City Office REIT (CIO) 10-K 22 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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		40,154,055
Entity Address, State or Province	BC
Document Annual 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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 214.9
ICFR Auditor Attestation Flag	true
Auditor Name	KPMG LLP
Auditor Firm ID	85
Auditor Location	Vancouver, Canada
Document Financial Statement Error Correction [Flag]	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
6.625% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate properties
Land	$ 193,524	$ 199,537
Building and improvement	1,194,819	1,215,000
Tenant improvement	152,540	139,365
Furniture, fixtures and equipment	820	689
Real estate properties, gross	1,541,703	1,554,591
Accumulated depreciation	(218,628)	(175,720)
Real estate properties, net	1,323,075	1,378,871
Cash and cash equivalents	30,082	28,187
Restricted cash	13,310	16,075
Rents receivable, net	53,454	44,429
Deferred leasing costs, net	21,046	21,989
Acquired lease intangible assets, net	42,434	55,438
Other assets	27,975	29,450
Total Assets	1,511,376	1,574,439
Liabilities:
Debt	669,510	690,099
Accounts payable and accrued liabilities	29,070	35,753
Deferred rent	7,672	9,147
Tenant rent deposits	7,198	7,040
Acquired lease intangible liabilities, net	7,736	9,150
Other liabilities	17,557	20,076
Total Liabilities	738,743	771,265
Commitments and Contingencies (Note 10)
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 December 31, 2023 and 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 December 31, 2023 and 2022	399	397
Additional paid-in capital	438,867	436,161
Retained earnings	221,213	251,542
Accumulated other comprehensive (loss)/income	(248)	2,731
Total Stockholders' Equity	772,231	802,831
Non-controlling interests in properties	402	343
Total Equity	772,633	803,174
Total Liabilities and Equity	$ 1,511,376	$ 1,574,439

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Rental and other revenues	$ 179,096	$ 180,485	$ 164,041
Operating expenses:
Property operating expenses	69,997	67,739	58,005
General and administrative	14,841	13,782	15,489
Depreciation and amortization	62,987	62,495	57,317
Impairment of real estate	0	13,444	0
Total operating expenses	147,825	157,460	130,811
Operating income	31,271	23,025	33,230
Interest expense:
Contractual interest expense	(31,876)	(25,784)	(23,268)
Amortization of deferred financing costs and debt fair value	(1,296)	(1,218)	(1,332)
Interest expense, net	(33,172)	(27,002)	(24,600)
Net (loss)/gain on disposition of real estate property	(134)	21,658	476,651
Net (loss)/income	(2,035)	17,681	485,281
Net income attributable to non-controlling interests in properties	(647)	(691)	(886)
Net (loss)/income attributable to the Company	(2,682)	16,990	484,395
Preferred stock distributions	(7,420)	(7,420)	(7,420)
Net (loss)/income attributable to common stockholders	$ (10,102)	$ 9,570	$ 476,975
Net (loss)/income per common share:
Basic	$ (0.25)	$ 0.23	$ 10.97
Diluted	$ (0.25)	$ 0.22	$ 10.8
Weighted average common shares outstanding:
Basic	39,922	42,052	43,498
Diluted	39,922	42,866	44,145
Dividend distributions declared per common share	$ 0.5	$ 0.8	$ 0.65

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (2,035)	$ 17,681	$ 485,281
Other comprehensive (loss)/income:
Unrealized cash flow hedge gain	417	3,336	989
Amounts reclassified to interest expense	(3,438)	(223)	589
Other comprehensive (loss)/income	(3,021)	3,113	1,578
Comprehensive (loss)/income	(5,056)	20,794	486,859
Comprehensive income attributable to non-controlling interests in properties	(605)	(691)	(886)
Comprehensive (loss)/income attributable to the Company	$ (5,661)	$ 20,103	$ 485,973

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	(Accumulated deficit)/retained earnings [Member]	Accumulated other comprehensive (loss)/income [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
Beginning balance at Dec. 31, 2020	$ 417,875	$ 112,000	$ 433	$ 479,411	$ (172,958)	$ (1,960)	$ 416,926	$ 949
Beginning balance, shares at Dec. 31, 2020		4,480,000	43,397,000
Restricted stock award grants and vesting, values	$ 2,424		$ 2	2,650	(228)		2,424
Restricted stock award grants and vesting, shares			157,000
Common stock repurchased, shares	0
Common stock dividend distribution declared	$ (28,287)				(28,287)		(28,287)
Preferred stock dividend distribution declared	(7,420)				(7,420)		(7,420)
Contributions	286							286
Distributions	(1,142)							(1,142)
Net (loss)/income	485,281				484,395		484,395	886
Other comprehensive income (loss)	1,578					1,578	1,578
Ending balance at Dec. 31, 2021	870,595	$ 112,000	$ 435	482,061	275,502	(382)	869,616	979
Ending balance, shares at Dec. 31, 2021		4,480,000	43,554,000
Restricted stock award grants and vesting, values	3,792		$ 2	4,142	(352)		3,792
Restricted stock award grants and vesting, shares			171,000
Common stock repurchased, values	$ (50,082)		$ (40)	(50,042)			(50,082)
Common stock repurchased, shares	4,006,897		(4,007,000)
Common stock dividend distribution declared	$ (33,178)				(33,178)		(33,178)
Preferred stock dividend distribution declared	(7,420)				(7,420)		(7,420)
Contributions	170							170
Distributions	(1,497)							(1,497)
Net (loss)/income	17,681				16,990		16,990	691
Other comprehensive income (loss)	3,113					3,113	3,113
Ending balance at Dec. 31, 2022	803,174	$ 112,000	$ 397	436,161	251,542	2,731	802,831	343
Ending balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Restricted stock award grants and vesting, values	$ 2,451		$ 2	2,706	(257)		2,451
Restricted stock award grants and vesting, shares			220,000
Common stock repurchased, shares	0
Common stock dividend distribution declared	$ (19,970)				(19,970)		(19,970)
Preferred stock dividend distribution declared	(7,420)				(7,420)		(7,420)
Contributions	231							231
Distributions	(777)							(777)
Net (loss)/income	(2,035)				(2,682)		(2,682)	647
Other comprehensive income (loss)	(3,021)					(2,979)	(2,979)	(42)
Ending balance at Dec. 31, 2023	$ 772,633	$ 112,000	$ 399	$ 438,867	$ 221,213	$ (248)	$ 772,231	$ 402
Ending balance, shares at Dec. 31, 2023		4,480,000	39,938,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net (loss)/income	$ (2,035)	$ 17,681	$ 485,281
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	62,987	62,495	57,317
Amortization of deferred financing costs and debt fair value	1,296	1,218	1,332
Amortization of above and below market leases	1,069	75	343
Straight-line rent/expense	(7,704)	(9,218)	(566)
Non-cash stock compensation	4,094	3,879	2,641
Receipts from sales-type lease	0	43,549	0
Net loss/(gain) on disposition of real estate property	134	(21,658)	(476,651)
Impairment of real estate	0	13,444	0
Changes in non-cash working capital:
Rents receivable, net	(897)	(6,033)	(654)
Other assets	(884)	(10)	(345)
Accounts payable and accrued liabilities	281	2,833	451
Deferred rent	(1,316)	(2,453)	3,653
Tenant rent deposits	198	875	420
Net Cash Provided By Operating Activities	57,223	106,677	73,222
Cash Flows to Investing Activities:
Additions to real estate properties	(32,487)	(37,485)	(17,869)
Acquisition of real estate	0	0	(632,317)
Net proceeds from sale of real estate.	0	0	640,995
Reduction of cash on disposition of real estate property	(4,050)	0	0
Deferred leasing costs	(4,802)	(9,565)	(8,190)
Net Cash Used In Investing Activities	(41,339)	(47,050)	(17,381)
Cash Flows to Financing Activities:
Debt issuance and extinguishment costs	(743)	0	(2,506)
Proceeds from borrowings	35,000	97,500	180,000
Repayment of borrowings	(17,483)	(62,270)	(202,442)
Dividend distributions paid to stockholders	(31,339)	(41,365)	(33,506)
Repurchases of common stock	0	(50,082)	0
Distributions to non-controlling interests in properties	(777)	(1,497)	(1,142)
Shares withheld for payment of taxes on restricted stock unit vesting	(1,643)	(87)	(216)
Contributions from non-controlling interests in properties	231	170	286
Net Cash Used In Financing Activities	(16,754)	(57,631)	(59,526)
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash	(870)	1,996	(3,685)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	44,262	42,266	45,951
Cash, Cash Equivalents and Restricted Cash, End of Period	43,392	44,262	42,266
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	30,082	28,187	21,321
Restricted Cash, End of Period	13,310	16,075	20,945
Cash, Cash Equivalents and Restricted Cash, End of Period	43,392	44,262	42,266
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	30,773	23,064	23,344
Purchase of additions in real estate properties included in accounts payable	6,963	13,004	5,815
Purchase of deferred leasing costs included in accounts payable	$ 1,216	$ 1,274	$ 2,790

