Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | City Office REIT, Inc. | |
Entity Central Index Key | 0001593222 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 47,571,517 | |
Entity Address, State or Province | BC | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36409 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 98-1141883 | |
Entity Address, City or Town | Vancouver | |
Entity Address, Address Line One | 666 Burrard Street | |
Entity Address, Address Line Two | Suite 3210 | |
Entity Address, Postal Zip Code | V6C 2X8 | |
City Area Code | 604 | |
Local Phone Number | 806-3366 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CIO | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock | |
6.625% Series A Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CIO.PrA | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Land | $ 230,034 | $ 230,034 |
Building and improvement | 786,939 | 784,636 |
Tenant improvement | 97,474 | 94,218 |
Furniture, fixtures and equipment | 285 | 285 |
Real estate properties, gross | 1,114,732 | 1,109,173 |
Accumulated depreciation | (111,177) | (101,835) |
Real estate properties, net | 1,003,555 | 1,007,338 |
Cash and cash equivalents | 146,509 | 70,129 |
Restricted cash | 18,328 | 17,394 |
Rents receivable, net | 32,875 | 32,112 |
Deferred leasing costs, net | 14,249 | 12,393 |
Acquired lease intangibles assets, net | 62,104 | 67,533 |
Other assets | 16,054 | 17,061 |
Assets held for sale | 4,543 | 4,514 |
Total Assets | 1,298,217 | 1,228,474 |
Liabilities: | ||
Debt | 706,031 | 607,250 |
Accounts payable and accrued liabilities | 27,354 | 28,786 |
Deferred rent | 5,298 | 6,593 |
Tenant rent deposits | 5,660 | 5,658 |
Acquired lease intangible liabilities, net | 7,604 | 8,194 |
Other liabilities | 19,711 | 22,794 |
Liabilities related to assets held for sale | 87 | 67 |
Total Liabilities | 771,745 | 679,342 |
Commitments and Contingencies (Note 9) | ||
Equity: | ||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 53,175,051 and 54,591,047 shares issued and outstanding | 531 | 545 |
Additional paid-in capital | 566,122 | 577,131 |
Accumulated deficit | (151,264) | (142,383) |
Accumulated other comprehensive (loss)/income | (2,026) | 715 |
Total Stockholders' Equity | 525,363 | 548,008 |
Non-controlling interests in properties | 1,109 | 1,124 |
Total Equity | 526,472 | 549,132 |
Total Liabilities and Equity | $ 1,298,217 | $ 1,228,474 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
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 | 53,175,051 | 54,591,047 |
Common stock, shares outstanding | 53,175,051 | 54,591,047 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Rental and other revenues | $ 40,122 | $ 37,120 |
Operating expenses: | ||
Property operating expenses | 14,694 | 13,844 |
General and administrative | 2,783 | 2,299 |
Depreciation and amortization | 14,953 | 14,417 |
Total operating expenses | 32,430 | 30,560 |
Operating income | 7,692 | 6,560 |
Interest expense: | ||
Contractual interest expense | (6,362) | (7,143) |
Amortization of deferred financing costs and debt fair value | (324) | (337) |
Interest expense, net | (6,686) | (7,480) |
Net income/(loss) | 1,006 | (920) |
Net income attributable to non-controlling interests in properties | (182) | (169) |
Net income/(loss) attributable to the Company | 824 | (1,089) |
Preferred stock distributions | (1,855) | (1,855) |
Net loss attributable to common stockholders | $ (1,031) | $ (2,944) |
Net loss per common share: | ||
Basic | $ (0.02) | $ (0.07) |
Diluted | $ (0.02) | $ (0.07) |
Weighted average common shares outstanding: | ||
Basic | 54,458 | 39,565 |
Diluted | 54,458 | 39,565 |
Dividends distributions declared per common share | $ 0.150 | $ 0.235 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income/(loss) | $ 1,006 | $ (920) |
Other comprehensive loss: | ||
Unrealized cash flow hedge loss | (2,690) | |
Amounts reclassified to interest expense | (51) | |
Other comprehensive loss | (2,741) | |
Comprehensive loss | (1,735) | (920) |
Comprehensive income attributable to non-controlling interests in properties | (182) | (169) |
Comprehensive loss attributable to the Company | (1,917) | (1,089) |
Preferred stock distributions | (1,855) | (1,855) |
Comprehensive loss attributable to common stockholders | $ (3,772) | $ (2,944) |
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] | Non-controlling Interests in Properties [Member] |
Beginning balance at Dec. 31, 2018 | $ 398,377 | $ 112,000 | $ 395 | $ 377,126 | $ (92,108) | $ 397,413 | $ 964 | |
