City Office REIT (CIO) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Registrant Name	CITY OFFICE REIT, INC.
Entity Central Index Key	0001593222
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		40,154,055
Entity Address, State or Province	BC
Document Transition Report	false
Document Quarterly Report	true
Entity File Number	001-36409
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	98-1141883
Entity Address, City or Town	Vancouver
Entity Address, Address Line One	666 Burrard Street
Entity Address, Address Line Two	Suite 3210
Entity Address, Postal Zip Code	V6C 2X8
City Area Code	604
Local Phone Number	806-3366
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
6.625% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate properties
Land	$ 193,524	$ 193,524
Building and improvement	1,196,003	1,194,819
Tenant improvement	156,625	152,540
Furniture, fixtures and equipment	944	820
Real estate properties, gross	1,547,096	1,541,703
Accumulated depreciation	(229,680)	(218,628)
Real estate properties, net	1,317,416	1,323,075
Cash and cash equivalents	29,533	30,082
Restricted cash	13,831	13,310
Rents receivable, net	53,114	53,454
Deferred leasing costs, net	23,220	21,046
Acquired lease intangible assets, net	40,459	42,434
Other assets	27,954	27,975
Total Assets	1,505,527	1,511,376
Liabilities:
Debt	668,249	669,510
Accounts payable and accrued liabilities	29,908	29,070
Deferred rent	8,040	7,672
Tenant rent deposits	7,853	7,198
Acquired lease intangible liabilities, net	7,393	7,736
Other Liabilities	16,431	17,557
Total Liabilities	737,874	738,743
Commitments and Contingencies (Note 8)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of March 31, 2024 and December 31, 2023	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,154,055 and 39,938,451 shares issued and outstanding as of March 31, 2024 and December 31, 2023	401	399
Additional paid-in capital	438,909	438,867
Retained earnings	214,709	221,213
Accumulated other comprehensive income/(loss)	1,515	(248)
Total Stockholders' Equity	767,534	772,231
Non-controlling interests in properties	119	402
Total Equity	767,653	772,633
Total Liabilities and Equity	$ 1,505,527	$ 1,511,376

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	40,154,055	39,938,451
Common stock, shares outstanding	40,154,055	39,938,451

