Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | 43,397,117 | ||
Entity Address, State or Province | BC | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-36409 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 98-1141883 | ||
Entity Address, City or Town | Vancouver | ||
Entity Address, Address Line One | 666 Burrard Street | ||
Entity Address, Address Line Two | Suite 3210 | ||
Entity Address, Postal Zip Code | V6C 2X8 | ||
City Area Code | 604 | ||
Local Phone Number | 806-3366 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 427.6 | ||
ICFR Auditor Attestation Flag | true | ||
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, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Land | $ 204,289 | $ 230,034 |
Building and improvement | 777,184 | 784,636 |
Tenant improvement | 104,694 | 94,218 |
Furniture, fixtures and equipment | 642 | 285 |
Real estate properties, gross | 1,086,809 | 1,109,173 |
Accumulated depreciation | (131,220) | (101,835) |
Real estate properties, net | 955,589 | 1,007,338 |
Cash and cash equivalents | 25,305 | 70,129 |
Restricted cash | 20,646 | 17,394 |
Rents receivable, net | 32,968 | 32,112 |
Deferred leasing costs, net | 16,829 | 12,393 |
Acquired lease intangible assets, net | 44,143 | 67,533 |
Other assets | 15,758 | 17,061 |
Assets held for sale | 46,054 | 4,514 |
Total Assets | 1,157,292 | 1,228,474 |
Liabilities: | ||
Debt | 677,242 | 607,250 |
Accounts payable and accrued liabilities | 25,414 | 28,786 |
Deferred rent | 7,295 | 6,593 |
Tenant rent deposits | 4,801 | 5,658 |
Acquired lease intangible liabilities, net | 6,035 | 8,194 |
Other liabilities | 18,099 | 22,794 |
Liabilities related to assets held for sale | 531 | 67 |
Total Liabilities | 739,417 | 679,342 |
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, 2020 and 2019 | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 43,397,117 and 54,591,047 shares issued and outstanding as of December 31, 2020 and 2019 respectively | 433 | 545 |
Additional paid-in capital | 479,411 | 577,131 |
Accumulated deficit | (172,958) | (142,383) |
Accumulated other comprehensive (loss)/income | (1,960) | 715 |
Total Stockholders' Equity | 416,926 | 548,008 |
Non-controlling interests in properties | 949 | 1,124 |
Total Equity | 417,875 | 549,132 |
Total Liabilities and Equity | $ 1,157,292 | $ 1,228,474 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 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 | 43,397,117 | 54,591,047 |
Common stock, shares outstanding | 43,397,117 | 54,591,047 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Rental and other revenues | $ 160,840 | $ 156,297 | $ 129,484 |
Operating expenses: | |||
Property operating expenses | 58,312 | 57,316 | 49,872 |
General and administrative | 10,690 | 11,066 | 8,137 |
Depreciation and amortization | 60,367 | 59,159 | 52,352 |
Impairment of real estate | 3,497 | ||
Total operating expenses | 129,369 | 127,541 | 113,858 |
Operating income | 31,471 | 28,756 | 15,626 |
Interest expense: | |||
Contractual interest expense | (26,363) | (28,401) | (22,316) |
Amortization of deferred financing costs and debt fair value | (1,326) | (1,325) | (1,621) |
Interest expense, net | (27,689) | (29,726) | (23,937) |
Net gain on sale of real estate property | 1,347 | 3,412 | 46,980 |
Net income | 5,129 | 2,442 | 38,669 |
Net income attributable to non-controlling interests in properties | (602) | (644) | (501) |
Net income attributable to the Company | 4,527 | 1,798 | 38,168 |
Preferred stock distributions | (7,420) | (7,420) | (7,420) |
Net (loss)/income attributable to common stockholders | $ (2,893) | $ (5,622) | $ 30,748 |
Net (loss)/income per common share: | |||
Basic | $ (0.06) | $ (0.13) | $ 0.82 |
Diluted | $ (0.06) | $ (0.13) | $ 0.82 |
Weighted average common shares outstanding: | |||
Basic | 47,223 | 43,997 | 37,321 |
Diluted | 47,223 | 43,997 | 37,670 |
Dividend distributions declared per common share | $ 0.60 | $ 0.94 | $ 0.94 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 5,129 | $ 2,442 | $ 38,669 |
Other comprehensive (loss)/income: | |||
Unrealized cash flow hedge (loss)/gain | (3,003) | 821 | |
Amounts reclassified to interest expense | 328 | (106) | |
Other comprehensive income/(loss) | (2,675) | 715 | |
Comprehensive income | 2,454 | 3,157 | 38,669 |
Comprehensive income attributable to non-controlling interests in properties | (602) | (644) | (501) |
Comprehensive income attributable to the Company | $ 1,852 | $ 2,513 | $ 38,168 |
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/(Loss) [Member] | Total stockholders' equity [Member] | Non-controlling Interests in Properties [Member] |
Beginning balance at Dec. 31, 2017 | $ 359,832 | $ 112,000 | $ 360 | $ 334,241 | $ (86,977) | $ 359,624 | $ 208 | |
Beginning balance, shares at Dec. 31, 2017 | 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 repurchased, shares | 0 | |||||||
Common stock dividend distribution declared | $ (35,567) | (35,567) | (35,567) | |||||
Preferred stock dividend distribution 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 | 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 repurchased, shares | 0 | |||||||
Common stock dividend distribution declared | $ (44,279) | (44,279) | (44,279) | |||||
Preferred stock dividend distribution declared | (7,420) | (7,420) | (7,420) | |||||
Contributions | 112 | 112 | ||||||
Distributions | (596) | (596) | ||||||
Net income | 2,442 | 1,798 | 1,798 | 644 | ||||
Other comprehensive income (loss) | 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 | 4,480,000 | 54,591,000 | ||||||
Restricted stock award grants and vesting, values | 2,290 | $ 2 | 2,531 | (243) | 2,290 | |||
Restricted stock award grants and vesting, shares | 170,000 | |||||||
Common stock repurchased, values | $ (100,365) | $ (114) | (100,251) | (100,365) | ||||
Common stock repurchased, shares | 11,363,851 | (11,364,000) | ||||||
Common stock dividend distribution declared | $ (27,439) | (27,439) | (27,439) | |||||
Preferred stock dividend distribution declared | (7,420) | (7,420) | (7,420) | |||||
Contributions | 52 | 52 | ||||||
Distributions | (829) | (829) | ||||||
Net income | 5,129 | 4,527 | 4,527 | 602 | ||||
Other comprehensive income (loss) | (2,675) | (2,675) | (2,675) | |||||
Ending balance at Dec. 31, 2020 | $ 417,875 | $ 112,000 | $ 433 | $ 479,411 | $ (172,958) | $ (1,960) | $ 416,926 | $ 949 |
Ending balance, shares at Dec. 31, 2020 | 4,480,000 | 43,397,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income | $ 5,129 | $ 2,442 | $ 38,669 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 60,367 | 59,159 | 52,352 |
Amortization of deferred financing costs and debt fair value | 1,326 | 1,325 | 1,621 |
Amortization of above and below market leases | (17) | (27) | (182) |
Straight-line rent/expense | (3,389) | (5,233) | (4,703) |
Non-cash stock compensation | 2,332 | 1,742 | 1,416 |
Net gain on sale of real estate property | (1,347) | (3,412) | (46,980) |
Impairment of real estate | 3,497 | ||
Changes in non-cash working capital: | |||
Rents receivable, net | (182) | (1,061) | (1,602) |
Other assets | 53 | (330) | (353) |
Accounts payable and accrued liabilities | (4,194) | (5,538) | (910) |
Deferred rent | 702 | 1,022 | (834) |
Tenant rent deposits | (857) | (590) | 196 |
Net Cash Provided By Operating Activities | 59,923 | 49,499 | 42,187 |
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (26,352) | (16,002) | (23,586) |
Acquisition of real estate | (108,358) | (254,514) | |
Net proceeds from sale of real estate | 6,340 | 46,364 | 84,839 |
Deferred leasing costs | (7,791) | (3,926) | (4,048) |
Net Cash Used In Investing Activities | (27,803) | (81,922) | (197,309) |
Cash Flows (to)/from Financing Activities: | |||
Repurchases of common stock | (100,365) | ||
Proceeds from sale of common stock | 198,874 | 42,902 | |
Debt issuance and extinguishment costs | (1,008) | (2,963) | |
Proceeds from borrowings | 130,000 | 154,750 | 398,749 |
Repayment of borrowings | (61,330) | (216,336) | (241,820) |
Shares withheld for payment of taxes on restricted stock unit vesting | (42) | (832) | (87) |
Minority interest buyout | (1,140) | ||
Contributions from non-controlling interests in properties . | 52 | 112 | 297 |
Distributions to non-controlling interests in properties | (829) | (596) | (527) |
Dividend distributions paid to stockholders | (41,178) | (48,163) | (42,158) |
Net Cash (Used In)/Provided By Financing Activities | (73,692) | 86,801 | 153,253 |