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,682)	$ 16,990	$ 484,395

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 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 consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. Use of Estimates The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination and measurement of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on the Company’s best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those estimates. Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and short-term investments with a maturity date of less than three months when acquired. Restricted Cash Restricted cash consists of cash held in escrow by lenders pursuant to certain lender agreements and cash received from contracted building sales. Rent Receivable, Net The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. Business Combinations When a property is acquired, management considers the substance of the agreement in determining whether the acquisition represents an asset acquisition or a business combination. Upon acquisitions of properties that constitute a business, the fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place non-controlling The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” lease-up lease-up The fair value of above-market and below-market lease values are recorded based in-place non-cancelable non-cancelable The fair value of acquired in-place lease-up in-place Revenue Recognition The Company recognizes lease revenue on a straight-line basis over the term of the lease. Certain leases allow for the tenant to terminate the lease, but the tenant must make a termination payment as stipulated in the lease. If the termination payment is in such an amount that continuation of the lease appears, at the time of lease inception, to be reasonably assured, then the Company recognizes revenue over the term of the lease. The Company has determined that for these leases, the termination payment is in such an amount that continuation of the lease appears, at the time of inception, to be reasonably assured. The Company recognizes lease termination fees as revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the consolidated balance sheets. If the Company funds tenant improvements and the tenant improvements are determined to be owned by the Company, revenue recognition will commence when control of the space is turned over to the tenant. Tenant improvements are deferred and amortized on a straight-line basis over the lease term. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a reduction of lease revenue on a straight-line basis over the lease term. Recoveries from tenants for real estate taxes, insurance and other operating expenses are recognized as revenues in the period that the applicable costs are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Final billings to tenants for real estate taxes, insurance and other operating expenses did not vary significantly as compared to the estimated receivable balances. Leases The Company classifies leases as a sales-type, direct financing, or operating lease and recognizes leases on-balance right-of-use Right-of-use Right-of-use Right-of-use non-lease Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings 29-59 Furniture, fixtures and equipment 4-10 Expenditures for maintenance and repairs are charged to operating expenses as incurred. Impairment of Real Estate Properties Long-lived assets currently in use are reviewed periodically for possible impairment and will be written down to fair value if determined impaired. Long-lived assets to be disposed of are written down to the lower of cost or fair value less the estimated cost to sell. The Company reviews its real estate properties for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying amount of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover the carrying amount of properties held for use, the Company reduces its carrying amount to fair value. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Variable Interest Entit ies The Company consolidates variable interest entities (“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. Concentration of Credit Risk The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed Federal Deposit Insurance Corporation insured levels from time to time. The Company has never experienced any losses related to these balances. Income Taxes The Company has elected to be taxed, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. 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. In addition, the Company may not be able to re-elect regular Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting period. Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding at period end. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. Derivative Instruments and Hedging Activities The Company enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For derivatives that qualify as hedging instruments, an entity must designate the instruments as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. Fair Value of Financial Instruments ASC 820-10, 820-10”) Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Segment Reporting The Company operates in one industry segment, commercial real estate. 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 In November 2023, the FASB issued ASU No. 2023-07 2023-07”) 2023-07

Rents Receivable, Net

Rents Receivable, Net	12 Months Ended
	Dec. 31, 2023
Text Block [Abstract]
Rents Receivable, Net	3. Rents Receivable, Net The Company’s rents receivable is comprised of the following components (in thousands): December 31, 2023 December 31, 2022 Billed receivables $ 5,132 $ 4,675 Straight-line receivables (unbilled receivables) 48,322 39,754 Total rents receivable $ 53,454 $ 44,429 As of December 31, 2023, the Company’s allowance for doubtful accounts was nominal. As of December 31, 2022, the Company’s allowance for doubtful accounts was $0.1 million.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments Acquisitions During the years ended December 31, 2023, December 31, 2022 and December 31, 2021 the Company acquired the following properties: Property Date Acquired Percentage Owned Bloc 83 December 2021 100% The Terraces December 2021 100% Block 23 December 2021 100% 5910 Pacific Center and 9985 Pacific Heights (1) May 2021 100% (1) 5910 Pacific Center and 9985 Pacific Heights were added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The Sorrento Mesa portfolio was subsequently sold in December 2021. Each of the foregoing acquisitions were accounted for as asset acquisitions. The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2021 (in thousands): 5910 Pacific Block 23 The Bloc 83 December 31, 2021 Land $ 37,294 $ —  $ 15,861 $ 18,956 $ 72,111 Building and improvements 2,979 115,747 101,455 280,313 500,494 Tenant improvements 917 2,375 6,431 5,075 14,798 Lease intangible assets 2,469 11,306 11,074 19,560 44,409 Other assets 19 10,627 15 291 10,952 Accounts payable and other liabilities (319 ) (1,914 ) (319 ) (463 ) (3,015 ) Lease intangible liabilities (103 ) (2,197 ) (2,118 ) (3,014 ) (7,432 ) Net assets acquired $ 43,256 $ 135,944 $ 132,399 $ 320,718 $ 632,317 As part of the Block 23 acquisition, the Company was assigned an agreement from the prior owner for a billboard asset located at the property. The Company and a third party each hold a 50% undivided interest in the billboard and the related debt associated with the asset. The Company has accounted for this arrangement under the equity method. As of the acquisition date, the fair value assigned to the equity method investment was $0.3 million, which was included in other assets. As of December 31, 2023, the Company’s interest in the investment was $0.3 million. 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 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 year ended December 31, 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 consolidated statement of operations and statement of cash flows. During the fourth quarter of 2023, title of the property was transferred to the lender. 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 lease classification of the lease, in accordance with ASC 842 – Leases, and determined that the lease should be reclassified from an operating lease to a sales-type lease. This reclassification resulted in a gain on sale of $21.7 million net of disposal related costs. On June 15, 2022, the Company sold the Lake Vista Pointe property in Dallas, Texas for a gross sales price of $43.8 million. Sorrento Mesa On December 2, 2021, the Company sold the Sorrento Mesa portfolio (“Sorrento Mesa”) in San Diego, California for a gross sales price of $576.0 million, resulting in an aggregate gain of $429.3 million net of $28.3 million of disposal-related costs Cherry Creek On February 10, 2021, the Company sold the Cherry Creek property in Denver, Colorado Impairment of Real Estate There was no impairment of real estate during the year ended December 31, 2023. In December 2022, the Company determined there were indicators of impairment for two of its properties, which resulted in the Company recognizing impairment of real estate for $13.4 million. The impairment was related to the write down of the carrying amount of 190 Office Center in Dallas, Texas and Cascade Station in Portland, Oregon for $6.9 million and $6.5 million, respectively, to fair value. Fair value was determined based either on recent comparable sales transactions (adjusted for relevant factors such as the size, quality and occupancy rates of comparable properties) or on reports provided by an external valuator (which considered comparable sales transactions, discounted cash flows and other factors), each of which are classified as Level 3 inputs. There was no impairment of real estate during the year ended December 31, 2021.

Lease Intangibles

Lease Intangibles	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2023 and December 31, 2022 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2023 Above Market In Place Leases Leasing Total Below Below Total Cost $ 17,463 $ 73,128 $ 32,541 $ 123,132 $ (14,968) $ (138) $ (15,106) Accumulated amortization (10,222 ) (51,290 ) (19,186 ) (80,698 ) 7,314 56 7,370 $ 7,241 $ 21,838 $ 13,355 $ 42,434 $ (7,654) $ (82) $ (7,736) 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 five succeeding years and in the aggregate are as follows (in thousands): 2024 $ 6,371 2025 6,201 2026 5,888 2027 4,901 2028 4,206 Thereafter 7,131 $ 34,698

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	6. 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 outstanding indebtedness as of December 31, 2023 and 2022 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 7: Property December 31, 2023 December 31, 2022 Interest Rate as of Maturity Unsecured Credit Facility (2)(4) $ 200,000 $ 200,500 SOFR +1.50 % (1)(2) November 2025 Term Loan (3) 50,000 50,000 SOFR +1.35 % (1)(3) September 2024 Term Loan (4) 25,000 —  6.00 % (4) January 2026 Mission City 45,994 46,859 3.78 % November 2027 Canyon Park (5) 38,932 39,673 4.30 % March 2027 Circle Point 38,789 39,440 4.49 % September 2028 SanTan (6) 31,501 32,140 4.56 % March 2027 Intellicenter 30,682 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 (7) 26,139 26,784 7.05 % (7) August 2028 Greenwood Blvd 20,856 21,396 3.15 % December 2025 Cascade Station (8) 20,752 21,192 4.55 % May 2024 5090 N. 40th St 20,370 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 FRP Ingenuity Drive (9) 15,860 16,165 4.44 % December 2024 Central Fairwinds 15,826 16,273 3.15 % June 2024 Carillon Point (7) 14,419 14,773 7.05 % (7) August 2028 190 Office Center (10) —  38,894 —  —  Total Principal 672,720 693,796 Deferred financing costs, net (3,258 ) (3,887 ) Unamortized fair value 48 190 Total $ 669,510 $ 690,099 (1) As of December 31, 2023, the daily-simple SOFR rate was 5.38%. (2) 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 at 4.19%. As of December 31, 2023, the Unsecured Credit Facility had $200.0 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. (3) 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 for the remainder of the five-year term (4) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement , dated November 16, 2021 for the Unsecured Credit Facility and entered into a three-year $ 25 million term loan, increasing its total authorized borrowings from $ 350 million to $ 375 million. Borrowings under the $ 25 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 210 basis points. In conjunction with the term loan, the Company also entered into a three-year interest rate swap for a notional amount of $ 25 million, effectively fixing the SOFR component of the borrowing rate of the term loan at 3.90 %. (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (6) In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of December 31, 2023, the DSCR and debt yield covenants were still not met. As of December (7) On August 16, 2023, the Company entered into two amended and restated loan agreements for FRP Collection Carillon Point (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal (9) In the third quarter of 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 December 31, 2023, the DSCR was still not met. As of December 31, 2023 and December 31, 2022, total restricted cash for the property was $3.2 million and $2.6 million, respectively. (10) In the second quarter of 2023, the non-recourse debt associated with the 190 Office Center property was deconsolidated as a result of the appointment of a receiver to assume possession and control of the property. The loan balance as of the date of deconsolidation was million. The scheduled principal repayments of mortgage payable as of December 31, 2023 are as follows (in thousands): 2024 $ 107,675 2025 254,697 2026 29,563 2027 176,477 2028 104,308 Thereafter —  $ 672,720

