Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
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 | 39,926,764 | ||
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 | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 545.5 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 85 | ||
Auditor Location | Vancouver, Canada | ||
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, 2022 | Dec. 31, 2021 |
Real estate properties | ||
Land | $ 199,537 | $ 204,801 |
Building and improvement | 1,215,000 | 1,244,177 |
Tenant improvement | 139,365 | 119,011 |
Furniture, fixtures and equipment | 689 | 664 |
Real estate properties, gross | 1,554,591 | 1,568,653 |
Accumulated depreciation | (175,720) | (157,356) |
Real estate properties, net | 1,378,871 | 1,411,297 |
Cash and cash equivalents | 28,187 | 21,321 |
Restricted cash | 16,075 | 20,945 |
Rents receivable, net | 44,429 | 30,415 |
Deferred leasing costs, net | 21,989 | 20,327 |
Acquired lease intangible assets, net | 55,438 | 68,925 |
Other assets | 29,450 | 28,283 |
Total Assets | 1,574,439 | 1,601,513 |
Liabilities: | ||
Debt | 690,099 | 653,648 |
Accounts payable and accrued liabilities | 35,753 | 27,101 |
Deferred rent | 9,147 | 11,600 |
Tenant rent deposits | 7,040 | 6,165 |
Acquired lease intangible liabilities, net | 9,150 | 10,872 |
Other liabilities | 20,076 | 21,532 |
Total Liabilities | 771,265 | 730,918 |
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, 2022 and 2021 | 112,000 | 112,000 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,718,767 and 43,554,375 shares issued and outstanding as of December 31, 2022 and 2021 | 397 | 435 |
Additional paid-in capital | 436,161 | 482,061 |
Retained earnings | 251,542 | 275,502 |
Accumulated other comprehensive income/(loss) | 2,731 | (382) |
Total Stockholders' Equity | 802,831 | 869,616 |
Non-controlling interests in properties | 343 | 979 |
Total Equity | 803,174 | 870,595 |
Total Liabilities and Equity | $ 1,574,439 | $ 1,601,513 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Financial Position [Abstract] | ||
Preferred stock, Dividend rate percentage | 6.625% | 6.625% |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,600,000 | 5,600,000 |
Preferred stock, shares issued | 4,480,000 | 4,480,000 |
Preferred stock, shares outstanding | 4,480,000 | 4,480,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 39,718,767 | 43,554,375 |
Common stock, shares outstanding | 39,718,767 | 43,554,375 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Rental and other revenues | $ 180,485 | $ 164,041 | $ 160,840 |
Operating expenses: | |||
Property operating expenses | 67,739 | 58,005 | 58,312 |
General and administrative | 13,782 | 15,489 | 10,690 |
Depreciation and amortization | 62,495 | 57,317 | 60,367 |
Impairment of real estate | 13,444 | 0 | 0 |
Total operating expenses | 157,460 | 130,811 | 129,369 |
Operating income | 23,025 | 33,230 | 31,471 |
Interest expense: | |||
Contractual interest expense | (25,784) | (23,268) | (26,363) |
Amortization of deferred financing costs and debt fair value | (1,218) | (1,332) | (1,326) |
Interest expense, net | (27,002) | (24,600) | (27,689) |
Net gain on sale of real estate property | 21,658 | 476,651 | 1,347 |
Net income | 17,681 | 485,281 | 5,129 |
Net income attributable to non-controlling interests in properties | (691) | (886) | (602) |
Net income attributable to the Company | 16,990 | 484,395 | 4,527 |
Preferred stock distributions | (7,420) | (7,420) | (7,420) |
Net income/(loss) attributable to common stockholders | $ 9,570 | $ 476,975 | $ (2,893) |
Net income/(loss) per common share: | |||
Basic | $ 0.23 | $ 10.97 | $ (0.06) |
Diluted | $ 0.22 | $ 10.8 | $ (0.06) |
Weighted average common shares outstanding: | |||
Basic | 42,052 | 43,498 | 47,223 |
Diluted | 42,866 | 44,145 | 47,223 |
Dividend distributions declared per common share | $ 0.8 | $ 0.65 | $ 0.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 17,681 | $ 485,281 | $ 5,129 |
Other comprehensive income/(loss): | |||
Unrealized cash flow hedge gain/(loss) | 3,336 | 989 | (3,003) |
Amounts reclassified to interest expense | (223) | 589 | 328 |
Other comprehensive income/(loss) | 3,113 | 1,578 | (2,675) |
Comprehensive income | 20,794 | 486,859 | 2,454 |
Comprehensive income attributable to non-controlling interests in properties | (691) | (886) | (602) |
Comprehensive income attributable to the Company | $ 20,103 | $ 485,973 | $ 1,852 |
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] | Retained earnings/ (accumulated deficit) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Total stockholders' equity [Member] | Non-controlling Interests in Properties [Member] |
Beginning balance at Dec. 31, 2019 | $ 549,132 | $ 112,000 | $ 545 | $ 577,131 | $ (142,383) | $ 715 | $ 548,008 | $ 1,124 |
Beginning balance, shares at Dec. 31, 2019 | 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 | ||||||
Restricted stock award grants and vesting, values | $ 2,424 | $ 2 | 2,650 | (228) | 2,424 | |||
Restricted stock award grants and vesting, shares | 157,000 | |||||||
Common stock repurchased, shares | 0 | |||||||
Common stock dividend distribution declared | $ (28,287) | (28,287) | (28,287) | |||||
Preferred stock dividend distribution declared | (7,420) | (7,420) | (7,420) | |||||
Contributions | 286 | 286 | ||||||
Distributions | (1,142) | (1,142) | ||||||
Net income | 485,281 | 484,395 | 484,395 | 886 | ||||
Other comprehensive income (loss) | 1,578 | 1,578 | 1,578 | 0 | ||||
Ending balance at Dec. 31, 2021 | 870,595 | $ 112,000 | $ 435 | 482,061 | 275,502 | (382) | 869,616 | 979 |
Ending balance, shares at Dec. 31, 2021 | 4,480,000 | 43,554,000 | ||||||
Restricted stock award grants and vesting, values | 3,792 | $ 2 | 4,142 | (352) | 3,792 | |||
Restricted stock award grants and vesting, shares | 171,000 | |||||||
Common stock repurchased, values | $ (50,082) | $ (40) | (50,042) | (50,082) | ||||
Common stock repurchased, shares | 4,006,897 | (4,007,000) | ||||||
Common stock dividend distribution declared | $ (33,178) | (33,178) | (33,178) | |||||
Preferred stock dividend distribution declared | (7,420) | (7,420) | (7,420) | |||||
Contributions | 170 | 170 | ||||||
Distributions | (1,497) | (1,497) | ||||||
Net income | 17,681 | 16,990 | 16,990 | 691 | ||||
Other comprehensive income (loss) | 3,113 | 3,113 | 3,113 | |||||
Ending balance at Dec. 31, 2022 | $ 803,174 | $ 112,000 | $ 397 | $ 436,161 | $ 251,542 | $ 2,731 | $ 802,831 | $ 343 |
Ending balance, shares at Dec. 31, 2022 | 4,480,000 | 39,718,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income | $ 17,681 | $ 485,281 | $ 5,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 62,495 | 57,317 | 60,367 |
Amortization of deferred financing costs and debt fair value | 1,218 | 1,332 | 1,326 |
Amortization of above and below market leases | 75 | 343 | (17) |
Straight-line rent/expense | (9,218) | (566) | (3,389) |
Non-cash stock compensation | 3,879 | 2,641 | 2,332 |
Receipts from sales-type lease | 43,549 | 0 | 0 |
Net gain on sale of real estate property | (21,658) | (476,651) | (1,347) |
Impairment of real estate | 13,444 | 0 | 0 |
Changes in non-cash working capital: | |||
Rents receivable, net | (6,033) | (654) | (182) |
Other assets | (10) | (345) | 53 |
Accounts payable and accrued liabilities | 2,833 | 451 | (4,194) |
Deferred rent | (2,453) | 3,653 | 702 |
Tenant rent deposits | 875 | 420 | (857) |
Net Cash Provided By Operating Activities | 106,677 | 73,222 | 59,923 |
Cash Flows to Investing Activities: | |||
Additions to real estate properties | (37,485) | (17,869) | (26,352) |
Acquisition of real estate | 0 | (632,317) | 0 |
Net proceeds from sale of real estate | 0 | 640,995 | 6,340 |
Deferred leasing costs | (9,565) | (8,190) | (7,791) |
Net Cash Used In Investing Activities | (47,050) | (17,381) | (27,803) |
Cash Flows to Financing Activities: | |||
Proceeds from borrowings | 97,500 | 180,000 | 130,000 |
Repayment of borrowings | (62,270) | (202,442) | (61,330) |
Dividend distributions paid to stockholders | (41,365) | (33,506) | (41,178) |
Repurchases of common stock | (50,082) | 0 | (100,365) |
Distributions to non-controlling interests in properties | (1,497) | (1,142) | (829) |
Shares withheld for payment of taxes on restricted stock unit vesting | (87) | (216) | (42) |
Contributions from non-controlling interests in properties | 170 | 286 | 52 |
Debt issuance and extinguishment costs | 0 | (2,506) | 0 |
Net Cash Used In By Financing Activities | (57,631) | (59,526) | (73,692) |
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 1,996 | (3,685) | (41,572) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 42,266 | 45,951 | 87,523 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 44,262 | 42,266 | 45,951 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and Cash Equivalents, End of Period | 28,187 | 21,321 | 25,305 |
Restricted Cash, End of Period | 16,075 | 20,945 | 20,646 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 44,262 | 42,266 | 45,951 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 23,064 | 23,344 | 26,454 |
Purchase of additions in real estate properties included in accounts payable | 13,004 | 5,815 | 7,640 |
Purchase of deferred leasing costs included in accounts payable | $ 1,274 | $ 2,790 | $ 289 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. Use of Estimates The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination and measurement of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those estimates. Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and short-term investments with a maturity date of less than three months when acquired. Restricted Cash Restricted cash consists of cash held in escrow by lenders pursuant to certain lender agreements and cash received from contracted building sales. Rent Receivable, Net The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. Business Combinations When a property is acquired, management considers the substance of the agreement in determining whether the acquisition represents an asset acquisition or a business combination. Upon acquisitions of properties that constitutes a business, the fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place non-controlling The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” lease-up lease-up The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place non-cancelable non-cancelable The fair value of acquired in-place lease-up in-place Revenue Recognition The Company recognizes lease revenue on a straight-line basis over the term of the lease. Certain leases allow for the tenant to terminate the lease, but the tenant must make a termination payment as stipulated in the lease. If the termination payment is in such an amount that continuation of the lease appears, at the time of lease inception, to be reasonably assured, then the Company recognizes revenue over the term of the lease. The Company has determined that for these leases, the termination payment is in such an amount that continuation of the lease appears, at the time of inception, to be reasonably assured. The Company recognizes lease termination fees as revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the consolidated balance sheets. If the Company funds tenant improvements and the tenant determined term lease 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 Lessors are required to classify leases as a sales-type, direct financing, or operating lease and requires lessees to recognize leases on-balance right-of-use Right-of-use Right-of-use Right-of-use non-lease Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings 28-59 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 for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying amount of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover the carrying amount on properties held for use, the Company reduces its carrying amount to fair value. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. 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 Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting period. Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding at period end. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. Derivative Instruments and Hedging Activities The Company enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For derivatives that qualify as hedging instruments, a company must designate the instruments as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. Fair Value of Financial Instruments ASC 820-10, 820-10”) Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Segment Reporting The Company operates in one industry segment, commercial real estate. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04 2020-04”). 2020-04 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 FASB issued ASU No. 2021-01, 2021-01”). 2021-01 2020-04 2021-01 No. 2022-06, 2022-06”). 2022-06 2020-04, 2021-01 2022-06 In July 2021, the FASB issued ASU No. 2021-05 2021-05”), – 2021-05 pre-ASU No. 2016-02 2021-05 2021-05 |
Rents Receivable, Net
Rents Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
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 $ 4,675 $ 2,820 Straight-line receivables (unbilled receivables) 39,754 27,595 Total rents receivable $ 44,429 $ 30,415 As of December 31, 2022, the Company’s allowance for doubtful accounts was $0.1 million. As of December 31, 2021, the Company’s allowance for doubtful accounts was $0.2 million. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Inves tme Acquisitions During the years ended December 31, 2022, December 31, 2021 and December 31, 2020 the Company acquired the following properties: Property Date Acquired Percentage Owned Bloc 83 December 2021 100% The Terraces December 2021 100% Block 23 December 2021 100% 5910 Pacific Center and 9985 Pacific Heights (1) May 2021 100% (1 ) 5910 Pacific Center and 9985 Pacific Heights were added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The Sorrento Mesa portfolio was subsequently sold in December 2021. Each of the foregoing acquisitions were accounted for as asset acquisitions. The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2021 (in thousands): 5910 Pacific Block 23 The Terraces Bloc 83 December 31, Land $ 37,294 $ — $ 15,861 $ 18,956 $ 72,111 Building and improvements 2,979 115,747 101,455 280,313 500,494 Tenant improvements 917 2,375 6,431 5,075 14,798 Lease intangible assets 2,469 11,306 11,074 19,560 44,409 Other assets 19 10,627 15 291 10,952 Accounts payable and other liabilities (319 ) (1,914 ) (319 ) (463 ) (3,015 ) Lease intangible liabilities (103 ) (2,197 ) (2,118 ) (3,014 ) (7,432 ) Net assets acquired $ 43,256 $ 135,944 $ 132,399 $ 320,718 $ 632,317 As part of the Block 23 acquisition, the Company was assigned an agreement from the prior owner for a billboard asset located at the property. The Company and a third party each hold a 50% undivided interest in the billboard and the related debt associated with the asset. The Company has accounted for this arrangement under the equity method. As of the acquisition date, the fair value assigned to the equity method investment was $0.3 million, which was included in other assets. As of December 31, 2022, the Company’s interest in the asset and the debt are $0.5 million and $0.2 million, respectively. Sale of Real Estate Property During the first quarter of 2022, the sole tenant at the Lake Vista Pointe property exercised its lease option to purchase the building and the Company signed a purchase and sale agreement with the tenant. At the time the tenant exercised the option, the Company reassessed the lease classification of the lease, in accordance with ASC 842—Leases, and determined that the lease should be reclassified from an operating lease to a sales-type lease. This reclassification resulted in a gain on sale of $ On December 2, 2021, the Company sold the Sorrento Mesa portfolio (“Sorrento Mesa”) in San Diego, California for a gross sales price of $576.0 million, resulting in an aggregate gain of $429.3 million net of $28.3 million of disposal-related costs. All the property gains have been classified as a net gain on sale of real estate property in the consolidated statements of operations. On February 10, 2021, the Company sold the Cherry Creek property in Denver, Colorado for a gross sales price of $95.0 million, resulting in an aggregate gain of $47.4 million net of disposal-related costs. 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. Impairment of Real Estate In December 2022, the Company determined there were indicators of impairment for two of its properties, which resulted in the Company recognizing impairment of real estate for $ 13.4 million. The impairment was related to the write down of the carrying amount of 190 Office Center in Dallas, Texas and Cascade Station in Portland, Oregon for $ 6.9 million and $ 6.5 million, respectively, to fair value. Fair value was determined based either (adjusted for relevant factors such as the size, quality and occupancy rates of comparable properties) or on reports provided by an external valuator (which considered comparable sales transactions, discounted cash flows and other factors), each of which are classified as Level 3 inputs. There was no impairment of real estate during the years ended December 31, 2021 and December 31, 2020. |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 5. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of December 31, 2022 and December Lease Intangible Assets Lease Intangible Liabilities December 31, 2022 Above Market In Place Leases Leasing Total Below Below Total Cost $ 18,793 $ 78,720 $ 34,123 $ 131,636 $ (15,682) $ (138) $ (15,820) Accumulated amortization (9,069 (49,772 ) (17,357 ) (76,198 ) 6,618 52 6,670 $ 9,724 $ 28,948 $ 16,766 $ 55,438 $ (9,064) $ (86) $ (9,150) Lease Intangible Assets Lease Intangible Liabilities December 31, 2021 Above Market In Place Leases Leasing Total Below Below Total Cost $ 21,147 $ 93,761 $ 39,345 $ 154,253 $ (16,743) $ (138) $ (16,881) Accumulated amortization (9,627 ) (56,987 ) (18,714 ) (85,328 ) 5,961 48 6,009 $ 11,520 $ 36,774 $ 20,631 $ 68,925 $ (10,782) $ (90) $ (10,872) The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): 2023 $ 8,861 2024 6,660 2025 6,479 2026 6,491 2027 4,287 Thereafter 13,510 $ 46,288 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the outstanding indebtedness as of December 31, 2022 and 2021 (in thousands): Property December 31, 2022 December 31, 2021 Interest Rate as of December 31, 2022 (1) Maturity Unsecured Credit Facility (3)(4) $ 200,500 $ 142,000 LIBOR +1.30 % (2) November 2025 Term Loan (3) 50,000 50,000 LIBOR +1.25 % (2) September 2024 Mission City 46,859 47,000 3.78 % November 2027 Canyon Park (5) 39,673 40,381 4.30 % March 2027 Circle Point 39,440 39,650 4.49 % September 2028 190 Office Center (6) 38,894 39,581 4.79 % October 2025 SanTan 32,140 32,807 4.56 % March 2027 Intellicenter 31,297 31,883 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection 26,784 27,535 3.10 % September 2023 Greenwood Blvd 21,396 21,920 3.15 % December 2025 Cascade Station 21,192 21,581 4.55 % May 2024 5090 N. 40th St 20,810 21,233 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,273 16,707 3.15 % June 2024 FRP Ingenuity Drive (7) 16,165 16,457 4.44 % December 2024 Carillon Point 14,773 15,185 3.10 % October 2023 Lake Vista Pointe (8) — 17,018 — — Total Principal 693,796 658,538 Deferred financing costs, net (3,887 ) (5,223 ) Unamortized fair value adjustments 190 333 Total $ 690,099 $ 653,648 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility and the Term Loan, as explained in footnotes 3 and 4 below. (2) As of December 31, 2022, the one-month (3) In September 2019, the Company entered into a five-year $50 million Term Loan increasing its authorized borrowings under the Unsecured Credit Facility from $250 million to $300 million. Borrowings under the Term Loan bear interest at a rate equal to the LIBOR rate plus a margin between 125 to 215 basis points depending upon the Company’s consolidated leverage ratio. In conjunction with the Term Loan, the Company also 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 (4) In March 2018, the Company entered into the Credit Agreement Amended and Restated Credit Agreement five-year (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (6) In Q4 2022, a ‘cash-sweep’ began for the 190 Office Center loan due to the non-renewal (7) As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep’ event that began in Q4 2022 where excess funds have been held in escrow to fund future tenant improvement expenses of current vacant space. As of December 31, 2022, total restricted cash for the property was $2.6 million. (8) In June 2022, the loan balance of $16.8 million was repaid in full. The scheduled principal repayments of mortgage payable as of December 31, 2022 are as follows (in thousands): 2023 $ 47,980 2024 108,480 2025 292,497 2026 4,416 2027 176,303 Thereafter 64,120 $ 693,796 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, the Interest Rate Swap was reported as an asset at its fair value of approximately $2.7 million, which is included in other assets on the Company’s consolidated balance sheet. For the year ended December 31, 2022, approximately $0.2 million of net realized gains were reclassified to interest expense due to payments received from the swap counterparty. As of December 31, 2021, the Interest Rate Swap was reported as a liability at its fair value of approximately $0.4 million, which is included in other liabilities on the Company’s consolidated balance sheet. For the year ended December 31, 2021, approximately $0.6 million of realized losses were reclassified to interest expense due to payments made to the swap counterparty. Cash and Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage 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 $420.7 million and $478.1 million (compared to a carrying value of $443.3 million and $466.5 million) as of December 31, 2022 and December 31, 2021, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 500,000 for the first twelve months following the Effective Date and thereafter an amount equal to 40% of the management fee paid to SCRE II by the fund managed by SCRE II. During the years ended December 31, 2022, 2021, and 2020, the Company earned $0.3 million, $0.4 million, and $0.5 million, respectively, in administrative services performed for SCRE II and its affiliates. On July 31, 2019, an indirect, wholly owned subsidiary of the Company entered into an administrative services agreement 0.3 million in administrative services performed for Clarity. During the year ended December 31, 2021, the Company earned $0.2 million in administrative services performed for Clarity. During the year ended December 31, 2020, the Company earned $0.2 million in administrative services performed for Clarity. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. Leases Lessor Accounting The Company is focused on acquiring, owning and operating high-quality office properties for lease to a stable and diverse tenant base. Our properties have both full-service gross and net leases which are generally classified as operating leases. Rental income related to such leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments, which principally consist of tenant expense reimbursements for certain property operating expenses as provided under the lease. The Company elected the practical expedient to account for its lease and non-lease The Company recognized fixed and variable lease payments for operating leases for the years ended December 31, 2022 and December 31, 2021 as follows (in thousands): Years Ended 2022 2021 Fixed payment $ 154,126 $ 141,138 Variable payment 24,827 22,718 $ 178,953 $ 163,856 The Company recognized interest income of $0.6 million and variable lease payments of $0.2 million for the sales-type lease at the Lake Vista Pointe property for the year ended December 31, 2022. Future minimum lease payments to be received as of December 31, 2022 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2023 $ 124,384 2024 115,513 2025 104,178 2026 95,714 2027 79,481 Thereafter 220,157 $ 739,427 The Company’s leases may include various provisions such as sch e Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of December 31, 2022, these leases had remaining terms of under one year to 66 years and a weighted average remaining lease term of 50 years. Right-of-use December 31, December 31, Right operating leases $ 12,935 $ 14,114 Lease l operatin $ 8,802 $ 9,160 Right financing $ 10,054 $ 10,308 Lease liability financing leases $ 1,475 $ 1,425 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 ov e Right-of-use Operating lease expense for the years ended December 31, 2022 and 2021 was $1.0 million and $1.0 million, respectively. Financing lease expense for the year ended December 31, 2022 was $0.3 million. Financing lease expense for the year ended December 31, 2021 was nominal. Future minimum lease payments to be paid by the Company as a lessee for operating and finance leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): Operating Financing 2023 $ 651 $ 12 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 30,065 6,981 Discount (21,263 ) (5,506 ) Total $ 8,802 $ 1,475 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of December 31, 2022, 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, 2022 | |
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, 2022, 2021, and 2020 (in thousands, except per share amounts): Years ended December 31, 2022 2021 2020 Net income $ 17,681 $ 485,281 $ 5,129 Less: Net income attributable to non-controlling (691 ) (886 ) (602 ) Less: Net income attributable to preferred stockholders (7,420 ) (7,420 ) (7,420 ) Numerator for basic and diluted EPS $ 9,570 $ 476,975 $ (2,893 ) Denominator for basic EPS 42,052 43,498 47,223 Dilutive effect of RSUs and PSUs 814 647 — Denominator for dilutive EPS 42,866 44,145 47,223 Net income/(loss) per common share: Basic $ 0.23 $ 10.97 $ (0.06 ) Dilutive $ 0.22 $ 10.80 $ (0.06 ) |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Stockholder's Equity | 12. Stockholder’s Equity On October 4, 2016, the Company completed a public preferred stock offering pursuant to which the Company sold 4,000,000 shares of our 6.625% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), par value $0.01 per share to the public at a price of $25.00 per share. The Company raised $100.0 million in gross proceeds, resulting in net proceeds to the Company of approximately $96.5 million after deducting $3.5 million in underwriting discounts and expenses related to the offering. On October 28, 2016, the Company issued an additional 480,000 shares of Series A Preferred Stock pursuant to the partial exercise of the underwriters’ overallotment option, raising an additional $12.0 million in gross proceeds before underwriting discounts and expenses. The preferred stock is perpetual and from October 4, 2021, the Company may at its option redeem the Preferred Stock in whole or in part at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including the date of redemption. On February 26, 2020, the Company and the Operating Partnership entered into equity distribution agreements (collectively, the “Agreements”) with each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., BMO Capital Markets Corp., RBC Capital Markets, LLC, B. Riley FBR, Inc., D.A. Davidson & Co. and Janney Montgomery Scott LLC (the “Sales Agents”) pursuant to which the Company may issue and sell from time to time up to 15,000,000 shares of common stock and up to shares of Series A Preferred Stock through the Sales Agents, acting as agents or principals (the “ATM Program”). On May 7, 2021 the Company delivered to D.A. Davidson & Co. a notice of termination of the Agreement, effective May 7, 2021. The Company did not issue any shares of common stock or Series A Preferred Stock under the ATM Program during the fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020. Share Repurchase Plan On March 9, 2020, the Company’s Board of Directors approved a share repurchase plan authorizing the Company to repurchase up to $100 million of its outstanding shares of common stock. In July 2020, the Company completed the full March 2020 share repurchase plan. On August 5, 2020, the Company’s Board of Directors approved an additional share repurchase plan authorizing the Company to repurchase up to an additional aggregate amount of $50 million of its outstanding shares of common stock. In September 2022, the Company completed the full August 2020 share repurchase plan. Under the share repurchase programs, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in During the year ended December 31, 2022, the Company completed the repurchase of 4,006,897 shares of its common stock for approximately $50.0 million. There were no shares repurchased during the year ended December 31, 2021. 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 million. Common Stock and Common Unit Distributions During the year ended December 31, 2022, the Company declared aggregate cash distributions to common stockholders and common unitholders of $33.2 million. The Company paid aggregate cash distributions of $33.9 million for the year ended December 31, 2022 and $7.9 million was payable as of December 31, 2022, which is included within other liabilities on the consolidated balance sheets. During the year ended December 31, 2022, the Company declared the following distributions per share and unit: Period Distribution per Declaration Date Record Date Payment Date January 1, 2022 – March 31, 2022 $ 0.20 March 15, 2022 April 8, 2022 April 22, 2022 April 1, 2022 – June 30, 2022 0.20 June 16, 2022 July 8, 2022 July 22, 2022 July 1, 2022 – September 30, 2022 0.20 September 15, 2022 October 7, 2022 October 21, 2022 October 1, 2022 – December 31, 2022 0.20 December 15, 2022 January 10, 2023 January 24, 2023 Total $ 0.80 Preferred Stock Distributions During the year ended December 31, 2022, the Company declared aggregate cash distributions to preferred stockholders of $7.4 million. The Company paid aggregate cash distributions of $7.4 million for the year ended December 31, 2022 and $1.9 million was payable as of December 31, 2022, which is included within in other liabilities on the consolidated balance sheets. Equity Incentive Plan The Company has an equity incentive plan non-executive shares to 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. A restricted stock unit (“RSU”) award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the plan administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested restricted stock units. The plan administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the restricted stock units do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vest. On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement Award Agreement”) that will be used to grant performance-based restricted stock unit awards (“Performance RSU Awards”) pursuant to the Equity Incentive Plan. The Performance RSU Awards are based upon the total stockholder return (“TSR”) of the Company’s common stock over a three-year measurement period beginning January 1 of the year of grant (the “Measurement Period”) relative to the TSR of a defined peer group list of other US Office REIT companies (the “Peer Group”) as of the first trading date in the year of grant. The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum. To the extent earned, the payouts of the Performance RSU Awards are intended to be settled in the form of shares of the Company’s common stock, pursuant to the Equity Incentive Plan. Upon satisfaction of the vesting conditions, dividend equivalents in an amount equal to all regular and special dividends declared with respect to the Company’s common stock during each annual measurement period during the Measurement Period are determined and paid on a cumulative, reinvested basis over the term of the applicable Performance RSU Award, at the time such award vests and based on the number of shares of the Company’s common stock that are earned. The following table summarizes the activity of the awards under the Equity Incentive Plan for the years ended December 31, 2022, December 31, 2021 and December 31, 2020: Number Number of Outstanding at December 31, 2019 335,415 — Granted 147,050 97,500 Issuance of dividend equivalents 25,727 — Vested (175,757 ) — Outstanding at December 31, 2020 332,435 97,500 Granted 169,500 120,000 Issuance of dividend equivalents 18,665 — Vested (177,038 ) — Forfeited (1,403 ) — Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 25,987 — Vested (177,812 ) — Outstanding at December 31, 2022 428,320 307,500 During the years ended December 31, 2022, December 31, 2021 and December 31, 2020 the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average RSUs Performance 2022 237,986 90,000 $ 5,753 $ 17.54 2021 169,500 120,000 2,808 9.70 2020 147,050 97,500 3,355 13.72 The RSU Awards will vest in three equal, annual installments on each of the first three anniversaries of the grant of date. The Performance RSU Awards will vest on the last day of the three-year measurement period. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020 the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2022 $ 2,554 $ 1,325 $ 3,879 2021 1,833 808 2,641 2020 1,919 414 2,333 As of December 31, 2022, there was $ 5.0 million of unrecognized share-based compensation expense, which will be recognized over the next two years , with a weighted average period of approximately one year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On January 5, 2023, the Company entered into a second amendment to the Amended and Restated Credit Agreement three-year $25 million term loan, increasing its total authorized borrowings from $350 million to $375 million. In conjunction with the $ 25 million term loan, the Company also entered into a three-year interest rate swap for a notional amount of $ million, effectively fixing the rate of the term loan at approximately % for a three-year term. On February 9, 2023, the Company entered into an interest rate swap for a notional amount of $140 million with a maturity date of November 16, 2025, effectively fixing the variable interest rate for $140 million of the Unsecured Credit Facility at approximately through |