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash | (41,572) | 54,378 | (1,869) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 87,523 | 33,145 | 35,014 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 45,951 | 87,523 | 33,145 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and Cash Equivalents, End of Period | 25,305 | 70,129 | 16,138 |
Restricted Cash, End of Period | 20,646 | 17,394 | 17,007 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 45,951 | 87,523 | 33,145 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 26,454 | 28,479 | 22,131 |
Purchase of additions in real estate properties included in accounts payable | 7,640 | 6,489 | 6,791 |
Purchase of deferred leasing costs included in accounts payable | $ 289 | 603 | $ 654 |
Debt assumed on acquisition of real estate | $ 22,473 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 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 November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 201 8 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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 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 a 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. Tenant improvements are deferred and amortized on a straight-line basis over the terms of the respective lease. 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 Effective January 1, 2019, the Company adopted FASB ASU 2016-02, Leases (ASC 842), and elected the effective date method for the transition. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. right-of-use Right-of-use Right-of-use Right-of-use non-lease Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings 28-50 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 determined impaired. Long-lived assets, to be disposed of, are written down to the lower of cost or fair value less the estimated cost to sell. The Company reviews its real estate properties 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. 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% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. From time to time, the Company has elected to treat certain subsidiaries as TRSs. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates. Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting period. Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding for the years ended December 31, 2020 and December 31, 2019 and D e Derivative Instruments and Hedging Activities The Company enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For derivatives that qualify as hedging instruments, 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, Fair Value Measurements and Disclosures (“ASC 820-10”) establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level Level Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Segment Reporting The Company operates in one industry segment, commercial real estate. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04. ASU 2020-04 provides companies with optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. For contracts affected by reference rate reform, if certain criteria are met, companies can elect to not remeasure contracts at the modification date or reassess a previous accounting conclusion. Companies can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. Further, in January 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-01, Reference Rate Reform (Topic 848). ASU 2021-01 clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 and ASU 2021-01 can be applied as of the beginning of the interim period that includes March 12, 2020, however, the guidance will only be available for optional use through December 31, 2022. The new standard applies prospectively to contract modifications and hedging relationships and may be elected over time as reference rate reform activities occur. The Company has not yet adopted the standard and continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its consolidated financial statements and may elect optional expedients in future periods as reference rate reform activities o c On April 10, 2020, the Financial Accounting Standards Board (the “FASB”) issued a Staff Q&A to respond to some frequently asked questions about accounting for rent relief related to the effects of the COVID-19 pandemic. Consequently, for rent relief related to the effects of the COVID-19 pandemic, an entity will not be required to analyze each contract to determine whether enforceable rights and obligations for abatements exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided rent relief related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, reduced future lease payments, etc.) as long as the rent relief does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. To date, the Company granted rent relief to certain tenants, most often in the form of a rent deferral or rent abatement. For rent relief granted that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee, the Company elected to not apply the lease modification guidance and instead account for the rent relief as though the enforceable rights and obligations for the relief existed in the original contract. For rent relief granted that resulted in a substantial increase in the rights of the lessor or the obligations of the lessee, the Company applied the lease modification guidance to the applicable contracts. |
Rents Receivable, Net
Rents Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
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, December 31, Billed receivables $ 2,239 $ 2,880 Straight-line receivables 30,729 29,232 Total rents receivable $ 32,968 $ 32,112 As of December 31, 2020, the Company’s allowance for doubtful accounts was $0.1 |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments Acquisitions During the years ended December 31, 2020, 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 % (1) Denver Tech is comprised of 7601 Tech 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 Cascade 7601 December 31, 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 principal amount of $22.5 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 Circle The Circle Point Greenwood Camelback December 31, 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 Sale of Real Estate Property On July 23, 2020, the Company sold a land parcel at the Circle Point property in Denver, Colorado for $6.5 million, resulting in an aggregate gain of $1.3 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 December 12, 2019, the Company sold the Logan Tower property in Denver, Colorado for $ million, resulting in an aggregate gain of $ 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 May 7, 2019, the Company sold the 10455 Pacific Center building of t h $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 , , the Company sold the Washington Group Plaza property in Boise, Idaho for $ million, resulting in an aggregate net gain of $ million, net of $ million in costs, which has been classified as net gain on sale of real estate property in the consolidated statements of operations. Assets Held for Sale On November 18 , 2020 , the Company entered into a purchase and sale agreement to sell the Cherry Creek property for $95.0 million. The Company determined that the property met the criteria for classification as held for sale as of December 31 , 2020 . Refer to Note 13 “Subsequent Events” to the accompanying consolidated financial statements for further information. The property was classified as held for sale as of December 31, 2020 (in thousands): Cherry Creek December 31, Real estate properties, net $ 40,849 Deferred leasing costs, net 150 Acquired lease intangible assets, net 2,256 Rents receivable, prepaid expenses and other assets 2,799 Assets held for sale $ 46,054 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (531 ) Liabilities related to assets held for sale $ (531) 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 The property has been classified as held for sale as of December 31, 2019 (in thousands): Circle Point Land December 31, 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 ) |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2020 and December 31, 2019 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2020 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,894 $ 80,259 $ 30,284 $ 125,437 $ (13,093) $ (138) $ (13,231) Accumulated amortization (8,497 ) (55,636 ) (17,161 ) (81,294 ) 7,152 44 7,196 $ 6,397 $ 24,623 $ 13,123 $ 44,143 $ (5,941) $ (94) $ (6,035) Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market In Place Leases Leasing Total Below Below 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 five succeeding years and in the aggregate are as follows (in thousands): 2021 $ 13,632 2022 8,229 2023 5,355 2024 3,040 2025 2,659 Thereafter 5,193 $ 38,108 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the outstanding indebtedness as of December 31, 2020 and 2019 (in thousands): Property December 31, 2020 December 31, Interest Rate as 2020 (1) Maturity Unsecured Credit Facility (3)(4) $ 75,000 $ — LIBOR +1.50 % (2) March 2022 Term Loan (4) 50,000 50,000 LIBOR +1.40 % (2) September 2024 Midland Life Insurance (5) 83,537 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 40,236 40,854 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,444 34,053 4.56 % March 2027 Intellicenter 32,442 32,971 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 28,263 28,969 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,425 22,425 3.15 % December 2025 Cascade Station 21,952 22,304 4.55 % May 2024 5090 N . 