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs In September 2019, the Company entered into a LIBOR interest rate swap for a notional amount of $50.0 million. 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. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the remainder of the five-year term In January 2023, the Company entered into an interest rate swap for a notional amount of $25.0 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 3.90% for the three-year term. In February 2023, the Company entered into an interest rate swap for a notional amount of $140.0 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.19% for the three-year term. In August 2023, the Company entered into an interest rate swap at FRP Collection for an initial notional amount of $26.3 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.30% for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan. In August 2023, the Company entered into an interest rate swap at Carillon Point for an initial notional amount of $ million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan. 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 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 December 31, 2023 and December 31, 2022 (in thousands): Notional Value December 31, 2023 Effective Date Maturity Date Fair Value Assets/(Liabilities) December 31, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 1,268 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 49 —  Interest Rate Swap 140,000 March 2023 November 2025 (295 ) —  Interest Rate Swap 26,139 August 2023 August 2028 (846 ) —  Interest Rate Swap 14,419 August 2023 August 2028 (466 ) —  $ 255,558 $ (290 ) $ 2,731 For the year ended December 31, 2023, approximately $3.4 million of net realized gains were reclassified to interest expense due to payments received from the swap counterparty. For the year ended December 31, 2022, approximately $0.2 million of net realized gains were reclassified to interest expense due to payments received from the swap counterparty. Cash and 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 loans

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Administrative Services Agreements On October 29, 2018, the Company entered into the First Amendment Administrative Services Agreement Corporate and Second City Real Estate II Corporation (“SCRE II”). The terms of the Amendment were effective on February 1, 2019 (the “Effective Date”). After February 1, 2019, the annual fees payable to the Company were $ for the first twelve months following the Effective Date and thereafter an amount equal to % of the management fee paid to SCRE II by the fund managed by SCRE II. During the years ended December 31, 2023, 2022, and 2021, the Company earned $ million, $ million, and $ million, respectively, in administrative services performed for SCRE II and its affiliates. On July 31, 2019, an indirect, wholly owned subsidiary of the Company entered into an administrative services agreement $0.2 million, $0.3 million, and $0.2 million, respectively, in administrative services performed for Clarity.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	9. 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. The Company’s 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 elected the practical expedient to account for its lease and non-lease The Company recognized fixed and variable lease payments for operating leases for the years ended December 31, 2023 and December 31, 2022 as follows (in thousands): Years Ended 2023 2022 Fixed payments $ 149,203 $ 154,126 Variable payments 26,826 24,827 $ 176,029 $ 178,953 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 4). The Company recognized interest income of $0.6 million and variable lease payments of $0.2 million for the sales-type lease at the Lake Vista Pointe property for the year ended December 31, 2022. Future minimum lease payments to be received as of December 31, 2023 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2024 $ 126,964 2025 116,129 2026 105,597 2027 88,679 2028 74,116 Thereafter 160,944 $ 672,429 The Company’s leases may include various provisions such as scheduled rent increases, renewal options, purchase options and termination options. The majority of the Company’s leases include defined rent increase rather than variable payments based on an index or unknown rate. The Company, through wholly owned subsidiaries, is the landlord under leases totaling approximately square feet with subsidiaries of WeWork Inc. (“WeWork”) at three of the Company’s properties. WeWork announced on November 6, 2023 that it filed for Chapter 11 bankruptcy protection. As of December 31, 2023, WeWork was operating at all three locations and the leases with Block 23, The Terraces and Bloc 83 had not been rejected as part of the WeWork bankruptcy proceedings. As at December 31, 2023, the Company assessed the likelihood of lease rejection and collection of contractual lease payments across the three locations and determined at Block 23 it was not probable that the lease payments would be collected and therefore the straight-line rent receivable and acquired lease intangible balances should be written-off. This million reduction in rental and other revenues and a million increase to depreciation and amortization expense. Subsequent to December 31, 2023 the lease at Block 23 was rejected effective February 7, 2024. As of December 31, 2023, the remaining balance sheet exposure to WeWork was million in straight-line rent receivables, million in tenant improvements, and million in acquired lease intangible assets. The Company continues to monitor rental payments and potential lease rejection related to WeWork. Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of December 31, 2023, these leases had remaining terms of three Right-of-use December 31, 2023 December 31, 2022 Right operating leases $ 12,564 $ 12,935 Lease l operating leases $ 8,550 $ 8,802 Right financing leases $ 9,820 $ 10,054 Lease financing $ 1,551 $ 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 Right-of-use Operating lease expense for the years ended December 31, 2023 and 2022 was $0.9 million and $1.0 million, respectively. Financing lease expense for the years ended December 31, 2023 and 2022 was $0.3 million and $0.3 million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating and finance leases as of December 31, 2023 for the next five years and thereafter are as follows (in thousands): Operating Financing 2024 $ 651 $ 7 2025 770 8 2026 724 8 2027 587 8 2028 587 8 Thereafter 25,976 6,930 Total future minimum lease payments 29,295 6,969 Discount (20,745 ) (5,418 ) Total $ 8,550 $ 1,551

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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 December 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.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	1 The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share amounts): Years ended December 31, 2023 2022 2021 Net (loss)/income $ (2,035 ) $ 17,681 $ 485,281 Less: Net income attributable to non-controlling (647 ) (691 ) (886 ) Less: Net income attributable to preferred stockholders (7,420 ) (7,420 ) (7,420 ) Numerator for basic and diluted EPS $ (10,102 ) $ 9,570 $ 476,975 Denominator for basic EPS 39,922 42,052 43,498 Dilutive effect of RSUs and PSUs —  814 647 Denominator for dilutive EPS 39,922 42,866 44,145 Net (loss)/income per common share: Basic $ (0.25 ) $ 0.23 $ 10.97 Diluted $ (0.25 ) $ 0.22 $ 10.80

