Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
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 | 54,591,047 | ||
Entity Address, State or Province | BC | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 465.7 | ||
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, 2019 | Dec. 31, 2018 |
Real estate properties | ||
Land | $ 230,034 | $ 223,789 |
Building and improvement | 784,636 | 704,113 |
Tenant improvement | 94,218 | 77,426 |
Furniture, fixtures and equipment | 285 | 319 |
Real estate properties, gross | 1,109,173 | 1,005,647 |
Accumulated depreciation | (101,835) | (70,484) |
Real estate properties, net | 1,007,338 | 935,163 |
Cash and cash equivalents | 70,129 | 16,138 |
Restricted cash | 17,394 | 17,007 |
Rents receivable, net | 32,112 | 26,095 |
Deferred leasing costs, net | 12,393 | 10,402 |
Acquired lease intangible assets, net | 67,533 | 75,501 |
Other assets | 17,061 | 2,755 |
Assets held for sale | 4,514 | 17,370 |
Total Assets | 1,228,474 | 1,100,431 |
Liabilities: | ||
Debt | 607,250 | 645,354 |
Accounts payable and accrued liabilities | 28,786 | 25,892 |
Deferred rent | 6,593 | 5,331 |
Tenant rent deposits | 5,658 | 4,564 |
Acquired lease intangible liabilities, net | 8,194 | 8,887 |
Other liabilities | 22,794 | 11,148 |
Liabilities related to assets held for sale | 67 | 878 |
Total Liabilities | 679,342 | 702,054 |
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, 2019 and 2018 respectively | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 54,591,047 and 39,544,073 shares issued and outstanding as of December 31, 2019 and 2018 respectively | 545 | 395 |
Additional paid-in capital | 577,131 | 377,126 |
Accumulated deficit | (142,383) | (92,108) |
Accumulated other comprehensive income | 715 | |
Total Stockholders' Equity | 548,008 | 397,413 |
Non-controlling interests in properties | 1,124 | 964 |
Total Equity | 549,132 | 398,377 |
Total Liabilities and Equity | $ 1,228,474 | $ 1,100,431 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 54,591,047 | 39,544,073 |
Common stock, shares outstanding | 54,591,047 | 39,544,073 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Rental and other revenues | $ 156,297 | $ 129,484 | $ 106,487 |
Operating expenses: | |||
Property operating expenses | 57,316 | 49,872 | 42,886 |
General and administrative | 11,066 | 8,137 | 6,792 |
Depreciation and amortization | 59,159 | 52,352 | 41,594 |
Impairment of real estate | 3,497 | ||
Total operating expenses | 127,541 | 113,858 | 91,272 |
Operating income | 28,756 | 15,626 | 15,215 |
Interest expense: | |||
Contractual interest expense | (28,401) | (22,316) | (18,721) |
Amortization of deferred financing costs and debt fair value | (1,325) | (1,621) | (1,452) |
Interest expense, net | (29,726) | (23,937) | (20,173) |
Net gain on sale of real estate property | 3,412 | 46,980 | 12,116 |
Change in fair value of contingent consideration | 2,000 | ||
Net income | 2,442 | 38,669 | 9,158 |
Net income attributable to non-controlling interests in properties | (644) | (501) | (3,402) |
Net income attributable to the Company | 1,798 | 38,168 | 5,756 |
Preferred stock distributions | (7,420) | (7,420) | (7,411) |
Net (loss)/income attributable to common stockholders | $ (5,622) | $ 30,748 | $ (1,655) |
Net (loss)/income per common share: | |||
Basic | $ (0.13) | $ 0.82 | $ (0.05) |
Diluted | $ (0.13) | $ 0.82 | $ (0.05) |
Weighted average common shares outstanding: | |||
Basic | 43,997 | 37,321 | 30,198 |
Diluted | 43,997 | 37,670 | 30,198 |
Dividend distributions declared per common share | $ 0.940 | $ 0.940 | $ 0.940 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,442 | $ 38,669 | $ 9,158 |
Unrealized cash flow hedge gains | 821 | ||
Amounts reclassed from accumulated other comprehensive income to interest expense | (106) | ||
Comprehensive income | 3,157 | 38,669 | 9,158 |
Comprehensive income attributable to non-controlling interests in properties | (644) | (501) | (3,402) |
Comprehensive income attributable to the Company | 2,513 | 38,168 | 5,756 |
Preferred stock distributions | (7,420) | (7,420) | (7,411) |
Comprehensive (loss)/income attributable to common stockholders | $ (4,907) | $ 30,748 | $ (1,655) |
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 [Member] | Accumulated Other Comprehensive Income [Member] | Total stockholders' equity [Member] | Operating Partnership Unitholders' Non-controlling Interests [Member] | Non-controlling Interests in Properties [Member] |
Beginning balance at Dec. 31, 2016 | $ 256,059 | $ 112,000 | $ 244 | $ 195,566 | $ (53,608) | $ 254,202 | $ 108 | $ 1,749 | |
Beginning balance, shares at Dec. 31, 2016 | 4,480,000 | 24,382,000 | |||||||
Conversion of OP units to shares, values | 108 | 108 | $ (108) | ||||||
Conversion of OP units to shares, shares | 40,000 | ||||||||
Restricted stock award grants and vesting, values | 1,671 | $ 1 | 1,741 | (71) | 1,671 | ||||
Restricted stock award grants and vesting, shares | 90,000 | ||||||||
Net proceeds from sale of common stock, values | 136,941 | $ 115 | 136,826 | 136,941 | |||||
Net proceeds from sale of common stock, shares | 11,500,000 | ||||||||
Common stock dividend distributions declared | (31,148) | (31,148) | (31,148) | ||||||
Preferred stock dividend distributions declared | (7,906) | (7,906) | (7,906) | ||||||
Distributions | (4,943) | (4,943) | |||||||
Net income | 9,158 | 5,756 | 5,756 | 3,402 | |||||
Ending balance at Dec. 31, 2017 | $ 359,832 | $ 112,000 | $ 360 | 334,241 | (86,977) | 359,624 | 208 | ||
Ending balance, shares at Dec. 31, 2017 | 36,012,086 | 4,480,000 | 36,012,000 | ||||||
Restricted stock award grants and vesting, values | $ 1,330 | $ 1 | 1,641 | (312) | 1,330 | ||||
Restricted stock award grants and vesting, shares | 121,000 | ||||||||
Net proceeds from sale of common stock, values | 42,902 | $ 34 | 42,868 | 42,902 | |||||
Net proceeds from sale of common stock, shares | 3,411,000 | ||||||||
Common stock dividend distributions declared | (35,567) | (35,567) | (35,567) | ||||||
Preferred stock dividend distributions declared | (7,420) | (7,420) | (7,420) | ||||||
Minority interest buyout | (1,139) | (1,624) | (1,624) | 485 | |||||
Contributions | 297 | 297 | |||||||
Distributions | (527) | (527) | |||||||
Net income | 38,669 | 38,168 | 38,168 | 501 | |||||
Ending balance at Dec. 31, 2018 | $ 398,377 | $ 112,000 | $ 395 | 377,126 | (92,108) | 397,413 | 964 | ||
Ending balance, shares at Dec. 31, 2018 | 39,544,073 | 4,480,000 | 39,544,000 | ||||||
Restricted stock award grants and vesting, values | $ 907 | $ 1 | 1,280 | (374) | 907 | ||||
Restricted stock award grants and vesting, shares | 147,000 | ||||||||
Net proceeds from sale of common stock, values | 198,874 | $ 149 | 198,725 | 198,874 | |||||
Net proceeds from sale of common stock, shares | 14,900,000 | ||||||||
Common stock dividend distributions declared | (44,279) | (44,279) | (44,279) | ||||||
Preferred stock dividend distributions declared | (7,420) | (7,420) | (7,420) | ||||||
Contributions | 112 | 112 | |||||||
Distributions | (596) | (596) | |||||||
Net income | 2,442 | 1,798 | 1,798 | 644 | |||||
Unrealized cash flow hedge gains | 715 | $ 715 | 715 | ||||||
Ending balance at Dec. 31, 2019 | $ 549,132 | $ 112,000 | $ 545 | $ 577,131 | $ (142,383) | $ 715 | $ 548,008 | $ 1,124 | |
Ending balance, shares at Dec. 31, 2019 | 54,591,047 | 4,480,000 | 54,591,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net income | $ 2,442 | $ 38,669 | $ 9,158 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 59,159 | 52,352 | 41,594 |
Amortization of deferred financing costs and debt fair value | 1,325 | 1,621 | 1,452 |
Amortization of above/below market leases | (27) | (182) | (337) |
Increase in straight-line rent/expense | (5,233) | (4,703) | (2,820) |
Non-cash stock compensation | 1,742 | 1,416 | 1,671 |
Earn-out termination payment | (2,400) | ||
Net gain on sale of real estate property | (3,412) | (46,980) | (12,116) |
Impairment of real estate | 3,497 | ||
Changes in non-cash working capital: | |||
Rents receivable, net | (1,061) | (1,602) | (1,647) |
Other assets | (330) | (353) | 349 |
Accounts payable and accrued liabilities | (5,538) | (910) | 670 |
Deferred rent | 1,022 | (834) | 324 |
Tenant rent deposits | (590) | 196 | 655 |
Net Cash Provided By Operating Activities | 49,499 | 42,187 | 36,553 |
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (16,002) | (23,586) | (8,189) |
Acquisition of real estate | (108,358) | (254,514) | (249,299) |
Net proceeds from sale of real estate | 46,364 | 84,839 | 18,479 |
Deferred leasing costs | (3,926) | (4,048) | (4,289) |
Net Cash Used In Investing Activities | (81,922) | (197,309) | (243,298) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common stock | 198,874 | 42,902 | 136,941 |
Debt issuance and extinguishment costs | (1,008) | (2,963) | (3,202) |
Proceeds from borrowings | 154,750 | 398,749 | 392,340 |
Repayment of borrowings | (216,336) | (241,820) | (272,772) |
Shares withheld for payment of taxes on restricted stock unit vesting | (832) | (87) | |
Minority interest buyout | (1,140) | ||
Contributions from non-controlling interests in properties | 112 | 297 | |
Distributions to non-controlling interests in properties | (596) | (527) | (4,943) |
Dividend distributions paid to stockholders and Operating Partnership unitholders | (48,163) | (42,158) | (36,256) |
Net Cash Provided By Financing Activities | 86,801 | 153,253 | 212,108 |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 54,378 | (1,869) | 5,363 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 33,145 | 35,014 | 29,651 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 87,523 | 33,145 | 35,014 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and Cash Equivalents, End of Period | 70,129 | 16,138 | 12,301 |
Restricted Cash, End of Period | 17,394 | 17,007 | 22,713 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 87,523 | 33,145 | 35,014 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 28,479 | 22,131 | 18,408 |
Purchases of additions in real estate properties included in accounts payable | 6,489 | 6,791 | 2,616 |
Purchases of deferred leasing costs included in accounts payable | 603 | $ 654 | $ 815 |
Debt assumed on acquisition of real estate | $ 22,473 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