21,640 22,000 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,375 17,717 4.28 % August 2024 Central Fairwinds 17,127 17,534 3.15 % June 2024 FRP Ingenuity Drive 16,736 17,000 4.44 % December 2024 Carillon Point 15,585 15,972 3.10 % October 2023 Total Principal 680,962 612,292 Deferred financing costs, net (4,195 ) (5,660 ) Unamortized fair value adjustments 475 618 Total $ 677,242 $ 607,250 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (“Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 3 and 4 below. (2) As of December 31, 2020, the one-month (3) In March 2018, the Company entered into the Credit Agreement 2022 March 2023 (4) In September 2019, the Company entered into a five-year $50 30-day (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). In February 2021, the loan balance of (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 mortgage payable as of December 31, 2020 are as follows (in thousands): 2021 $ 89,304 2022 81,529 2023 48,529 2024 124,725 2025 92,036 Thereafter 244,839 $ 680,962 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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 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. The fair value of the Interest Rate Swap has been classified as a Level 2 fair value measurement. 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 and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. As of December 31, 2020, the Interest Rate Swap was reported as a liability at its fair value of approximately $2.0 As of December 31, 2019, the Interest Rate Swap was reported as an asset at its fair value of approximately $0.7 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 $573.6 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Administrative Services Agreements On October 29, 2018, the Company entered into the First Amendment Administrative Services Agreement will be $ for the first twelve months following the Effective Date and thereafter an amount equal to % of the management fee paid to SCRE II by the fund managed by SCRE II. During the years ended December 31, 2020, 2019, and 2018, the Company earned $ million, $ million, and $ million, respectively, in administrative services performed for SCRE II and its affiliates. 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 On July 31, 2019, an indirect, wholly-owned subsidiary of the Company entered into an administrative services agreement e Minority Interest Buy Out On August 1, 2018, the Company signed an agreement with Second City Capital Partners II, Limited Partnership (“SCCP”) whereby SCCP agreed to sell its seven percent |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 9. Leases Lessor Accounting The Company is focused on acquiring, owning a n 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. The Company elected the practical expedient to account for its lease and non-lease e The Company recognized fixed and variable lease payments for the years ended December 31, 2020 and December 31, 2019 as follows (in thousands): Years Ended 2020 2019 Fixed payments $ 137,247 $ 132,540 Variable payments 23,502 20,990 $ 160,749 $ 153,530 Future minimum lease payments to be received as of December 31, 2020 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2021 $ 125,736 2022 108,493 2023 91,708 2024 72,312 2025 56,709 Thereafter 146,488 $ 601,446 The Company’s leases may include various provisions such as scheduled rent increases, renewal options, purchase options and termination options. The majority of the Company’s leases include defined rent increase rather than variable payments based on an index or unknown rate. 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. As of December 31, 2020, these leases had remaining terms of 1 to 68 years and a weighted average remaining lease term of 58 years. Right-of-use December 31, December 31, Right-of-use $ 12,739 $ 13,130 Lease liability – operating leases $ 7,719 $ 8,033 Right-of-use $ 55 $ 79 Lease liability – financing leases $ 55 $ 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% in determining its lease liabilities. The discount rates were derived from the Company’s assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments. Right-of-use Operating lease expense for the years ended December 31, 2020 and 2019 was $0.9 , Future minimum lease payments to be paid by the Company as a lessee as of December 31, 2020 for the next five years and thereafter are as follows (in thousands): Operating Financing 2021 $ 552 $ 27 2022 798 27 2023 663 4 2024 597 — 2025 596 — Thereafter 26,084 — Total future minimum lease payments 29,290 58 Discount (21,571 ) (3 ) Total $ 7,719 $ 55 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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, liability, claim or expenditure will not arise in the future. 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, 2020, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018 (in thousands, except per share amounts): Years ended December 31, 2020 2019 2018 Net income $ 5,129 $ 2,442 $ 38,669 Less: Net income attributable to noncontrolling interests in properties (602 ) (644 ) (501 ) Less: Net income attributable to Preferred stockholders (7,420 ) (7,420 ) (7,420 ) Numerator for basic and diluted EPS $ (2,893 ) $ (5,622 ) $ 30,748 Denominator for basic EPS 47,223 43,997 37,321 Dilutive effect of RSUs — — 349 Denominator for dilutive EPS $ 47,223 $ 43,997 $ 37,670 Net (loss)/income per common share: Basic $ (0.06 ) $ (0.13 ) $ 0.82 Dilutive $ (0.06 ) $ (0.13 ) $ 0.82 |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2020 | |
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 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 % 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 shares of common stock and up to shares of Series A Preferred Stock through the Sales Agents pursuant to the ATM Program. Pursuant to the EDAs, the shares may be offered and sold through the Sales Agents in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange or, with the prior consent of the Company, in privately negotiated transactions. The Sales Agents will be entitled to compensation of up to % of the gross proceeds of shares sold through the Sales Agents from time to time under the EDAs. The Company has no obligation to sell any of the shares under the EDAs and may at any time suspend solicitations and offers under, or terminate, the EDAs. During the year ended December 31, 2019, the Company issued shares of common stock under the ATM Program. The Company raised $ million in ag g million after deducting sales commissions and offering expenses. The Company terminated the Prior EDAs effective February 25, 2020. The Company did not issue any shares of common stock or Series A Preferred Stock under the Prior ATM Program for the period beginning on January 1, 2020 through the date the Prior EDAs were terminated. On February 26, 2020, the Company and the Operating Partnership entered into equity distribution agreements Markets Corp., RBC Capital Markets, LLC, B. Riley FBR, Inc., D.A. Davidson & Co. and Janney Montgomery Scott LLC (the “Sales Agents”) pursuant to which the Company may issue and sell from time to time up to 15,000,000 shares common stock and up to 1,000,000 Series A Preferred Stock through the Sales Agents, acting as agents or principals (the “ATM Program”). The Company did not issue any shares of common stock or Series A Preferred Stock under the ATM Program during the fiscal year ended December 31, 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 