Beginning balance, shares at Dec. 31, 2018 | 4,480,000 | 39,544,000 | ||||||
Restricted stock award grants and vesting, values | $ 220 | $ 1 | 302 | (83) | 220 | |||
Restricted stock award grants and vesting, shares | 92,000 | |||||||
Common stock repurchased, shares | 0 | |||||||
Common stock dividend distribution declared | $ (9,314) | (9,314) | (9,314) | |||||
Preferred stock dividend distribution declared | (1,855) | (1,855) | (1,855) | |||||
Contributions | 12 | 12 | ||||||
Distributions | (134) | (134) | ||||||
Net income | (920) | (1,089) | (1,089) | 169 | ||||
Ending balance at Mar. 31, 2019 | 386,386 | $ 112,000 | $ 396 | 377,428 | (104,449) | 385,375 | 1,011 | |
Ending balance, shares at Mar. 31, 2019 | 4,480,000 | 39,636,000 | ||||||
Beginning balance at Dec. 31, 2019 | $ 549,132 | $ 112,000 | $ 545 | 577,131 | (142,383) | $ 715 | 548,008 | 1,124 |
Beginning balance, shares at Dec. 31, 2019 | 54,591,047 | 4,480,000 | 54,591,000 | |||||
Restricted stock award grants and vesting, values | $ 520 | $ 0 | 599 | (79) | 520 | |||
Restricted stock award grants and vesting, shares | 35,000 | |||||||
Common stock repurchased, values | $ (11,622) | $ (14) | (11,608) | (11,622) | ||||
Common stock repurchased, shares | 1,451,249 | (1,451,000) | ||||||
Common stock dividend distribution declared | $ (7,771) | (7,771) | (7,771) | |||||
Preferred stock dividend distribution declared | (1,855) | (1,855) | (1,855) | |||||
Contributions | 3 | 3 | ||||||
Distributions | (200) | (200) | ||||||
Net income | 1,006 | 824 | 824 | 182 | ||||
Other comprehensive loss | (2,741) | (2,741) | (2,741) | |||||
Ending balance at Mar. 31, 2020 | $ 526,472 | $ 112,000 | $ 531 | $ 566,122 | $ (151,264) | $ (2,026) | $ 525,363 | $ 1,109 |
Ending balance, shares at Mar. 31, 2020 | 53,175,051 | 4,480,000 | 53,175,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net income/(loss) | $ 1,006 | $ (920) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 14,953 | 14,417 |
Amortization of deferred financing costs and debt fair value | 324 | 337 |
Amortization of above/below market leases | 14 | (27) |
Increase in straight-line rent/expense | (704) | (1,454) |
Non-cash stock compensation | 569 | 444 |
Changes in non-cash working capital: | ||
Rents receivable, net | (38) | (225) |
Other assets | 190 | (1,710) |
Accounts payable and accrued liabilities | (4,282) | (7,506) |
Deferred rent | (1,295) | (485) |
Tenant rent deposits | 2 | (45) |
Net Cash Provided By Operating Activities | 10,739 | 2,826 |
Cash Flows to Investing Activities: | ||
Additions to real estate properties | (3,137) | (2,292) |
Acquisition of real estate | (51,070) | |
Net proceeds from sale of real estate . | 17,426 | |
Deferred leasing costs | (2,195) | (811) |
Net Cash Used In Investing Activities | (5,332) | (36,747) |
Cash Flows from Financing Activities: | ||
Repurchases of common stock | (11,622) | |
Debt issuance and extinguishment costs | (516) | |
Proceeds from borrowings | 100,000 | 75,950 |
Repayment of borrowings | (1,541) | (26,137) |
Shares withheld for payment of taxes on restricted stock unit vesting | (49) | (224) |
Contributions from non-controlling interests in properties . | 3 | 12 |
Distributions to non-controlling interests in properties | (200) | (134) |
Dividend distributions paid to stockholders | (14,684) | (11,148) |
Net Cash Provided By Financing Activities | 71,907 | 37,803 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 77,314 | 3,882 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 87,523 | 33,145 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 164,837 | 37,027 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||
Cash and Cash Equivalents, End of Period | 146,509 | 15,314 |
Restricted Cash, End of Period | 18,328 | 21,713 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 164,837 | 37,027 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 6,111 | 6,679 |
Purchase of additions in real estate properties included in accounts payable | 2,587 | 4,161 |