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”) November 26, 2013 April 21, 2014 The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2019, any applicable alternative minimum tax. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our 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 constitutes 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 on the difference between the current 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 Company 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 improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. 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 deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective 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 We determine if an arrangement is a lease at inception. Operating and financing right-of-use s 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 28 50 Site improvement 4 20 Furniture, fixtures and equipment 4 10 Expenditures for maintenance and repairs are charged to operations 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 considered 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 value 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 its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. Variable Interest Entities 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 FDIC 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 8 re-elect 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 periods. Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding for the years ended December 31, 2019 and December 31, 2018 and December 31, 2017. 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 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, a company 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. New Accounting Pronouncements Adopted in the Current Year In February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, on-balance No. 2018-01, No. 2018-10, No. 2018-11, Effective January 1, 2019, the Company adopted FASB ASU 2016-02, • Transition method practical expedient – permits the Company to use the effective date as the date of initial application. Upon adoption, the Company did not have a cumulative-effect adjustment to the opening balance of retained earnings. Financial information and disclosures for periods before January 1, 2019 were not updated. • Package of practical expedients – permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. This allowed the Company to continue classifying its leases at transition in substantially the same manner. • Single component practical expedient – permits the Company to not separate lease and non-lease • Land easement practical expedient – permits the Company not to reassess under the new standard its prior conclusions about land easements. • Short-term lease practical expedient – permits the Company not to recognize leases with a term equal to or less than 12 months. Lessor Accounting The accounting for lessors under the new standard remained relatively unchanged with a few targeted updates impacting the Company, which included: (i) narrower definition of initial direct costs that requires certain costs to be expensed rather than capitalized, and (ii) provisions for uncollectible rents to be recorded as a reduction in revenue rather than as bad debt expense. Lessee Accounting The new standard requires lessees to recognize a right-of-use right-of |
Rents Receivable, Net
Rents Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Billed receivables $ 2,880 $ 2,383 Straight-line receivables 29,232 23,712 Total rents receivable $ 32,112 $ 26,095 As of December 31, 2019, and 2018, the Company’s allowance for doubtful accounts was nomi n |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments Acquisitions During the years ended December 31, 2019, December 31, 2018 and December 31, 2017 the Company acquired the following properties: Property Date Acquired Percentage Owned 7601 Tech (1) September 2019 100 % Cascade Station June 2019 100 % Canyon Park February 2019 100 % Camelback Square December 2018 100 % Greenwood Blvd December 2018 100 % Circle Point Land December 2018 100 % The Quad July 2018 100 % Circle Point July 2018 100 % Pima Center April 2018 100 % Papago Tech October 2017 100 % Mission City and Sorrento Mesa September 2017 100 % 2525 McKinnon January 2017 100 % (1) Denver Tech is comprised of 7601 Tech, which was acquired in September 2019, and 7595 Tech (formerly “DTC Crossroads”). 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, 2019 (in thousands): Canyon Park Cascade 7601 Tech Total 2019 Land $ 7,098 $ — $ 10,865 $ 17,963 Buildings and improvements 36,619 25,141 25,677 87,437 Tenant improvements 1,797 2,080 3,858 7,735 Lease intangible assets 8,109 3,134 7,401 18,644 Other assets 10 3,164 293 3,467 Debt — (697 ) — (697 ) Accounts payable and other liabilities (1,266 ) (186 ) (668 ) (2,120 ) Lease intangible liabilities (1,297 ) (220 ) (79 ) (1,596 ) Net assets acquired $ 51,070 $ 32,416 $ 47,347 $ 130,833 Consideration paid on acquisitions was in the form of cash and debt. The acquisition of the Cascade Station property was partially funded through an assumption of debt with a pr incipal at closing The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2018 (in thousands): Pima Center Circle Point The Quad Circle Point Greenwood Camelback Total December 31, 2018 Land $ — $ 8,744 $ 8,079 $ 4,937 $ 3,945 $ 11,738 $ 37,443 Buildings and improvements 42,235 33,708 38,060 — 23,741 35,532 173,276 Tenant improvements 2,898 5,393 1,798 — 2,278 2,390 14,757 Lease intangible assets 10,691 10,299 4,209 — 4,578 4,304 34,081 Other assets 95 25 15 — 15 10 160 Accounts payable and other liabilities (337 ) (1,157 ) (527 ) (72 ) (96 ) (421 ) (2,610 ) Lease intangible liabilities (129 ) (390 ) (1,247 ) — — (827 ) (2,593 ) Net assets acquired $ 55,453 $ 56,622 $ 50,387 $ 4,865 $ 34,461 $ 52,726 $ 254,514 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2017 (in thousands): 2525 McKinnon Mission City and Mesa Papago T Total December 31, 2017 Land $ 10,629 $ 66,097 $ 10,746 $ 87,472 Buildings and improvements 33,357 78,072 17,469 128,898 Tenant improvements 1,158 8,393 2,293 11,844 Lease intangible assets 3,267 22,846 2,816 28,929 Other assets — 140 10 150 Accounts payable and other liabilities (190 ) (1,507 ) (246 ) (1,943 ) Lease intangible liabilities (2,186 ) (3,766 ) (99 ) (6,051 ) Net assets acquired $ 46,035 $ 170,275 $ 32,989 $ 249,299 Sale of Real Estate Property On December 12, 2019, the Company sold the Logan Tower property in Denver, Colorado for $ 12.6 2.9 On May 7, 2019, the Company sold the 10455 Pacific Center building of the Sorrento Mesa property in San Diego, California for $16.5 million, resulting in an aggregate gain of $0.5 million net of disposal-related costs, which has been classified as net gain on sale of real estate property in the consolidated statements of operations. On February 7, 2019, the Company sold the Plaza 25 property in Denver, Colorado for $17.9 million. No gain or loss was recognized on the sale as the property was carried at fair value less cost to sell on the date of disposition. On March 8, 2018, the Company sold the Washington Group Plaza property in Boise, Idaho for $86.5 million, resulting in an aggregate net gain of $47.0 million, net of $1.7 million in costs, which has been classified as net gain on sale of real estate property in the consolidated statements of operations. On May 2, 2017, the Company sold the 1400 and 1600 buildings at the AmberGlen property in Portland, Oregon, and its related assets and liabilities, for a sales price of $ 18.9 12.1 2.0 Assets Held for Sale On May 10, 2019, the Company entered into a p s half non-refundable The property has been classified as held for sale as of December 31, 2019 (in thousands): December 31, 2019 Circle Point Real estate properties, net $ 4,514 Assets held for sale $ 4,514 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (67 ) Liabilities related to assets held for sale $ (67 ) On November 30, 2018, the Company entered into a p s ale 3.5 0.5 non-refundable was O 7, The property was December 31, 2018 Plaza 25 Real estate properties, net $ 16,149 Deferred leasing costs, net 419 Acquired lease intangible assets, net 11 Rents receivable, prepaid expenses and other assets 791 Assets held for sale $ 17,370 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (878 ) Liabilities related to assets held for sale $ ) Variable Interest Entities As of December 31, 2017 , s s As of December 31, 2019 and December 31, 2018 the Company did not have any variable interest entities. |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2019 and December 31, 2018 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market Leases Below Market (1) In Place Leasing Total Below Below Market (1) Total Cost $ 15,242 $ — $ 87,320 $ 36,048 $ 138,610 $ (13,878 ) $ (138 ) $ (14,016 ) Accumulated amortization (6,704 ) — (48,229 ) (16,144 ) (71,077 ) 5,782 40 5,822 $ 8,538 $ — $ 39,091 $ 19,904 $ 67,533 $ (8,096 ) $ (98 ) $ (8,194 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below Market (1) In Place Leasing Total Below Below Market (1) Total Cost $ 10,595 $ 1,855 $ 82,474 $ 31,706 $ 126,630 $ (12,925 ) $ (138 ) $ (13,063 ) Accumulated amortization (4,800 ) (19 ) (34,273 ) (12,037 ) (51,129 ) 4,140 36 4,176 $ 5,795 $ 1,836 $ 48,201 $ 19,669 $ 75,501 $ (8,785 ) $ (102 ) $ (8,887 ) (1) For the below market ground lease asset the Company is the lessee, whereas, for the below market ground lease liability the Company is the lessor. Upon the adoption of Topic 842 on January 1, 2019, the Company derecognized the below market ground lease intangible asset related to one of its lessee ground leases and included the net carrying value of the intangible asset within the right-of-use The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): 2020 $ 18,987 2021 15,894 2022 8,217 2023 5,358 2024 3,190 Thereafter 7,693 $ 59,339 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the o utstanding Property December 31, December 31, Interest Rate as of December 31, (1) Maturity Unsecured Credit Facility (3)(4) $ — $ 147,500 LIBOR + 1.40 % (2) March 2022 Term Loan (4) 50,000 — LIBOR + 1.25 % (2) September 2024 Midland Life Insurance (5) 85,293 86,973 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 Canyon Park (6) 40,950 — 4.30 March 2027 190 Office Center 40,854 41,250 4.79 October 2025 Circle Point 39,650 39,650 4.49 September 2028 SanTan 34,053 34,682 4.56 March 2027 Intellicenter 32,971 33,481 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection (7) 28,969 29,589 3.10 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Greenwood Blvd (7) 22,425 22,425 3.15 December 2025 Cascade Station 22,304 — 4.55 May 2024 5090 N 40 th 22,000 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,717 18,044 4.28 August 2024 Central Fairwinds (8) 17,534 17,882 3.15 June 2024 FRP Ingenuity Drive 17,000 17,000 4.44 December 2024 Carillon Point (7) 15,972 16,330 3.10 October 2023 Total Principal 612,292 651,406 Deferred financing costs, net (5,660 ) (6,052 ) Unamortized fair value adjustments 618 — Total $ 607,250 $ 645,354 (1) All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) and the term loan (“Term Loan”) as explained in footnotes 3 and 4 below. (2) As of December 31, 2019, the one month LIBOR rate was 1.76 %. (3) In March 2018, the Company entered into the Credit Agreement for our that provides for commitmen ts o f up to $ 250 million, allows million, subject to customary terms and conditions. The Unsecured Credit Facility matures in March 2022 a nd drawn and $7.0 million of letters of credit to satisfy escrow requirements for mortgage lenders. Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50 x. (4) In September 2019, the Company entered into a five-year under the Unsecured Credit Facility five-year for notional amount $ 50 million Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate 30-day LIBOR payments. (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). Interest on mortgage loan is payable monthly plus principal based on 360 4.34 May 6, 2021 (6) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (7) In August 2019, the Company entered into loan modification agreements for FRP Collection (part of Florida Research Park), Carillon Point and Greenwood Blvd reducing the interest rates from 3.85 % to 3.1 %, 3.5 % to 3.1 % and 4.6 % to 3.15 % respectively. (8) In September 2019, the Company entered into a loan modification agreement for Central Fairwinds reducing the interest rate from 4.0 % to 3.15 %. The scheduled principal repayments of mortgage payable as of December , are as follows (in thousands): 2020 $ 6,279 2021 89,355 2022 6,529 2023 48,529 2024 124,725 Thereafter 336,875 $ 612,292 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 the five-year Interest Rate Swap for a notional amount of 50.0 million. Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27 of the notional amount annually, payable monthly, and receive floating rate 30-day The Interest Rate Swap has been designated and qualifies as a cash flow hedge and has been recognized on the consolidated balance sheets at fair value. Gains and losses resulting from changes in the fair value of derivatives that have been designated and qualify as cash flow hedges are reported as a component of other comprehensive income (loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of December 31, 2019, the Interest Rate Swap was reported as an asset at its fair value of approximately $ 0.7 as $0.1 As of December 31, 2018, the Company did no 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 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 $ 576.9 503.3 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Administrative Services Agreement s On October 29, 2018, the Company entered into the First Amendment (the “Amendment”) to the Administrative Services Agreement with real estate investment funds affiliated with Second City Capital II 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 will be $500,000 for the first twelve months following the Effective Date and thereafter an amount equal to 40% of the management fee paid to SCRE II by the fund managed by SCRE II. During the years ended December 31 , 2019 , 2018 , and 2017 , the Company earned $0.5 million, $0.7 million, and $ 1.2 SCRE . Also during the year ended December 31, 2019, the Company was assigned a purchase contract which had been entered into by an entity affiliated with principals of Second City, which principals are also officers of the Company. The Company subsequently assigned the purchase contract to a third party. The Company paid no consideration to the related party for the contract other than return of deposits which the Company subsequently recovered from a third party in addition to an assignment fee. The Company recognized income of $2.6 million on the assignment of the purchase contract to the third party, which was recorded in rental and other revenues on the consolidated statement of operations. On July 31, 2019, an indirect, wholly-owned subsidiary of the Company entered into an administrative services agreement with Clarity Real Estate III GP, Limited Partnership and Clarity Real Estate Ventures GP, Limited Partnership (together, “Clarity”), entities affiliated with principals of Second City and officers of the Company. Pursuant to the Administrative Services Agreement, the Company will provide various administrative services and support to the related entities managing the Clarity funds. During the year ended December 31, 2019 , a e Earn-Out Payment On February 15, 2017, the Company entered into a Termination and Mutual Release Agreement with Second City that terminated our obligation to make any future earn-out payments associated with the Central Fairwinds property in exchange for a cash payment of $2.4 million, which was made to Second City on February 21, 2017. Minority Interest Buy Out On August 1, 2018, the Company signed an agreement with Second City Capital Partners II, Limited Partnership (“SCCP”) whereby SCCP seven , |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
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. Our properties have both full-service gross a n non-lease For the year ended December 31, 2019, the Company recognized $153.5 million, respectively, of rental and other revenue related to its operating leases (in thousands): Year ended December 31, 2019 Fixed payments $ 132,540 Variable payments 20,990 $ 153,530 Future minimum lease payments to be received as of December 31, 2019 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2020 $ 116,513 2021 110,491 2022 94,800 2023 73,959 2024 53,905 Thereafter 113,580 $ 563,248 The above minimum lease payments to be received do not include reimbursements from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases. The Company’s leases may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increase rather than variable payments based on an index or unknown rate. One state government tenant currently has the exercisable right to terminate their lease if the state does not appropriate rent in its annual budgets. The Company has determined that the occurrence of the government tenant not appropriating the rent in its annual budget is a remote contingency and accordingly recognizes lease revenue on a straight-line basis over the respective lease term. This tenant represents approximately 7.3% of the Company’s total future minimum lease payments as of December 31, 2019. Lessee Accounting As a lessee, the Company has ground and office leases classified as operating leases and one office lease classified as a financing lease. Upon adoption of Topic 842, on January 1, 2019, the Company recognized right-of-use right-of-use right-of-use Operating and financing right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s consolidated balance sheet as follows (in thousands): As of December 31, 2019 Right-of-use $ 13,130 Lease liability – operating leases $ 8,033 Right-of-use $ 79 Lease liability – financing leases $ 79 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 6.3 Right-of-use Operating lease expense for the t welve 0.8 . Future minimum lease payments to be paid by the Company as a lessee as of December 31, 2019 for the next five years and thereafter are as follows (in thousands): Operating Financing 2020 $ 533 $ 27 2021 817 27 2022 798 27 2023 663 4 2024 597 — Thereafter 26,680 — Total future minimum lease payments 30,088 85 Discount (22,055 ) (6 ) Total $ 8,033 $ 79 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. Earnings per Share The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2019, 2018, and 2017 (in thousands, except per share amounts): Year ended December 31, 2019 2018 2017 Net income $ 2,442 $ 38,669 $ 9,158 Less: Net income attributable to noncontrolling interests in properties (644 ) (501 ) (3,402 ) Less: Net income attributable to Preferred stockholders (7,420 ) (7,420 ) (7,411 ) Numerator for basic and diluted EPS $ (5,622 ) $ 30,748 $ (1,655) Denominator for basic EPS 43,997 37,321 30,198 Dilutive effect of RSUs — 349 — Denominator for dilutive EPS 43,997 37,670 30,198 Net (loss)/income per common share: Basic $ (0.13 ) $ 0.82 $ (0.05 ) Dilutive $ (0.13 ) $ 0.82 $ (0.05 ) |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Stockholder's Equity | 12. Stockholder’s Equity On June 16, 2017, the Company and the Operating Partnership previously entered into the equity distribution agreements (collectively, the “ Original Agreements ”) with each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and BMO Capital Markets Corp. (collectively, the “Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of common stock and the Company’s 6.625% Series A Preferred Stock (the “Series A Preferred Stock”) through the Sales Agents, acting as agents or principals (the “ATM Program”). On November 1, 2018, the Company and the Operating Partnership entered into amendments (the “Amendments”) to the Original Agreements (as amended by the Amendments, the “EDAs”) with each of the Sales Agents to increase the number of shares of common stock issuable under the ATM Program. Pursuant to the terms of the EDAs, the Company may issue and sell from time to time, up to 8,000,000 shares of common stock and up to 1,000,000 shares of Series A pursuant to pursuant to the Original Agreements . C raised $43.6 million in gross proceeds, resulting in net proceeds to us of approximately $42.9 million after deducting sales commissions and offering expenses. The Company terminated the EDAs effective February 25, 2020. On October 7, 2019, the Company completed a public offering pursuant to which the Company sold 6,900,000 shares of its common stock, inclusive of the overallotment option . The Company raised $95.6 million in aggregate gross proceeds, resulting in aggregate net proceeds to the Company of approximately $94.1 million after deducting underwriting discounts and offering expenses. Non-controlling The following table summarizes the non-controlling December 31, 2019 December 31, 2018 City Center $ (147 ) $ (183 ) Central Fairwinds (314 ) (304 ) AmberGlen (1,141 ) (1,272 ) FRP Collection 851 791 Park Tower 1,875 1,932 $ 1,124 $ 964 Common Stock and Common Unit Distributions During the year ended December 31, 2019, the Company declared aggregate cash distributions to common stockholders and common unitholders of $44.3 million. The Company paid aggregate cash distributions of $40.7 million for the year-ended December 31, 2019 and $12.8 million was payable as of December 31, 2019. During the year ended December 31, 2019, the Company declared the following distributions per share and unit: Period Distribution per Share/Unit Declaration Date Record Date Payment Date January 1, 2019 – March 31, 2019 $ 0.235 March 15, 2019 April 11, 2019 April 25, 2019 April 1, 2019 – June 30, 2019 0.235 June 14, 2019 July 11, 2019 July 25, 2019 July 1, 2019 – September 30, 2019 0.235 September 16, 2019 October 11, 2019 October 25, 2019 October 1, 2019 – December 31, 2019 0.235 December 13, 2019 January 10, 2020 January 24, 20 20 Total $ 0.940 Preferred Stock Distributions During the year ended December 31, 2019, 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, 2019 and $1.9 million was payable as of December 31, 2019. Restricted Stock Units The Company has an equity incentive plan ( as amended, “Equity Incentive Plan”) for certain officers, directors, advisors and personnel, and, with approval of the board of directors, for subsidiaries and their respective affiliates. The Equity Incentive Plan provides for grants of restricted common stock, restricted stock units, phantom shares, stock options, dividend equivalent rights and other equity-based awards (including LTIP Units), subject to the total number of shares available for issuance under the plan. The Equity Incentive Plan is administered by the compensation committee of the board of directors (the “plan administrator”). On May 2, 2019, the Company’s stockholders approved an amendment to the Equity Incentive Plan increasing the maximum number of shares of common stock that may be issued under the Equity Incentive Plan from to 2,263,580 shares . To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. During the year ended December 31, 2019, 162,500 restricted stock units (“RSUs”) were granted to directors, executive officers and non-executive During the year ended December 31, 2018, 156,375 RSUs were granted to directors, executive officers and non-executive During the year ended December 31, 2017, 117,478 RSUs were granted to directors, executive officers and non-executive For the year ended December 31, 2019, December 31, 2018 and December 31, 2017, the Company recognized net compensation expense of $1.7 million, $1.4 million and $1.7 million respectively related to the RSUs. A 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 3 Quarterly Financial Information (unaudited): |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 1 3 Quarterly Financial Information (unaudited): The following tables summarize certain selected quarterly financial data for 2019 and 2018 (in thousands, except per share data). Summation of the individual quarters of net income/(loss) per share may not equal annual totals due to rounding. 2019 Quarters Fourth Third Second First Revenue $ 39,060 $ 38,946 $ 41,171 $ 37,120 Net income/(loss) 2,988 (947 ) 1,321 (920 ) Net income/(loss) attributable to common stockholders 987 (2,966 ) (699 ) (2,944 ) Net income/(loss) per share 0.02 (0.07 ) (0.02 ) (0.07 ) 2018 Quarters Fourth Third Second First Revenue $ 34,167 $ 33,547 $ 30,236 $ 31,534 Net (loss)/income (6,684 ) (1,161 ) (684 ) 47,198 Net (loss)/income attributable to common stockholders (8,656 ) (3,151 ) (2,653 ) 45,208 Net (loss)/income per share (0.22 ) (0.08 ) (0.07 ) 1.25 |