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Rental and other revenues	$ 44,493	$ 45,957
Operating expenses:
Property operating expenses	17,744	17,720
General and administrative	3,711	3,765
Depreciation and amortization	15,075	15,304
Total operating expenses	36,530	36,789
Operating income	7,963	9,168
Interest expense:
Contractual interest expense	(8,098)	(7,972)
Amortization of deferred financing costs and debt fair value	(319)	(323)
Interest expense, net	(8,417)	(8,295)
Net (loss)/income	(454)	873
Net income attributable to non-controlling interests in properties	(135)	(169)
Net (loss)/income attributable to the Company	(589)	704
Preferred stock distributions	(1,855)	(1,855)
Net loss attributable to common stockholders	$ (2,444)	$ (1,151)
Net loss per common share:
Basic	$ (0.06)	$ (0.03)
Diluted	$ (0.06)	$ (0.03)
Weighted average common shares outstanding:
Basic	40,097	39,873
Diluted	40,097	39,873
Dividend distributions declared per common share	$ 0.1	$ 0.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (454)	$ 873
Other comprehensive income/(loss):
Unrealized cash flow hedge gain/(loss)	2,906	(1,465)
Amounts reclassified to interest expense	(1,117)	(477)
Other comprehensive income/(loss)	1,789	(1,942)
Comprehensive income/(loss)	1,335	(1,069)
Comprehensive income attributable to non-controlling interests in properties	(161)	(169)
Comprehensive income/(loss) attributable to the Company	$ 1,174	$ (1,238)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained earnings [Member]	Accumulated other comprehensive (loss)/income [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
Beginning balance at Dec. 31, 2022	$ 803,174	$ 112,000	$ 397	$ 436,161	$ 251,542	$ 2,731	$ 802,831	$ 343
Beginning balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Restricted stock award grants and vesting, values	(618)		$ 2	(535)	(85)		(618)
Restricted stock award grants and vesting, shares			220,000
Common stock dividend distribution declared	(7,988)				(7,988)		(7,988)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	110							110
Distributions	(235)							(235)
Net (loss)/income	873				704		704	169
Other comprehensive income (loss)	(1,942)					(1,942)	(1,942)
Ending balance at Mar. 31, 2023	791,519	$ 112,000	$ 399	435,626	242,318	789	791,132	387
Ending balance, shares at Mar. 31, 2023		4,480,000	39,938,000
Beginning balance at Dec. 31, 2023	772,633	$ 112,000	$ 399	438,867	221,213	(248)	772,231	402
Beginning balance, shares at Dec. 31, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	(1)		$ 2	42	(45)		(1)
Restricted stock award grants and vesting, shares			216,000
Common stock dividend distribution declared	(4,015)				(4,015)		(4,015)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(444)							(444)
Net (loss)/income	(454)				(589)		(589)	135
Other comprehensive income (loss)	1,789					1,763	1,763	26
Ending balance at Mar. 31, 2024	$ 767,653	$ 112,000	$ 401	$ 438,909	$ 214,709	$ 1,515	$ 767,534	$ 119
Ending balance, shares at Mar. 31, 2024		4,480,000	40,154,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net (loss)/income	$ (454)	$ 873
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	15,075	15,304
Amortization of deferred financing costs and debt fair value	319	323
Amortization of above and below market leases	(27)	9
Straight-line rent/expense	(454)	(2,801)
Non-cash stock compensation	1,070	1,024
Changes in non-cash working capital:
Rents receivable, net	865	539
Other assets	505	(282)
Accounts payable and accrued liabilities	(1,536)	(965)
Deferred rent	368	(278)
Tenant rent deposits	655	137
Net Cash Provided By Operating Activities	16,386	13,883
Cash Flows to Investing Activities:
Additions to real estate properties	(5,989)	(11,383)
Deferred leasing costs	(1,505)	(1,037)
Net Cash Used In Investing Activities	(7,494)	(12,420)
Cash Flows (to)/from Financing Activities:
Debt issuance and extinguishment costs	(26)	(236)
Proceeds from borrowings	4,000	25,000
Repayment of borrowings	(5,529)	(6,683)
Dividend distributions paid to stockholders	(5,849)	(9,799)
Distributions to non-controlling interests in properties	(444)	(235)
Shares withheld for payment of taxes on restricted stock unit vesting	(1,072)	(1,643)
Contributions from non-controlling interests in properties	0	110
Net Cash (Used In)/Provided By Financing Activities	(8,920)	6,514
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash	(28)	7,977
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	43,392	44,262
Cash, Cash Equivalents and Restricted Cash, End of Period	43,364	52,239
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	29,533	35,854
Restricted Cash, End of Period	13,831	16,385
Cash, Cash Equivalents and Restricted Cash, End of Period	43,364	52,239
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	8,029	7,256
Purchase of additions in real estate properties included in accounts payable	7,526	7,811
Purchase of deferred leasing costs included in accounts payable	$ 3,026	$ 1,207

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
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

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 2023-07”) 2023-07

Lease Intangibles

Lease Intangibles	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	3 Lease intangibles and the value of assumed lease obligations as of March 31, 2024 and December 31, 2023 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2024 Above Market In Place Leases Leasing Total Below Below Market Total Cost $ 17,463 $ 73,127 $ 32,537 $ 123,127 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (10,537 ) (52,290 ) (19,841 ) (82,668 ) 7,656 57 7,713 $ 6,926 $ 20,837 $ 12,696 $ 40,459 $ (7,312 ) $ (81 ) $ (7,393 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2023 Above Market In Place Leases Leasing Total Below Below Market 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 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2024 $ 4,748 2025 6,194 2026 5,887 2027 4,900 2028 4,206 Thereafter 7,131 $ 33,066