Schedule III - Real Estate Prop
Schedule III - Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Properties and Accumulated Depreciation | Initial Costs to Company Costs Gross Amount at Which Carried as of December 31, 2022 (1) Description Encumbrances (2) Land Buildings and Land, (3) Land Building and Total Accumulated Year of Year AmberGlen $ 20,000 $ 6,546 $ 3,490 $ 2,791 $ 6,546 $ 6,281 $ 12,827 $ 3,611 1984-1998 2009 City Center — 3,123 10,656 11,731 3,123 22,387 25,510 9,360 1984 2010 Central Fairwinds 16,273 1,747 9,751 7,333 1,747 17,084 18,831 6,197 1982 2012 Florida Research Park 42,949 11,446 56,475 7,154 11,446 63,629 75,075 15,010 1999 2014; 2016 Superior Pointe — 3,153 19,834 3,758 3,153 23,592 26,745 6,204 2000 2015 Denver Tech — 18,002 52,719 9,709 18,002 62,428 80,430 12,775 1999; 1997 2015; 2019 190 Office Center 38,894 7,162 39,690 (11,277 ) 6,013 29,562 35,575 — 2001 2015 Intellicenter 31,297 5,244 34,278 137 5,244 34,415 39,659 7,607 2008 2015 Carillon Point 14,773 5,172 17,316 1,903 5,172 19,219 24,391 5,228 2007 2016 Park Tower — 3,479 68,656 22,491 3,479 91,147 94,626 20,475 1973 2016 5090 N 40 th 20,810 6,696 32,123 4,444 6,696 36,567 43,263 6,732 1988 2016 SanTan 32,140 6,803 37,187 4,268 6,803 41,455 48,258 8,986 2000-2003 2016 2525 McKinnon 27,000 10,629 34,515 3,124 10,629 37,639 48,268 6,052 2003 2017 Mission City 46,859 25,741 41,474 11,221 25,741 52,695 78,436 13,316 1990-2007 2017 Papago Tech — 10,746 19,762 1,553 10,746 21,315 32,061 4,975 1993-1995 2017 Pima Center — — 45,133 6,267 — 51,400 51,400 8,647 2006-2008 2018 Circle Point 39,440 9,320 39,101 5,796 9,320 44,897 54,217 7,947 2001 2018 The Quad 30,600 8,079 39,858 245 8,079 40,103 48,182 6,008 1982 2018 Greenwood Blvd 21,396 3,945 26,019 1,224 3,945 27,243 31,188 3,845 1997 2018 Camelback Square — 11,738 37,922 7,371 11,738 45,293 57,031 5,871 1978 2018 Canyon Park 39,673 7,098 38,416 5,500 7,098 43,916 51,014 5,988 1993; 1999 2019 Cascade Station 21,192 — 27,220 (8,495 ) — 18,725 18,725 — 2008-2009 2019 Block 23 — — 115,747 7,397 — 123,144 123,144 2,891 2019 2021 The Terraces — 15,861 101,455 6,796 15,861 108,251 124,112 2,678 2017 2021 Bloc 83 — 18,956 280,313 12,354 18,956 292,667 311,623 5,317 2019; 2021 2021 Corporate 250,500 — — — — — — — Total $ 693,796 $ 200,686 $ 1,229,110 $ 124,795 $ 199,537 $ 1,355,054 $ 1,554,591 $ 175,720 (1) The aggregate cost for federal tax purposes as of December 31, 2022 of our real estate assets was approximately $1.1 billion. (2) Encumbrances exclude net deferred financing costs of $3.9 million and unamortized fair value adjustments of $0.2 million. (3) Includes impairments recorded subsequent to acquisition for 190 Office Center and Cascade Station. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Real Estate Properties Balance, beginning of year $ 1,568,653 $ 1,086,809 $ 1,109,173 Acquisitions — 587,403 — Dispositions and Impairments (58,735 ) (121,602 ) (1,993 ) Capital improvements 44,673 16,043 27,503 Assets held for sale — — (47,874 ) Balance, end of year $ 1,554,591 $ 1,568,653 $ 1,086,809 Accumulated Depreciation Balance, beginning of year $ 157,356 $ 131,220 $ 101,835 Depreciation 46,654 39,106 38,372 Dispositions and Impairments (28,290 ) (12,970 ) (1,962 ) Depreciation on assets held for sale — — (7,025 ) Balance, end of year $ 175,720 $ 157,356 $ 131,220 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Summary of Significant Accounting Policies | Basis of Preparation and Summary of Significant Accounting Policies The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial position and results of operations of the Company, the Operating Partnership and its subsidiaries. All significant intercompany transactions and balances have been eliminated on consolidation. |
Use of Estimates | Use of Estimates The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination and measurement of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and short-term investments with a maturity date of less than three months when acquired. |
Restricted Cash | Restricted Cash Restricted cash consists of cash held in escrow by lenders pursuant to certain lender agreements and cash received from contracted building sales. |
Rent Receivable, Net | Rent Receivable, Net The Company continuously monitors collections from tenants and makes a provision for estimated losses based upon historical experience and any specific tenant collection issues that the Company has identified. |
Business Combinations | Business Combinations When a property is acquired, management considers the substance of the agreement in determining whether the acquisition represents an asset acquisition or a business combination. Upon acquisitions of properties that constitutes a business, the fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place non-controlling The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” lease-up lease-up The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place non-cancelable non-cancelable The fair value of acquired in-place lease-up in-place |
Revenue Recognition | Revenue Recognition The Company recognizes lease revenue on a straight-line basis over the term of the lease. Certain leases allow for the tenant to terminate the lease, but the tenant must make a termination payment as stipulated in the lease. If the termination payment is in such an amount that continuation of the lease appears, at the time of lease inception, to be reasonably assured, then the Company recognizes revenue over the term of the lease. The Company has determined that for these leases, the termination payment is in such an amount that continuation of the lease appears, at the time of inception, to be reasonably assured. The Company recognizes lease termination fees as revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred or deferred revenue on the consolidated balance sheets. If the Company funds tenant improvements and the tenant determined term lease 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 Lessors are required to classify leases as a sales-type, direct financing, or operating lease and requires lessees to recognize leases on-balance right-of-use Right-of-use Right-of-use Right-of-use non-lease |
Real Estate Properties | Real Estate Properties Real estate properties are stated at cost less accumulated depreciation, except land. Depreciation is computed on the straight-line basis over estimated useful lives of: Years Buildings 28-59 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 for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying amount of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover the carrying amount on properties held for use, the Company reduces its carrying amount to fair value. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. |
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 |
Non-controlling Interests | Non-controlling The Company follows the provisions pertaining to non-controlling non-controlling non-controlling non-controlling |
Equity-Based Compensation | Equity-Based Compensation The Company accounts for equity-based compensation, including shares of restricted stock units, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the fair value of equity-based awards. The estimated fair value of restricted stock units is amortized over their respective vesting period. |
Earnings per Common Share | Earnings per Common Share The Company calculates net income per common share based upon the weighted average shares outstanding at period end. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. The Company does not enter into derivative or interest rate transactions for speculative purposes. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For derivatives that qualify as hedging instruments, a company must designate the instruments as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820-10, 820-10”) Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. |
Deferred Leasing Costs | Deferred Leasing Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. |
Segment Reporting | Segment Reporting The Company operates in one industry segment, commercial real estate. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) established Topic 848, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, by issuing Accounting Standards Update (“ASU”) No. 2020-04 2020-04”). 2020-04 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 FASB issued ASU No. 2021-01, 2021-01”). 2021-01 2020-04 2021-01 No. 2022-06, 2022-06”). 2022-06 2020-04, 2021-01 2022-06 In July 2021, the FASB issued ASU No. 2021-05 2021-05”), – 2021-05 pre-ASU No. 2016-02 2021-05 2021-05 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Real Estate Properties | Years Buildings 28-59 Furniture, fixtures and equipment 4-10 |
Rents Receivable, Net (Tables)
Rents Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 $ 4,675 $ 2,820 Straight-line receivables (unbilled receivables) 39,754 27,595 Total rents receivable $ 44,429 $ 30,415 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Acquired Properties | During the years ended December 31, 2022, December 31, 2021 and December 31, 2020 the Company acquired the following properties: Property Date Acquired Percentage Owned Bloc 83 December 2021 100% The Terraces December 2021 100% Block 23 December 2021 100% 5910 Pacific Center and 9985 Pacific Heights (1) May 2021 100% (1 ) 5910 Pacific Center and 9985 Pacific Heights were added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The Sorrento Mesa portfolio was subsequently sold in December 2021. |
Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the year ended December 31, 2021 (in thousands): 5910 Pacific Block 23 The Terraces Bloc 83 December 31, Land $ 37,294 $ — $ 15,861 $ 18,956 $ 72,111 Building and improvements 2,979 115,747 101,455 280,313 500,494 Tenant improvements 917 2,375 6,431 5,075 14,798 Lease intangible assets 2,469 11,306 11,074 19,560 44,409 Other assets 19 10,627 15 291 10,952 Accounts payable and other liabilities (319 ) (1,914 ) (319 ) (463 ) (3,015 ) Lease intangible liabilities (103 ) (2,197 ) (2,118 ) (3,014 ) (7,432 ) Net assets acquired $ 43,256 $ 135,944 $ 132,399 $ 320,718 $ 632,317 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December Lease Intangible Assets Lease Intangible Liabilities December 31, 2022 Above Market In Place Leases Leasing Total Below Below Total Cost $ 18,793 $ 78,720 $ 34,123 $ 131,636 $ (15,682) $ (138) $ (15,820) Accumulated amortization (9,069 (49,772 ) (17,357 ) (76,198 ) 6,618 52 6,670 $ 9,724 $ 28,948 $ 16,766 $ 55,438 $ (9,064) $ (86) $ (9,150) Lease Intangible Assets Lease Intangible Liabilities December 31, 2021 Above Market In Place Leases Leasing Total Below Below Total Cost $ 21,147 $ 93,761 $ 39,345 $ 154,253 $ (16,743) $ (138) $ (16,881) Accumulated amortization (9,627 ) (56,987 ) (18,714 ) (85,328 ) 5,961 48 6,009 $ 11,520 $ 36,774 $ 20,631 $ 68,925 $ (10,782) $ (90) $ (10,872) |
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): 2023 $ 8,861 2024 6,660 2025 6,479 2026 6,491 2027 4,287 Thereafter 13,510 $ 46,288 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Indebtness | The following table summarizes the outstanding indebtedness as of December 31, 2022 and 2021 (in thousands): Property December 31, 2022 December 31, 2021 Interest Rate as of December 31, 2022 (1) Maturity Unsecured Credit Facility (3)(4) $ 200,500 $ 142,000 LIBOR +1.30 % (2) November 2025 Term Loan (3) 50,000 50,000 LIBOR +1.25 % (2) September 2024 Mission City 46,859 47,000 3.78 % November 2027 Canyon Park (5) 39,673 40,381 4.30 % March 2027 Circle Point 39,440 39,650 4.49 % September 2028 190 Office Center (6) 38,894 39,581 4.79 % October 2025 SanTan 32,140 32,807 4.56 % March 2027 Intellicenter 31,297 31,883 4.65 % October 2025 The Quad 30,600 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection 26,784 27,535 3.10 % September 2023 Greenwood Blvd 21,396 21,920 3.15 % December 2025 Cascade Station 21,192 21,581 4.55 % May 2024 5090 N. 40th St 20,810 21,233 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 16,273 16,707 3.15 % June 2024 FRP Ingenuity Drive (7) 16,165 16,457 4.44 % December 2024 Carillon Point 14,773 15,185 3.10 % October 2023 Lake Vista Pointe (8) — 17,018 — — Total Principal 693,796 658,538 Deferred financing costs, net (3,887 ) (5,223 ) Unamortized fair value adjustments 190 333 Total $ 690,099 $ 653,648 (1) All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility and the Term Loan, as explained in footnotes 3 and 4 below. (2) As of December 31, 2022, the one-month (3) In September 2019, the Company entered into a five-year $50 million Term Loan increasing its authorized borrowings under the Unsecured Credit Facility from $250 million to $300 million. Borrowings under the Term Loan bear interest at a rate equal to the LIBOR rate plus a margin between 125 to 215 basis points depending upon the Company’s consolidated leverage ratio. In conjunction with the Term Loan, the Company also 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 (4) In March 2018, the Company entered into the Credit Agreement Amended and Restated Credit Agreement five-year (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (6) In Q4 2022, a ‘cash-sweep’ began for the 190 Office Center loan due to the non-renewal (7) As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep’ event that began in Q4 2022 where excess funds have been held in escrow to fund future tenant improvement expenses of current vacant space. As of December 31, 2022, total restricted cash for the property was $2.6 million. (8) In June 2022, the loan balance of $16.8 million was repaid in full. |
Schedule of Principal Repayments of Mortgage Payable | The scheduled principal repayments of mortgage payable as of December 31, 2022 are as follows (in thousands): 2023 $ 47,980 2024 108,480 2025 292,497 2026 4,416 2027 176,303 Thereafter 64,120 $ 693,796 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Lease Lease Income | The Company recognized fixed and variable lease payments for operating leases for the years ended December 31, 2022 and December 31, 2021 as follows (in thousands): Years Ended 2022 2021 Fixed payment $ 154,126 $ 141,138 Variable payment 24,827 22,718 $ 178,953 $ 163,856 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments to be received as of December 31, 2022 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): 2023 $ 124,384 2024 115,513 2025 104,178 2026 95,714 2027 79,481 Thereafter 220,157 $ 739,427 |
Schedule Of Supplemental Balance Sheet Information Related To Leases | Right-of-use December 31, December 31, Right operating leases $ 12,935 $ 14,114 Lease l operatin $ 8,802 $ 9,160 Right financing $ 10,054 $ 10,308 Lease liability financing leases $ 1,475 $ 1,425 |
Schedule future minimum lease payments to be paid | Future minimum lease payments to be paid by the Company as a lessee for operating and finance leases as of December 31, 2022 for the next five years and thereafter are as follows (in thousands): Operating Financing 2023 $ 651 $ 12 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 30,065 6,981 Discount (21,263 ) (5,506 ) Total $ 8,802 $ 1,475 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021, and 2020 (in thousands, except per share amounts): Years ended December 31, 2022 2021 2020 Net income $ 17,681 $ 485,281 $ 5,129 Less: Net income attributable to non-controlling (691 ) (886 ) (602 ) Less: Net income attributable to preferred stockholders (7,420 ) (7,420 ) (7,420 ) Numerator for basic and diluted EPS $ 9,570 $ 476,975 $ (2,893 ) Denominator for basic EPS 42,052 43,498 47,223 Dilutive effect of RSUs and PSUs 814 647 — Denominator for dilutive EPS 42,866 44,145 47,223 Net income/(loss) per common share: Basic $ 0.23 $ 10.97 $ (0.06 ) Dilutive $ 0.22 $ 10.80 $ (0.06 ) |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Distributions Declared per Share and Unit | During the year ended December 31, 2022, the Company declared the following distributions per share and unit: Period Distribution per Declaration Date Record Date Payment Date January 1, 2022 – March 31, 2022 $ 0.20 March 15, 2022 April 8, 2022 April 22, 2022 April 1, 2022 – June 30, 2022 0.20 June 16, 2022 July 8, 2022 July 22, 2022 July 1, 2022 – September 30, 2022 0.20 September 15, 2022 October 7, 2022 October 21, 2022 October 1, 2022 – December 31, 2022 0.20 December 15, 2022 January 10, 2023 January 24, 2023 Total $ 0.80 |
Summary of Activity of Awards under Equity Incentive Plan | The following table summarizes the activity of the awards under the Equity Incentive Plan for the years ended December 31, 2022, December 31, 2021 and December 31, 2020: Number Number of Outstanding at December 31, 2019 335,415 — Granted 147,050 97,500 Issuance of dividend equivalents 25,727 — Vested (175,757 ) — Outstanding at December 31, 2020 332,435 97,500 Granted 169,500 120,000 Issuance of dividend equivalents 18,665 — Vested (177,038 ) — Forfeited (1,403 ) — Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 25,987 — Vested (177,812 ) — Outstanding at December 31, 2022 428,320 307,500 |
Summary of Restricted Stock Units ("RSUs") and Performance RSU | During the years ended December 31, 2022, December 31, 2021 and December 31, 2020 the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Fair Value Weighted Average RSUs Performance 2022 237,986 90,000 $ 5,753 $ 17.54 2021 169,500 120,000 2,808 9.70 2020 147,050 97,500 3,355 13.72 |
Summary of Recognized Compensation Expense for RSUs and Performance RSU | During the years ended December 31, 2022, December 31, 2021 and December 31, 2020 the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2022 $ 2,554 $ 1,325 $ 3,879 2021 1,833 808 2,641 2020 1,919 414 2,333 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
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 | 59 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Real estate properties estimated useful lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Line Items] | |
Percentage of REIT taxable income distributed to stockholders | 90% |
Rents Receivable, Net - Compone
Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 4,675 | $ 2,820 |
Straight-line receivables (unbilled receivables) | 39,754 | 27,595 |
Total rents receivable | $ 44,429 | $ 30,415 |
Rents Receivable, Net - Additio
Rents Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Net, Current [Abstract] | ||
Allowance for doubtful accounts | $ 0.1 | $ 0.2 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) | 12 Months Ended | |
Dec. 31, 2021 | ||
Bloc 83 [Member] | ||
Acquisitions [Line Items] | ||
Real estate property, date acquired, asset acquisitions | 2021-12 | |
Real estate property, percentage owned, asset acquisitions | 100% | |
The Terraces [Member] | ||
Acquisitions [Line Items] | ||
Real estate property, date acquired, asset acquisitions | 2021-12 | |
Real estate property, percentage owned, asset acquisitions | 100% | |
Block 23 [Member] | ||
Acquisitions [Line Items] | ||
Real estate property, date acquired, asset acquisitions | 2021-12 | |
Real estate property, percentage owned, asset acquisitions | 100% | |
5910 Pacific Center and 9985 Pacific Heights [Member] | ||
Acquisitions [Line Items] | ||
Real estate property, date acquired, asset acquisitions | 2021-05 | [1] |
Real estate property, percentage owned, asset acquisitions | 100% | [1] |
[1]5910 Pacific Center and 9985 Pacific Heights were added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). The Sorrento Mesa portfolio was subsequently sold in December 2021. |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands | Dec. 31, 2021 USD ($) |
Acquisitions [Line Items] | |
Land | $ 72,111 |
Buildings and improvements | 500,494 |
Tenant improvements | 14,798 |
Lease intangible assets | 44,409 |
Other assets | 10,952 |
Accounts payable and other liabilities | (3,015) |
Lease intangible liabilities | (7,432) |
Net assets acquired | 632,317 |
5910 Pacific Center and 9985 Pacific Heights [Member] | |
Acquisitions [Line Items] | |
Land | 37,294 |
Buildings and improvements | 2,979 |
Tenant improvements | 917 |
Lease intangible assets | 2,469 |
Other assets | 19 |
Accounts payable and other liabilities | (319) |
Lease intangible liabilities | (103) |
Net assets acquired | 43,256 |
Block 23 [Member] | |
Acquisitions [Line Items] | |
Buildings and improvements | 115,747 |
Tenant improvements | 2,375 |
Lease intangible assets | 11,306 |
Other assets | 10,627 |
Accounts payable and other liabilities | (1,914) |
Lease intangible liabilities | (2,197) |
Net assets acquired | 135,944 |
The Terraces [Member] | |
Acquisitions [Line Items] | |
Land | 15,861 |
Buildings and improvements | 101,455 |
Tenant improvements | 6,431 |
Lease intangible assets | 11,074 |
Other assets | 15 |
Accounts payable and other liabilities | (319) |