Share Repurchase Plan On March 9, 2020, the Company’s Board of Directors approved a share repurchase plan authorizing the Company to repurchase up to $100 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 year ended December 31, 2020, the Company completed the repurchase of 11,363,851 shares of its common stock for approximately $100.0 Common Stock and Common Unit Distributions During the year ended December 31, 2020, the Company declared aggregate cash distributions to common stockholders and common unitholders of $27.4 During the year ended December 31, 2020, the Company declared the following distributions per share and unit: Period Distribution per Declaration Date Record Date Payment Date January 1, 2020 – March 31, 2020 $ 0.15 March 25, 2020 April 9, 2020 April 24, 2020 April 1, 2020 – June 30, 2020 0.15 June 12, 2020 July 10, 2020 July 24, 2020 July 1, 2020 – September 30, 2020 0.15 September 15, 2020 October 8, 2020 October 22, 2020 October 1, 2020 – December 31, 2020 0.15 December 15, 2020 January 11, 2021 January 25, 2021 Total $ 0.60 Preferred Stock Distributions During the year ended December 31, 2020, the Company d e Equity Incentive Plan The Company has an equity incentive plan 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 During the year ended December 31, 2020, 147,050 restricted stock units (“RSUs”) were granted to directors, executive officers and non-executive three During the year ended December 31, 2019, 162,500 restricted stock units (“RSUs”) were granted to directors, executive officers and non-executive three During the year ended December 31, 2018, 156,375 RSUs were granted to directors, executive officers and non-executive three For the year ended December 31, 2020, 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 During the year ended December 31, 2020, 97,500 Performance RSU Awards were granted to executive officers with a fair value of $1.3 three-year o |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On February 10, 2021, the Company sold the Cherry Creek property in Denver, Colorado for a sales price of $95.0 Also in February 2021, the Midland Life Insurance loan balance of $83.5 million was repaid in full. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 1 4 The following tables summarize certain selected quarterly financial data for 2020 and 2019 (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. 2020 Quarters Fourth Third Second First Revenue $ 39,840 $ 41,261 $ 39,617 $ 40,122 Net income 461 3,039 623 1,006 Net (loss)/income attributable to common stockholders (1,482 ) 1,031 (1,411 ) (1,031 ) Net (loss)/income per share (0.03 ) 0.02 (0.03 ) (0.02 ) 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 ) |
Schedule III - Real Estate Prop
Schedule III - Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 (In thousands) Intial Costs to Company Costs Gross Amount at Which Carried as of December 31, 2020 (1) Accumulated Year of Year Description Encumbrances (2) Land Buildings and Improvements Land Building and Total (3) AmberGlen $ 20,000 $ 6,546 $ 3,490 $ 2,919 $ 6,546 $ 6,409 $ 12,955 $ 3,226 1984-1998 2009 City Center 22,492 3,123 10,656 10,321 3,123 20,977 24,100 8,397 1984 2010 Central Fairwinds 17,127 1,747 9,751 6,833 1,747 16,584 18,331 5,072 1982 2012 Lake Vista Pointe 17,375 4,115 20,600 196 4,115 20,796 24,911 6,128 2007 2014 Florida Research Park (4) 44,999 11,446 56,475 3,518 11,446 59,993 71,439 11,562 1999 2014; 2016 Superior Pointe — 3,153 19,834 1,971 3,153 21,805 24,958 4,372 2000 2015 Denver Tech (5) 15,142 18,002 52,719 8,397 18,002 61,116 79,118 6,901 1999; 1997 2015; 2019 190 Office Center 40,236 7,162 39,690 1,609 7,162 41,299 48,461 6,357 2001 2015 Intellicenter 32,442 5,244 34,278 87 5,244 34,365 39,609 5,765 2008 2015 Carillon Point 15,585 5,172 17,316 227 5,172 17,543 22,715 4,040 2007 2016 Park Tower — 3,479 68,656 16,138 3,479 84,794 88,273 13,348 1973 2016 5090 N 40th St 21,640 6,696 32,123 3,213 6,696 35,336 42,032 4,136 1988 2016 SanTan 33,444 6,803 37,187 4,999 6,803 42,186 48,989 7,314 2000-2003 2016 2525 McKinnon 27,000 10,629 34,515 2,396 10,629 36,911 47,540 3,949 2003 2017 Mission City 47,000 25,741 41,474 8,756 25,741 50,230 75,971 9,010 1990-2007 2017 Sorrento Mesa — 34,305 36,726 4,143 34,305 40,869 75,174 6,287 1985-2001 2017 Papago Tech — 10,746 19,762 775 10,746 20,537 31,283 3,193 1993-1995 2017 Pima Center — — 45,133 2,431 - 47,564 47,564 4,883 2006-2008 2018 Circle Point 39,650 9,320 39,101 2,995 9,320 42,096 51,416 4,934 2001 2018 The Quad 30,600 8,079 39,858 129 8,079 39,987 48,066 3,486 1982 2018 Greenwood Blvd 22,425 3,945 26,019 1,224 3,945 27,243 31,188 1,864 1997 2018 Camelback Square — 11,738 37,922 5,842 11,738 43,764 55,502 2,754 1978 2018 Canyon Park 40,950 7,098 38,416 4,197 7,098 42,613 49,711 2,537 1993; 1999 2019 Cascade Station 21,952 — 27,220 283 — 27,503 27,503 1,705 2008-2009 2019 Corporate 125,000 — — — — — — — Total $ 635,059 $ 204,289 $ 788,921 $ 93,599 $ 204,289 $ 882,520 $ 1,086,809 $ 131,220 (1) The aggregate cost for federal tax purposes as of December 31, 2020 of our real estate assets was approximately $1.1 billion. (2) Encumbrances exclude net deferred financing costs of $4.2 (3) Properties identified as held for sale at December 31, 2020 are excluded. (4) Florida Research Park is comprised of FRP Ingenuity Drive (5) Denver Tech is comprised of 7601 Tech . A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2020 , and 2018 2020 2019 2018 Real Estate Properties Balance, beginning of year $ 1,109,173 $ 1,005,647 $ 776,301 Acquisitions — 113,134 225,476 Dispositions (1,993 ) (27,585 ) (5,715 ) Capital improvements 27,503 22,491 30,378 Assets held for sale (47,874 ) (4,514 ) (20,793 ) Balance, end of year $ 1,086,809 $ 1,109,173 $ 1,005,647 Accumulated Depreciation Balance, beginning of year $ 101,835 $ 70,484 $ 48,234 Depreciation 38,372 35,531 29,196 Dispositions (1,962 ) (4,180 ) (2,301 ) Depreciation on assets held for sale (7,025 ) — (4,645 ) Balance, end of year $ 131,220 $ 101,835 $ 70,484 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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 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 a 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. Tenant improvements are deferred and amortized on a straight-line basis over the terms of the respective lease. 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 Effective January 1, 2019, the Company adopted FASB ASU 2016-02, Leases (ASC 842), and elected the effective date method for the transition. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. right-of-use Right-of-use Right-of-use Right-of-use non-lease |
Real Estate Properties | Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings 28-50 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 determined impaired. Long-lived assets, to be disposed of, are written down to the lower of cost or fair value less the estimated cost to sell. The Company reviews its real estate properties 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. |
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% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. From time to time, the Company has elected to treat certain subsidiaries as TRSs. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates. |
Non-controlling Interests | Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling |
Equity-Based Compensation | Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting period. |
Earnings per Common Share | Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding for the years ended December 31, 2020 and December 31, 2019 and D e |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For derivatives that qualify as hedging instruments, 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, Fair Value Measurements and Disclosures (“ASC 820-10”) establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level Level |
Deferred Leasing Costs | Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. |