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	4 The following table summarizes the indebtedness as of March 31, 2024 and December 31, 2023 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 5 Property March 31, 2024 December 31, Interest Rate as 2024 Maturity Unsecured Credit Facility (2)(4) $ 200,000 $ 200,000 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 25,000 6.00 % (4) January 2026 Mission City 45,772 45,994 3.78 % November 2027 Canyon Park (5) 38,742 38,932 4.30 % March 2027 Circle Point 38,678 38,789 4.49 % September 2028 SanTan (6) 31,322 31,501 4.56 % March 2027 Intellicenter 30,523 30,682 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection 26,041 26,139 7.05 % (7) August 2028 Greenwood Blvd 20,719 20,856 3.15 % December 2025 Cascade Station (8) 20,680 20,752 4.55 % May 2024 5090 N. 40th St 20,257 20,370 3.92 % January 2027 AmberGlen (9) 20,000 20,000 3.69 % May 2027 Property March 31, 2024 December 31, Interest Rate as 2024 Maturity FRP Ingenuity Drive (10) 15,782 15,860 4.44 % December 2024 Central Fairwinds 15,711 15,826 3.15 % June 2024 Carillon Point 14,364 14,419 7.05 % (7) August 2028 Total Principal 671,191 672,720 Deferred financing costs, net (2,954 ) (3,258 ) Unamortized fair value adjustments 12 48 Total $ 668,249 $ 669,510 (1) As of March 31, 2024, the daily-simple Secured Overnight Financing Rate (“SOFR”) was (2) Borrowings under our unsecured credit facility (the “Unsecured Credit Facility”) bear interest at a rate equal to the daily-simple SOFR rate plus a margin of (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 by a $50 million interest rate swap at 1.17%. (4) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement (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 March 31, 2024, the DSCR and debt yield covenants were still not met. As of March 31, 2024, and December 31, 2023, total restricted cash for the property was $3.6 million and $4.1 million, respectively. (7) The FRP Collection and Carillon Point loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal non-recourse non-payment (9) In the first quarter of 2024, a ‘cash-sweep period’ began for the AmberGlen loan due to the non-renewal (10) 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 March 31, 2024, the DSCR was still not met. As of March 31, 2024, and December 31, 2023, total restricted cash for the property was $3.5 million and $3.2 million, respectively. The scheduled principal repayments of debt as of March 31, 2024 are as follows (in thousands): 2024 $ 106,146 2025 254,697 2026 29,563 2027 176,477 2028 104,308 Thereafter —  $ 671,191

