129,343	$ 131,636
Accumulated amortization, Lease Intangible Assets	(79,467)	(76,198)
Total, Lease Intangible Assets	49,876	55,438
Cost, Lease Intangible Liabilities	(15,106)	(15,820)
Accumulated amortization, Lease Intangible Liabilities	6,684	6,670
Total, Lease Intangible Liabilities	(8,422)	(9,150)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	18,786	18,793
Accumulated amortization, Lease Intangible Assets	(9,823)	(9,069)
Total, Lease Intangible Assets	8,963	9,724
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	77,066	78,720
Accumulated amortization, Lease Intangible Assets	(51,444)	(49,772)
Total, Lease Intangible Assets	25,622	28,948
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	33,491	34,123
Accumulated amortization, Lease Intangible Assets	(18,200)	(17,357)
Total, Lease Intangible Assets	15,291	16,766
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(14,968)	(15,682)
Accumulated amortization, Lease Intangible Liabilities	6,630	6,618
Total, Lease Intangible Liabilities	(8,338)	(9,064)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	54	52
Total, Lease Intangible Liabilities	$ (84)	$ (86)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 4,248
2024	6,687
2025	6,517
2026	6,204
2027	5,217
Thereafter	12,581
Total	$ 41,454

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Indebtedness	$ 681,690		$ 693,796
Deferred financing costs, net	(3,428)		(3,887)
Unamortized fair value adjustments	118		190
Total	678,380		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	$ 205,713		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	$ 46,430		46,859
Interest Rate	3.78%
Maturity	2027-11
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 39,306		39,673
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 39,118		39,440
Interest Rate	4.49%
Maturity	2028-09
190 Office Center [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 0		38,894
Interest Rate	4.79%
Maturity	2025-10
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 31,794		32,140
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,991		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	$ 26,401		26,784
Interest Rate	3.10%
Maturity	2023-09
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 21,129		21,396
Interest Rate	3.15%
Maturity	2025-12
Cascade Station [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,989		21,192
Interest Rate	4.55%
Maturity	2024-05
5090 N. 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,592		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	$ 16,051		16,273
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,014		16,165
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,562		$ 14,773
Interest Rate	3.10%
Maturity	2023-10

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	May 15, 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] | Secured Debt [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Debt Instrument [Line Items]
Mortgage loan deconsolidated in the period		$ 38,600
SanTan [Member] | Debt Service Coverage Ratio [Member] | Debt Yield [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 4,700
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	$ 1,500
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member]
Debt Instrument [Line Items]
Restricted Cash	3,000					$ 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	$ 205,700
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	5.09%
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	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 43,835
2024	107,728
2025	260,288
2026	29,416
2027	176,303
Thereafter	64,120
Total	$ 681,690	$ 693,796

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Value	$ 215,000
Fair Value	3,726				$ 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	2,305				2,731
January 2026 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,000
Fair Value, Assets	341				0
November 2025 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	140,000
Fair Value, Assets	$ 1,080				$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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		$ 215,000
Interest rate swap gain (loss) reclassified to interest expense	812	$ (63)	1,289	$ (203)
Debt instrument carrying amount	681,690		681,690						$ 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			1,300	$ (200)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	380,300		380,300						420,700
Debt instrument carrying amount	$ 401,000		$ 401,000						$ 443,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 44,604	$ 45,498	$ 90,562	$ 90,350
Administrative Services Agreement [Member] | SCRE II [Member] | Clarity Real Estate Ventures GP, Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services			$ 200	$ 300

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease cost	$ 0.2	$ 0.3	$ 0.5	$ 0.5
Operating Lease, Weighted Average Remaining Lease Term	50 years		50 years
Operating Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
Finance Lease, Weighted Average Remaining Lease Term	50 years		50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
Financing Lease Cost	$ 0.1	0.1	$ 0.2	0.2
Lake Vista Pointe [Member]
Interest income on sales type lease		0.6		0.6
Variable lease payments on sales type lease		$ 0.2		$ 0.2
Maximum [Member]
Remaining lease terms	65 years		65 years
Remaining lease terms, Financing leases	65 years		65 years
Minimum [Member]
Remaining lease terms	3 years		3 years
Remaining lease terms, Financing leases	3 years		3 years

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fixed payments	$ 37,571	$ 38,309	$ 76,484	$ 76,628
Variable payments	6,742	6,180	13,485	12,620
Operating Lease, Lease Income	$ 44,313	$ 44,489	$ 89,969	$ 89,248
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)	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	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 62,936
2024	124,703
2025	112,593
2026	101,868
2027	85,094
Thereafter	230,167
Total future minimum lease payments to be received	$ 717,361

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Right-of-use asset - operating leases	$ 12,720	$ 12,935
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – operating leases	$ 8,675	$ 8,802
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Right-of-use asset – financing leases	$ 9,934	$ 10,054
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – financing leases	$ 1,511	$ 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	Jun. 30, 2023	Dec. 31, 2022
2023	$ 266
2024	770
2025	770
2026	724
2027	587
Thereafter	26,563
Total future minimum lease payments	29,680
Discount	(21,005)
Total	8,675	$ 8,802
2023	4
2024	7
2025	8
2026	8
2027	8
Thereafter	6,938
Total future minimum lease payments	6,973
Discount	(5,462)
Total	$ 1,511	$ 1,475

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 21, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 04, 2023	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						$ 50,000		$ 50,000	$ 100,000
Stock Repurchased During Period, Shares			0	394,833
Stock Repurchased During Period, Value		$ 5,000		$ 5,000
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
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			$ 0.1
Dividends paid, declared date			May 05, 2023
Dividends paid date			Jul. 21, 2023
Dividends paid, date of record			Jul. 07, 2023
Stock Repurchased During Period, Shares		(395)
Stock Repurchased During Period, Value		$ 4
Common Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 4,000
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share			$ 0.4140625
Dividends paid, declared date			May 05, 2023
Dividends paid date			Jul. 21, 2023
Dividends paid, date of record			Jul. 07, 2023
Preferred Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 1,900
Executive Officer [Member]
Class of Stock [Line Items]
Share-based Payment Award, Award Vesting Period			3 years

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	419,307	428,320	584,047	342,159	428,320	342,159
Granted		198,022		237,986	198,022	237,986
Issuance of dividend equivalents	14,356	9,485	7,451	3,902
Vested		(216,520)	(177,812)
Ending balance	433,663	419,307	413,686	584,047	433,663	413,686
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	424,888	307,500	307,500	217,500	307,500	217,500
Granted				90,000	214,888	90,000
Issuance of dividend equivalents	0	0	0	0
Vested		(97,500)	0
Ending balance	424,888	424,888	307,500	307,500	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		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 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	198,022	237,986
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted		90,000	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 1,023	$ 992	$ 2,047	$ 1,896
Restricted Stock Units (RSUs) [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	633	652	1,276	1,251
Performance Restricted Stock Unit [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 390	$ 340	$ 771	$ 645