Segment Reporting | Segment Reporting The Company operates in one industry segment, commercial real estate. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04. ASU 2020-04 provides companies with optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. For contracts affected by reference rate reform, if certain criteria are met, companies can elect to not remeasure contracts at the modification date or reassess a previous accounting conclusion. Companies can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. Further, in January 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-01, Reference Rate Reform (Topic 848). ASU 2021-01 clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. ASU 2020-04 and ASU 2021-01 can be applied as of the beginning of the interim period that includes March 12, 2020, however, the guidance will only be available for optional use through December 31, 2022. The new standard applies prospectively to contract modifications and hedging relationships and may be elected over time as reference rate reform activities occur. The Company has not yet adopted the standard and continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its consolidated financial statements and may elect optional expedients in future periods as reference rate reform activities o c On April 10, 2020, the Financial Accounting Standards Board (the “FASB”) issued a Staff Q&A to respond to some frequently asked questions about accounting for rent relief related to the effects of the COVID-19 pandemic. Consequently, for rent relief related to the effects of the COVID-19 pandemic, an entity will not be required to analyze each contract to determine whether enforceable rights and obligations for abatements exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided rent relief related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, reduced future lease payments, etc.) as long as the rent relief does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. To date, the Company granted rent relief to certain tenants, most often in the form of a rent deferral or rent abatement. For rent relief granted that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee, the Company elected to not apply the lease modification guidance and instead account for the rent relief as though the enforceable rights and obligations for the relief existed in the original contract. For rent relief granted that resulted in a substantial increase in the rights of the lessor or the obligations of the lessee, the Company applied the lease modification guidance to the applicable contracts. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Furniture, fixtures and equipment 4-10 |
Rents Receivable, Net (Tables)
Rents Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Components of Rents Receivable | The Company’s rents receivable is comprised of the following components (in thousands): December 31, December 31, Billed receivables $ 2,239 $ 2,880 Straight-line receivables 30,729 29,232 Total rents receivable $ 32,968 $ 32,112 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Acquired Properties | During the years ended December 31, 2020, 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 % (1) Denver Tech is comprised of 7601 Tech 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 Cascade 7601 December 31, 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 Circle The Circle Point Greenwood Camelback December 31, 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 |
Schedule of Property Classified as Held for Sale | The property was classified as held for sale as of December 31, 2020 (in thousands): Cherry Creek December 31, Real estate properties, net $ 40,849 Deferred leasing costs, net 150 Acquired lease intangible assets, net 2,256 Rents receivable, prepaid expenses and other assets 2,799 Assets held for sale $ 46,054 Accounts payable, accrued expenses, deferred rent and tenant rent deposits $ (531 ) Liabilities related to assets held for sale $ (531) The property has been classified as held for sale as of December 31, 2019 (in thousands): Circle Point Land December 31, 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 ) |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 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 December 31, 2020 and December 31, 2019 were comprised as follows (in thousands): Lease Intangible Assets Lease Intangible Liabilities December 31, 2020 Above Market In Place Leases Leasing Total Below Below Total Cost $ 14,894 $ 80,259 $ 30,284 $ 125,437 $ (13,093) $ (138) $ (13,231) Accumulated amortization (8,497 ) (55,636 ) (17,161 ) (81,294 ) 7,152 44 7,196 $ 6,397 $ 24,623 $ 13,123 $ 44,143 $ (5,941) $ (94) $ (6,035) Lease Intangible Assets Lease Intangible Liabilities December 31, 2019 Above Market In Place Leases Leasing Total Below Below 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 five succeeding years and in the aggregate are as follows (in thousands): 2021 $ 13,632 2022 8,229 2023 5,355 2024 3,040 2025 2,659 Thereafter 5,193 $ 38,108 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Indebtness | The following table summarizes the outstanding indebtedness as of December 31, 2020 and 2019 (in thousands): Property December 31, 2020 December 31, Interest Rate as 2020 (1) Maturity Unsecured Credit Facility (3)(4) $ 75,000 $ — LIBOR +1.50 % (2) March 2022 Term Loan (4) 50,000 50,000 LIBOR +1.40 % (2) September 2024 Midland Life Insurance (5) 83,537 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 40,236 40,854 4.79 % October 2025 Circle Point 39,650 39,650 4.49 % September 2028 SanTan 33,444 34,053 4.56 % March 2027 Intellicenter 32,442 32,971 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 FRP Collection 28,263 28,969 3.10 % September 2023 2525 McKinnon 27,000 27,000 4.24 % April 2027 Greenwood Blvd 22,425 22,425 3.15 % December 2025 Cascade Station 21,952 22,304 4.55 % May 2024 5090 N . 21,640 22,000 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Lake Vista Pointe 17,375 17,717 4.28 % August 2024 Central Fairwinds 17,127 17,534 3.15 % June 2024 FRP Ingenuity Drive 16,736 17,000 4.44 % December 2024 Carillon Point 15,585 15,972 3.10 % October 2023 Total Principal 680,962 612,292 Deferred financing costs, net (4,195 ) (5,660 ) Unamortized fair value adjustments 475 618 Total $ 677,242 $ 607,250 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (“Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 3 and 4 below. (2) As of December 31, 2020, the one-month (3) In March 2018, the Company entered into the Credit Agreement 2022 March 2023 (4) In September 2019, the Company entered into a five-year $50 30-day (5) The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). In February 2021, the loan balance of (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 mortgage payable as of December 31, 2020 are as follows (in thousands): 2021 $ 89,304 2022 81,529 2023 48,529 2024 124,725 2025 92,036 Thereafter 244,839 $ 680,962 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Lease Lease Income | The Company recognized fixed and variable lease payments for the years ended December 31, 2020 and December 31, 2019 as follows (in thousands): Years Ended 2020 2019 Fixed payments $ 137,247 $ 132,540 Variable payments 23,502 20,990 $ 160,749 $ 153,530 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments to be received as of December 31, 2020 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2021 $ 125,736 2022 108,493 2023 91,708 2024 72,312 2025 56,709 Thereafter 146,488 $ 601,446 |
Schedule Of Supplemental Balance Sheet Information Related To Leases | Right-of-use December 31, December 31, Right-of-use $ 12,739 $ 13,130 Lease liability – operating leases $ 7,719 $ 8,033 Right-of-use $ 55 $ 79 Lease liability – financing leases $ 55 $ 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, 2020 for the next five years and thereafter are as follows (in thousands): Operating Financing 2021 $ 552 $ 27 2022 798 27 2023 663 4 2024 597 — 2025 596 — Thereafter 26,084 — Total future minimum lease payments 29,290 58 Discount (21,571 ) (3 ) Total $ 7,719 $ 55 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018 (in thousands, except per share amounts): Years ended December 31, 2020 2019 2018 Net income $ 5,129 $ 2,442 $ 38,669 Less: Net income attributable to noncontrolling interests in properties (602 ) (644 ) (501 ) Less: Net income attributable to Preferred stockholders (7,420 ) (7,420 ) (7,420 ) Numerator for basic and diluted EPS $ (2,893 ) $ (5,622 ) $ 30,748 Denominator for basic EPS 47,223 43,997 37,321 Dilutive effect of RSUs — — 349 Denominator for dilutive EPS $ 47,223 $ 43,997 $ 37,670 Net (loss)/income per common share: Basic $ (0.06 ) $ (0.13 ) $ 0.82 Dilutive $ (0.06 ) $ (0.13 ) $ 0.82 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Distributions Declared per Share and Unit | During the year ended December 31, 2020, the Company declared the following distributions per share and unit: Period Distribution per Declaration Date Record Date Payment Date January 1, 2020 – March 31, 2020 $ 0.15 March 25, 2020 April 9, 2020 April 24, 2020 April 1, 2020 – June 30, 2020 0.15 June 12, 2020 July 10, 2020 July 24, 2020 July 1, 2020 – September 30, 2020 0.15 September 15, 2020 October 8, 2020 October 22, 2020 October 1, 2020 – December 31, 2020 0.15 December 15, 2020 January 11, 2021 January 25, 2021 Total $ 0.60 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following tables summarize certain selected quarterly financial data for 2020 and 2019 (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. 2020 Quarters Fourth Third Second First Revenue $ 39,840 $ 41,261 $ 39,617 $ 40,122 Net income 461 3,039 623 1,006 Net (loss)/income attributable to common stockholders (1,482 ) 1,031 (1,411 ) (1,031 ) Net (loss)/income per share (0.03 ) 0.02 (0.03 ) (0.02 ) 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 ) |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 28 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] | 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, 2020 | |