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. 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 London Interbank Offered Rate (“LIBOR”) interest rate swap for a notional amount of 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 $14.5 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. The fair value of the interest rate swaps have been classified as Level 2 fair value measurements. The interest rate swaps have been designated and qualify as cash flow hedges and have been recognized on the condensed consolidated balance sheets at fair value, presented within other assets and other liabilities. Gains and losses resulting from changes in the fair value of derivatives that have been designated and qualify as cash flow hedges are reported as a component of other comprehensive income/(loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. The following table summarizes the Company’s derivative financial instruments as of March 31, 2024 and December 31, 2023 (in thousands): Notional Value March 31, 2024 Effective Date Maturity Date Fair Value Assets/(Liabilities) March 31, 2024 December 31, 2023 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 855 $ 1,268 Interest Rate Swap 25,000 January 2023 January 2026 273 49 Interest Rate Swap 140,000 March 2023 November 2025 875 (295 ) Interest Rate Swap 26,041 August 2023 August 2028 (325 ) (846 ) Interest Rate Swap 14,364 August 2023 August 2028 (179 ) (466 ) $ 255,405 $ 1,499 $ (290 ) For the three months ended March 31, 2024, approximately $1.1 million of realized gains were reclassified to interest expense due to payments made to or or received from Cash, Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $339.6 million and $343.1 million (compared to a carrying value of $355.8 million and $357.2 million) as of March 31, 2024, and December 31, 2023, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions Administrative Services Agreement During the three months ended March 31, 2024, the amounts earned by the Company for the administrative services performed for Second City Real Estate II Corporation, Clarity Real Estate Ventures GP, Limited Partnership and their affiliates were nominal. For the three months ended March 31, 2023, the Company earned $0.1 million in administrative services performed for Second City Real Estate II Corporation, Clarity Real Estate Ventures GP, Limited Partnership and their affiliates.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	7. 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 recognized fixed and variable lease payments for operating leases for the three months ended March 31, 2024 and 2023 as follows (in thousands): Three Months Ended March 31, 2024 2023 Fixed payments $ 37,592 $ 38,914 Variable payments 6,778 6,743 $ 44,370 $ 45,657 Future minimum lease payments to be received by the Company as of March 31, 2024 under non-cancellable 2024 $ 96,163 2025 119,416 2026 109,150 2027 92,233 2028 77,533 Thereafter 165,595 $ 660,090 The Company’s leases may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. At the beginning of the period the Company, through wholly owned subsidiaries, was 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 and subsequently rejected the lease at one of our properties effective February 7, 2024 totaling 46,000 square feet. The Company recorded a termination fee of $0.9 million during the period ended March 31, 2024. As of March 31, 2024, WeWork was operating at the remaining two locations totaling 131,000 square feet and the leases had not been rejected as part of the WeWork bankruptcy proceedings. As of March 31, 2024, the 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 , and the Company will continue to assess what it believes will be the likelihood of each of the two WeWork leases being rejected in the bankruptcy proceedings as of each reporting period . Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of March 31, 2024, these leases had remaining terms of three Right-of-use s March 31, 2024 December 31, 2023 Right operating $ 12,483 $ 12,564 Lease perating $ 8,484 $ 8,550 Right financing $ 9,763 $ 9,820 Lease financing $ 1,573 $ 1,551 Lease liabilities are measured at the commencement date based on the present value of future lease payments. One of the Company’s operating ground leases includes rental payment increases over the lease term based on increases in the Consumer Price Index (“CPI”). Changes in the CPI were not estimated as part of the measurement of the operating lease liability. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a weighted average discount rate of 6.2% in determining its lease liabilities. The discount rates were derived from the Company’s assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments. Right-of-use Operating lease expense for the three months ended March 31, 2024 and March 31, 2023 was million and $ million, respectively. Financing lease expense for the three months ended March 31, 2024 and March 31, 2023 was million and $ million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2024 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing Leases 2024 $ 459 $ 6 2025 770 8 2026 724 8 2027 587 8 2028 587 8 Thereafter 25,976 6,930 Total future minimum lease payments 29,103 6,968 Discount (20,619 ) (5,395 ) Total $ 8,484 $ 1,573