Lease intangible liabilities | (2,118) |
Net assets acquired | 132,399 |
Bloc 83 [Member] | |
Acquisitions [Line Items] | |
Land | 18,956 |
Buildings and improvements | 280,313 |
Tenant improvements | 5,075 |
Lease intangible assets | 19,560 |
Other assets | 291 |
Accounts payable and other liabilities | (463) |
Lease intangible liabilities | (3,014) |
Net assets acquired | $ 320,718 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 15, 2022 | Dec. 02, 2021 | Feb. 10, 2021 | Jul. 23, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | |||||||
Net gain on sale of real estate property | $ 21,658 | $ 476,651 | $ 1,347 | ||||
Impairment of real estate | 13,444 | $ 0 | $ 0 | ||||
Sorrento Mesa [Member] | |||||||
Real Estate [Line Items] | |||||||
Proceeds of sale of property | $ 576,000 | ||||||
Net gain on sale of real estate property | 429,300 | ||||||
Real estate disposal related costs | $ 28,300 | ||||||
Cascade Station [Member] | |||||||
Real Estate [Line Items] | |||||||
Impairment of real estate | 6,500 | ||||||
Circle Point Land [Member] | |||||||
Real Estate [Line Items] | |||||||
Proceeds of sale of property | $ 6,500 | ||||||
Net gain on sale of real estate property | $ 1,300 | ||||||
Cherry Creek [Member] | |||||||
Real Estate [Line Items] | |||||||
Proceeds of sale of property | $ 95,000 | ||||||
Net gain on sale of real estate property | $ 47,400 | ||||||
Block 23 [Member] | Bill Board [Member] | |||||||
Real Estate [Line Items] | |||||||
Fair value equity method investment | 300 | ||||||
Asset Acquisition, Consideration Transferred, Assets | 500 | ||||||
Asset Acquisition, Consideration Transferred, Debt | $ 200 | ||||||
Block 23 [Member] | Bill Board [Member] | Acquisition [Member] | |||||||
Real Estate [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 50% | ||||||
Lake Vista Pointe [Member] | |||||||
Real Estate [Line Items] | |||||||
Sales-type Lease, Selling Profit (Loss) | $ 21,700 | ||||||
Proceeds from Sale of Real Estate | $ 43,800 | ||||||
190 Office Center [Member] | |||||||
Real Estate [Line Items] | |||||||
Impairment of real estate | $ 6,900 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | $ 131,636 | $ 154,253 |
Accumulated amortization, Lease Intangible Assets | (76,198) | (85,328) |
Total, Lease Intangible Assets | 55,438 | 68,925 |
Cost, Lease Intangible Liabilities | (15,820) | (16,881) |
Accumulated amortization, Lease Intangible Liabilities | 6,670 | 6,009 |
Total, Lease Intangible Liabilities | (9,150) | (10,872) |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 18,793 | 21,147 |
Accumulated amortization, Lease Intangible Assets | (9,069) | (9,627) |
Total, Lease Intangible Assets | 9,724 | 11,520 |
In Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 78,720 | 93,761 |
Accumulated amortization, Lease Intangible Assets | (49,772) | (56,987) |
Total, Lease Intangible Assets | 28,948 | 36,774 |
Leasing Commissions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Assets | 34,123 | 39,345 |
Accumulated amortization, Lease Intangible Assets | (17,357) | (18,714) |
Total, Lease Intangible Assets | 16,766 | 20,631 |
Below Market Tenant Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (15,682) | (16,743) |
Accumulated amortization, Lease Intangible Liabilities | 6,618 | 5,961 |
Total, Lease Intangible Liabilities | (9,064) | (10,782) |
Below Market Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, Lease Intangible Liabilities | (138) | (138) |
Accumulated amortization, Lease Intangible Liabilities | 52 | 48 |
Total, Lease Intangible Liabilities | $ (86) | $ (90) |
Lease Intangibles - Estimated A
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 8,861 |
2024 | 6,660 |
2025 | 6,479 |
2026 | 6,491 |
2027 | 4,287 |
Thereafter | 13,510 |
Total | $ 46,288 |
Debt - Summary of Outstanding I
Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Indebtedness | $ 693,796 | $ 658,538 |
Deferred financing costs, net | (3,887) | (5,223) |
Unamortized fair value adjustments | 190 | 333 |
Total | 690,099 | 653,648 |
Unsecured Debt [Member] | Term loan [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 50,000 | 50,000 |
Interest Rate, terms | 1.25 | |
Interest Rate, spread | 1.25% | |
Maturity | 2024-09 | |
Credit Facility [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 200,500 | 142,000 |
Interest Rate, terms | 1.30 | |
Interest Rate, spread | 1.30% | |
Maturity | 2025-11 | |
Mission City [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 46,859 | 47,000 |
Interest Rate | 3.78% | |
Maturity | 2027-11 | |
Canyon Park [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 39,673 | 40,381 |
Interest Rate | 4.30% | |
Maturity | 2027-03 | |
Circle Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 39,440 | 39,650 |
Interest Rate | 4.49% | |
Maturity | 2028-09 | |
190 Office Center [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 38,894 | 39,581 |
Interest Rate | 4.79% | |
Maturity | 2025-10 | |
SanTan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 32,140 | 32,807 |
Interest Rate | 4.56% | |
Maturity | 2027-03 | |
Intellicenter [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 31,297 | 31,883 |
Interest Rate | 4.65% | |
Maturity | 2025-10 | |
The Quad [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 30,600 | 30,600 |
Interest Rate | 4.20% | |
Maturity | 2028-09 | |
2525 McKinnon [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 27,000 | 27,000 |
Interest Rate | 4.24% | |
Maturity | 2027-04 | |
FRP Collection [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 26,784 | 27,535 |
Interest Rate | 3.10% | |
Maturity | 2023-09 | |
Greenwood Blvd [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 21,396 | 21,920 |
Interest Rate | 3.15% | |
Maturity | 2025-12 | |
Cascade Station [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 21,192 | 21,581 |
Interest Rate | 4.55% | |
Maturity | 2024-05 | |
5090 N 40th St [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 20,810 | 21,233 |
Interest Rate | 3.92% | |
Maturity | 2027-01 | |
AmberGlen Property [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 20,000 | 20,000 |
Interest Rate | 3.69% | |
Maturity | 2027-05 | |
Central Fairwinds [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 16,273 | 16,707 |
Interest Rate | 3.15% | |
Maturity | 2024-06 | |
FRP Ingenuity Drive [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 16,165 | 16,457 |
Interest Rate | 4.44% | |
Maturity | 2024-12 | |
Carillon Point [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 14,773 | 15,185 |
Interest Rate | 3.10% | |
Maturity | 2023-10 | |
Lake Vista Pointe [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Indebtedness | $ 17,018 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Nov. 16, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||||||
Loan repaid | $ 62,270 | $ 202,442 | $ 61,330 | ||||
Interest Rate Swap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Fixed Interest Rate | 1.27% | ||||||
Derivative, Notional Amount | $ 50,000 | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | 250,000 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | 300,000 | ||||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan | $ 50,000 | ||||||
190 Office Center [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Restricted Cash | $ 3,800 | ||||||
Lake Vista Pointe [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan repaid | $ 16,800 | ||||||
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 200% | ||||||
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 450% | ||||||
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Restricted Cash | $ 2,600 | ||||||
Credit Facility [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, outstanding | $ 4,200 | ||||||
Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 125% | ||||||
Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 215% | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | $ 300,000 | $ 250,000 | |||||
Revolving Credit Facility, outstanding | $ 200,500 | ||||||
Loan maturity date | Nov. 16, 2025 | ||||||
Loan expected extended maturity date | Nov. 16, 2026 | ||||||
Revolving Credit Facility, maximum borrowing capacity | $ 500,000 | ||||||
Interest Rate, Description | 1.30% | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
One month LIBOR rate | 4.39% | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | $ 300,000 | ||||||
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 | 125% | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility, authorized amount | $ 350,000 | ||||||
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate, Description | 225% |
Debt - Schedule of Principal Re
Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 47,980 | |
2024 | 108,480 | |
2025 | 292,497 | |
2026 | 4,416 | |
2027 | 176,303 | |
Thereafter | 64,120 | |
Total | $ 693,796 | $ 658,538 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap gain reclassified to interest expense | $ 223 | $ (589) | $ (328) | |
Debt instrument carrying amount | 693,796 | 658,538 | ||
Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notional amount | $ 50,000 | |||
Fixed interest rate | 1.27% | |||
Derivative assets fair value | 2,700 | |||
Derivative Liability | 400 | |||
Interest rate swap gain reclassified to interest expense | (200) | 600 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage loans payable, fair value | 420,700 | 478,100 | ||
Debt instrument carrying amount | $ 443,300 | $ 466,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Administrative Services Agreement [Member] - USD ($) | 12 Months Ended | |||
Feb. 01, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SCRE II [Member] | First Twelve Months [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual payment receivable for services | $ 500,000 | |||
SCRE II [Member] | Thereafter [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fee paid percentage | 40% | |||
Second City Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual payment receivable for services | $ 300,000 | $ 400,000 | $ 500,000 | |
Clarity Real Estate III GP Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual payment receivable for services | $ 300,000 | $ 200,000 | $ 200,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease cost | $ 1 | $ 1 |
Operating Lease, Weighted Average Remaining Lease Term | 50 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.20% | |
Financing Lease Cost | $ 0.3 | |
Lake Vista Pointe [Member] | ||
Interest income on sales type lease | 0.6 | |
Variable lease payments on sales type lease | $ 0.2 | |
Maximum [Member] | ||
Remaining lease terms | 66 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, 2022 | Dec. 31, 2021 | |
Fixed payments | $ 154,126 | $ 141,138 |
Variable payments | 24,827 | 22,718 |
Operating Lease, Lease Income | $ 178,953 | $ 163,856 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Income (Loss) | Operating Income (Loss) |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 124,384 |
2024 | 115,513 |
2025 | 104,178 |
2026 | 95,714 |
2027 | 79,481 |
Thereafter | 220,157 |