Purchase of deferred leasing costs included in accounts payable | $ 284 | $ 192 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on . On , the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement 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 tax years beginning before 2018, any applicable alternative minimum tax. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04. 2020-04 2020-04 2020-04 |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Investments | 3. Real Estate Investments Acquisitions During the three months ended March 31, 2020 and 2019 the Company acquired the following properties: Property Date Acquired Percentage Owned Canyon Park February 2019 100 % The foregoing acquisition was accounted fo r an The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2019 (in thousands): Canyon 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 Sale of Real Estate Property 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. Assets Held for Sale On May 10, 2019, the Company entered into a purchase and sale agreement to sell a land parcel at the Circle Point property for $6.5 million. The Company determined that the land parcel met the criteria for classification as held for sale as of March 31, 2020 and December 31, 2019. The transaction is anticipated to close in the third quarter of 2020, subject to customary closing conditions. As of March 31, 2020, the Company has received a $0.5 million non-refundable The property has been classified as held for sale as of March 31, 2020 and December 31, 2019 (in thousands): Circle Point Land March 31, 2020 December 31, Real estate properties, net $ 4,543 $ 4,514 Assets held for sale $ 4,543 $ 4,514 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (87 ) $ (67 ) Liabilities related to assets held for sale $ (87 ) $ (67 ) |
Lease Intangibles
Lease Intangibles | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of March 31, 2020 and December 31, 2019 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2020 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground Total Cost $ 14,985 $ 87,320 $ 35,988 $ 138,293 $ (13,878 ) $ (138 ) $ (14,016 ) Accumulated amortization (7,051 ) (51,847 ) (17,291 ) (76,189 ) 6,371 41 6,412 $ 7,934 $ 35,473 $ 18,697 $ 62,104 $ (7,507 ) $ (97 ) $ (7,604 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground 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 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2020 $ 14,129 2021 15,894 2022 8,233 2023 5,359 2024 3,191 Thereafter 7,694 $ 54,500 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The following table summarizes the indebtedness as of March 31, 2020 and December 31, 2019 (dollars in thousands): Property March 31, December 31, 2019 Interest Rate as of March 31, 2020 (1) Maturity Unsecured Credit Facility (3)(4) $ 100,000 $ — LIBOR +1.50 % (2) March 2022 Term Loan (4) 50,000 50,000 LIBOR +1.40 % (2) September 2024 Midland Life Insurance (5) 84,861 85,293 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 Canyon Park (6) 40,950 40,950 4.30 March 2027 190 Office Center 40,700 40,854 4.79 October 2025 Circle Point 39,650 39,650 4.49 September 2028 SanTan 33,903 34,053 4.56 March 2027 Intellicenter 32,839 32,971 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection 28,795 28,969 3.10 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Property March 31, December 31, 2019 Interest Rate as of March 31, 2020 (1) Maturity Greenwood Blvd 22,425 22,425 3.15 December 2025 Cascade Station 22,216 22,304 4.55 May 2024 5090 N 40 th 21,936 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,632 17,717 4.28 August 2024 Central Fairwinds 17,433 17,534 3.15 June 2024 FRP Ingenuity Drive 16,934 17,000 4.44 December 2024 Carillon Point 15,877 15,972 3.10 October 2023 Total Principal 710,751 612,292 Deferred financing costs, net (5,302 ) (5,660 ) Unamortized fair value adjustments 582 618 Total $ 706,031 $ 607,250 (1 A ll interest rates are fixed interest rates with the exception of the U C F and 4 below. (2) As of March 31, 2020, the one - (3) In March 2018, the Company entered into the Credit Agreement the March 2022 March 2023 During the three months ended March 31, 2020, the Company (4) In September 2019, the Company entered into a five-year $50 million Term Loan (the “Term Loan”) 30-day (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). (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. The scheduled principal repayments of debt as of March 31, 2020 are as follows (in thousands): 2020 $ 4,738 2021 89,355 2022 106,529 2023 48,529 2024 124,725 Thereafter 336,875 $ 710,751 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs In September 2019, the Company entered into a 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 March 31, 2020, the Interest Rate Swap was reported as a liability at its fair value of approximately $2.0 million, which is included in other liabilities on the Company’s consolidated balance sheet. For the three months ended March 31, 2020 the amount of realized losses reclassified to interest expense due to payments received by the swap counterparty were nominal. As of December 31, 2019, the Interest Rate Swap was reported