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2024, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2024
Federal Home Loan Banks [Abstract]
Stockholder's Equity	9. Stockholders’ Equity Share Repurchase Plan On May 4, 2023, the Company’s Board of Directors (the “Board of Directors”) approved a share repurchase plan (“Repurchase Program”) authorizing the Company to repurchase up million of its outstanding shares of common stock or Series A Preferred Stock. Under the share repurchase program, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in There were no shares repurchased during the three months ended March 31, 2024 and 2023. Common Stock and Common Unit Distributions On March 15, 2024, the Board of Directors approved and the Company declared a cash dividend distribution of $0.10 per common share for the quarterly period ended March 31, 2024. The dividend was paid subsequent to quarter end on April 24, 2024 to common stockholders and common unitholders of record as of the close of business on April 10, 2024, resulting in an aggregate payment of $4.0 million. Preferred Stock Distributions On March 15, 2024, the Board of Directors approved and the Company declared a cash dividend distribution of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock (“Series A Preferred Stock”) for an aggregate amount of $1.9 million for the quarterly period ended March 31, 2024. The dividend was paid subsequent to quarter end on April 24, 2024 to the holders of record of Series A Preferred Stock as of the close of business on April 10, 2024. Equity Incentive Plan The Company has an equity incentive plan non-executive and On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement During the first quarter of 2024, the Performance RSU Awards granted in January 2021, with The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2024: Number of RSUs Number of Performance RSUs Outstanding at December 31, 2023 451,741 424,888 Granted 324,414 324,952 Issuance of dividend equivalents 8,290 —  Vested (228,747 ) (120,000 ) Outstanding at March 31, 2024 555,698 629,840 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2023: Number of RSUs Number of Performance RSUs Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 —  Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 During the three months ended March 31, 2024 and March 31, 2023, the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average Grant Fair Value Per Share RSUs Performance RSUs 2024 324,414 324,952 $ 3,539 $ 5.45 2023 198,022 214,888 3,729 9.03 The RSU Awards will vest in three equal, annual installments on each of the first three anniversaries of the grant date. The Performance RSU Awards will vest on the last day of the three-year measurement period. During the three months ended March 31, 2024 and March 31, 2023, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2024 $     641 $   429 $   1,070 2023 643 381 1,024

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On May 1, 2024, the non-recourse non-payment period non-renewal

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Preparation and Summary of Significant Accounting Policies	Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 2023-07”) 2023-07

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of company's derivative financial instruments	The following table summarizes the Company’s derivative financial instruments as of March 31, 2024 and December 31, 2023 (in thousands): Notional Value March 31, 2024 Effective Date Maturity Date Fair Value Assets/(Liabilities) March 31, 2024 December 31, 2023 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 855 $ 1,268 Interest Rate Swap 25,000 January 2023 January 2026 273 49 Interest Rate Swap 140,000 March 2023 November 2025 875 (295 ) Interest Rate Swap 26,041 August 2023 August 2028 (325 ) (846 ) Interest Rate Swap 14,364 August 2023 August 2028 (179 ) (466 ) $ 255,405 $ 1,499 $ (290 )

Lease Intangibles (Tables)

Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Lease Intangibles and Value of Assumed Lease Obligations	Lease intangibles and the value of assumed lease obligations as of March 31, 2024 and December 31, 2023 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2024 Above Market In Place Leases Leasing Total Below Below Market Total Cost $ 17,463 $ 73,127 $ 32,537 $ 123,127 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (10,537 ) (52,290 ) (19,841 ) (82,668 ) 7,656 57 7,713 $ 6,926 $ 20,837 $ 12,696 $ 40,459 $ (7,312 ) $ (81 ) $ (7,393 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2023 Above Market In Place Leases Leasing Total Below Below Market 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 )
Estimated Aggregate Amortization Expense for Lease Intangibles	The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2024 $ 4,748 2025 6,194 2026 5,887 2027 4,900 2028 4,206 Thereafter 7,131 $ 33,066