Total future minimum lease payments to be received | $ 739,427 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Right-of-use asset - operating leases | $ 12,935 | $ 14,114 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Lease liability – operating leases | $ 8,802 | $ 9,160 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Right-of-use asset – financing leases | $ 10,054 | $ 10,308 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Lease liability – financing leases | $ 1,475 | $ 1,425 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Leases - Schedule Future Minimu
Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 651 | |
2024 | 770 | |
2025 | 770 | |
2026 | 724 | |
2027 | 587 | |
Thereafter | 26,563 | |
Total future minimum lease payments | 30,065 | |
Discount | (21,263) | |
Total | 8,802 | $ 9,160 |
2023 | 12 | |
2024 | 7 | |
2025 | 8 | |
2026 | 8 | |
2027 | 8 | |
Thereafter | 6,938 | |
Total future minimum lease payments | 6,981 | |
Discount | (5,506) | |
Total | $ 1,475 | $ 1,425 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Per-Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share Reconciliation [Abstract] | |||
Net income | $ 17,681 | $ 485,281 | $ 5,129 |
Less: Net income attributable to non-controlling interests in properties | (691) | (886) | (602) |
Less: Net income attributable to Preferred stockholders | (7,420) | (7,420) | (7,420) |
Net income/(loss) attributable to common stockholders | $ 9,570 | $ 476,975 | $ (2,893) |
Denominator for basic EPS | 42,052 | 43,498 | 47,223 |
Dilutive effect of RSUs and PSUs | 814 | 647 | 0 |
Denominator for dilutive EPS | 42,866 | 44,145 | 47,223 |
Net income/(loss) per common share: | |||
Basic | $ 0.23 | $ 10.97 | $ (0.06) |
Dilutive | $ 0.22 | $ 10.8 | $ (0.06) |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||
Oct. 28, 2016 | Oct. 04, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 04, 2022 | Aug. 05, 2020 | Mar. 09, 2020 | Feb. 26, 2020 | May 02, 2019 | |
Class of Stock [Line Items] | ||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||
Preferred stock, shares authorized | 5,600,000 | 5,600,000 | ||||||||
Preferred stock, Dividend rate percentage | 6.625% | 6.625% | ||||||||
Preferred Stock, Shares Issued | 4,480,000 | 4,480,000 | ||||||||
Maximum number of shares issued under Equity Incentive Plan | 3,763,580 | 2,263,580 | ||||||||
Stock Repurchase Program, Authorized Amount | $ 50 | $ 100 | ||||||||
Stock Repurchased During Period, Shares | 4,006,897 | 0 | 11,363,851 | |||||||
Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance | The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum. | |||||||||
Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Preferred Stock, Redemption Price Per Share | $ 0.01 | $ 0.01 | ||||||||
Stock Repurchased During Period Before Commission Value | $ 50 | $ 100 | ||||||||
Unrecognized share-based compensation expense | $ 5 | |||||||||
Weighted average period, unrecognized share-based compensation expense | 1 year | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 480,000 | 4,000,000 | ||||||||
Preferred Stock, Redemption Price Per Share | $ 0.01 | |||||||||
Share Price | $ 25 | |||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 100 | |||||||||
Proceeds from Issuance of Redeemable Preferred Stock | 96.5 | |||||||||
Payments for Underwriting Expense | $ 3.5 | |||||||||
Sales Agreement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares authorized | 15,000,000 | |||||||||
Preferred stock, shares authorized | 1,000,000 | |||||||||
Sales Agreement [Member] | Series A Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, Dividend rate percentage | 6.625% | |||||||||
Over-Allotment Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share Price | $ 25 | |||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 12 | |||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate cash distributions payable | $ 7.9 | |||||||||
Stock Repurchased During Period, Shares | (4,007,000) | (11,364,000) | ||||||||
Common Stock [Member] | Dividend Declared [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash distributions | $ 33.2 | |||||||||
Common Stock [Member] | Dividend Paid [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash distributions | 33.9 | |||||||||
Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate cash distributions payable | 1.9 | |||||||||
Preferred Stock [Member] | Dividend Declared [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash distributions | 7.4 | |||||||||
Preferred Stock [Member] | Dividend Paid [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash distributions | $ 7.4 | |||||||||
Executive Officer [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Payment Award, Award Vesting Period | 3 years |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Distributions Declared per Share and Unit (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends Payable [Line Items] | |||||||
Distribution per Common Share/Unit | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.8 | $ 0.65 | $ 0.6 |
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Declaration Date | Dec. 15, 2022 | Sep. 15, 2022 | Jun. 16, 2022 | Mar. 15, 2022 | |||
Record Date | Jan. 10, 2023 | Oct. 07, 2022 | Jul. 08, 2022 | Apr. 08, 2022 | |||
Payment Date | Jan. 24, 2023 | Oct. 21, 2022 | Jul. 22, 2022 | Apr. 22, 2022 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items] | |||
Beginning balance | 342,159 | 332,435 | 335,415 |
Granted | 237,986 | 169,500 | 147,050 |
Issuance of dividend equivalents | 25,987 | 18,665 | 25,727 |
Vested | (177,812) | (177,038) | (175,757) |
Forfeited | (1,403) | ||
Ending balance | 428,320 | 342,159 | 332,435 |
Performance Restricted Stock Unit [Member] | |||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items] | |||
Beginning balance | 217,500 | 97,500 | 0 |
Granted | 90,000 | 120,000 | 97,500 |
Issuance of dividend equivalents | 0 | 0 | 0 |
Vested | 0 | 0 | 0 |
Forfeited | 0 | ||
Ending balance | 307,500 | 217,500 | 97,500 |
Stockholder's Equity - Summar_2
Stockholder's Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items] | |||
Fair Value | $ 5,753 | $ 2,808 | $ 3,355 |
Weighted Average Grant Fair Value Per Share | $ 17.54 | $ 9.7 | $ 13.72 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items] | |||
Units Granted | 237,986 | 169,500 | 147,050 |
Performance Restricted Stock Unit [Member] | |||
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items] | |||
Units Granted | 90,000 | 120,000 | 97,500 |
Stockholder's Equity - Summar_3
Stockholder's Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Recognized Net Compensation Expense [Line Items] | |||
Share-based Payment Arrangement, Amount Capitalized | $ 3,879 | $ 2,641 | $ 2,333 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Of Recognized Net Compensation Expense [Line Items] | |||
Share-based Payment Arrangement, Amount Capitalized | 2,554 | 1,833 | 1,919 |
Performance Restricted Stock Unit [Member] | |||
Schedule Of Recognized Net Compensation Expense [Line Items] | |||
Share-based Payment Arrangement, Amount Capitalized | $ 1,325 | $ 808 | $ 414 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | |||||
Feb. 09, 2023 | Nov. 16, 2021 | Jan. 05, 2023 | Dec. 31, 2022 | Sep. 30, 2019 | Mar. 31, 2018 | |
Interest Rate Swap [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount | $ 50 | |||||
Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revolving Credit Facility, authorized amount | 300 | |||||
Minimum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revolving Credit Facility, authorized amount | 250 | |||||
Unsecured Debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt face amount | $ 50 | |||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Unsecured Credit Facility | $ 200.5 | |||||
Revolving Credit Facility, authorized amount | $ 300 | $ 250 | ||||
Debt Instrument, Maturity Date | Nov. 16, 2025 | |||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 350 | |||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 300 | |||||
Subsequent Event [Member] | Interest Rate Swap [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Notional amount | $ 140 | $ 25 | ||||
Derivative, Maturity Date | Nov. 16, 2025 | |||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Fixed interest rate | 5.60% | |||||
Unsecured Credit Facility | $ 140 | |||||
Debt Instrument, Maturity Date | Nov. 16, 2025 | |||||
Subsequent Event [Member] | Unsecured Debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt face amount | $ 25 | |||||
Fixed interest rate | 5.90% | |||||
Subsequent Event [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 375 | |||||
Subsequent Event [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revolving Credit Facility, authorized amount | $ 350 |
Schedule III - Real Estate Pr_2
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 693,796 | |||
Initial Costs to Company, Land | 200,686 | |||
Initial Costs to Company, Buildings and Improvements | 1,229,110 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 124,795 | |||
Gross Amount, Land | 199,537 | |||
Gross Amount, Building and Improvements | 1,355,054 | |||
Gross Amount, Total | 1,554,591 | $ 1,568,653 | $ 1,086,809 | $ 1,109,173 |
Accumulated Amortization | 175,720 | $ 157,356 | $ 131,220 | $ 101,835 |
AmberGlen Property [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,000 | |||
Initial Costs to Company, Land | 6,546 | |||
Initial Costs to Company, Buildings and Improvements | 3,490 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 2,791 | |||
Gross Amount, Land | 6,546 | |||
Gross Amount, Building and Improvements | 6,281 | |||
Gross Amount, Total | 12,827 | |||
Accumulated Amortization | $ 3,611 | |||
Year Acquired | 2009 | |||
AmberGlen Property [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1984 | |||
AmberGlen Property [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1998 | |||
City Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 3,123 | |||
Initial Costs to Company, Buildings and Improvements | 10,656 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 11,731 | |||
Gross Amount, Land | 3,123 | |||
Gross Amount, Building and Improvements | 22,387 | |||
Gross Amount, Total | 25,510 | |||
Accumulated Amortization | $ 9,360 | |||
Date of Construction | 1984 | |||
Year Acquired | 2010 | |||
Central Fairwinds [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 16,273 | |||
Initial Costs to Company, Land | 1,747 | |||
Initial Costs to Company, Buildings and Improvements | 9,751 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 7,333 | |||
Gross Amount, Land | 1,747 | |||
Gross Amount, Building and Improvements | 17,084 | |||
Gross Amount, Total | 18,831 | |||
Accumulated Amortization | $ 6,197 | |||
Date of Construction | 1982 | |||
Year Acquired | 2012 | |||
Florida Research Park [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 42,949 | |||
Initial Costs to Company, Land | 11,446 | |||
Initial Costs to Company, Buildings and Improvements | 56,475 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 7,154 | |||