as an asset at its fair value of approximately $0.7 million, which is included in other assets on the Company’s consolidated balance sheet. Cash, Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $610.3 million and $576.9 million as of March 31, 2020 and December 31, 2019, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions Administrative Services Agreement For the three months ended March 31, 2020 and 2019, the Company earned $0.1 million and $0.1 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“Second City”). On July 31, 2019, an indirect, wholly-owned subsidiary of the Company entered into an Administrative Services Agreement |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 8. Leases Lessor Accounting The Company is focused on acquiring, owning and operating high-quality office properties for lease to a stable and diverse tenant base. Our properties have both full-service gross and net leases which are generally classified as operating leases. Rental income related to such leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments which principally consist of tenant expense reimbursements for certain property operating expenses. For the three months ended March 31, 2020 and March 31, 2019, the Company recognized $40.1 million and $37.1 million, respectively, of rental and other revenue related to its operating leases (in thousands): Three Months Ended March 31, 2020 2019 Fixed payments $ 34,092 $ 32,199 Variable payments 6,016 4,880 $ 40,108 $ 37,079 Future minimum lease payments to be received by the Company as of March 31, 2020 under non-cancellable 2020 $ 90,339 2021 113,927 2022 95,518 2023 77,243 2024 57,558 Thereafter 115,327 $ 549,912 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 applicable state legislature does not appropriate rent in its annual budget. The Company has determined that the occurrence of any government tenant not being appropriated the rent in the applicable 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 7.2% of the Company’s total future minimum lease payments as of March 31, 2020. Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases . As of March , , these leases had remaining terms of to years and a weighted average remaining lease term of years. R As of March 31, As of December 31, Right-of-use $ 13,031 $ 13,130 Lease liability – operating leases $ 7,985 $ 8,033 Right-of-use $ 73 $ 79 Lease liability – financing leases $ 73 $ 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 % in determining its lease liabilities. The discount rates were derived from the Company’s assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments. Right-of-use Operating lease expense for each of the three months ended March 31, 2020 and March 31, 2019 was $0.2 million. Financing lease expense for the three months ended March 31, 2020 was nominal. The Company did not have any financing leases as of the three months ended March 31, 2019. Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2020 for the next five years and thereafter are as follows (in thousands): Operating Financing 2020 $ 364 $ 20 2021 817 27 2022 798 27 2023 663 4 2024 597 — Thereafter 26,680 — Total future minimum lease payments 29,919 78 Discount (21,934 ) (5 ) Total $ 7,985 $ 73 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2020 , |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Stockholder's Equity | 10. Stockholders’ Equity Share Repurchase Plan On March 9 Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in During the three months ended March 31, 2020, the Company completed the repurchase of 1,451,249 shares of its common stock for approximately $11.6 million. There were no shares repurchased during the three months ended March 31, 2019. Common Stock and Common Unit Distributions On March 25, 2020, the Company’s Board of Directors approved and the Company declared a cash dividend distribution of $0.15 per comm o Preferred Stock Distributions On March 25, 2020 the Company’s Board of Directors approved and the Company declared a cash dividend of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock (“Series A Preferred Stock”) for an aggregate amount of $1.9 million for the quarterly period ended March 31, 2020. The dividend was paid subsequent to quarter end on April 24, 2020 to the holders of record of Series A Preferred Stock as of the close of business on April 9, 2020. Equity Incentive Plan The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive 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 1,263,580 shares 