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, 2020 | Dec. 31, 2019 |
Accounts Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 2,239 | $ 2,880 |
Straight-line receivables | 30,729 | 29,232 |
Total rents receivable | $ 32,968 | $ 32,112 |
Rents Receivable, Net - Additio
Rents Receivable, Net - Additional Information (Detail) | Dec. 31, 2020USD ($) |
Accounts Receivable, Net, Current [Abstract] | |
Allowance for doubtful accounts | $ 100 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
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% | ||
[1] | Denver Tech is comprised of 7601 Tech 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 |
Acquisitions [Line Items] | ||
Land | $ 17,963 | $ 37,443 |
Buildings and improvements | 87,437 | 173,276 |
Tenant improvements | 7,735 | 14,757 |
Lease intangible assets | 18,644 | 34,081 |
Other assets | 3,467 | 160 |
Debt | (697) | |
Accounts payable and other liabilities | (2,120) | (2,610) |
Lease intangible liabilities | (1,596) | (2,593) |
Net assets acquired | 130,833 | 254,514 |
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 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 18, 2020 | Jul. 23, 2020 | Dec. 12, 2019 | May 10, 2019 | May 07, 2019 | Feb. 07, 2019 | Mar. 08, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Line Items] | ||||||||||
Net gain on sale of real estate property | $ 1,347 | $ 3,412 | $ 46,980 | |||||||
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 | |||||||||
Plaza 25 [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 17,900 | |||||||||
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 | $ 6,500 | $ 12,600 | ||||||||
Net gain on sale of real estate property | $ 1,300 | $ 2,900 | ||||||||
Cherry Creek [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds of sale of property | $ 95,000 |
Real Estate Investments - Sch_3
Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | $ 46,054 | $ 4,514 |
Liabilities related to assets held for sale | 531 | 67 |
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) | |
Cherry Creek [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 46,054 | |
Liabilities related to assets held for sale | (531) | |
Cherry Creek [Member] | Real estate properties, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 40,849 | |
Cherry Creek [Member] | Deferred leasing costs, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 150 | |
Cherry Creek [Member] | Acquired lease intangible assets, net [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 2,256 | |
Cherry Creek [Member] | Rents receivable, prepaid expenses and other assets [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 2,799 | |
Cherry Creek [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 | $ (531) |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 125,437 | $ 138,610 |
Accumulated amortization, Lease Intangible Assets | (81,294) | (71,077) |
Total, Lease Intangible Assets | 44,143 | 67,533 |
Cost, Lease Intangible Liabilities | (13,231) | (14,016) |
Accumulated amortization, Lease Intangible Liabilities | 7,196 | 5,822 |
Total, Lease Intangible Liabilities | (6,035) | (8,194) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 14,894 | 15,242 |
Accumulated amortization, Lease Intangible Assets | (8,497) | (6,704) |
Total, Lease Intangible Assets | 6,397 | 8,538 |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 80,259 | 87,320 |
Accumulated amortization, Lease Intangible Assets | (55,636) | (48,229) |
Total, Lease Intangible Assets | 24,623 | 39,091 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 30,284 | 36,048 |
Accumulated amortization, Lease Intangible Assets | (17,161) | (16,144) |
Total, Lease Intangible Assets | 13,123 | 19,904 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (13,093) | (13,878) |
Accumulated amortization, Lease Intangible Liabilities | 7,152 | 5,782 |
Total, Lease Intangible Liabilities | (5,941) | (8,096) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 44 | 40 |
Total, Lease Intangible Liabilities | $ (94) | $ (98) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 13,632 |
2022 | 8,229 |
2023 | 5,355 |
2024 | 3,040 |
2025 | 2,659 |
Thereafter | 5,193 |
Total | $ 38,108 |
Debt - Summary of Outstanding I
Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Indebtedness | $ 680,962 | $ 612,292 |
Deferred financing costs, net | (4,195) | (5,660) |
Unamortized fair value adjustments | 475 | 618 |
Total | 677,242 | 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 | $ 75,000 | |
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 | $ 83,537 | 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 | $ 40,236 | 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 | $ 33,444 | 34,053 |
Interest Rate | 4.56% | |
Maturity | 2027-03 | |
Intellicenter [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 32,442 | 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 | $ 28,263 | 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 | $ 21,952 | 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 | $ 21,640 | 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 | $ 17,375 | 17,717 |
Interest Rate | 4.28% | |
Maturity | 2024-08 | |
Central Fairwinds [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,127 | 17,534 |
Interest Rate | 3.15% | |
Maturity | 2024-06 | |
FRP Ingenuity Drive [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 16,736 | 17,000 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Carillon Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 15,585 | $ 15,972 |
Interest Rate | 3.10% | |
Maturity | 2023-10 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 25, 2021 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | ||||||
Loan repaid | $ 61,330 | $ 216,336 | $ 241,820 | |||
Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Fixed Interest Rate | 1.27% | |||||
Derivative, Notional Amount | $ 50,000 | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 250,000 | 300,000 | ||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term loan | $ 50,000 | |||||
Midland Life Insurance [Member] | Secured Debt [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan repaid | $ 83,500 | |||||
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 | $ 7,000 | |||||
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 | $ 250,000 | |||||
Revolving Credit Facility, outstanding | $ 75,000 | |||||
Loan maturity date | Mar. 31, 2022 | |||||
Loan expected extended maturity date | Mar. 31, 2023 | |||||
Revolving Credit Facility, maximum borrowing capacity | $ 500,000 | |||||
Interest Rate, Description | 1.50% | |||||
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
One month LIBOR rate | 0.14% | |||||
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, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 89,304 | |
2022 | 81,529 | |
2023 | 48,529 | |
2024 | 124,725 | |
2025 | 92,036 | |
Thereafter | 244,839 | |
Total | $ 680,962 | $ 612,292 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Amounts reclassified to interest expense | $ 328 | $ (106) | |
Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | $ 50,000 | ||
Fixed interest rate | 1.27% | ||
Amounts reclassified to interest expense | 300 | 100 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets fair value | 700 | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability | 2,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage loans payable, fair value | $ 573,600 | $ 576,900 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 01, 2019 | Aug. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