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of March 31, 2024 and December 31, 2023 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 5 Property March 31, 2024 December 31, Interest Rate as 2024 Maturity Unsecured Credit Facility (2)(4) $ 200,000 $ 200,000 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 25,000 6.00 % (4) January 2026 Mission City 45,772 45,994 3.78 % November 2027 Canyon Park (5) 38,742 38,932 4.30 % March 2027 Circle Point 38,678 38,789 4.49 % September 2028 SanTan (6) 31,322 31,501 4.56 % March 2027 Intellicenter 30,523 30,682 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection 26,041 26,139 7.05 % (7) August 2028 Greenwood Blvd 20,719 20,856 3.15 % December 2025 Cascade Station (8) 20,680 20,752 4.55 % May 2024 5090 N. 40th St 20,257 20,370 3.92 % January 2027 AmberGlen (9) 20,000 20,000 3.69 % May 2027 Property March 31, 2024 December 31, Interest Rate as 2024 Maturity FRP Ingenuity Drive (10) 15,782 15,860 4.44 % December 2024 Central Fairwinds 15,711 15,826 3.15 % June 2024 Carillon Point 14,364 14,419 7.05 % (7) August 2028 Total Principal 671,191 672,720 Deferred financing costs, net (2,954 ) (3,258 ) Unamortized fair value adjustments 12 48 Total $ 668,249 $ 669,510 (1) As of March 31, 2024, the daily-simple Secured Overnight Financing Rate (“SOFR”) was (2) Borrowings under our unsecured credit facility (the “Unsecured Credit Facility”) bear interest at a rate equal to the daily-simple SOFR rate plus a margin of (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 by a $50 million interest rate swap at 1.17%. (4) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement (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 March 31, 2024, the DSCR and debt yield covenants were still not met. As of March 31, 2024, and December 31, 2023, total restricted cash for the property was $3.6 million and $4.1 million, respectively. (7) The FRP Collection and Carillon Point loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal non-recourse non-payment (9) In the first quarter of 2024, a ‘cash-sweep period’ began for the AmberGlen loan due to the non-renewal (10) 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 March 31, 2024, the DSCR was still not met. As of March 31, 2024, and December 31, 2023, total restricted cash for the property was $3.5 million and $3.2 million, respectively.
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of March 31, 2024 are as follows (in thousands): 2024 $ 106,146 2025 254,697 2026 29,563 2027 176,477 2028 104,308 Thereafter —  $ 671,191

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the three months ended March 31, 2024 and 2023 as follows (in thousands): Three Months Ended March 31, 2024 2023 Fixed payments $ 37,592 $ 38,914 Variable payments 6,778 6,743 $ 44,370 $ 45,657
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of March 31, 2024 under non-cancellable 2024 $ 96,163 2025 119,416 2026 109,150 2027 92,233 2028 77,533 Thereafter 165,595 $ 660,090
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use s March 31, 2024 December 31, 2023 Right operating $ 12,483 $ 12,564 Lease perating $ 8,484 $ 8,550 Right financing $ 9,763 $ 9,820 Lease financing $ 1,573 $ 1,551
Schedule future minimum lease payments to be paid	Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2024 for the next five years and thereafter are as follows (in thousands): Operating Leases Financing Leases 2024 $ 459 $ 6 2025 770 8 2026 724 8 2027 587 8 2028 587 8 Thereafter 25,976 6,930 Total future minimum lease payments 29,103 6,968 Discount (20,619 ) (5,395 ) Total $ 8,484 $ 1,573

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Federal Home Loan Banks [Abstract]
Summary of Activity of Awards under Equity Incentive Plan	The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2024: Number of RSUs Number of Performance RSUs Outstanding at December 31, 2023 451,741 424,888 Granted 324,414 324,952 Issuance of dividend equivalents 8,290 —  Vested (228,747 ) (120,000 ) Outstanding at March 31, 2024 555,698 629,840 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three months ended March 31, 2023: Number of RSUs Number of Performance RSUs Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 —  Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the three months ended March 31, 2024 and March 31, 2023, the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average Grant Fair Value Per Share RSUs Performance RSUs 2024 324,414 324,952 $ 3,539 $ 5.45 2023 198,022 214,888 3,729 9.03
Summary of Recognized Compensation Expense for RSUs and Performance RSU	During the three months ended March 31, 2024 and March 31, 2023, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2024 $     641 $   429 $   1,070 2023 643 381 1,024