Schedule III - Real Estate Prop
Schedule III - Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Properties and Accumulated Depreciation | City Office REIT, Inc. SCHEDULE III – REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION December 31, 2019 (In t Intial Costs to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried as of December 31 , 2019 (1) Description Encumbrances (2) Land Buildings and Improvements Improvements Land Building and Improvements Total (3) Accumulated Amortization Year Construction Year Acquired AmberGlen $ 20,000 $ 6,546 $ 3,490 $ 2,578 $ 6,546 $ 6,068 $ 12,614 $ 2,898 1984 1998 2009 City Center 22,965 3,123 10,656 9,790 3,123 20,446 23,569 7,484 1984 2010 Central Fairwinds 17,534 1,747 9,751 6,927 1,747 16,678 18,425 4,471 1982 2012 Cherry Creek 46,867 25,745 20,144 1,837 25,745 21,981 47,726 6,590 1962- 1980 2014 Lake Vista Pointe 17,717 4,115 20,600 178 4,115 20,778 24,893 5,171 2007 2014 Florida Research Park (4) 45,969 11,446 56,475 3,228 11,446 59,703 71,149 9,100 1999 2014; 2016 Superior Pointe — 3,153 19,834 1,810 3,153 21,644 24,797 3,452 2000 2015 Denver Tech (5) 15,461 18,002 52,719 1,679 18,002 54,398 72,400 4,314 1999; 1997 2015; 2019 190 Office Center 40,854 7,162 39,690 1,596 7,162 41,286 48,448 5,110 2001 2015 Intellicenter 32,971 5,244 34,278 69 5,244 34,347 39,591 4,726 2008 2015 Carillon Point 15,972 5,172 17,316 213 5,172 17,529 22,701 3,160 2007 2016 Park Tower — 3,479 68,656 15,513 3,479 84,169 87,648 9,617 1973 2016 5090 N 40th St 22,000 6,696 32,123 1,633 6,696 33,756 40,452 3,018 1988 2016 SanTan 34,053 6,803 37,187 4,556 6,803 41,743 48,546 5,180 2000 2003 2016 2525 McKinnon 27,000 10,629 34,515 1,778 10,629 36,293 46,922 2,846 2003 2017 Mission City 47,000 25,741 41,474 6,337 25,741 47,811 73,552 6,066 1990 2007 2017 Sorrento Mesa — 34,305 36,726 2,445 34,305 39,171 73,476 4,093 1985 2001 2017 Papago Tech — 10,746 19,762 709 10,746 20,471 31,217 2,169 1993 1995 2017 Pima Center — — 45,133 1,030 — 46,163 46,163 3,345 2006 2008 2018 Circle Point 39,650 9,320 39,101 1,581 9,320 40,682 50,002 3,036 2001 2018 The Quad 30,600 8,079 39,858 93 8,079 39,951 48,030 2,103 1982 2018 Greenwood Blvd 22,425 3,945 26,019 500 3,945 26,519 30,464 915 1997 2018 Camelback Square — 11,738 37,922 1,267 11,738 39,189 50,927 1,325 1978 2018 Canyon Park 40,950 7,098 38,416 2,691 7,098 41,107 48,205 1,046 1993; 1999 2019 Cascade Station 22,304 — 27,220 36 — 27,256 27,256 600 2008-2009 2019 Corporate 50,000 — — — — — — — Total $ 612,292 $ 230,034 $ 809,065 $ 70,074 $ 230,034 $ 879,139 $ 1,109,173 $ 101,835 (1) The aggregate cost for federal tax purposes as of December 31 , 2019 of our real estate assets a pproximately 1.1 billion. (2) Encumbrances exclude net deferred financing costs of $ 5,660 618 (3) Properties identified as held for sale at December 31 , 2019 are excluded. (4) Florida Research Park is ed (5) Denver Tech is d A summary of activity for real estate and accumulated depreciation for the year s ended December 31, 2019 and 2018 is as follows: 2019 2018 Real Estate Properties Balance, beginning of year $ 1,005,647 $ 776,301 Acquisitions 113,134 225,476 Dispositions and impairments (27,585 ) (5,715 ) Capital improvements 22,491 30,378 Assets held for sale (4,514 ) (20,793 ) Balance, end of year $ 1,109,173 $ 1,005,647 Accumulated Depreciation Balance, beginning of year $ 70,484 $ 48,234 Depreciation 35,531 29,196 Dispositions (4,180 ) (2,301 ) Depreciation on assets held for sale — (4,645 ) Balance, end of year $ 101,835 $ 70,484 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our 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 constitutes 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 on the difference between the current 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 Company 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 improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. 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 deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective 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 We determine if an arrangement is a lease at inception. Operating and financing right-of-use s 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 28 50 Site improvement 4 20 Furniture, fixtures and equipment 4 10 Expenditures for maintenance and repairs are charged to operations 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 considered 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 value 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 its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. |
Variable Interest Entities | Variable Interest Entities 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 FDIC 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 8 re-elect |
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 periods. |
Earnings per Common Share | Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding for the years ended December 31, 2019 and December 31, 2018 and December 31, 2017. 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 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, a company 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. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted in the Current Year In February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, on-balance No. 2018-01, No. 2018-10, No. 2018-11, Effective January 1, 2019, the Company adopted FASB ASU 2016-02, • Transition method practical expedient – permits the Company to use the effective date as the date of initial application. Upon adoption, the Company did not have a cumulative-effect adjustment to the opening balance of retained earnings. Financial information and disclosures for periods before January 1, 2019 were not updated. • Package of practical expedients – permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. This allowed the Company to continue classifying its leases at transition in substantially the same manner. • Single component practical expedient – permits the Company to not separate lease and non-lease • Land easement practical expedient – permits the Company not to reassess under the new standard its prior conclusions about land easements. • Short-term lease practical expedient – permits the Company not to recognize leases with a term equal to or less than 12 months. Lessor Accounting The accounting for lessors under the new standard remained relatively unchanged with a few targeted updates impacting the Company, which included: (i) narrower definition of initial direct costs that requires certain costs to be expensed rather than capitalized, and (ii) provisions for uncollectible rents to be recorded as a reduction in revenue rather than as bad debt expense. Lessee Accounting The new standard requires lessees to recognize a right-of-use right-of |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of 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 28 50 Site improvement 4 20 Furniture, fixtures and equipment 4 10 |
Rents Receivable, Net (Tables)
Rents Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Components of Rents Receivable | The Company’s rents receivable is comprised of the following components (in thousands): December 31, 2019 December 31, 2018 Billed receivables $ 2,880 $ 2,383 Straight-line receivables 29,232 23,712 Total rents receivable $ 32,112 $ 26,095 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Acquired Properties | During the years ended December 31, 2019, December 31, 2018 and December 31, 2017 the Company acquired the following properties: Property Date Acquired Percentage Owned 7601 Tech (1) September 2019 100 % Cascade Station June 2019 100 % Canyon Park February 2019 100 % Camelback Square December 2018 100 % Greenwood Blvd December 2018 100 % Circle Point Land December 2018 100 % The Quad July 2018 100 % Circle Point July 2018 100 % Pima Center April 2018 100 % Papago Tech October 2017 100 % Mission City and Sorrento Mesa September 2017 100 % 2525 McKinnon January 2017 100 % (1) Denver Tech is comprised of 7601 Tech, which was acquired in September 2019, and 7595 Tech (formerly “DTC Crossroads”). |
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, 2019 (in thousands): Canyon Park Cascade 7601 Tech Total 2019 Land $ 7,098 $ — $ 10,865 $ 17,963 Buildings and improvements 36,619 25,141 25,677 87,437 Tenant improvements 1,797 2,080 3,858 7,735 Lease intangible assets 8,109 3,134 7,401 18,644 Other assets 10 3,164 293 3,467 Debt — (697 ) — (697 ) Accounts payable and other liabilities (1,266 ) (186 ) (668 ) (2,120 ) Lease intangible liabilities (1,297 ) (220 ) (79 ) (1,596 ) Net assets acquired $ 51,070 $ 32,416 $ 47,347 $ 130,833 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2018 (in thousands): Pima Center Circle Point The Quad Circle Point Greenwood Camelback Total December 31, 2018 Land $ — $ 8,744 $ 8,079 $ 4,937 $ 3,945 $ 11,738 $ 37,443 Buildings and improvements 42,235 33,708 38,060 — 23,741 35,532 173,276 Tenant improvements 2,898 5,393 1,798 — 2,278 2,390 14,757 Lease intangible assets 10,691 10,299 4,209 — 4,578 4,304 34,081 Other assets 95 25 15 — 15 10 160 Accounts payable and other liabilities (337 ) (1,157 ) (527 ) (72 ) (96 ) (421 ) (2,610 ) Lease intangible liabilities (129 ) (390 ) (1,247 ) — — (827 ) (2,593 ) Net assets acquired $ 55,453 $ 56,622 $ 50,387 $ 4,865 $ 34,461 $ 52,726 $ 254,514 The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2017 (in thousands): 2525 McKinnon Mission City and Mesa Papago T Total December 31, 2017 Land $ 10,629 $ 66,097 $ 10,746 $ 87,472 Buildings and improvements 33,357 78,072 17,469 128,898 Tenant improvements 1,158 8,393 2,293 11,844 Lease intangible assets 3,267 22,846 2,816 28,929 Other assets — 140 10 150 Accounts payable and other liabilities (190 ) (1,507 ) (246 ) (1,943 ) Lease intangible liabilities (2,186 ) (3,766 ) (99 ) (6,051 ) Net assets acquired $ 46,035 $ 170,275 $ 32,989 $ 249,299 |