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] | 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 | $ 500,000 | $ 700,000 | ||
Administrative Services Agreement [Member] | Clarity Real Estate III GP Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual payment receivable for services | $ 200,000 | ||||
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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | $ 0.9 | $ 0.8 |
Operating Lease, Weighted Average Remaining Lease Term | 58 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.30% | |
Maximum [Member] | ||
Remaining lease terms | 68 years | |
Minimum [Member] | ||
Remaining lease terms | 1 year |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fixed payments | $ 137,247 | $ 132,540 |
Variable payments | 23,502 | 20,990 |
Operating Lease, Lease Income | $ 160,749 | $ 153,530 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 125,736 |
2022 | 108,493 |
2023 | 91,708 |
2024 | 72,312 |
2025 | 56,709 |
Thereafter | 146,488 |
Total future minimum lease payments to be received | $ 601,446 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lease liability – operating leases | $ 7,719 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseLiability | us-gaap:OperatingLeaseLiability |
Lease liability – financing leases | $ 55 | |
Other Assets [Member] | ||
Right-of-use asset - operating leases | 12,739 | $ 13,130 |
Right-of-use asset – financing leases | 55 | 79 |
Other Liabilities [Member] | ||
Lease liability – operating leases | 7,719 | 8,033 |
Lease liability – financing leases | $ 55 | $ 79 |
Leases - Schedule Future Minimu
Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 552 |
2022 | 798 |
2023 | 663 |
2024 | 597 |
2025 | 596 |
Thereafter | 26,084 |
Total future minimum lease payments | 29,290 |
Discount | (21,571) |
Total | 7,719 |
2021 | 27 |
2022 | 27 |
2023 | 4 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total future minimum lease payments | 58 |
Discount | (3) |
Total | $ 55 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $ 461 | $ 3,039 | $ 623 | $ 1,006 | $ 2,988 | $ (947) | $ 1,321 | $ (920) | $ 5,129 | $ 2,442 | $ 38,669 |
Less: Net income attributable to noncontrolling interests in properties | (602) | (644) | (501) | ||||||||
Less: Net income attributable to Preferred stockholders | (7,420) | (7,420) | (7,420) | ||||||||
Net (loss)/income attributable to common stockholders | $ (1,482) | $ 1,031 | $ (1,411) | $ (1,031) | $ 987 | $ (2,966) | $ (699) | $ (2,944) | $ (2,893) | $ (5,622) | $ 30,748 |
Denominator for basic EPS | 47,223 | 43,997 | 37,321 | ||||||||
Dilutive effect of RSUs | 349 | ||||||||||
Denominator for dilutive EPS | 47,223 | 43,997 | 37,670 | ||||||||
Net (loss)/income per common share: | |||||||||||
Basic | $ (0.06) | $ (0.13) | $ 0.82 | ||||||||
Dilutive | $ (0.06) | $ (0.13) | $ 0.82 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 07, 2019 | Jun. 16, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 05, 2020 | Mar. 09, 2020 | Feb. 26, 2020 | 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 | |||||||||
Maximum number of shares issued under Equity Incentive Plan | 2,263,580 | 1,263,580 | |||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 100,000 | |||||||||
Stock Repurchased During Period, Shares | 11,363,851 | 0 | 0 | ||||||||
Stock Repurchase During Period Before Commission, Value | $ 100,000 | ||||||||||
Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance | The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the 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. | ||||||||||
Share-based Payment Award, Award Vesting Period | 3 years | 3 years | 3 years | ||||||||
Sales Agreement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares authorized | 15,000,000 | 8,000,000 | |||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||||
Net proceeds from sale of common stock | $ 104,800 | ||||||||||
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 | |||||||||
Aggregate cash distributions payable | $ 6,500 | ||||||||||
Stock Repurchased During Period, Shares | (11,364,000) | ||||||||||
Common Stock [Member] | Sales Agreement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock, shares issued | 8,000,000 | ||||||||||
Gross proceeds from sale of stock | $ 106,500 | ||||||||||
Net proceeds from sale of common stock | $ 94,100 | ||||||||||
Common Stock [Member] | Dividend Declared [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash distributions | $ 27,400 | ||||||||||
Common Stock [Member] | Dividend Paid [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash distributions | 33,800 | ||||||||||
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 | ||||||||||
Executive Officer [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net compensation expense | $ 1,900 | $ 1,700 | $ 1,400 | ||||||||
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 | 147,050 | 162,500 | 156,375 | ||||||||
Restricted stock units grant date fair value | $ 2,000 | $ 1,800 | $ 1,900 | ||||||||
Performance stock units granted to executive officers, directors and non-executive employees | 147,050 | 162,500 | 156,375 | ||||||||
Performance stock units grant date fair value | $ 2,000 | $ 1,800 | $ 1,900 | ||||||||
Performance Restricted Stock Unit [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net compensation expense | $ 400 | $ 0 | |||||||||
Performance Restricted Stock Unit [Member] | Executive Officer [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted stock units granted to executive officers, directors and non-executive employees | 97,500 | ||||||||||
Restricted stock units grant date fair value | $ 1,300 | ||||||||||
Performance stock units granted to executive officers, directors and non-executive employees | 97,500 | ||||||||||
Performance stock units grant date fair value | $ 1,300 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||||||
Distribution per Common Share/Unit | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | $ 0.94 | $ 0.94 |
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Declaration Date | Dec. 15, 2020 | Sep. 15, 2020 | Jun. 12, 2020 | Mar. 25, 2020 | |||
Record Date | Jan. 11, 2021 | Oct. 8, 2020 | Jul. 10, 2020 | Apr. 9, 2020 | |||
Payment Date | Jan. 25, 2021 | Oct. 22, 2020 | Jul. 24, 2020 | Apr. 24, 2020 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 10, 2021 | Nov. 18, 2020 | Feb. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Repayments of debt | $ 61,330 | $ 216,336 | $ 241,820 | |||
Cherry Creek [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds of sale of property | $ 95,000 | |||||
Cherry Creek [Member] | Subsequent Event [Member] | Colorado Country [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds of sale of property | $ 95,000 | |||||
Midland Life Insurance [Member] | Subsequent Event [Member] | Secured Debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of debt | $ 83,500 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 39,840 | $ 41,261 | $ 39,617 | $ 40,122 | $ 39,060 | $ 38,946 | $ 41,171 | $ 37,120 | $ 160,840 | $ 156,297 | $ 129,484 |
Net income | 461 | 3,039 | 623 | 1,006 | 2,988 | (947) | 1,321 | (920) | 5,129 | 2,442 | 38,669 |
Net (loss)/income attributable to common stockholders | $ (1,482) | $ 1,031 | $ (1,411) | $ (1,031) | $ 987 | $ (2,966) | $ (699) | $ (2,944) | $ (2,893) | $ (5,622) | $ 30,748 |
Net (loss)/income per share | $ (0.03) | $ 0.02 | $ (0.03) | $ (0.02) | $ 0.02 | $ (0.07) | $ (0.02) | $ (0.07) |
Schedule III - Real Estate Pr_2
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 635,059 | |||
Initial Costs to Company, Land | 204,289 | |||
Initial Costs to Company, Buildings and Improvements | 788,921 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 93,599 | |||
Gross Amount, Land | 204,289 | |||
Gross Amount, Building and Improvements | 882,520 | |||
Gross Amount, Total | 1,086,809 | $ 1,109,173 | $ 1,005,647 | $ 776,301 |
Accumulated Amortization | 131,220 | $ 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 | 2,919 | |||
Gross Amount, Land | 6,546 | |||
Gross Amount, Building and Improvements | 6,409 | |||
Gross Amount, Total | 12,955 | |||
Accumulated Amortization | $ 3,226 | |||
Year Acquired | 2009 | |||
AmberGlen Property [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1984 | |||
AmberGlen Property [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1998 | |||
City Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,492 | |||
Initial Costs to Company, Land | 3,123 | |||