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2023
Federal Home Loan Banks [Abstract]
Stockholder's Equity	12. Stockholder’s Equity On October 4, 2016, the Company completed a public preferred stock offering pursuant to which the Company sold 4,000,000 shares of our 6.625% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value $0.01 per share to the public at a price of $25.00 per share. The Company raised $100.0 million in gross proceeds, resulting in net proceeds to the Company of approximately $96.5 million after deducting $3.5 million in underwriting discounts and expenses related to the offering. On October 28, 2016, the Company issued an additional 480,000 shares of Series A Preferred Stock pursuant to the partial exercise of the underwriters’ overallotment option, raising an additional $12.0 million in gross proceeds before underwriting discounts and expenses. The preferred stock is perpetual and from October 4, 2021, the Company may at its option redeem the Preferred Stock in whole or in part at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including the date of redemption. On February 26, 2020, the Company and the Operating Partnership entered into equity distribution agreements Associates, Inc., BMO Capital Markets Corp., RBC Capital Markets, LLC, B. Riley FBR, Inc., D.A. Davidson & Co. and Janney Montgomery Scott LLC (the “Sales Agents”) pursuant to which the Company may issue and sell from time to time up t o shares of common stock and up to shares of Series A Preferred Stock through the Sales Agents, acting as agents or principals (the “ATM Program”). On May 7, 2021 the Company delivered to D.A. Davidson & Co. a notice of termination of the Agreement, effective May 7, 2021. The Company did not issue any shares of common stock or Series A Preferred Stock under the ATM Program during the fiscal years ended December 31, 2023, December 31, 2022 and December 31, 2021. Share Repurchase Plan On March 9, 2020, the Company’s Board of Directors approved a share repurchase plan authorizing the Company to repurchase up to $100 million of its outstanding shares of common stock. In July 2020, the Company completed the full March 2020 share repurchase plan. On August 5, 2020, the Company’s Board of Directors approved an additional share repurchase plan authorizing the Company to repurchase up to an additional aggregate amount of $50 million of its outstanding shares of common stock. In September 2022, the Company completed the full August 2020 share repurchase plan. 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 year ended December 31, 2023. During the year ended December 31, 2022, the Company completed the repurchase of 4,006,897 shares of its common stock for approximately $50.0 million. There were no shares repurchased during the year ended December 31, 2021. Common Stock and Common Unit Distributions During the year ended December 31, 2023, the Company declared aggregate cash distributions to common stockholders and common unitholders of $20.0 million. The Company paid aggregate cash distributions of $23.9 million for the year ended December 31, 2023 and $4.0 million was payable as of December 31, 2023, which is included within other liabilities on the consolidated balance sheets. During the year ended December 31, 2023, the Company declared the following distributions per share and unit: Period Distribution per Declaration Date Record Date Payment Date January 1, 2023 – March 31, 2023 $ 0.20 March 14, 2023 April 11, 2023 April 25, 2023 April 1, 2023 – June 30, 2023 0.10 May 5, 2023 July 7, 2023 July 21, 2023 July 1, 2023 – September 30, 2023 0.10 September 15, 2023 October 10, 2023 October 24, 2023 October 1, 2023 – December 31, 2023 0.10 December 15, 2023 January 10, 2024 January 24, 2024 Total $ 0.50 Preferred Stock Distributions During the year ended December 31, 2023, the Company declared aggregate cash distributions to preferred stockholders of $7.4 million. The Company paid aggregate cash distributions of $7.4 million for the year ended December 31, 2023 and $1.9 million was payable as of December 31, 2023, which is included within in other liabilities on the consolidated balance sheets. Equity Incentive Plan The Company has an equity incentive plan non-executive of additional awards. A restricted stock unit (“RSU”) award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the plan administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested restricted stock units. The plan administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the restricted stock units do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vest. On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement performance-based restricted stock unit awards (“Performance RSU Awards”) pursuant to the Equity Incentive Plan. The Performance RSU Awards are based upon the total stockholder return (“TSR”) of the Company’s common stock over a three-year measurement period beginning January 1 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. 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. 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 vested 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 years ended December 31, 2023, December 31, 2022 and December 31, 2021: Number Number of Outstanding at December 31, 2020 332,435 97,500 Granted 169,500 120,000 Issuance of dividend equivalents 18,665 —  Vested (177,038 ) —  Forfeited (1,403 ) —  Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 25,987 —  Vested (177,812 ) —  Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance 43,721 —  Vested (216,520 ) (97,500 ) Forfeited (1,802 ) —  Outstanding at December 31, 2023 451,741 424,888 During the years ended December 31, 2023, December 31, 2022 and December 31, 2021 the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average RSUs Performance 2023 198,022 214,888 $ 3,729 $ 9.03 2022 237,986 90,000 5,753 17.54 2021 169,500 120,000 2,808 9.70 The RSU Awards will vest in three equal, annual installments on each of the first three anniversaries of the grant of date. The Performance RSU Awards will vest on the last day of the three-year measurement period. During the years ended December 31, 2023, December 31, 2022 and December RSUs Performance Total 2023 $   2,542 $   1,552 $   4,094 2022 2,554 1,325 3,879 2021 1,833 808 2,641 As of December 31, 2023, there was $4.7 million of unrecognized share-based compensation expense, which will be recognized over the next two years, with a weighted average period of approximately one year.

Schedule III - Real Estate Prop

Schedule III - Real Estate Properties and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Properties and Accumulated Depreciation	Initial Costs to Company Costs Gross Amount at Which Carried 2023 (1) Description Encumbrances (2) Land Buildings and Improvements (3) Land Building and Total Accumulated Year of Year AmberGlen $ 20,000 $ 6,546 $ 3,490 $ 2,166 $ 6,546 $ 5,656 $ 12,202 $ 3,086 1984-1998 2009 City Center —  3,123 10,656 13,315 3,123 23,971 27,094 10,436 1984 2010 Central Fairwinds 15,826 1,747 9,751 7,780 1,747 17,531 19,278 6,769 1982 2012 Florida Research Park 41,999 11,446 56,475 7,425 11,446 63,900 75,346 17,382 1999 2014; 2016 Superior Pointe —  3,153 19,834 3,876 3,153 23,710 26,863 7,067 2000 2015 Denver Tech —  18,002 52,719 11,306 18,002 64,025 82,027 15,158 1999; 1997 2015; 2019 Intellicenter 30,682 5,244 34,278 164 5,244 34,442 39,686 8,472 2008 2015 Carillon Point 14,419 5,172 17,316 2,142 5,172 19,458 24,630 5,997 2007 2016 Park Tower —  3,479 68,656 24,901 3,479 93,557 97,036 24,705 1973 2016 5090 N 40 th 20,370 6,696 32,123 4,669 6,696 36,792 43,488 7,827 1988 2016 SanTan 31,501 6,803 37,187 7,653 6,803 44,840 51,643 10,662 2000-2003 2016 2525 McKinnon 27,000 10,629 34,515 3,240 10,629 37,755 48,384 7,263 2003 2017 Mission City 45,994 25,741 41,474 12,722 25,741 54,196 79,937 16,547 1990-2007 2017 Papago Tech —  10,746 19,762 2,028 10,746 21,790 32,536 5,259 1993-1995 2017 Pima Center —  —  45,133 11,126 —  56,259 56,259 10,762 2006-2008 2018 Circle Point 38,789 9,320 39,101 6,784 9,320 45,885 55,205 10,280 2001 2018 The Quad 30,600 8,079 39,858 432 8,079 40,290 48,369 7,072 1982 2018 Greenwood Blvd 20,856 3,945 26,019 1,224 3,945 27,243 31,188 4,836 1997 2018 Camelback Square —  11,738 37,922 8,503 11,738 46,425 58,163 8,050 1978 2018 Canyon Park 38,932 7,098 38,416 6,628 7,098 45,044 52,142 7,772 1993; 1999 2019 Cascade Station 20,752 —  27,220 (8,568 ) —  18,652 18,652 757 2008-2009 2019 Block 23 —  —  115,747 8,737 —  124,484 124,484 5,885 2019 2021 The Terraces —  15,861 101,455 6,901 15,861 108,356 124,217 5,237 2017 2021 Bloc 83 —  18,956 280,313 13,605 18,956 293,918 312,874 11,347 2019; 2021 2021 Corporate 275,000 —  —  —  —  —  —  —  Total $ 672,720 $ 193,524 $ 1,189,420 $ 158,759 $ 193,524 $ 1,348,179 $ 1,541,703 $ 218,628 (1) The aggregate cost for federal tax purposes as of December 31, 2023 of our real estate assets was approximately $1.0 billion. (2) Encumbrances represent total principal debt which excludes net deferred financing costs of (3) Includes impairment recorded subsequent to acquisition for Cascade Station. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Real Estate Properties Balance, beginning of year $ 1,554,591 $ 1,568,653 $ 1,086,809 Acquisitions —  —  587,403 Dispositions and Impairments (39,333 ) (58,735 ) (121,602 ) Capital improvements 26,445 44,673 16,043 Balance, end of year $ 1,541,703 $ 1,554,591 $ 1,568,653 Accumulated Depreciation Balance, beginning of year $ 175,720 $ 157,356 $ 131,220 Depreciation 47,266 46,654 39,106 Dispositions and Impairments (4,358 ) (28,290 ) (12,970 ) Balance, end of year $ 218,628 $ 175,720 $ 157,356

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation.
Use of Estimates	Use of Estimates The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination and measurement of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on the Company’s best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and short-term investments with a maturity date of less than three months when acquired.
Restricted Cash	Restricted Cash Restricted cash consists of cash held in escrow by lenders pursuant to certain lender agreements and cash received from contracted building sales.
Rent Receivable, Net	Rent Receivable, Net The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified.
Business Combinations	Business Combinations When a property is acquired, management considers the substance of the agreement in determining whether the acquisition represents an asset acquisition or a business combination. Upon acquisitions of properties that constitute a business, the fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place non-controlling The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” lease-up lease-up The fair value of above-market and below-market lease values are recorded based in-place non-cancelable non-cancelable The fair value of acquired in-place lease-up in-place
Revenue Recognition	Revenue Recognition The Company recognizes lease revenue on a straight-line basis over the term of the lease. Certain leases allow for the tenant to terminate the lease, but the tenant must make a termination payment as stipulated in the lease. If the termination payment is in such an amount that continuation of the lease appears, at the time of lease inception, to be reasonably assured, then the Company recognizes revenue over the term of the lease. The Company has determined that for these leases, the termination payment is in such an amount that continuation of the lease appears, at the time of inception, to be reasonably assured. The Company recognizes lease termination fees as revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the consolidated balance sheets. If the Company funds tenant improvements and the tenant improvements are determined to be owned by the Company, revenue recognition will commence when control of the space is turned over to the tenant. Tenant improvements are deferred and amortized on a straight-line basis over the lease term. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a reduction of lease revenue on a straight-line basis over the lease term. Recoveries from tenants for real estate taxes, insurance and other operating expenses are recognized as revenues in the period that the applicable costs are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Final billings to tenants for real estate taxes, insurance and other operating expenses did not vary significantly as compared to the estimated receivable balances.
Leases	Leases The Company classifies leases as a sales-type, direct financing, or operating lease and recognizes leases on-balance right-of-use Right-of-use Right-of-use Right-of-use non-lease
Real Estate Properties	Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings 29-59 Furniture, fixtures and equipment 4-10 Expenditures for maintenance and repairs are charged to operating expenses as incurred.
Impairment of Real Estate Properties	Impairment of Real Estate Properties Long-lived assets currently in use are reviewed periodically for possible impairment and will be written down to fair value if determined impaired. Long-lived assets to be disposed of are written down to the lower of cost or fair value less the estimated cost to sell. The Company reviews its real estate properties for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying amount of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover the carrying amount of properties held for use, the Company reduces its carrying amount to fair value. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.
Variable Interest Entities	Variable Interest Entit ies The Company consolidates variable interest entities (“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.
Concentration of Credit Risk	Concentration of Credit Risk The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed Federal Deposit Insurance Corporation insured levels from time to time. The Company has never experienced any losses related to these balances.
Income Taxes	Income Taxes The Company has elected to be taxed, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. 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. In addition, the Company may not be able to re-elect regular
Non-controlling Interests	Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling
Equity-Based Compensation	Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting period.
Earnings per Common Share	Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding at period end. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For derivatives that qualify as hedging instruments, an entity must designate the instruments as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC 820-10, 820-10”) Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
Deferred Leasing Costs	Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases.
Segment Reporting	Segment Reporting The Company operates in one industry segment, commercial real estate.
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 In November 2023, the FASB issued ASU No. 2023-07 2023-07”) 2023-07