Schedule of Property Classified as Held for Sale | The property has been classified as held for sale as of December 31, 2019 (in thousands): December 31, 2019 Circle Point Real estate properties, net $ 4,514 Assets held for sale $ 4,514 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (67 ) Liabilities related to assets held for sale $ (67 ) The property was December 31, 2018 Plaza 25 Real estate properties, net $ 16,149 Deferred leasing costs, net 419 Acquired lease intangible assets, net 11 Rents receivable, prepaid expenses and other assets 791 Assets held for sale $ 17,370 Accounts payable, accrued expenses, deferred rent and tenant rent deposits (878 ) Liabilities related to assets held for sale $ ) |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and December 31, 2018 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market Leases Below Market (1) In Place Leasing Total Below Below Market (1) Total Cost $ 15,242 $ — $ 87,320 $ 36,048 $ 138,610 $ (13,878 ) $ (138 ) $ (14,016 ) Accumulated amortization (6,704 ) — (48,229 ) (16,144 ) (71,077 ) 5,782 40 5,822 $ 8,538 $ — $ 39,091 $ 19,904 $ 67,533 $ (8,096 ) $ (98 ) $ (8,194 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2018 Above Market Leases Below Market (1) In Place Leasing Total Below Below Market (1) Total Cost $ 10,595 $ 1,855 $ 82,474 $ 31,706 $ 126,630 $ (12,925 ) $ (138 ) $ (13,063 ) Accumulated amortization (4,800 ) (19 ) (34,273 ) (12,037 ) (51,129 ) 4,140 36 4,176 $ 5,795 $ 1,836 $ 48,201 $ 19,669 $ 75,501 $ (8,785 ) $ (102 ) $ (8,887 ) |
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): 2020 $ 18,987 2021 15,894 2022 8,217 2023 5,358 2024 3,190 Thereafter 7,693 $ 59,339 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Indebtness | The following table summarizes the o utstanding Property December 31, December 31, Interest Rate as of December 31, (1) Maturity Unsecured Credit Facility (3)(4) $ — $ 147,500 LIBOR + 1.40 % (2) March 2022 Term Loan (4) 50,000 — LIBOR + 1.25 % (2) September 2024 Midland Life Insurance (5) 85,293 86,973 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 Canyon Park (6) 40,950 — 4.30 March 2027 190 Office Center 40,854 41,250 4.79 October 2025 Circle Point 39,650 39,650 4.49 September 2028 SanTan 34,053 34,682 4.56 March 2027 Intellicenter 32,971 33,481 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection (7) 28,969 29,589 3.10 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Greenwood Blvd (7) 22,425 22,425 3.15 December 2025 Cascade Station 22,304 — 4.55 May 2024 5090 N 40 th 22,000 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,717 18,044 4.28 August 2024 Central Fairwinds (8) 17,534 17,882 3.15 June 2024 FRP Ingenuity Drive 17,000 17,000 4.44 December 2024 Carillon Point (7) 15,972 16,330 3.10 October 2023 Total Principal 612,292 651,406 Deferred financing costs, net (5,660 ) (6,052 ) Unamortized fair value adjustments 618 — Total $ 607,250 $ 645,354 (1) All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) and the term loan (“Term Loan”) as explained in footnotes 3 and 4 below. (2) As of December 31, 2019, the one month LIBOR rate was 1.76 %. (3) In March 2018, the Company entered into the Credit Agreement for our that provides for commitmen ts o f up to $ 250 million, allows million, subject to customary terms and conditions. The Unsecured Credit Facility matures in March 2022 a nd drawn and $7.0 million of letters of credit to satisfy escrow requirements for mortgage lenders. Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50 x. (4) In September 2019, the Company entered into a five-year under the Unsecured Credit Facility five-year for notional amount $ 50 million Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate 30-day LIBOR payments. (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). Interest on mortgage loan is payable monthly plus principal based on 360 4.34 May 6, 2021 (6) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (7) In August 2019, the Company entered into loan modification agreements for FRP Collection (part of Florida Research Park), Carillon Point and Greenwood Blvd reducing the interest rates from 3.85 % to 3.1 %, 3.5 % to 3.1 % and 4.6 % to 3.15 % respectively. (8) In September 2019, the Company entered into a loan modification agreement for Central Fairwinds reducing the interest rate from 4.0 % to 3.15 %. |
Schedule of Principal Repayments of Mortgage Payable | The scheduled principal repayments of mortgage payable as of December , are as follows (in thousands): 2020 $ 6,279 2021 89,355 2022 6,529 2023 48,529 2024 124,725 Thereafter 336,875 $ 612,292 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease Lease Income | For the year ended December 31, 2019, the Company recognized $153.5 million, respectively, of rental and other revenue related to its operating leases (in thousands): Year ended December 31, 2019 Fixed payments $ 132,540 Variable payments 20,990 $ 153,530 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments to be received as of December 31, 2019 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2020 $ 116,513 2021 110,491 2022 94,800 2023 73,959 2024 53,905 Thereafter 113,580 $ 563,248 |
Schedule Of Supplemental Balance Sheet Information Related To Leases | Operating and financing right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s consolidated balance sheet as follows (in thousands): As of December 31, 2019 Right-of-use $ 13,130 Lease liability – operating leases $ 8,033 Right-of-use $ 79 Lease liability – financing leases $ 79 |
Schedule future minimum lease payments to be paid | Future minimum lease payments to be paid by the Company as a lessee as of December 31, 2019 for the next five years and thereafter are as follows (in thousands): Operating Financing 2020 $ 533 $ 27 2021 817 27 2022 798 27 2023 663 4 2024 597 — Thereafter 26,680 — Total future minimum lease payments 30,088 85 Discount (22,055 ) (6 ) Total $ 8,033 $ 79 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018, and 2017 (in thousands, except per share amounts): Year ended December 31, 2019 2018 2017 Net income $ 2,442 $ 38,669 $ 9,158 Less: Net income attributable to noncontrolling interests in properties (644 ) (501 ) (3,402 ) Less: Net income attributable to Preferred stockholders (7,420 ) (7,420 ) (7,411 ) Numerator for basic and diluted EPS $ (5,622 ) $ 30,748 $ (1,655) Denominator for basic EPS 43,997 37,321 30,198 Dilutive effect of RSUs — 349 — Denominator for dilutive EPS 43,997 37,670 30,198 Net (loss)/income per common share: Basic $ (0.13 ) $ 0.82 $ (0.05 ) Dilutive $ (0.13 ) $ 0.82 $ (0.05 ) |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Summary of Noncontrolling Interests | The following table summarizes the non-controlling December 31, 2019 December 31, 2018 City Center $ (147 ) $ (183 ) Central Fairwinds (314 ) (304 ) AmberGlen (1,141 ) (1,272 ) FRP Collection 851 791 Park Tower 1,875 1,932 $ 1,124 $ 964 |
Schedule of Distributions Declared per Share and Unit | During the year ended December 31, 2019, the Company declared the following distributions per share and unit: Period Distribution per Share/Unit Declaration Date Record Date Payment Date January 1, 2019 – March 31, 2019 $ 0.235 March 15, 2019 April 11, 2019 April 25, 2019 April 1, 2019 – June 30, 2019 0.235 June 14, 2019 July 11, 2019 July 25, 2019 July 1, 2019 – September 30, 2019 0.235 September 16, 2019 October 11, 2019 October 25, 2019 October 1, 2019 – December 31, 2019 0.235 December 13, 2019 January 10, 2020 January 24, 20 20 Total $ 0.940 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following tables summarize certain selected quarterly financial data for 2019 and 2018 (in thousands, except per share data). Summation of the individual quarters of net income/(loss) per share may not equal annual totals due to rounding. 2019 Quarters Fourth Third Second First Revenue $ 39,060 $ 38,946 $ 41,171 $ 37,120 Net income/(loss) 2,988 (947 ) 1,321 (920 ) Net income/(loss) attributable to common stockholders 987 (2,966 ) (699 ) (2,944 ) Net income/(loss) per share 0.02 (0.07 ) (0.02 ) (0.07 ) 2018 Quarters Fourth Third Second First Revenue $ 34,167 $ 33,547 $ 30,236 $ 31,534 Net (loss)/income (6,684 ) (1,161 ) (684 ) 47,198 Net (loss)/income attributable to common stockholders (8,656 ) (3,151 ) (2,653 ) 45,208 Net (loss)/income per share (0.22 ) (0.08 ) (0.07 ) 1.25 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 28 years |
Minimum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 4 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 | 50 years |
Maximum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 20 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, 2019 | |
Summary of Significant Accounting Policies [Line Items] | |
Percentage of REIT taxable income distributed to stockholders | 90.00% |
Rents Receivable, Net - Compone
Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 2,880 | $ 2,383 |
Straight-line receivables | 29,232 | 23,712 |
Total rents receivable | $ 32,112 | $ 26,095 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
7601 Tech [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | [1] | 2019-09 | ||
Real estate property, percentage owned, asset acquisitions | [1] | 100.00% | ||
Canyon Park [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2019-02 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Cascade Station [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2019-06 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Camelback Square [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2018-12 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Greenwood Blvd [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2018-12 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Circle Point Land [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2018-12 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
The Quad [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2018-07 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Circle Point [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2018-07 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Pima Center [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2018-04 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Papago Tech [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2017-10 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
Mission City and Sorrento Mesa [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2017-09 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
2525 McKinnon [Member] | ||||
Acquisitions [Line Items] | ||||
Real estate property, date acquired, asset acquisitions | 2017-01 | |||
Real estate property, percentage owned, asset acquisitions | 100.00% | |||
[1] | Denver Tech is comprised of 7601 Tech, which was acquired in September 2019, and 7595 Tech (formerly “DTC Crossroads”). |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquisitions [Line Items] | |||
Land | $ 17,963 | $ 37,443 | $ 87,472 |
Buildings and improvements | 87,437 | 173,276 | 128,898 |
Tenant improvements | 7,735 | 14,757 | 11,844 |
Lease intangible assets | 18,644 | 34,081 | 28,929 |
Other assets | 3,467 | 160 | 150 |
Debt | (697) | ||
Accounts payable and other liabilities | (2,120) | (2,610) | (1,943) |
Lease intangible liabilities | (1,596) | (2,593) | (6,051) |
Net assets acquired | 130,833 | 254,514 | 249,299 |
7601 Tech [Member] | |||
Acquisitions [Line Items] | |||
Land | 10,865 | ||
Buildings and improvements | 25,677 | ||
Tenant improvements | 3,858 | ||
Lease intangible assets | 7,401 | ||
Other assets | 293 | ||
Accounts payable and other liabilities | (668) | ||
Lease intangible liabilities | (79) | ||
Net assets acquired | 47,347 | ||