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. On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement index as of January 2, 2020 (the “2020 RSU Peer Group”). The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the 2020 RSU Peer Group would result in a 50% payout; TSR at the 50th percentile of the 2020 RSU Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the 2020 RSU Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum. To the extent earned, the payouts of the Performance RSU Awards are intended to be settled in the form of shares of the Company’s common stock, pursuant to the Equity Incentive Plan. Upon satisfaction of the vesting conditions, dividend equivalents in an amount equal to all regular and special dividends declared with respect to the Company’s common stock during each annual measurement period during the Measurement Period are determined and paid on a cumulative, reinvested basis over the term of the applicable Performance RSU Award, at the time such award vests and based on the number of shares of the Company’s common stock that are earned. During the three months ended March 31, 2020, 147,050 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive RSU , During the three months ended March 31, 2020, 97,500 Performance RSU Awards were granted to executive officers with a fair value of $1.3 million. The Performance RSU Awards will vest on the last day of the three For the three months ended March 31, 2020, the Company recognized net compensation expense of $0.1 million related to the Performance RSU Awards. There was compensation expense related to the Performance RSU Awards for the three months ended March 31, 2019. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Subsequent to quarter end through May 5, 2020, the Company settled on the repurchase of 5,872,328 shares of its common stock for approximately $48.9 million. COVID-19 The recent COVID-19 COVID-19 COVID-19 COVID-19 Since March 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Summary of Significant Accounting Policies | Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04. 2020-04 2020-04 2020-04 8 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Acquired Properties | During the three months ended March 31, 2020 and 2019 the Company acquired the following properties: Property Date Acquired Percentage Owned Canyon Park February 2019 100 % |
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2019 (in thousands): Canyon 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 |
Schedule of Property Classified as Held for Sale | The property has been classified as held for sale as of March 31, 2020 and December 31, 2019 (in thousands): Circle Point Land March 31, 2020 December 31, Real estate properties, net $ 4,543 $ 4,514 Assets held for sale $ 4,543 $ 4,514 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (87 ) $ (67 ) Liabilities related to assets held for sale $ (87 ) $ (67 ) |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Lease Intangibles and Value of Assumed Lease Obligations | Lease intangibles and the value of assumed lease obligations as of March 31, 2020 and December 31, 2019 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities March 31, 2020 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground Total Cost $ 14,985 $ 87,320 $ 35,988 $ 138,293 $ (13,878 ) $ (138 ) $ (14,016 ) Accumulated amortization (7,051 ) (51,847 ) (17,291 ) (76,189 ) 6,371 41 6,412 $ 7,934 $ 35,473 $ 18,697 $ 62,104 $ (7,507 ) $ (97 ) $ (7,604 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Ground 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 ) |
Estimated Aggregate Amortization Expense for Lease Intangibles | The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2020 $ 14,129 2021 15,894 2022 8,233 2023 5,359 2024 3,191 Thereafter 7,694 $ 54,500 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Indebtness | 5. Debt The following table summarizes the indebtedness as of March 31, 2020 and December 31, 2019 (dollars in thousands): Property March 31, December 31, 2019 Interest Rate as of March 31, 2020 (1) Maturity Unsecured Credit Facility (3)(4) $ 100,000 $ — LIBOR +1.50 % (2) March 2022 Term Loan (4) 50,000 50,000 LIBOR +1.40 % (2) September 2024 Midland Life Insurance (5) 84,861 85,293 4.34 May 2021 Mission City 47,000 47,000 3.78 November 2027 Canyon Park (6) 40,950 40,950 4.30 March 2027 190 Office Center 40,700 40,854 4.79 October 2025 Circle Point 39,650 39,650 4.49 September 2028 SanTan 33,903 34,053 4.56 March 2027 Intellicenter 32,839 32,971 4.65 October 2025 The Quad 30,600 30,600 4.20 September 2028 FRP Collection 28,795 28,969 