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Real Estate Properties	Years Buildings 29-59 Furniture, fixtures and equipment 4-10

Rents Receivable, Net (Tables)

Rents Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Text Block [Abstract]
Components of Rents Receivable	The Company’s rents receivable is comprised of the following components (in thousands): December 31, 2023 December 31, 2022 Billed receivables $ 5,132 $ 4,675 Straight-line receivables (unbilled receivables) 48,322 39,754 Total rents receivable $ 53,454 $ 44,429

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and December 31, 2022 (in thousands): Notional Value December 31, 2023 Effective Date Maturity Date Fair Value Assets/(Liabilities) December 31, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 1,268 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 49 —  Interest Rate Swap 140,000 March 2023 November 2025 (295 ) —  Interest Rate Swap 26,139 August 2023 August 2028 (846 ) —  Interest Rate Swap 14,419 August 2023 August 2028 (466 ) —  $ 255,558 $ (290 ) $ 2,731

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Acquired Properties	During the years ended December 31, 2023, December 31, 2022 and December 31, 2021 the Company acquired the following properties: Property Date Acquired Percentage Owned Bloc 83 December 2021 100% The Terraces December 2021 100% Block 23 December 2021 100% 5910 Pacific Center and 9985 Pacific Heights (1) May 2021 100% (1) 5910 Pacific Center and 9985 Pacific Heights were added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The Sorrento Mesa portfolio was subsequently sold in December 2021.
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed	The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2021 (in thousands): 5910 Pacific Block 23 The Bloc 83 December 31, 2021 Land $ 37,294 $ —  $ 15,861 $ 18,956 $ 72,111 Building and improvements 2,979 115,747 101,455 280,313 500,494 Tenant improvements 917 2,375 6,431 5,075 14,798 Lease intangible assets 2,469 11,306 11,074 19,560 44,409 Other assets 19 10,627 15 291 10,952 Accounts payable and other liabilities (319 ) (1,914 ) (319 ) (463 ) (3,015 ) Lease intangible liabilities (103 ) (2,197 ) (2,118 ) (3,014 ) (7,432 ) Net assets acquired $ 43,256 $ 135,944 $ 132,399 $ 320,718 $ 632,317

Lease Intangibles (Tables)

Lease Intangibles (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 and December 31, 2022 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2023 Above Market In Place Leases Leasing Total Below Below Total Cost $ 17,463 $ 73,128 $ 32,541 $ 123,132 $ (14,968) $ (138) $ (15,106) Accumulated amortization (10,222 ) (51,290 ) (19,186 ) (80,698 ) 7,314 56 7,370 $ 7,241 $ 21,838 $ 13,355 $ 42,434 $ (7,654) $ (82) $ (7,736) 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 five succeeding years and in the aggregate are as follows (in thousands): 2024 $ 6,371 2025 6,201 2026 5,888 2027 4,901 2028 4,206 Thereafter 7,131 $ 34,698

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the outstanding indebtedness as of December 31, 2023 and 2022 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 7: Property December 31, 2023 December 31, 2022 Interest Rate as of Maturity Unsecured Credit Facility (2)(4) $ 200,000 $ 200,500 SOFR +1.50 % (1)(2) November 2025 Term Loan (3) 50,000 50,000 SOFR +1.35 % (1)(3) September 2024 Term Loan (4) 25,000 —  6.00 % (4) January 2026 Mission City 45,994 46,859 3.78 % November 2027 Canyon Park (5) 38,932 39,673 4.30 % March 2027 Circle Point 38,789 39,440 4.49 % September 2028 SanTan (6) 31,501 32,140 4.56 % March 2027 Intellicenter 30,682 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 (7) 26,139 26,784 7.05 % (7) August 2028 Greenwood Blvd 20,856 21,396 3.15 % December 2025 Cascade Station (8) 20,752 21,192 4.55 % May 2024 5090 N. 40th St 20,370 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 FRP Ingenuity Drive (9) 15,860 16,165 4.44 % December 2024 Central Fairwinds 15,826 16,273 3.15 % June 2024 Carillon Point (7) 14,419 14,773 7.05 % (7) August 2028 190 Office Center (10) —  38,894 —  —  Total Principal 672,720 693,796 Deferred financing costs, net (3,258 ) (3,887 ) Unamortized fair value 48 190 Total $ 669,510 $ 690,099 (1) As of December 31, 2023, the daily-simple SOFR rate was 5.38%. (2) 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 at 4.19%. As of December 31, 2023, the Unsecured Credit Facility had $200.0 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. (3) 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 for the remainder of the five-year term (4) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement , dated November 16, 2021 for the Unsecured Credit Facility and entered into a three-year $ 25 million term loan, increasing its total authorized borrowings from $ 350 million to $ 375 million. Borrowings under the $ 25 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 210 basis points. In conjunction with the term loan, the Company also entered into a three-year interest rate swap for a notional amount of $ 25 million, effectively fixing the SOFR component of the borrowing rate of the term loan at 3.90 %. (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (6) In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of December 31, 2023, the DSCR and debt yield covenants were still not met. As of December (7) On August 16, 2023, the Company entered into two amended and restated loan agreements for FRP Collection Carillon Point (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal (9) In the third quarter of 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 December 31, 2023, the DSCR was still not met. As of December 31, 2023 and December 31, 2022, total restricted cash for the property was $3.2 million and $2.6 million, respectively. (10) In the second quarter of 2023, the non-recourse debt associated with the 190 Office Center property was deconsolidated as a result of the appointment of a receiver to assume possession and control of the property. The loan balance as of the date of deconsolidation was million.
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of mortgage payable as of December 31, 2023 are as follows (in thousands): 2024 $ 107,675 2025 254,697 2026 29,563 2027 176,477 2028 104,308 Thereafter —  $ 672,720

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the years ended December 31, 2023 and December 31, 2022 as follows (in thousands): Years Ended 2023 2022 Fixed payments $ 149,203 $ 154,126 Variable payments 26,826 24,827 $ 176,029 $ 178,953
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received as of December 31, 2023 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2024 $ 126,964 2025 116,129 2026 105,597 2027 88,679 2028 74,116 Thereafter 160,944 $ 672,429
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use December 31, 2023 December 31, 2022 Right operating leases $ 12,564 $ 12,935 Lease l operating leases $ 8,550 $ 8,802 Right financing leases $ 9,820 $ 10,054 Lease financing $ 1,551 $ 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 finance leases as of December 31, 2023 for the next five years and thereafter are as follows (in thousands): Operating Financing 2024 $ 651 $ 7 2025 770 8 2026 724 8 2027 587 8 2028 587 8 Thereafter 25,976 6,930 Total future minimum lease payments 29,295 6,969 Discount (20,745 ) (5,418 ) Total $ 8,550 $ 1,551

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations	The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share amounts): Years ended December 31, 2023 2022 2021 Net (loss)/income $ (2,035 ) $ 17,681 $ 485,281 Less: Net income attributable to non-controlling (647 ) (691 ) (886 ) Less: Net income attributable to preferred stockholders (7,420 ) (7,420 ) (7,420 ) Numerator for basic and diluted EPS $ (10,102 ) $ 9,570 $ 476,975 Denominator for basic EPS 39,922 42,052 43,498 Dilutive effect of RSUs and PSUs —  814 647 Denominator for dilutive EPS 39,922 42,866 44,145 Net (loss)/income per common share: Basic $ (0.25 ) $ 0.23 $ 10.97 Diluted $ (0.25 ) $ 0.22 $ 10.80