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 123,127	$ 123,132
Accumulated amortization, Lease Intangible Assets	(82,668)	(80,698)
Total, Lease Intangible Assets	40,459	42,434
Cost, Lease Intangible Liabilities	(15,106)	(15,106)
Accumulated amortization, Lease Intangible Liabilities	7,713	7,370
Total, Lease Intangible Liabilities	(7,393)	(7,736)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	17,463	17,463
Accumulated amortization, Lease Intangible Assets	(10,537)	(10,222)
Total, Lease Intangible Assets	6,926	7,241
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	73,127	73,128
Accumulated amortization, Lease Intangible Assets	(52,290)	(51,290)
Total, Lease Intangible Assets	20,837	21,838
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	32,537	32,541
Accumulated amortization, Lease Intangible Assets	(19,841)	(19,186)
Total, Lease Intangible Assets	12,696	13,355
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(14,968)	(14,968)
Accumulated amortization, Lease Intangible Liabilities	7,656	7,314
Total, Lease Intangible Liabilities	(7,312)	(7,654)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	57	56
Total, Lease Intangible Liabilities	$ (81)	$ (82)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,748
2025	6,194
2026	5,887
2027	4,900
2028	4,206
Thereafter	7,131
Total	$ 33,066

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Indebtedness	$ 671,191	$ 672,720
Deferred financing costs, net	(2,954)	(3,258)
Unamortized fair value adjustments	12	48
Total	668,249	669,510
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
Unsecured Debt [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Indebtedness	$ 25,000	25,000
Interest Rate	6%
Maturity	2026-01
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 200,000	200,000
Interest Rate, terms	1.50
Interest Rate, spread	1.50%
Maturity	2025-11
Mission City [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 45,772	45,994
Interest Rate	3.78%
Maturity	2027-11
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,742	38,932
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,678	38,789
Interest Rate	4.49%
Maturity	2028-09
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 31,322	31,501
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,523	30,682
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	$ 26,041	26,139
Interest Rate	7.05%
Maturity	2028-08
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,719	20,856
Interest Rate	3.15%
Maturity	2025-12
Cascade Station [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,680	20,752
Interest Rate	4.55%
Maturity	2024-05
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,257	20,370
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	$ 15,711	15,826
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,782	15,860
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,364	$ 14,419
Interest Rate	7.05%
Maturity	2028-08

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Aug. 16, 2023	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 255,405
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] | 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%
SanTan [Member] | Debt Service Coverage Ratio [Member] | Debt Yield [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 3,600	$ 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%
AmberGlen Property [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 200
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	$ 2,300	2,000
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member]
Debt Instrument [Line Items]
Restricted Cash	3,500	$ 3,200
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	2,500
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	5.34%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount							350,000
Interest Rate, Description	135%
Fixed charge coverage ratio	1.50%
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount							$ 375,000
Interest Rate, Description	235%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 106,146
2025	254,697
2026	29,563
2027	176,477
2028	104,308
Thereafter	0
Total	$ 671,191	$ 672,720

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Aug. 16, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023
Derivatives, Fair Value [Line Items]
Notional Value	$ 255,405
Fair Value	1,499	$ (290)
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	855	1,268
January 2026 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,000
Fair Value, Assets	273	49
November 2025 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	140,000
Fair Value, Assets	875
Fair Value, Liability		(295)
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity One [Member]
Derivatives, Fair Value [Line Items]
Notional Value	26,041
Fair Value, Liability	(325)	(846)
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity Two [Member]
Derivatives, Fair Value [Line Items]
Notional Value	14,364
Fair Value, Liability	$ (179)	$ (466)

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	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	$ 255,405
Interest rate swap gain (loss) reclassified to interest expense	1,117	$ 477
Debt instrument carrying amount	671,191		$ 672,720
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	1,100	$ 500
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	339,600		343,100
Debt instrument carrying amount	$ 355,800		$ 357,200

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 44,493	$ 45,957
Administrative Services Agreement [Member] | SCRE II [Member] | Clarity Real Estate Ventures GP Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services		$ 100