3.10 September 2023 2525 McKinnon 27,000 27,000 4.24 April 2027 Property March 31, December 31, 2019 Interest Rate as of March 31, 2020 (1) Maturity Greenwood Blvd 22,425 22,425 3.15 December 2025 Cascade Station 22,216 22,304 4.55 May 2024 5090 N 40 th 21,936 22,000 3.92 January 2027 AmberGlen 20,000 20,000 3.69 May 2027 Lake Vista Pointe 17,632 17,717 4.28 August 2024 Central Fairwinds 17,433 17,534 3.15 June 2024 FRP Ingenuity Drive 16,934 17,000 4.44 December 2024 Carillon Point 15,877 15,972 3.10 October 2023 Total Principal 710,751 612,292 Deferred financing costs, net (5,302 ) (5,660 ) Unamortized fair value adjustments 582 618 Total $ 706,031 $ 607,250 (1 A ll interest rates are fixed interest rates with the exception of the U C F and 4 below. (2) As of March 31, 2020, the one - (3) In March 2018, the Company entered into the Credit Agreement the March 2022 March 2023 During the three months ended March 31, 2020, the Company (4) In September 2019, the Company entered into a five-year $50 million Term Loan (the “Term Loan”) 30-day (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). (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. |
Schedule of Principal Repayments of Mortgage Payable | The scheduled principal repayments of debt as of March 31, 2020 are as follows (in thousands): 2020 $ 4,738 2021 89,355 2022 106,529 2023 48,529 2024 124,725 Thereafter 336,875 $ 710,751 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Operating Lease Lease Income | For the three months ended March 31, 2020 and March 31, 2019, the Company recognized $40.1 million and $37.1 million, respectively, of rental and other revenue related to its operating leases (in thousands): Three Months Ended March 31, 2020 2019 Fixed payments $ 34,092 $ 32,199 Variable payments 6,016 4,880 $ 40,108 $ 37,079 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments to be received by the Company as of March 31, 2020 under non-cancellable 2020 $ 90,339 2021 113,927 2022 95,518 2023 77,243 2024 57,558 Thereafter 115,327 $ 549,912 |
Schedule Of Supplemental Balance Sheet Information Related To Leases | R As of March 31, As of December 31, Right-of-use $ 13,031 $ 13,130 Lease liability – operating leases $ 7,985 $ 8,033 Right-of-use $ 73 $ 79 Lease liability – financing leases $ 73 $ 79 |
Schedule future minimum lease payments to be paid | Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of March 31, 2020 for the next five years and thereafter are as follows (in thousands): Operating Financing 2020 $ 364 $ 20 2021 817 27 2022 798 27 2023 663 4 2024 597 — Thereafter 26,680 — Total future minimum lease payments 29,919 78 Discount (21,934 ) (5 ) Total $ 7,985 $ 73 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company formation date | Nov. 26, 2013 |
Operation commencement date | Apr. 21, 2014 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) - Canyon Park [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Acquisitions [Line Items] | |
Real estate property, date acquired, asset acquisitions | 2019-02 |
Real estate property, percentage owned, asset acquisitions | 100.00% |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - Canyon Park [Member] $ in Thousands | Mar. 31, 2019USD ($) |
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 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Millions | May 10, 2019 | Feb. 07, 2019 | Mar. 31, 2020 |
Plaza 25 [Member] | |||
Real Estate [Line Items] | |||
Proceeds of sale of property | $ 17.9 | ||
Circle Point Land [Member] | |||
Real Estate [Line Items] | |||
Proceeds of sale of property | $ 6.5 | ||
Non-refundable deposit received | $ 0.5 |
Real Estate Investments - Sch_3
Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | $ 4,543 | $ 4,514 |
Liabilities related to assets held for sale | (87) | (67) |
Circle Point Land [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 4,543 | 4,514 |
Liabilities related to assets held for sale | (87) | (67) |
Circle Point Land [Member] | Real estate properties, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 4,543 | 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 | $ (87) | $ (67) |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 138,293 | $ 138,610 |
Accumulated amortization, Lease Intangible Assets | (76,189) | (71,077) |
Total, Lease Intangible Assets | 62,104 | 67,533 |
Cost, Lease Intangible Liabilities | (14,016) | (14,016) |
Accumulated amortization, Lease Intangible Liabilities | 6,412 | 5,822 |
Total, Lease Intangible Liabilities | (7,604) | (8,194) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 14,985 | 15,242 |