Canyon Park [Member] | |||
Acquisitions [Line Items] | |||
Land | 7,098 | ||
Buildings and improvements | 36,619 | ||
Tenant improvements | 1,797 | ||
Lease intangible assets | 8,109 | ||
Other assets | 10 | ||
Accounts payable and other liabilities | (1,266) | ||
Lease intangible liabilities | (1,297) | ||
Net assets acquired | 51,070 | ||
Cascade Station [Member] | |||
Acquisitions [Line Items] | |||
Buildings and improvements | 25,141 | ||
Tenant improvements | 2,080 | ||
Lease intangible assets | 3,134 | ||
Other assets | 3,164 | ||
Debt | (697) | ||
Accounts payable and other liabilities | (186) | ||
Lease intangible liabilities | (220) | ||
Net assets acquired | $ 32,416 | ||
Pima Center [Member] | |||
Acquisitions [Line Items] | |||
Buildings and improvements | 42,235 | ||
Tenant improvements | 2,898 | ||
Lease intangible assets | 10,691 | ||
Other assets | 95 | ||
Accounts payable and other liabilities | (337) | ||
Lease intangible liabilities | (129) | ||
Net assets acquired | 55,453 | ||
Circle Point [Member] | |||
Acquisitions [Line Items] | |||
Land | 8,744 | ||
Buildings and improvements | 33,708 | ||
Tenant improvements | 5,393 | ||
Lease intangible assets | 10,299 | ||
Other assets | 25 | ||
Accounts payable and other liabilities | (1,157) | ||
Lease intangible liabilities | (390) | ||
Net assets acquired | 56,622 | ||
The Quad [Member] | |||
Acquisitions [Line Items] | |||
Land | 8,079 | ||
Buildings and improvements | 38,060 | ||
Tenant improvements | 1,798 | ||
Lease intangible assets | 4,209 | ||
Other assets | 15 | ||
Accounts payable and other liabilities | (527) | ||
Lease intangible liabilities | (1,247) | ||
Net assets acquired | 50,387 | ||
Circle Point Land [Member] | |||
Acquisitions [Line Items] | |||
Land | 4,937 | ||
Accounts payable and other liabilities | (72) | ||
Net assets acquired | 4,865 | ||
Greenwood Blvd [Member] | |||
Acquisitions [Line Items] | |||
Land | 3,945 | ||
Buildings and improvements | 23,741 | ||
Tenant improvements | 2,278 | ||
Lease intangible assets | 4,578 | ||
Other assets | 15 | ||
Accounts payable and other liabilities | (96) | ||
Net assets acquired | 34,461 | ||
Camelback Square [Member] | |||
Acquisitions [Line Items] | |||
Land | 11,738 | ||
Buildings and improvements | 35,532 | ||
Tenant improvements | 2,390 | ||
Lease intangible assets | 4,304 | ||
Other assets | 10 | ||
Accounts payable and other liabilities | (421) | ||
Lease intangible liabilities | (827) | ||
Net assets acquired | $ 52,726 | ||
2525 McKinnon [Member] | |||
Acquisitions [Line Items] | |||
Land | 10,629 | ||
Buildings and improvements | 33,357 | ||
Tenant improvements | 1,158 | ||
Lease intangible assets | 3,267 | ||
Accounts payable and other liabilities | (190) | ||
Lease intangible liabilities | (2,186) | ||
Net assets acquired | 46,035 | ||
Mission City and Sorrento Mesa [Member] | |||
Acquisitions [Line Items] | |||
Land | 66,097 | ||
Buildings and improvements | 78,072 | ||
Tenant improvements | 8,393 | ||
Lease intangible assets | 22,846 | ||
Other assets | 140 | ||
Accounts payable and other liabilities | (1,507) | ||
Lease intangible liabilities | (3,766) | ||
Net assets acquired | 170,275 | ||
Papago Tech [Member] | |||
Acquisitions [Line Items] | |||
Land | 10,746 | ||
Buildings and improvements | 17,469 | ||
Tenant improvements | 2,293 | ||
Lease intangible assets | 2,816 | ||
Other assets | 10 | ||
Accounts payable and other liabilities | (246) | ||
Lease intangible liabilities | (99) | ||
Net assets acquired | $ 32,989 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 12, 2019 | May 10, 2019 | May 07, 2019 | Feb. 07, 2019 | Nov. 30, 2018 | Mar. 08, 2018 | May 02, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Line Items] | ||||||||||
Net gain on sale of real estate property | $ 3,412 | $ 46,980 | $ 12,116 | |||||||
Impairment charge | 3,497 | |||||||||
Debt Assumed | 22,473 | |||||||||
Washington Group Plaza [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 86,500 | |||||||||
Net gain on sale of real estate property | 47,000 | |||||||||
Cost incurred on property sold | $ 1,700 | |||||||||
AmberGlen Property [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 18,900 | |||||||||
Net gain on sale of real estate property | 12,100 | |||||||||
Cost incurred on property sold | $ 2,000 | |||||||||
Plaza 25 [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 17,900 | $ 17,900 | ||||||||
Non-refundable deposit received | 500 | |||||||||
Impairment charge | $ 3,500 | |||||||||
Sorrento Mesa [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 16,500 | |||||||||
Net gain on sale of real estate property | $ 500 | |||||||||
Cascade Station [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Debt Assumed | $ 22,500 | |||||||||
Circle Point Land [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 6,500 | |||||||||
Logan Tower [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 12,600 | |||||||||
Net gain on sale of real estate property | $ 2,900 |
Real Estate Investments - Sch_3
Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | $ 4,514 | $ 17,370 |
Liabilities related to assets held for sale | (67) | (878) |
Plaza 25 [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 17,370 | |
Liabilities related to assets held for sale | (878) | |
Plaza 25 [Member] | Real estate properties, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 16,149 | |
Plaza 25 [Member] | Deferred leasing costs, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 419 | |
Plaza 25 [Member] | Acquired lease intangible assets, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 11 | |
Plaza 25 [Member] | Rents receivable, prepaid expenses and other assets [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 791 | |
Plaza 25 [Member] | Accounts payable, accrued expenses, deferred rent and tenant rent deposits [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Liabilities related to assets held for sale | $ (878) | |
Circle Point Land [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 4,514 | |
Liabilities related to assets held for sale | (67) | |
Circle Point Land [Member] | Real estate properties, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 4,514 | |
Circle Point Land [Member] | Accounts payable, accrued expenses, deferred rent and tenant rent deposits [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Liabilities related to assets held for sale | $ (67) |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 138,610 | $ 126,630 |
Accumulated amortization, Lease Intangible Assets | (71,077) | (51,129) |
Total, Lease Intangible Assets | 67,533 | 75,501 |
Cost, Lease Intangible Liabilities | (14,016) | (13,063) |
Accumulated amortization, Lease Intangible Liabilities | 5,822 | 4,176 |
Total, Lease Intangible Liabilities | (8,194) | (8,887) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 15,242 | 10,595 |
Accumulated amortization, Lease Intangible Assets | (6,704) | (4,800) |
Total, Lease Intangible Assets | 8,538 | 5,795 |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 1,855 | |
Accumulated amortization, Lease Intangible Assets | (19) | |
Total, Lease Intangible Assets | 1,836 | |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 87,320 | 82,474 |
Accumulated amortization, Lease Intangible Assets | (48,229) | (34,273) |
Total, Lease Intangible Assets | 39,091 | 48,201 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 36,048 | 31,706 |
Accumulated amortization, Lease Intangible Assets | (16,144) | (12,037) |
Total, Lease Intangible Assets | 19,904 | 19,669 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (13,878) | (12,925) |
Accumulated amortization, Lease Intangible Liabilities | 5,782 | 4,140 |
Total, Lease Intangible Liabilities | (8,096) | (8,785) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 40 | 36 |
Total, Lease Intangible Liabilities | $ (98) | $ (102) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 18,987 |
2021 | 15,894 |
2022 | 8,217 |
2023 | 5,358 |
2024 | 3,190 |
Thereafter | 7,693 |
Total | $ 59,339 |
Debt - Summary of Outstanding I
Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Indebtedness | $ 612,292 | $ 651,406 |
Deferred financing costs, net | (5,660) | (6,052) |
Unamortized fair value adjustments | 618 | |
Total | 607,250 | 645,354 |
Unsecured Debt [Member] | Term loan [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 50,000 | |
Interest Rate, spread | 1.25% | |
Maturity | 2024-09 | |
Credit Facility [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | 147,500 | |
Interest Rate, spread | 1.40% | |
Maturity | 2022-03 | |
Midland Life Insurance [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 85,293 | 86,973 |
Interest Rate | 4.34% | |
Maturity | 2021-05 | |
Mission City [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 47,000 | 47,000 |
Interest Rate | 3.78% | |
Maturity | 2027-11 | |
190 Office Center [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 40,854 | 41,250 |
Interest Rate | 4.79% | |
Maturity | 2025-10 | |
Canyon Park [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 40,950 | |
Interest Rate | 4.30% | |
Maturity | 2027-03 | |
Circle Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 39,650 | 39,650 |
Interest Rate | 4.49% | |
Maturity | 2028-09 | |
SanTan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 34,053 | 34,682 |
Interest Rate | 4.56% | |
Maturity | 2027-03 | |
Intellicenter [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 32,971 | 33,481 |
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 | |
FRP Collection [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 28,969 | 29,589 |
Interest Rate | 3.10% | |
Maturity | 2023-09 | |
2525 McKinnon [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 27,000 | 27,000 |
Interest Rate | 4.24% | |
Maturity | 2027-04 | |
Cascade Station [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 22,304 | |
Interest Rate | 4.55% | |
Maturity | 2024-05 | |
Greenwood Blvd [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 22,425 | 22,425 |
Interest Rate | 3.15% | |
Maturity | 2025-12 | |
5090 N 40th St [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 22,000 | 22,000 |
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 | |
Lake Vista Pointe [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,717 | 18,044 |
Interest Rate | 4.28% | |
Maturity | 2024-08 | |
Central Fairwinds [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,534 | 17,882 |
Interest Rate | 3.15% | |
Maturity | 2024-06 | |
FRP Ingenuity Drive [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,000 | 17,000 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Carillon Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 15,972 | $ 16,330 |
Interest Rate | 3.10% | |
Maturity | 2023-10 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Sep. 24, 2019 | Aug. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||||
Term loan | $ 50 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, authorized amount | 250 | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 300 | |||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Term | 5 years | |||||
Debt interest Rate | 1.27% | |||||
Frequency of Payment | payable monthly | |||||
Unsecured Debt [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term loan | $ 50 | |||||
Unsecured Debt [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 1.50% | |||||