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($)	Feb. 07, 2024 ft²	Jan. 01, 2024 ft²	Dec. 31, 2023 USD ($)
Operating Lease cost	$ 200	$ 200
Weighted-average remaining lease term - operating leases	50 years
Weighted-average discount rate - operating leases	6.20%
Revenues	$ 44,493	45,957
Finance Lease, Weighted Average Remaining Lease Term	50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%
Financing Lease Cost	$ 100	$ 100
Off balance sheet exposure asset	156,625				$ 152,540
Acquired lease intangible assets, net	$ 40,459				$ 42,434
Block 23 [Member]
Area of real estate property | ft²			46,000
Block 23 Terraces and Bloc 83 [Member]
Area of real estate property | ft²				177,000
Terraces and Bloc 83 [Member]
Area of real estate property | ft²	131,000
Off balance sheet exposure asset	$ 2,400
Acquired lease intangible assets, net	8,200
Straight-line rent receivables	1,500
Termination Fees [Member]
Revenues	$ 900
Maximum [Member]
Remaining lease terms	64 years
Remaining lease terms, Financing leases	64 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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed payments	$ 37,592	$ 38,914
Variable payments	6,778	6,743
Operating Lease, Lease Income	$ 44,370	$ 45,657
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024	$ 96,163
2025	119,416
2026	109,150
2027	92,233
2028	77,533
Thereafter	165,595
Total future minimum lease payments to be received	$ 660,090

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Right-of-use asset - operating leases	$ 12,483	$ 12,564
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – operating leases	$ 8,484	$ 8,550
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Right-of-use asset – financing leases	$ 9,763	$ 9,820
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – financing leases	$ 1,573	$ 1,551
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2024	$ 459
2025	770
2026	724
2027	587
2028	587
Thereafter	25,976
Total future minimum lease payments	29,103
Discount	(20,619)
Total	8,484	$ 8,550
2024	6
2025	8
2026	8
2027	8
2028	8
Thereafter	6,930
Total future minimum lease payments	6,968
Discount	(5,395)
Total	$ 1,573	$ 1,551

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Apr. 24, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 04, 2023	May 04, 2022
Class of Stock [Line Items]
Preferred stock, Dividend rate percentage		6.625%		6.625%
Maximum number of shares issued under Equity Incentive Plan						3,763,580
Stock Repurchase Program, Authorized Amount					$ 50
Stock Repurchased During Period, Shares		0	0
Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance		The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum.
Share-based Payment Award, Award Vesting Period		3 years
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, Dividend rate percentage		6.625%
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.1
Dividends paid, declared date		Mar. 15, 2024
Dividends paid date		Apr. 24, 2024
Dividends paid, date of record		Apr. 10, 2024
Common Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 4
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share		$ 0.4140625
Dividends paid, declared date		Mar. 15, 2024
Dividends paid date		Apr. 24, 2024
Dividends paid, date of record		Apr. 10, 2024
Preferred Stock [Member] | Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 1.9
Executive Officer [Member]
Class of Stock [Line Items]
Share-based Payment Award, Award Vesting Period		3 years

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	451,741	428,320
Granted	324,414	198,022
Issuance of dividend equivalents	8,290	9,485
Vested	(228,747)	(216,520)
Ending balance	555,698	419,307
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	424,888	307,500
Granted	324,952	214,888
Issuance of dividend equivalents	0	0
Vested	(120,000)	(97,500)
Ending balance	629,840	424,888

Stockholder's Equity - Summar_2

Stockholder's Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Fair Value	$ 3,539	$ 3,729
Weighted Average Grant Fair Value Per Share	$ 5.45	$ 9.03
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	324,414	198,022
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	324,952	214,888

Stockholder's Equity - Summar_3

Stockholder's Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 1,070	$ 1,024
Restricted Stock Units (RSUs) [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	641	643
Performance Restricted Stock Unit [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 429	$ 381

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Jun. 13, 2019	Dec. 31, 2022	Mar. 31, 2024	Dec. 31, 2023
Cascade Station [Member]
Subsequent Event [Line Items]
Impairment of real estate		$ 6.5
Cascade Station [Member]
Subsequent Event [Line Items]
Restricted cash			$ 2.3	$ 2
Cascade Station [Member] | Secured Debt [Member]
Subsequent Event [Line Items]
Debt instrument, issued, principal	$ 22.5