Accumulated amortization, Lease Intangible Assets | (7,051) | (6,704) |
Total, Lease Intangible Assets | 7,934 | 8,538 |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 87,320 | 87,320 |
Accumulated amortization, Lease Intangible Assets | (51,847) | (48,229) |
Total, Lease Intangible Assets | 35,473 | 39,091 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 35,988 | 36,048 |
Accumulated amortization, Lease Intangible Assets | (17,291) | (16,144) |
Total, Lease Intangible Assets | 18,697 | 19,904 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (13,878) | (13,878) |
Accumulated amortization, Lease Intangible Liabilities | 6,371 | 5,782 |
Total, Lease Intangible Liabilities | (7,507) | (8,096) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 41 | 40 |
Total, Lease Intangible Liabilities | $ (97) | $ (98) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 14,129 |
2021 | 15,894 |
2022 | 8,233 |
2023 | 5,359 |
2024 | 3,191 |
Thereafter | 7,694 |
Total | $ 54,500 |
Debt - Summary of Outstanding I
Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Indebtedness | $ 710,751 | $ 612,292 |
Deferred financing costs, net | (5,302) | (5,660) |
Unamortized fair value adjustments | 582 | 618 |
Total | 706,031 | 607,250 |
Unsecured Debt [Member] | Term loan [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 50,000 | 50,000 |
Interest Rate, terms | LIBOR +1.40 | |
Interest Rate, spread | 1.40% | |
Maturity | 2024-09 | |
Credit Facility [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 100,000 | |
Interest Rate, terms | LIBOR +1.50 | |
Interest Rate, spread | 1.50% | |
Maturity | 2022-03 | |
Midland Life Insurance [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 84,861 | 85,293 |
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 | $ 40,700 | 40,854 |
Interest Rate | 4.79% | |
Maturity | 2025-10 | |
Canyon Park [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 40,950 | 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 | $ 33,903 | 34,053 |
Interest Rate | 4.56% | |
Maturity | 2027-03 | |
Intellicenter [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 32,839 | 32,971 |
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 | $ 28,795 | 28,969 |
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 | $ 22,216 | 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 | $ 21,936 | 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 | $ 17,632 | 17,717 |
Interest Rate | 4.28% | |
Maturity | 2024-08 | |
Central Fairwinds [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,433 | 17,534 |
Interest Rate | 3.15% | |
Maturity | 2024-06 | |
FRP Ingenuity Drive [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 16,934 | 17,000 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Carillon Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 15,877 | $ 15,972 |
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 | Mar. 31, 2020 | Sep. 30, 2019 |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Credit Facility, authorized amount | $ 250 | $ 300 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Term | 5 years | ||
Term loan | $ 50 | ||
Debt interest Rate | 1.27% | ||
Frequency of Payment | payable monthly | ||
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 | $ 100 | ||
Loan maturity date | Mar. 31, 2022 | ||
Loan expected extended maturity date | Mar. 31, 2023 | ||
Revolving Credit Facility, maximum borrowing capacity | $ 500 | ||
Interest Rate, Description | 1.50% | ||
Proceeds from Issuance of Long-term Debt | $ 100 | ||
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
One month LIBOR rate | 0.99% | ||
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2020 | $ 4,738 | |
2021 | 89,355 | |
2022 | 106,529 | |
2023 | 48,529 | |
2024 | 124,725 | |
Thereafter | 336,875 | |
Total | $ 710,751 | $ 612,292 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | $ 50 | ||
Fixed interest rate | 1.27% | ||
Interest Rate Swap [Member] | Other Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets fair value | $ 0.7 | ||
Derivative Liability | $ 2 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage loans payable, fair value | $ 610.3 | $ 576.9 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Administrative Services Agreement [Member] | Second City Funds [Member] | ||
Related Party Transaction [Line Items] | ||
Annual payment receivable for services | $ 0.1 | $ 0.1 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease cost | $ 0.2 | $ 0.2 |
Operating Lease, Weighted Average Remaining Lease Term | 56 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.30% | |