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Federal Home Loan Banks [Abstract]
Schedule of Distributions Declared per Share and Unit	During the year ended December 31, 2023, the Company declared the following distributions per share and unit: Period Distribution per Declaration Date Record Date Payment Date January 1, 2023 – March 31, 2023 $ 0.20 March 14, 2023 April 11, 2023 April 25, 2023 April 1, 2023 – June 30, 2023 0.10 May 5, 2023 July 7, 2023 July 21, 2023 July 1, 2023 – September 30, 2023 0.10 September 15, 2023 October 10, 2023 October 24, 2023 October 1, 2023 – December 31, 2023 0.10 December 15, 2023 January 10, 2024 January 24, 2024 Total $ 0.50
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 years ended December 31, 2023, December 31, 2022 and December 31, 2021: Number Number of Outstanding at December 31, 2020 332,435 97,500 Granted 169,500 120,000 Issuance of dividend equivalents 18,665 —  Vested (177,038 ) —  Forfeited (1,403 ) —  Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 25,987 —  Vested (177,812 ) —  Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance 43,721 —  Vested (216,520 ) (97,500 ) Forfeited (1,802 ) —  Outstanding at December 31, 2023 451,741 424,888
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the years ended December 31, 2023, December 31, 2022 and December 31, 2021 the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average RSUs Performance 2023 198,022 214,888 $ 3,729 $ 9.03 2022 237,986 90,000 5,753 17.54 2021 169,500 120,000 2,808 9.70
Summary of Recognized Compensation Expense for RSUs and Performance RSU	During the years ended December 31, 2023, December 31, 2022 and December RSUs Performance Total 2023 $   2,542 $   1,552 $   4,094 2022 2,554 1,325 3,879 2021 1,833 808 2,641

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Properties (Detail)	Dec. 31, 2023
Minimum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Real estate properties estimated useful lives	29 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Real estate properties estimated useful lives	4 years
Maximum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Real estate properties estimated useful lives	59 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Real estate properties estimated useful lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Percentage of REIT taxable income distributed to stockholders	90%

Rents Receivable, Net - Compone

Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Net, Current [Abstract]
Billed receivables	$ 5,132	$ 4,675
Straight-line receivables (unbilled receivables)	48,322	39,754
Total rents receivable	$ 53,454	$ 44,429

Rents Receivable, Net - Additio

Rents Receivable, Net - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Accounts Receivable, Net, Current [Abstract]
Allowance for doubtful accounts	$ 0.1

Real Estate Investments - Sched

Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail)	12 Months Ended
	Dec. 31, 2021
Bloc 83 [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2021-12
Real estate property, percentage owned, asset acquisitions	100%
The Terraces [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2021-12
Real estate property, percentage owned, asset acquisitions	100%
Block 23 [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2021-12
Real estate property, percentage owned, asset acquisitions	100%
5910 Pacific Center and 9985 Pacific Heights [Member]
Acquisitions [Line Items]
Real estate property, date acquired, asset acquisitions	2021-05	[1]
Real estate property, percentage owned, asset acquisitions	100%	[1]
[1]5910 Pacific Center and 9985 Pacific Heights were added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The Sorrento Mesa portfolio was subsequently sold in December 2021.

Real Estate Investments - Sch_2

Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Acquisitions [Line Items]
Land	$ 72,111
Buildings and improvements	500,494
Tenant improvements	14,798
Lease intangible assets	44,409
Other assets	10,952
Accounts payable and other liabilities	(3,015)
Lease intangible liabilities	(7,432)
Net assets acquired	632,317
5910 Pacific Center and 9985 Pacific Heights [Member]
Acquisitions [Line Items]
Land	37,294
Buildings and improvements	2,979
Tenant improvements	917
Lease intangible assets	2,469
Other assets	19
Accounts payable and other liabilities	(319)
Lease intangible liabilities	(103)
Net assets acquired	43,256
Block 23 [Member]
Acquisitions [Line Items]
Buildings and improvements	115,747
Tenant improvements	2,375
Lease intangible assets	11,306
Other assets	10,627
Accounts payable and other liabilities	(1,914)
Lease intangible liabilities	(2,197)
Net assets acquired	135,944
The Terraces [Member]
Acquisitions [Line Items]
Land	15,861
Buildings and improvements	101,455
Tenant improvements	6,431
Lease intangible assets	11,074
Other assets	15
Accounts payable and other liabilities	(319)
Lease intangible liabilities	(2,118)
Net assets acquired	132,399
Bloc 83 [Member]
Acquisitions [Line Items]
Land	18,956
Buildings and improvements	280,313
Tenant improvements	5,075
Lease intangible assets	19,560
Other assets	291
Accounts payable and other liabilities	(463)
Lease intangible liabilities	(3,014)
Net assets acquired	$ 320,718

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands				12 Months Ended
	Jun. 15, 2022	Dec. 02, 2021	Feb. 10, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 15, 2023
Real Estate [Line Items]
Net gain on sale of real estate property				$ (134)	$ 21,658	$ 476,651
Impairment of real estate				0	13,444	0
Sorrento Mesa [Member]
Real Estate [Line Items]
Proceeds of sale of property		$ 576,000
Net gain on sale of real estate property		429,300
Real estate disposal related costs		$ 28,300
Cascade Station [Member]
Real Estate [Line Items]
Impairment of real estate					6,500
Cherry Creek [Member]
Real Estate [Line Items]
Proceeds of sale of property			$ 95,000
Net gain on sale of real estate property			$ 47,400
Block 23 [Member] | Bill Board [Member]
Real Estate [Line Items]
Fair value equity method investment						$ 300
Asset Acquisition, Consideration Transferred, Assets				$ 300
Block 23 [Member] | Bill Board [Member] | Acquisition [Member]
Real Estate [Line Items]
Equity Method Investment, Ownership Percentage				50%
Lake Vista Pointe [Member]
Real Estate [Line Items]
Sales-type Lease, Selling Profit (Loss)					21,700
Proceeds from Sale of Real Estate	$ 43,800
190 Office Center [Member]
Real Estate [Line Items]
Impairment of real estate					$ 6,900
190 Office Center [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Real Estate [Line Items]
Mortgage loan deconsolidated in the period							$ 38,600
Loss on deconsolidation				$ 100
Cash and restricted cash deconsolidated in the period							4,000
Net current liabilities deconsolidated in the period							1,000
Real estate assets deconsolidated in the period							$ 35,700

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 123,132	$ 131,636
Accumulated amortization, Lease Intangible Assets	(80,698)	(76,198)
Total, Lease Intangible Assets	42,434	55,438
Cost, Lease Intangible Liabilities	(15,106)	(15,820)
Accumulated amortization, Lease Intangible Liabilities	7,370	6,670
Total, Lease Intangible Liabilities	(7,736)	(9,150)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	17,463	18,793
Accumulated amortization, Lease Intangible Assets	(10,222)	(9,069)
Total, Lease Intangible Assets	7,241	9,724
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	73,128	78,720
Accumulated amortization, Lease Intangible Assets	(51,290)	(49,772)
Total, Lease Intangible Assets	21,838	28,948
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	32,541	34,123
Accumulated amortization, Lease Intangible Assets	(19,186)	(17,357)
Total, Lease Intangible Assets	13,355	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	7,314	6,618
Total, Lease Intangible Liabilities	(7,654)	(9,064)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	56	52
Total, Lease Intangible Liabilities	$ (82)	$ (86)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 6,371
2025	6,201
2026	5,888
2027	4,901
2028	4,206
Thereafter	7,131
Total	$ 34,698

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Indebtedness	$ 672,720		$ 693,796
Deferred financing costs, net	(3,258)		(3,887)
Unamortized fair value adjustments	48		190
Total	669,510		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 Two [Member]
Debt Instrument [Line Items]
Indebtedness	$ 25,000		0
Interest Rate	6%
Maturity	2026-01
Debt Instrument, Face Amount		25,000
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 200,000		200,500
Interest Rate, terms	1.50
Interest Rate, spread	1.50%
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	$ 45,994		46,859
Interest Rate	3.78%
Maturity	2027-11
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,932		39,673
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,789		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	0%
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 31,501		32,140
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,682		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	$ 26,139		26,784
Interest Rate	7.05%
Maturity	2028-08
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,856		21,396
Interest Rate	3.15%
Maturity	2025-12
Cascade Station [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,752		21,192
Interest Rate	4.55%
Maturity	2024-05
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,370		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	$ 15,826		16,273
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,860		16,165
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,419		$ 14,773
Interest Rate	7.05%
Maturity	2028-08

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Aug. 16, 2023	May 15, 2023	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 255,558
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount		$ 26,300			$ 140,000	$ 50,000	$ 25,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate							3.90%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member] | Term loan [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate						1.17%
Unsecured Debt [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Term loan							$ 25,000
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.35%
Term loan							50,000
Unsecured Debt [Member] | Margin [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Interest Rate, Description	210%
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] | 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	$ 4,100
FRP Collection [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		4.30%
FRP Collection [Member] | Secured Debt [Member] | Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description	275%
Carillon Point [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount		$ 14,500
Carillon Point [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		4.30%
Carillon Point [Member] | Secured Debt [Member] | Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description	275%
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	$ 2,000
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member]
Debt Instrument [Line Items]
Restricted Cash	3,200							$ 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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate				4.19%
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding	$ 200,000
Interest Rate, Description	1.50%
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	5.38%
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	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 107,675
2025	254,697
2026	29,563
2027	176,477
2028	104,308
Thereafter	0
Total	$ 672,720	$ 693,796

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Aug. 16, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Value	$ 255,558
Fair Value	(290)					$ 2,731
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value		$ 26,300	$ 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	1,268					2,731
January 2026 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,000
Fair Value, Assets	49					0
November 2025 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	140,000
Fair Value, Assets						0
Fair Value, Liability	(295)
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity One [Member]
Derivatives, Fair Value [Line Items]
Notional Value	26,139
Fair Value, Assets						0
Fair Value, Liability	(846)
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity Two [Member]
Derivatives, Fair Value [Line Items]
Notional Value	14,419
Fair Value, Assets						$ 0
Fair Value, Liability	$ (466)