Initial Costs to Company, Buildings and Improvements | 10,656 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 10,321 | |||
Gross Amount, Land | 3,123 | |||
Gross Amount, Building and Improvements | 20,977 | |||
Gross Amount, Total | 24,100 | |||
Accumulated Amortization | $ 8,397 | |||
Date of Construction | 1984 | |||
Year Acquired | 2010 | |||
Central Fairwinds [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,127 | |||
Initial Costs to Company, Land | 1,747 | |||
Initial Costs to Company, Buildings and Improvements | 9,751 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 6,833 | |||
Gross Amount, Land | 1,747 | |||
Gross Amount, Building and Improvements | 16,584 | |||
Gross Amount, Total | 18,331 | |||
Accumulated Amortization | $ 5,072 | |||
Date of Construction | 1982 | |||
Year Acquired | 2012 | |||
Lake Vista Pointe [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,375 | |||
Initial Costs to Company, Land | 4,115 | |||
Initial Costs to Company, Buildings and Improvements | 20,600 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 196 | |||
Gross Amount, Land | 4,115 | |||
Gross Amount, Building and Improvements | 20,796 | |||
Gross Amount, Total | 24,911 | |||
Accumulated Amortization | $ 6,128 | |||
Date of Construction | 2007 | |||
Year Acquired | 2014 | |||
Florida Research Park [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 44,999 | |||
Initial Costs to Company, Land | 11,446 | |||
Initial Costs to Company, Buildings and Improvements | 56,475 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 3,518 | |||
Gross Amount, Land | 11,446 | |||
Gross Amount, Building and Improvements | 59,993 | |||
Gross Amount, Total | 71,439 | |||
Accumulated Amortization | $ 11,562 | |||
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 | 1,971 | |||
Gross Amount, Land | 3,153 | |||
Gross Amount, Building and Improvements | 21,805 | |||
Gross Amount, Total | 24,958 | |||
Accumulated Amortization | $ 4,372 | |||
Date of Construction | 2000 | |||
Year Acquired | 2015 | |||
Denver Tech [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,142 | |||
Initial Costs to Company, Land | 18,002 | |||
Initial Costs to Company, Buildings and Improvements | 52,719 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 8,397 | |||
Gross Amount, Land | 18,002 | |||
Gross Amount, Building and Improvements | 61,116 | |||
Gross Amount, Total | 79,118 | |||
Accumulated Amortization | $ 6,901 | |||
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 | $ 40,236 | |||
Initial Costs to Company, Land | 7,162 | |||
Initial Costs to Company, Buildings and Improvements | 39,690 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 1,609 | |||
Gross Amount, Land | 7,162 | |||
Gross Amount, Building and Improvements | 41,299 | |||
Gross Amount, Total | 48,461 | |||
Accumulated Amortization | $ 6,357 | |||
Date of Construction | 2001 | |||
Year Acquired | 2015 | |||
Intellicenter [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 32,442 | |||
Initial Costs to Company, Land | 5,244 | |||
Initial Costs to Company, Buildings and Improvements | 34,278 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 87 | |||
Gross Amount, Land | 5,244 | |||
Gross Amount, Building and Improvements | 34,365 | |||
Gross Amount, Total | 39,609 | |||
Accumulated Amortization | $ 5,765 | |||
Date of Construction | 2008 | |||
Year Acquired | 2015 | |||
Carillon Point [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,585 | |||
Initial Costs to Company, Land | 5,172 | |||
Initial Costs to Company, Buildings and Improvements | 17,316 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 227 | |||
Gross Amount, Land | 5,172 | |||
Gross Amount, Building and Improvements | 17,543 | |||
Gross Amount, Total | 22,715 | |||
Accumulated Amortization | $ 4,040 | |||
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 | 16,138 | |||
Gross Amount, Land | 3,479 | |||
Gross Amount, Building and Improvements | 84,794 | |||
Gross Amount, Total | 88,273 | |||
Accumulated Amortization | $ 13,348 | |||
Date of Construction | 1973 | |||
Year Acquired | 2016 | |||
5090 N 40th St [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,640 | |||
Initial Costs to Company, Land | 6,696 | |||
Initial Costs to Company, Buildings and Improvements | 32,123 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 3,213 | |||
Gross Amount, Land | 6,696 | |||
Gross Amount, Building and Improvements | 35,336 | |||
Gross Amount, Total | 42,032 | |||
Accumulated Amortization | $ 4,136 | |||
Date of Construction | 1988 | |||
Year Acquired | 2016 | |||
SanTan [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,444 | |||
Initial Costs to Company, Land | 6,803 | |||
Initial Costs to Company, Buildings and Improvements | 37,187 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 4,999 | |||
Gross Amount, Land | 6,803 | |||
Gross Amount, Building and Improvements | 42,186 | |||
Gross Amount, Total | 48,989 | |||
Accumulated Amortization | $ 7,314 | |||
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 | 2,396 | |||
Gross Amount, Land | 10,629 | |||
Gross Amount, Building and Improvements | 36,911 | |||
Gross Amount, Total | 47,540 | |||
Accumulated Amortization | $ 3,949 | |||
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 | 8,756 | |||
Gross Amount, Land | 25,741 | |||
Gross Amount, Building and Improvements | 50,230 | |||
Gross Amount, Total | 75,971 | |||
Accumulated Amortization | $ 9,010 | |||
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 | 4,143 | |||
Gross Amount, Land | 34,305 | |||
Gross Amount, Building and Improvements | 40,869 | |||
Gross Amount, Total | 75,174 | |||
Accumulated Amortization | $ 6,287 | |||
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 | 775 | |||
Gross Amount, Land | 10,746 | |||
Gross Amount, Building and Improvements | 20,537 | |||
Gross Amount, Total | 31,283 | |||
Accumulated Amortization | $ 3,193 | |||
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 | 2,431 | |||
Gross Amount, Building and Improvements | 47,564 | |||
Gross Amount, Total | 47,564 | |||
Accumulated Amortization | $ 4,883 | |||
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 | 2,995 | |||
Gross Amount, Land | 9,320 | |||
Gross Amount, Building and Improvements | 42,096 | |||
Gross Amount, Total | 51,416 | |||
Accumulated Amortization | $ 4,934 | |||
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 | 129 | |||
Gross Amount, Land | 8,079 | |||
Gross Amount, Building and Improvements | 39,987 | |||
Gross Amount, Total | 48,066 | |||
Accumulated Amortization | $ 3,486 | |||
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 | 1,224 | |||
Gross Amount, Land | 3,945 | |||
Gross Amount, Building and Improvements | 27,243 | |||
Gross Amount, Total | 31,188 | |||
Accumulated Amortization | $ 1,864 | |||
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 | 5,842 | |||
Gross Amount, Land | 11,738 | |||
Gross Amount, Building and Improvements | 43,764 | |||
Gross Amount, Total | 55,502 | |||
Accumulated Amortization | $ 2,754 | |||
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 | 4,197 | |||
Gross Amount, Land | 7,098 | |||
Gross Amount, Building and Improvements | 42,613 | |||
Gross Amount, Total | 49,711 | |||
Accumulated Amortization | $ 2,537 | |||
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 | $ 21,952 | |||
Initial Costs to Company, Buildings and Improvements | 27,220 | |||
Costs Capitalized Subsequent to Acquisitions, Improvements | 283 | |||
Gross Amount, Building and Improvements | 27,503 | |||
Gross Amount, Total | 27,503 | |||
Accumulated Amortization | $ 1,705 | |||
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 | $ 125,000 |
Schedule III - Real Estate Pr_3
Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 475 | $ 618 |
Secured Debt [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Deferred financing costs | $ 4,200 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties | |||
Balance, beginning of year | $ 1,109,173 | $ 1,005,647 | $ 776,301 |
Acquisitions | 113,134 | 225,476 | |
Dispositions | (1,993) | (27,585) | (5,715) |
Capital improvements | 27,503 | 22,491 | 30,378 |
Assets held for sale | (47,874) | (4,514) | (20,793) |
Balance, end of year | 1,086,809 | 1,109,173 | 1,005,647 |
Accumulated Depreciation | |||
Balance, beginning of year | 101,835 | 70,484 | 48,234 |
Depreciation | 38,372 | 35,531 | 29,196 |
Dispositions | (1,962) | (4,180) | (2,301) |
Depreciation on assets held for sale | (7,025) | (4,645) | |
Balance, end of year | $ 131,220 | $ 101,835 | $ 70,484 |