Maximum [Member] | ||
Remaining lease terms | 68 years | |
Minimum [Member] | ||
Remaining lease terms | 2 years |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fixed payments | $ 34,092 | $ 32,199 |
Variable payments | 6,016 | 4,880 |
Operating Lease, Lease Income | $ 40,108 | $ 37,079 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Leases (Paranthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Lease, Lease Income | $ 40,108 | $ 37,079 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 90,339 |
2021 | 113,927 |
2022 | 95,518 |
2023 | 77,243 |
2024 | 57,558 |
Thereafter | 115,327 |
Total future minimum lease payments to be received | $ 549,912 |
Leases - Schedule of Operatin_3
Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lease liability – operating leases | $ 7,985 | |
Lease liability – financing leases | 73 | |
Other Assets [Member] | ||
Right-of-use asset - operating leases | 13,031 | $ 13,130 |
Right-of-use asset – financing leases | 73 | 79 |
Other Liabilities [Member] | ||
Lease liability – operating leases | 7,985 | 8,033 |
Lease liability – financing leases | $ 73 | $ 79 |
Leases - Schedule Future Minimu
Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 364 |
2021 | 817 |
2022 | 798 |
2023 | 663 |
2024 | 597 |
Thereafter | 26,680 |
Total future minimum lease payments | 29,919 |
Discount | (21,934) |
Total | 7,985 |
2020 | 20 |
2021 | 27 |
2022 | 27 |
2023 | 4 |
Total future minimum lease payments | 78 |
Discount | (5) |
Total | $ 73 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 24, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Mar. 09, 2020 | May 02, 2019 |
Class of Stock [Line Items] | ||||||
Dividend percent on preferred stock | 6.625% | 6.625% | ||||
Maximum number of shares issued under Equity Incentive Plan | 1,263,580 | 2,263,580 | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |||||
Stock Repurchased During Period, Shares | 1,451,249 | 0 | ||||
Stock Repurchased During Period, Value | $ 11,622 | |||||
Dividend payout agreement terms | The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the 2020 RSU Peer Group would result in a 50% payout; TSR at the 50th percentile of the 2020 RSU Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the 2020 RSU Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum. | |||||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividend percent on preferred stock | 6.625% | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Declared cash dividend distribution per share | $ 0.15 | |||||
Dividends paid, declared date | Mar. 25, 2020 | |||||
Dividends paid date | Apr. 24, 2020 | |||||
Dividends paid, date of record | Apr. 9, 2020 | |||||
Dividend paid | $ 7,800 | |||||
Stock Repurchased During Period, Shares | (1,451,000) | |||||
Stock Repurchased During Period, Value | $ 14 | |||||
Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Declared cash dividend distribution per share | $ 0.4140625 | |||||
Dividends paid, declared date | Mar. 25, 2020 | |||||
Dividends paid date | Apr. 24, 2020 | |||||
Dividends paid, date of record | Apr. 9, 2020 | |||||
Dividend paid | $ 1,900 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Class of Stock [Line Items] | ||||||
Net compensation expense | $ 500 | $ 400 | ||||
Restricted Stock Units (RSUs) [Member] | Directors and Non-Executive Employees [Member] | ||||||
Class of Stock [Line Items] | ||||||
Performance stock units granted to executive officers, directors and non-executive employees | 147,050 | |||||
Performance stock units grant date fair value | $ 2,000 | |||||
Performance Restricted Stock Unit [Member] | ||||||
Class of Stock [Line Items] | ||||||
Net compensation expense | $ 0 | |||||
Performance Restricted Stock Unit [Member] | Executive Officer [Member] | ||||||
Class of Stock [Line Items] | ||||||
Performance stock units granted to executive officers, directors and non-executive employees | 97,500 | |||||
Performance stock units grant date fair value | $ 1,300 | |||||
Net compensation expense | $ 100 | |||||
Share-based Payment Award, Terms of Award | January 1, 2020 through December 31, 2022 | |||||
Share-based Payment Award, Award Vesting Period | 3 years |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 05, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Subsequent Event [Line Items] | |||
Stock Repurchased During Period, Shares | 1,451,249 | 0 | |
Stock Repurchased During Period, Value | $ 11,622 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock Repurchased During Period, Shares | 5,872,328 | ||
Stock Repurchased During Period, Value | $ 48,900 |