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 16, 2023	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount	$ 255,558
Interest rate swap gain (loss) reclassified to interest expense	3,438	$ 223	$ (589)
Debt instrument carrying amount	672,720	693,796
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount				$ 26,300		$ 140,000	$ 50,000	$ 25,000
Interest rate swap gain (loss) reclassified to interest expense	3,400	200
Interest Rate Swap [Member] | FRP Collection [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate				4.30%
Interest Rate Swap [Member] | Carillon Point [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount				$ 14,500
Interest Rate Swap [Member] | Carillon Point [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate				4.30%
Interest Rate Swap [Member] | Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate					4.19%
Interest Rate Swap [Member] | Term loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate							1.17%
Interest Rate Swap [Member] | Term Loan Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate								3.90%
LIBOR interest rate swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount									$ 50,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	343,100	420,700
Debt instrument carrying amount	$ 357,200	$ 443,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)		12 Months Ended
	Feb. 01, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Annual payment receivable for services		$ 179,096,000	$ 180,485,000	$ 164,041,000
Administrative Services Agreement [Member] | SCRE II [Member] | First Twelve Months [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 500,000
Administrative Services Agreement [Member] | SCRE II [Member] | Thereafter [Member]
Related Party Transaction [Line Items]
Management fee paid percentage	40%
Administrative Services Agreement [Member] | Second City Funds [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services		100,000	300,000	400,000
Administrative Services Agreement [Member] | Clarity Real Estate III GP Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services		$ 200,000	$ 300,000	$ 200,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Operating Lease cost	$ 900	$ 1,000
Weighted-average remaining lease term - operating leases	50 years
Weighted-average discount rate - operating leases	6.20%
Finance Lease, Weighted Average Remaining Lease Term	50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%
Financing Lease Cost	$ 300	300
Off balance sheet exposure asset	152,540	139,365
Acquired lease intangible assets, net	42,434	55,438
Straight-line rent receivables	48,322	39,754
Block 23 [Member]
Reduction in rental	1,400
Increase in depreciation and amortization expense	$ 1,500
Block 23 Terraces and Bloc 83 [Member]
Area of real estate property | ft²	177,000
Off balance sheet exposure asset	$ 2,800
Terraces and Bloc 83 [Member]
Acquired lease intangible assets, net	8,500
Straight-line rent receivables	$ 1,400
Lake Vista Pointe [Member]
Interest income on sales type lease		600
Variable lease payments on sales type lease		$ 200
Maximum [Member]
Remaining lease terms	65 years
Remaining lease terms, Financing leases	65 years
Minimum [Member]
Remaining lease terms	3 years
Remaining lease terms, Financing leases	3 years

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fixed payments	$ 149,203	$ 154,126
Variable payments	26,826	24,827
Operating Lease, Lease Income	$ 176,029	$ 178,953
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	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 126,964
2025	116,129
2026	105,597
2027	88,679
2028	74,116
Thereafter	160,944
Total future minimum lease payments to be received	$ 672,429

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Right-of-use asset - operating leases	$ 12,564	$ 12,935
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – operating leases	$ 8,550	$ 8,802
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Right-of-use asset – financing leases	$ 9,820	$ 10,054
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – financing leases	$ 1,551	$ 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	Dec. 31, 2023	Dec. 31, 2022
2024	$ 651
2025	770
2026	724
2027	587
2028	587
Thereafter	25,976
Total future minimum lease payments	29,295
Discount	(20,745)
Total	8,550	$ 8,802
2024	7
2025	8
2026	8
2027	8
2028	8
Thereafter	6,930
Total future minimum lease payments	6,969
Discount	(5,418)
Total	$ 1,551	$ 1,475

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net (loss)/income	$ (2,035)	$ 17,681	$ 485,281
Less: Net income attributable to non-controlling interests in properties	(647)	(691)	(886)
Less: Net income attributable to Preferred stockholders	(7,420)	(7,420)	(7,420)
Net (loss)/income attributable to common stockholders	$ (10,102)	$ 9,570	$ 476,975
Denominator for basic EPS	39,922	42,052	43,498
Dilutive effect of RSUs and PSUs	0	814	647
Denominator for dilutive EPS	39,922	42,866	44,145
Net (loss)/income per common share:
Basic	$ (0.25)	$ 0.23	$ 10.97
Diluted	$ (0.25)	$ 0.22	$ 10.8

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Oct. 28, 2016	Oct. 04, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 04, 2023	May 04, 2022	Aug. 05, 2020	Mar. 09, 2020	Feb. 26, 2020
Class of Stock [Line Items]
Common stock, shares authorized			100,000,000	100,000,000
Preferred stock, shares authorized			5,600,000	5,600,000
Preferred stock, Dividend rate percentage			6.625%	6.625%
Preferred Stock, Shares Issued			4,480,000	4,480,000
Maximum number of shares issued under Equity Incentive Plan							3,763,580
Stock Repurchase Program, Authorized Amount						$ 50		$ 50	$ 100
Stock Repurchased During Period, Shares			0	4,006,897	0
Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance			The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum.
Share-based Payment Award, Award Vesting Period			3 years
Preferred Stock, Redemption Price Per Share			$ 0.01	$ 0.01
Stock Repurchased During Period Before Commission Value				$ 50
Unrecognized share-based compensation expense			$ 4.7
Weighted average period, unrecognized share-based compensation expense			1 year
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	480,000	4,000,000
Preferred Stock, Redemption Price Per Share		$ 0.01
Share Price		$ 25
Proceeds from Issuance of Redeemable Preferred Stock		$ 100
Proceeds from Issuance of Redeemable Preferred Stock		96.5
Payments for Underwriting Expense		$ 3.5
Sales Agreement [Member]
Class of Stock [Line Items]
Common stock, shares authorized										15,000,000
Preferred stock, shares authorized										1,000,000
Sales Agreement [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, Dividend rate percentage		6.625%
Over-Allotment Option [Member]
Class of Stock [Line Items]
Share Price		$ 25
Proceeds from Issuance of Redeemable Preferred Stock	$ 12
Common Stock [Member]
Class of Stock [Line Items]
Aggregate cash distributions payable			$ 4
Stock Repurchased During Period, Shares				(4,007,000)
Common Stock [Member] | Dividend Declared [Member]
Class of Stock [Line Items]
Cash distributions			20
Common Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions			23.9
Preferred Stock [Member]
Class of Stock [Line Items]
Aggregate cash distributions payable			1.9
Preferred Stock [Member] | Dividend Declared [Member]
Class of Stock [Line Items]
Cash distributions			7.4
Preferred Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions			$ 7.4
Executive Officer [Member]
Class of Stock [Line Items]
Share-based Payment Award, Award Vesting Period			3 years

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Distributions Declared per Share and Unit (Detail) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Distribution per Common Share/Unit	$ 0.1	$ 0.1	$ 0.1	$ 0.2	$ 0.5	$ 0.8	$ 0.65
Common Stock [Member]
Dividends Payable [Line Items]
Declaration Date	Dec. 15, 2023	Sep. 15, 2023	May 05, 2023	Mar. 14, 2023
Record Date	Jan. 10, 2024	Oct. 10, 2023	Jul. 07, 2023	Apr. 11, 2023
Payment Date	Jan. 24, 2024	Oct. 24, 2023	Jul. 21, 2023	Apr. 25, 2023

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	428,320	342,159	332,435
Granted	198,022	237,986	169,500
Issuance of dividend equivalents	43,721	25,987	18,665
Vested	(216,520)	(177,812)	(177,038)
Forfeited	(1,802)		(1,403)
Ending balance	451,741	428,320	342,159
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	307,500	217,500	97,500
Granted	214,888	90,000	120,000
Issuance of dividend equivalents	0	0	0
Vested	(97,500)	0	0
Forfeited	0		0
Ending balance	424,888	307,500	217,500

Stockholder's Equity - Summar_2

Stockholder's Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Fair Value	$ 3,729	$ 5,753	$ 2,808
Weighted Average Grant Fair Value Per Share	$ 9.03	$ 17.54	$ 9.7
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	198,022	237,986	169,500
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	214,888	90,000	120,000

Stockholder's Equity - Summar_3

Stockholder's Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 4,094	$ 3,879	$ 2,641
Restricted Stock Units (RSUs) [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	2,542	2,554	1,833
Performance Restricted Stock Unit [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 1,552	$ 1,325	$ 808