Midland Life Insurance [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan maturity date | May 6, 2021 | |||||
Amortization period | 360 months | |||||
Interest Rate | 4.34% | |||||
FRP Collection [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.10% | 3.85% | ||||
Greenwood Blvd [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.15% | 4.60% | ||||
Central Fairwinds [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.15% | 4.00% | ||||
Carillon Point [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.10% | 3.50% | ||||
Canyon Park [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Term | 5 years | |||||
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 200.00% | |||||
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 450.00% | |||||
Credit Facility [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, outstanding | $ 7 | |||||
Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 125.00% | |||||
Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 215.00% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 250 | |||||
Revolving Credit Facility, outstanding | $ 0 | |||||
Loan maturity date | Mar. 31, 2022 | |||||
Loan expected extended maturity date | Mar. 31, 2023 | |||||
Revolving Credit Facility, maximum borrowing capacity | $ 500 | |||||
Interest Rate, Description | 1.40% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 1.50% | |||||
One month LIBOR rate | 1.76% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio | 1.50% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 140.00% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Description | 225.00% |
Debt - Schedule of Principal Re
Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 6,279 | |
2021 | 89,355 | |
2022 | 6,529 | |
2023 | 48,529 | |
2024 | 124,725 | |
Thereafter | 336,875 | |
Total | $ 612,292 | $ 651,406 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Hedges or derivatives | $ 0 | ||
Interest rate swap gain reclassified to interest expense | $ (106,000) | ||
Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | $ 50,000,000 | ||
Fixed interest rate | 1.27% | ||
Interest rate swap gain reclassified to interest expense | 100,000 | ||
Interest Rate Swap [Member] | Other Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets fair value | 700,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage loans payable, fair value | $ 576,900,000 | $ 503,300,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 01, 2019 | Oct. 29, 2018 | Aug. 01, 2018 | Feb. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||||
Percentage minority interest owned, acquired | 7.00% | ||||||
Central Fairwinds Limited Partnership [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage minority interest owned | 97.00% | ||||||
Administrative Services Agreement [Member] | SCRE II [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Agreement entered date | Oct. 29, 2018 | ||||||
Agreement effective date | Feb. 1, 2019 | ||||||
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 | 40.00% | ||||||
Administrative Services Agreement [Member] | Second City Funds [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual payment receivable for services | $ 500,000 | $ 700,000 | $ 1,200,000 | ||||
Termination and Mutual Release Agreement - Earn-Out [Member] | Second City Funds [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase from related parties | $ 2,400,000 | ||||||
Central Fairwinds Limited Partnership Minority Interest Purchase Agreements [Member] | Second City Funds [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction | $ 1,100,000 | ||||||
Purchase Contracts [Member] | Rental and other revenues [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual payment receivable for services | $ 2,600,000 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost | $ 800 |
Operating Lease, Liability | $ 8,033 |
Operating Lease, Weighted Average Remaining Lease Term | 56 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.30% |
Accounting Standards Update 2016-02 [Member] | |
Operating Lease, Right-of-Use Asset | $ 9,200 |
Operating Lease, Liability | $ 7,200 |
Maximum [Member] | |
Remaining lease terms | 69 years |
Minimum [Member] | |
Remaining lease terms | 2 years |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fixed payments | $ 132,540 |
Variable payments | 20,990 |
Operating Lease, Lease Income | $ 153,530 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Leases (Paranthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Lease, Lease Income | $ 153,530 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 116,513 |
2021 | 110,491 |
2022 | 94,800 |
2023 | 73,959 |
2024 | 53,905 |
Thereafter | 113,580 |
Total future minimum lease payments to be received | $ 563,248 |
Leases - Schedule of Operatin_3
Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Lease liability – operating leases | $ 8,033 |
Lease liability – financing leases | 79 |
Other Assets [Member] | |
Right-of-use asset - operating leases | 13,130 |
Right-of-use asset – financing leases | 79 |
Other Liabilities [Member] | |
Lease liability – operating leases | 8,033 |
Lease liability – financing leases | $ 79 |
Leases - Schedule Future Minimu
Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 533 |
2021 | 817 |
2022 | 798 |
2023 | 663 |
2024 | 597 |
Thereafter | 26,680 |
Total future minimum lease payments | 30,088 |
Discount | (22,055) |
Total | 8,033 |
2020 | 27 |
2021 | 27 |
2022 | 27 |
2023 | 4 |
Total future minimum lease payments | 85 |
Discount | (6) |
Total | $ 79 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $ 2,988 | $ (947) | $ 1,321 | $ (920) | $ (6,684) | $ (1,161) | $ (684) | $ 47,198 | $ 2,442 | $ 38,669 | $ 9,158 |
Less: Net income attributable to noncontrolling interests in properties | (644) | (501) | (3,402) | ||||||||
Less: Net income attributable to Preferred stockholders | (7,420) | (7,420) | (7,411) | ||||||||
Net (loss)/income attributable to common stockholders | $ 987 | $ (2,966) | $ (699) | $ (2,944) | $ (8,656) | $ (3,151) | $ (2,653) | $ 45,208 | $ (5,622) | $ 30,748 | $ (1,655) |
Denominator for basic EPS | 43,997 | 37,321 | 30,198 | ||||||||
Dilutive effect of RSUs | 349 | ||||||||||
Denominator for dilutive EPS | 43,997 | 37,670 | 30,198 | ||||||||
Net (loss)/income per common share: | |||||||||||
Basic | $ (0.13) | $ 0.82 | $ (0.05) | ||||||||
Dilutive | $ (0.13) | $ 0.82 | $ (0.05) |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 07, 2019 | Jun. 16, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 02, 2019 | Mar. 31, 2019 | Nov. 01, 2018 |
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% | ||||||
Net proceeds from sale of common stock | $ 198,874 | $ 42,902 | $ 136,941 | |||||
Maximum number of shares issued under Equity Incentive Plan | 2,263,580 | 1,263,580 | ||||||
Sales Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized | 8,000,000 | |||||||
Preferred stock, shares authorized | 1,000,000 | |||||||
Net proceeds from sale of common stock | $ 104,800 | $ 42,900 | ||||||
Percentage of compensation from gross proceeds of shares sold | 2.00% | |||||||
Sales Agreement [Member] | Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, Dividend rate percentage | 6.625% | |||||||
Public Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock, shares issued | 6,900,000 | |||||||
Gross proceeds from sale of stock | $ 95,600 | |||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock, shares issued | 14,900,000 | 3,411,000 | 11,500,000 | |||||
Aggregate cash distributions payable | $ 12,800 | |||||||
Common Stock [Member] | Sales Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock, shares issued | 8,000,000 | 3,410,802 | ||||||
Gross proceeds from sale of stock | $ 106,500 | $ 43,600 | ||||||
Net proceeds from sale of common stock | $ 94,100 | |||||||
Common Stock [Member] | Dividend Declared [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Cash distributions | 44,300 | |||||||
Common Stock [Member] | Dividend Paid [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Cash distributions | 40,700 | |||||||
Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate cash distributions payable | 1,900 | |||||||
Preferred Stock [Member] | Dividend Declared [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Cash distributions | 7,400 | |||||||
Preferred Stock [Member] | Dividend Paid [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Cash distributions | 7,400 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Net compensation expense | $ 1,700 | $ 1,400 | $ 1,700 | |||||
Restricted Stock Units (RSUs) [Member] | Directors and Non-Executive Employees [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Restricted stock units granted to executive officers, directors and non-executive employees | 162,500 | 156,375 | 117,478 | |||||
Restricted stock units grant date fair value | $ 1,800 | $ 1,900 | $ 1,500 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Noncontrolling Interests in Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 1,124 | $ 964 |
City Center [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (147) | (183) |
Central Fairwinds [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (314) | (304) |
AmberGlen Property [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | (1,141) | (1,272) |
FRP Collection [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | 851 | 791 |
Park Tower [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in properties | $ 1,875 | $ 1,932 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||||||
Distribution per Common Share/Unit | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.940 | $ 0.940 | $ 0.940 |
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Declaration Date | Dec. 13, 2019 | Sep. 16, 2019 | Jun. 14, 2019 | Mar. 15, 2019 | |||
Record Date | Jan. 10, 2020 | Oct. 11, 2019 | Jul. 11, 2019 | Apr. 11, 2019 | |||
Payment Date | Jan. 24, 2020 | Oct. 25, 2019 | Jul. 25, 2019 | Apr. 25, 2019 |
Quarterly Financial Informati_3
Quarterly Financial Information - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 39,060 | $ 38,946 | $ 41,171 | $ 37,120 | $ 34,167 | $ 33,547 | $ 30,236 | $ 31,534 | $ 156,297 | $ 129,484 | $ 106,487 |
Net income/(loss) | 2,988 | (947) | 1,321 | (920) | (6,684) | (1,161) | (684) | 47,198 | 2,442 | 38,669 | 9,158 |
Net income/(loss) attributable to common stockholders | $ 987 | $ (2,966) | $ (699) | $ (2,944) | $ (8,656) | $ (3,151) | $ (2,653) | $ 45,208 | $ (5,622) | $ 30,748 | $ (1,655) |
Net income/(loss) per share | $ 0.02 | $ (0.07) | $ (0.02) | $ (0.07) | $ (0.22) | $ (0.08) | $ (0.07) | $ 1.25 |
Schedule III - Real Estate Pr_2
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 612,292 | ||
Initial Costs to Company, Land | 230,034 | ||
Initial Costs to Company, Buildings and Improvements | 809,065 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 70,074 | ||
Gross Amount, Land | 230,034 | ||
Gross Amount, Building and Improvements | 879,139 | ||
Gross Amount, Total | 1,109,173 | $ 1,005,647 | $ 776,301 |
Accumulated Amortization | 101,835 | $ 70,484 | $ 48,234 |
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, Improvements | 2,578 | ||
Gross Amount, Land | 6,546 | ||
Gross Amount, Building and Improvements | 6,068 | ||
Gross Amount, Total | 12,614 | ||
Accumulated Amortization | $ 2,898 | ||
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 Property [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 22,965 | ||