Schedule III - Real Estate Pr_2

Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 672,720
Initial Costs to Company, Land	193,524
Initial Costs to Company, Buildings and Improvements	1,189,420
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	158,759
Gross Amount, Land	193,524
Gross Amount, Building and Improvements	1,348,179
Gross Amount, Total	1,541,703	$ 1,554,591	$ 1,568,653	$ 1,086,809
Accumulated Amortization	218,628	$ 175,720	$ 157,356	$ 131,220
AmberGlen Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,000
Initial Costs to Company, Land	6,546
Initial Costs to Company, Buildings and Improvements	3,490
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	2,166
Gross Amount, Land	6,546
Gross Amount, Building and Improvements	5,656
Gross Amount, Total	12,202
Accumulated Amortization	$ 3,086
Year Acquired	2009
AmberGlen Property [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1984
AmberGlen Property [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1998
City Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	3,123
Initial Costs to Company, Buildings and Improvements	10,656
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	13,315
Gross Amount, Land	3,123
Gross Amount, Building and Improvements	23,971
Gross Amount, Total	27,094
Accumulated Amortization	$ 10,436
Date of Construction	1984
Year Acquired	2010
Central Fairwinds [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,826
Initial Costs to Company, Land	1,747
Initial Costs to Company, Buildings and Improvements	9,751
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	7,780
Gross Amount, Land	1,747
Gross Amount, Building and Improvements	17,531
Gross Amount, Total	19,278
Accumulated Amortization	$ 6,769
Date of Construction	1982
Year Acquired	2012
Florida Research Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 41,999
Initial Costs to Company, Land	11,446
Initial Costs to Company, Buildings and Improvements	56,475
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	7,425
Gross Amount, Land	11,446
Gross Amount, Building and Improvements	63,900
Gross Amount, Total	75,346
Accumulated Amortization	$ 17,382
Date of Construction	1999
Florida Research Park [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2014
Florida Research Park [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year Acquired	2016
Superior Pointe [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	3,153
Initial Costs to Company, Buildings and Improvements	19,834
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	3,876
Gross Amount, Land	3,153
Gross Amount, Building and Improvements	23,710
Gross Amount, Total	26,863
Accumulated Amortization	$ 7,067
Date of Construction	2000
Year Acquired	2015
Denver Tech [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	18,002
Initial Costs to Company, Buildings and Improvements	52,719
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	11,306
Gross Amount, Land	18,002
Gross Amount, Building and Improvements	64,025
Gross Amount, Total	82,027
Accumulated Amortization	$ 15,158
Denver Tech [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1999
Year Acquired	2015
Denver Tech [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1997
Year Acquired	2019
Intellicenter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30,682
Initial Costs to Company, Land	5,244
Initial Costs to Company, Buildings and Improvements	34,278
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	164
Gross Amount, Land	5,244
Gross Amount, Building and Improvements	34,442
Gross Amount, Total	39,686
Accumulated Amortization	$ 8,472
Date of Construction	2008
Year Acquired	2015
Carillon Point [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,419
Initial Costs to Company, Land	5,172
Initial Costs to Company, Buildings and Improvements	17,316
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	2,142
Gross Amount, Land	5,172
Gross Amount, Building and Improvements	19,458
Gross Amount, Total	24,630
Accumulated Amortization	$ 5,997
Date of Construction	2007
Year Acquired	2016
Park Tower [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	3,479
Initial Costs to Company, Buildings and Improvements	68,656
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	24,901
Gross Amount, Land	3,479
Gross Amount, Building and Improvements	93,557
Gross Amount, Total	97,036
Accumulated Amortization	$ 24,705
Date of Construction	1973
Year Acquired	2016
5090 N 40th St [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,370
Initial Costs to Company, Land	6,696
Initial Costs to Company, Buildings and Improvements	32,123
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	4,669
Gross Amount, Land	6,696
Gross Amount, Building and Improvements	36,792
Gross Amount, Total	43,488
Accumulated Amortization	$ 7,827
Date of Construction	1988
Year Acquired	2016
SanTan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 31,501
Initial Costs to Company, Land	6,803
Initial Costs to Company, Buildings and Improvements	37,187
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	7,653
Gross Amount, Land	6,803
Gross Amount, Building and Improvements	44,840
Gross Amount, Total	51,643
Accumulated Amortization	$ 10,662
Year Acquired	2016
SanTan [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2000
SanTan [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2003
2525 McKinnon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 27,000
Initial Costs to Company, Land	10,629
Initial Costs to Company, Buildings and Improvements	34,515
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	3,240
Gross Amount, Land	10,629
Gross Amount, Building and Improvements	37,755
Gross Amount, Total	48,384
Accumulated Amortization	$ 7,263
Date of Construction	2003
Year Acquired	2017
Mission City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 45,994
Initial Costs to Company, Land	25,741
Initial Costs to Company, Buildings and Improvements	41,474
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	12,722
Gross Amount, Land	25,741
Gross Amount, Building and Improvements	54,196
Gross Amount, Total	79,937
Accumulated Amortization	$ 16,547
Year Acquired	2017
Mission City [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1990
Mission City [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2007
Papago Tech [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	10,746
Initial Costs to Company, Buildings and Improvements	19,762
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	2,028
Gross Amount, Land	10,746
Gross Amount, Building and Improvements	21,790
Gross Amount, Total	32,536
Accumulated Amortization	$ 5,259
Year Acquired	2017
Papago Tech [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1993
Papago Tech [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1995
Pima Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	0
Initial Costs to Company, Buildings and Improvements	45,133
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	11,126
Gross Amount, Land	0
Gross Amount, Building and Improvements	56,259
Gross Amount, Total	56,259
Accumulated Amortization	$ 10,762
Year Acquired	2018
Pima Center [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2006
Pima Center [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2008
Circle Point [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 38,789
Initial Costs to Company, Land	9,320
Initial Costs to Company, Buildings and Improvements	39,101
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	6,784
Gross Amount, Land	9,320
Gross Amount, Building and Improvements	45,885
Gross Amount, Total	55,205
Accumulated Amortization	$ 10,280
Date of Construction	2001
Year Acquired	2018
The Quad [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30,600
Initial Costs to Company, Land	8,079
Initial Costs to Company, Buildings and Improvements	39,858
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	432
Gross Amount, Land	8,079
Gross Amount, Building and Improvements	40,290
Gross Amount, Total	48,369
Accumulated Amortization	$ 7,072
Date of Construction	1982
Year Acquired	2018
Greenwood Blvd [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,856
Initial Costs to Company, Land	3,945
Initial Costs to Company, Buildings and Improvements	26,019
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	1,224
Gross Amount, Land	3,945
Gross Amount, Building and Improvements	27,243
Gross Amount, Total	31,188
Accumulated Amortization	$ 4,836
Date of Construction	1997
Year Acquired	2018
Camelback Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	11,738
Initial Costs to Company, Buildings and Improvements	37,922
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	8,503
Gross Amount, Land	11,738
Gross Amount, Building and Improvements	46,425
Gross Amount, Total	58,163
Accumulated Amortization	$ 8,050
Date of Construction	1978
Year Acquired	2018
Canyon Park [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 38,932
Initial Costs to Company, Land	7,098
Initial Costs to Company, Buildings and Improvements	38,416
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	6,628
Gross Amount, Land	7,098
Gross Amount, Building and Improvements	45,044
Gross Amount, Total	52,142
Accumulated Amortization	$ 7,772
Year Acquired	2019
Canyon Park [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1993
Canyon Park [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	1999
Cascade Station [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,752
Initial Costs to Company, Land	0
Initial Costs to Company, Buildings and Improvements	27,220
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	(8,568)
Gross Amount, Land	0
Gross Amount, Building and Improvements	18,652
Gross Amount, Total	18,652
Accumulated Amortization	$ 757
Year Acquired	2019
Cascade Station [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2008
Cascade Station [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2009
Block 23 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	0
Initial Costs to Company, Buildings and Improvements	115,747
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	8,737
Gross Amount, Land	0
Gross Amount, Building and Improvements	124,484
Gross Amount, Total	124,484
Accumulated Amortization	$ 5,885
Date of Construction	2019
Year Acquired	2021
The Terraces [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	15,861
Initial Costs to Company, Buildings and Improvements	101,455
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	6,901
Gross Amount, Land	15,861
Gross Amount, Building and Improvements	108,356
Gross Amount, Total	124,217
Accumulated Amortization	$ 5,237
Date of Construction	2017
Year Acquired	2021
Bloc 83 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs to Company, Land	18,956
Initial Costs to Company, Buildings and Improvements	280,313
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	13,605
Gross Amount, Land	18,956
Gross Amount, Building and Improvements	293,918
Gross Amount, Total	312,874
Accumulated Amortization	$ 11,347
Year Acquired	2021
Bloc 83 [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2019
Bloc 83 [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Date of Construction	2021
Corporate [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 275,000
Initial Costs to Company, Land	0
Initial Costs to Company, Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements	0
Gross Amount, Land	0
Gross Amount, Building and Improvements	0
Gross Amount, Total	0
Accumulated Amortization	$ 0

Schedule III - Real Estate Pr_3

Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate assets, aggregate cost for federal tax purpose	$ 1,000,000
Deferred financing costs	$ 3,258	$ 3,887

Schedule III - Summary of Real

Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties
Balance, beginning of year	$ 1,554,591	$ 1,568,653	$ 1,086,809
Acquisitions	0	0	587,403
Dispositions and Impairments	(39,333)	(58,735)	(121,602)
Capital improvements	26,445	44,673	16,043
Balance, end of year	1,541,703	1,554,591	1,568,653
Accumulated Depreciation
Balance, beginning of year	175,720	157,356	131,220
Depreciation	47,266	46,654	39,106
Dispositions	(4,358)	(28,290)	(12,970)
Balance, end of year	$ 218,628	$ 175,720	$ 157,356