Initial Costs to Company, Land | 3,123 | ||
Initial Costs to Company, Buildings and Improvements | 10,656 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 9,790 | ||
Gross Amount, Land | 3,123 | ||
Gross Amount, Building and Improvements | 20,446 | ||
Gross Amount, Total | 23,569 | ||
Accumulated Amortization | $ 7,484 | ||
Date of Construction | 1984 | ||
Year Acquired | 2010 | ||
Central Fairwinds [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,534 | ||
Initial Costs to Company, Land | 1,747 | ||
Initial Costs to Company, Buildings and Improvements | 9,751 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 6,927 | ||
Gross Amount, Land | 1,747 | ||
Gross Amount, Building and Improvements | 16,678 | ||
Gross Amount, Total | 18,425 | ||
Accumulated Amortization | $ 4,471 | ||
Date of Construction | 1982 | ||
Year Acquired | 2012 | ||
Cherry Creek [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 46,867 | ||
Initial Costs to Company, Land | 25,745 | ||
Initial Costs to Company, Buildings and Improvements | 20,144 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,837 | ||
Gross Amount, Land | 25,745 | ||
Gross Amount, Building and Improvements | 21,981 | ||
Gross Amount, Total | 47,726 | ||
Accumulated Amortization | $ 6,590 | ||
Year Acquired | 2014 | ||
Cherry Creek [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1962 | ||
Cherry Creek [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1980 | ||
Lake Vista Pointe [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 17,717 | ||
Initial Costs to Company, Land | 4,115 | ||
Initial Costs to Company, Buildings and Improvements | 20,600 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 178 | ||
Gross Amount, Land | 4,115 | ||
Gross Amount, Building and Improvements | 20,778 | ||
Gross Amount, Total | 24,893 | ||
Accumulated Amortization | $ 5,171 | ||
Date of Construction | 2007 | ||
Year Acquired | 2014 | ||
Florida Research Park [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 45,969 | ||
Initial Costs to Company, Land | 11,446 | ||
Initial Costs to Company, Buildings and Improvements | 56,475 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 3,228 | ||
Gross Amount, Land | 11,446 | ||
Gross Amount, Building and Improvements | 59,703 | ||
Gross Amount, Total | 71,149 | ||
Accumulated Amortization | $ 9,100 | ||
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] | |||
Initial Costs to Company, Land | $ 3,153 | ||
Initial Costs to Company, Buildings and Improvements | 19,834 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,810 | ||
Gross Amount, Land | 3,153 | ||
Gross Amount, Building and Improvements | 21,644 | ||
Gross Amount, Total | 24,797 | ||
Accumulated Amortization | $ 3,452 | ||
Date of Construction | 2000 | ||
Year Acquired | 2015 | ||
Denver Tech [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 15,461 | ||
Initial Costs to Company, Land | 18,002 | ||
Initial Costs to Company, Buildings and Improvements | 52,719 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,679 | ||
Gross Amount, Land | 18,002 | ||
Gross Amount, Building and Improvements | 54,398 | ||
Gross Amount, Total | 72,400 | ||
Accumulated Amortization | $ 4,314 | ||
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 | ||
190 Office Center [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 40,854 | ||
Initial Costs to Company, Land | 7,162 | ||
Initial Costs to Company, Buildings and Improvements | 39,690 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,596 | ||
Gross Amount, Land | 7,162 | ||
Gross Amount, Building and Improvements | 41,286 | ||
Gross Amount, Total | 48,448 | ||
Accumulated Amortization | $ 5,110 | ||
Date of Construction | 2001 | ||
Year Acquired | 2015 | ||
Intellicenter [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 32,971 | ||
Initial Costs to Company, Land | 5,244 | ||
Initial Costs to Company, Buildings and Improvements | 34,278 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 69 | ||
Gross Amount, Land | 5,244 | ||
Gross Amount, Building and Improvements | 34,347 | ||
Gross Amount, Total | 39,591 | ||
Accumulated Amortization | $ 4,726 | ||
Date of Construction | 2008 | ||
Year Acquired | 2015 | ||
Carillon Point [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 15,972 | ||
Initial Costs to Company, Land | 5,172 | ||
Initial Costs to Company, Buildings and Improvements | 17,316 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 213 | ||
Gross Amount, Land | 5,172 | ||
Gross Amount, Building and Improvements | 17,529 | ||
Gross Amount, Total | 22,701 | ||
Accumulated Amortization | $ 3,160 | ||
Date of Construction | 2007 | ||
Year Acquired | 2016 | ||
Park Tower [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 3,479 | ||
Initial Costs to Company, Buildings and Improvements | 68,656 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 15,513 | ||
Gross Amount, Land | 3,479 | ||
Gross Amount, Building and Improvements | 84,169 | ||
Gross Amount, Total | 87,648 | ||
Accumulated Amortization | $ 9,617 | ||
Date of Construction | 1973 | ||
Year Acquired | 2016 | ||
5090 N 40th St [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 22,000 | ||
Initial Costs to Company, Land | 6,696 | ||
Initial Costs to Company, Buildings and Improvements | 32,123 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,633 | ||
Gross Amount, Land | 6,696 | ||
Gross Amount, Building and Improvements | 33,756 | ||
Gross Amount, Total | 40,452 | ||
Accumulated Amortization | $ 3,018 | ||
Date of Construction | 1988 | ||
Year Acquired | 2016 | ||
SanTan [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 34,053 | ||
Initial Costs to Company, Land | 6,803 | ||
Initial Costs to Company, Buildings and Improvements | 37,187 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 4,556 | ||
Gross Amount, Land | 6,803 | ||
Gross Amount, Building and Improvements | 41,743 | ||
Gross Amount, Total | 48,546 | ||
Accumulated Amortization | $ 5,180 | ||
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, Improvements | 1,778 | ||
Gross Amount, Land | 10,629 | ||
Gross Amount, Building and Improvements | 36,293 | ||
Gross Amount, Total | 46,922 | ||
Accumulated Amortization | $ 2,846 | ||
Date of Construction | 2003 | ||
Year Acquired | 2017 | ||
Mission City [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 47,000 | ||
Initial Costs to Company, Land | 25,741 | ||
Initial Costs to Company, Buildings and Improvements | 41,474 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 6,337 | ||
Gross Amount, Land | 25,741 | ||
Gross Amount, Building and Improvements | 47,811 | ||
Gross Amount, Total | 73,552 | ||
Accumulated Amortization | $ 6,066 | ||
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 | ||
Sorrento Mesa [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 34,305 | ||
Initial Costs to Company, Buildings and Improvements | 36,726 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 2,445 | ||
Gross Amount, Land | 34,305 | ||
Gross Amount, Building and Improvements | 39,171 | ||
Gross Amount, Total | 73,476 | ||
Accumulated Amortization | $ 4,093 | ||
Year Acquired | 2017 | ||
Sorrento Mesa [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 1985 | ||
Sorrento Mesa [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Date of Construction | 2001 | ||
Papago Tech [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 10,746 | ||
Initial Costs to Company, Buildings and Improvements | 19,762 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 709 | ||
Gross Amount, Land | 10,746 | ||
Gross Amount, Building and Improvements | 20,471 | ||
Gross Amount, Total | 31,217 | ||
Accumulated Amortization | $ 2,169 | ||
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] | |||
Initial Costs to Company, Buildings and Improvements | $ 45,133 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,030 | ||
Gross Amount, Building and Improvements | 46,163 | ||
Gross Amount, Total | 46,163 | ||
Accumulated Amortization | $ 3,345 | ||
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 | $ 39,650 | ||
Initial Costs to Company, Land | 9,320 | ||
Initial Costs to Company, Buildings and Improvements | 39,101 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,581 | ||
Gross Amount, Land | 9,320 | ||
Gross Amount, Building and Improvements | 40,682 | ||
Gross Amount, Total | 50,002 | ||
Accumulated Amortization | $ 3,036 | ||
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, Improvements | 93 | ||
Gross Amount, Land | 8,079 | ||
Gross Amount, Building and Improvements | 39,951 | ||
Gross Amount, Total | 48,030 | ||
Accumulated Amortization | $ 2,103 | ||
Date of Construction | 1982 | ||
Year Acquired | 2018 | ||
Greenwood Blvd [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 22,425 | ||
Initial Costs to Company, Land | 3,945 | ||
Initial Costs to Company, Buildings and Improvements | 26,019 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 500 | ||
Gross Amount, Land | 3,945 | ||
Gross Amount, Building and Improvements | 26,519 | ||
Gross Amount, Total | 30,464 | ||
Accumulated Amortization | $ 915 | ||
Date of Construction | 1997 | ||
Year Acquired | 2018 | ||
Camelback Square [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Costs to Company, Land | $ 11,738 | ||
Initial Costs to Company, Buildings and Improvements | 37,922 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,267 | ||
Gross Amount, Land | 11,738 | ||
Gross Amount, Building and Improvements | 39,189 | ||
Gross Amount, Total | 50,927 | ||
Accumulated Amortization | $ 1,325 | ||
Date of Construction | 1978 | ||
Year Acquired | 2018 | ||
Canyon Park [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 40,950 | ||
Initial Costs to Company, Land | 7,098 | ||
Initial Costs to Company, Buildings and Improvements | 38,416 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 2,691 | ||
Gross Amount, Land | 7,098 | ||
Gross Amount, Building and Improvements | 41,107 | ||
Gross Amount, Total | 48,205 | ||
Accumulated Amortization | $ 1,046 | ||
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 | $ 22,304 | ||
Initial Costs to Company, Buildings and Improvements | 27,220 | ||
Costs Capitalized Subsequent to Acquisitions, Improvements | 36 | ||
Gross Amount, Building and Improvements | 27,256 | ||
Gross Amount, Total | 27,256 | ||
Accumulated Amortization | $ 600 | ||
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 | ||
Corporate [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 50,000 |
Schedule III - Real Estate Pr_3
Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Real estate assets, aggregate cost for federal tax purpose | $ 1,100,000 |
Unamortized fair value adjustments | 618 |
Secured Debt [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Deferred financing costs | $ 5,660 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties | ||
Balance, beginning of year | $ 1,005,647 | $ 776,301 |
Acquisitions | 113,134 | 225,476 |
Dispositions and impairments | (27,585) | (5,715) |
Capital improvements | 22,491 | 30,378 |
Assets held for sale | (4,514) | (20,793) |
Balance, end of year | 1,109,173 | 1,005,647 |
Accumulated Depreciation | ||
Balance, beginning of year | 70,484 | 48,234 |
Depreciation | 35,531 | 29,196 |
Dispositions | (4,180) | (2,301) |
Depreciation on assets held for sale | (4,645) | |
Balance, end of year | $ 101,835 | $ 70,484 |