Gross Amount, Land | 11,446 | |||
Gross Amount, Building and Improvements | 63,629 | |||
Gross Amount, Total | 75,075 | |||
Accumulated Amortization | $ 15,010 | |||
Date of Construction | 1999 | |||
Florida Research Park [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Acquired | 2014 | |||
Florida Research Park [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Acquired | 2016 | |||
Superior Pointe [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 3,153 | |||
Initial Costs to Company, Buildings and Improvements | 19,834 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 3,758 | |||
Gross Amount, Land | 3,153 | |||
Gross Amount, Building and Improvements | 23,592 | |||
Gross Amount, Total | 26,745 | |||
Accumulated Amortization | $ 6,204 | |||
Date of Construction | 2000 | |||
Year Acquired | 2015 | |||
Denver Tech [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 18,002 | |||
Initial Costs to Company, Buildings and Improvements | 52,719 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 9,709 | |||
Gross Amount, Land | 18,002 | |||
Gross Amount, Building and Improvements | 62,428 | |||
Gross Amount, Total | 80,430 | |||
Accumulated Amortization | $ 12,775 | |||
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 | $ 38,894 | |||
Initial Costs to Company, Land | 7,162 | |||
Initial Costs to Company, Buildings and Improvements | 39,690 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | (11,277) | |||
Gross Amount, Land | 6,013 | |||
Gross Amount, Building and Improvements | 29,562 | |||
Gross Amount, Total | 35,575 | |||
Accumulated Amortization | $ 0 | |||
Date of Construction | 2001 | |||
Year Acquired | 2015 | |||
Intellicenter [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 31,297 | |||
Initial Costs to Company, Land | 5,244 | |||
Initial Costs to Company, Buildings and Improvements | 34,278 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 137 | |||
Gross Amount, Land | 5,244 | |||
Gross Amount, Building and Improvements | 34,415 | |||
Gross Amount, Total | 39,659 | |||
Accumulated Amortization | $ 7,607 | |||
Date of Construction | 2008 | |||
Year Acquired | 2015 | |||
Carillon Point [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,773 | |||
Initial Costs to Company, Land | 5,172 | |||
Initial Costs to Company, Buildings and Improvements | 17,316 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 1,903 | |||
Gross Amount, Land | 5,172 | |||
Gross Amount, Building and Improvements | 19,219 | |||
Gross Amount, Total | 24,391 | |||
Accumulated Amortization | $ 5,228 | |||
Date of Construction | 2007 | |||
Year Acquired | 2016 | |||
Park Tower [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 3,479 | |||
Initial Costs to Company, Buildings and Improvements | 68,656 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 22,491 | |||
Gross Amount, Land | 3,479 | |||
Gross Amount, Building and Improvements | 91,147 | |||
Gross Amount, Total | 94,626 | |||
Accumulated Amortization | $ 20,475 | |||
Date of Construction | 1973 | |||
Year Acquired | 2016 | |||
5090 N 40th St [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,810 | |||
Initial Costs to Company, Land | 6,696 | |||
Initial Costs to Company, Buildings and Improvements | 32,123 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 4,444 | |||
Gross Amount, Land | 6,696 | |||
Gross Amount, Building and Improvements | 36,567 | |||
Gross Amount, Total | 43,263 | |||
Accumulated Amortization | $ 6,732 | |||
Date of Construction | 1988 | |||
Year Acquired | 2016 | |||
SanTan [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 32,140 | |||
Initial Costs to Company, Land | 6,803 | |||
Initial Costs to Company, Buildings and Improvements | 37,187 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 4,268 | |||
Gross Amount, Land | 6,803 | |||
Gross Amount, Building and Improvements | 41,455 | |||
Gross Amount, Total | 48,258 | |||
Accumulated Amortization | $ 8,986 | |||
Year Acquired | 2016 | |||
SanTan [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2000 | |||
SanTan [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2003 | |||
2525 McKinnon [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 27,000 | |||
Initial Costs to Company, Land | 10,629 | |||
Initial Costs to Company, Buildings and Improvements | 34,515 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 3,124 | |||
Gross Amount, Land | 10,629 | |||
Gross Amount, Building and Improvements | 37,639 | |||
Gross Amount, Total | 48,268 | |||
Accumulated Amortization | $ 6,052 | |||
Date of Construction | 2003 | |||
Year Acquired | 2017 | |||
Mission City [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 46,859 | |||
Initial Costs to Company, Land | 25,741 | |||
Initial Costs to Company, Buildings and Improvements | 41,474 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 11,221 | |||
Gross Amount, Land | 25,741 | |||
Gross Amount, Building and Improvements | 52,695 | |||
Gross Amount, Total | 78,436 | |||
Accumulated Amortization | $ 13,316 | |||
Year Acquired | 2017 | |||
Mission City [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1990 | |||
Mission City [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2007 | |||
Papago Tech [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 10,746 | |||
Initial Costs to Company, Buildings and Improvements | 19,762 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 1,553 | |||
Gross Amount, Land | 10,746 | |||
Gross Amount, Building and Improvements | 21,315 | |||
Gross Amount, Total | 32,061 | |||
Accumulated Amortization | $ 4,975 | |||
Year Acquired | 2017 | |||
Papago Tech [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1993 | |||
Papago Tech [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 1995 | |||
Pima Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 0 | |||
Initial Costs to Company, Buildings and Improvements | 45,133 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 6,267 | |||
Gross Amount, Land | 0 | |||
Gross Amount, Building and Improvements | 51,400 | |||
Gross Amount, Total | 51,400 | |||
Accumulated Amortization | $ 8,647 | |||
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 | $ 39,440 | |||
Initial Costs to Company, Land | 9,320 | |||
Initial Costs to Company, Buildings and Improvements | 39,101 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 5,796 | |||
Gross Amount, Land | 9,320 | |||
Gross Amount, Building and Improvements | 44,897 | |||
Gross Amount, Total | 54,217 | |||
Accumulated Amortization | $ 7,947 | |||
Date of Construction | 2001 | |||
Year Acquired | 2018 | |||
The Quad [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 30,600 | |||
Initial Costs to Company, Land | 8,079 | |||
Initial Costs to Company, Buildings and Improvements | 39,858 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 245 | |||
Gross Amount, Land | 8,079 | |||
Gross Amount, Building and Improvements | 40,103 | |||
Gross Amount, Total | 48,182 | |||
Accumulated Amortization | $ 6,008 | |||
Date of Construction | 1982 | |||
Year Acquired | 2018 | |||
Greenwood Blvd [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,396 | |||
Initial Costs to Company, Land | 3,945 | |||
Initial Costs to Company, Buildings and Improvements | 26,019 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 1,224 | |||
Gross Amount, Land | 3,945 | |||
Gross Amount, Building and Improvements | 27,243 | |||
Gross Amount, Total | 31,188 | |||
Accumulated Amortization | $ 3,845 | |||
Date of Construction | 1997 | |||
Year Acquired | 2018 | |||
Camelback Square [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 11,738 | |||
Initial Costs to Company, Buildings and Improvements | 37,922 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 7,371 | |||
Gross Amount, Land | 11,738 | |||
Gross Amount, Building and Improvements | 45,293 | |||
Gross Amount, Total | 57,031 | |||
Accumulated Amortization | $ 5,871 | |||
Date of Construction | 1978 | |||
Year Acquired | 2018 | |||
Canyon Park [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 39,673 | |||
Initial Costs to Company, Land | 7,098 | |||
Initial Costs to Company, Buildings and Improvements | 38,416 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 5,500 | |||
Gross Amount, Land | 7,098 | |||
Gross Amount, Building and Improvements | 43,916 | |||
Gross Amount, Total | 51,014 | |||
Accumulated Amortization | $ 5,988 | |||
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 | $ 21,192 | |||
Initial Costs to Company, Land | 0 | |||
Initial Costs to Company, Buildings and Improvements | 27,220 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | (8,495) | |||
Gross Amount, Land | 0 | |||
Gross Amount, Building and Improvements | 18,725 | |||
Gross Amount, Total | 18,725 | |||
Accumulated Amortization | $ 0 | |||
Year Acquired | 2019 | |||
Cascade Station [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2008 | |||
Cascade Station [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2009 | |||
Block 23 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 0 | |||
Initial Costs to Company, Buildings and Improvements | 115,747 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 7,397 | |||
Gross Amount, Land | 0 | |||
Gross Amount, Building and Improvements | 123,144 | |||
Gross Amount, Total | 123,144 | |||
Accumulated Amortization | $ 2,891 | |||
Date of Construction | 2019 | |||
Year Acquired | 2021 | |||
The Terraces [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 15,861 | |||
Initial Costs to Company, Buildings and Improvements | 101,455 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 6,796 | |||
Gross Amount, Land | 15,861 | |||
Gross Amount, Building and Improvements | 108,251 | |||
Gross Amount, Total | 124,112 | |||
Accumulated Amortization | $ 2,678 | |||
Date of Construction | 2017 | |||
Year Acquired | 2021 | |||
Bloc 83 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Costs to Company, Land | 18,956 | |||
Initial Costs to Company, Buildings and Improvements | 280,313 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 12,354 | |||
Gross Amount, Land | 18,956 | |||
Gross Amount, Building and Improvements | 292,667 | |||
Gross Amount, Total | 311,623 | |||
Accumulated Amortization | $ 5,317 | |||
Bloc 83 [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2019 | |||
Bloc 83 [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2021 | |||
Corporate [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 250,500 | |||
Initial Costs to Company, Land | 0 | |||
Initial Costs to Company, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements | 0 | |||
Gross Amount, Land | 0 | |||
Gross Amount, Building and Improvements | 0 | |||
Gross Amount, Total | 0 | |||
Accumulated Amortization | $ 0 | |||
Year Acquired | 2021 |
Schedule III - Real Estate Pr_3
Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 190 | $ 333 |
Secured Debt [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Deferred financing costs | $ 3,900 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties | |||
Balance, beginning of year | $ 1,568,653 | $ 1,086,809 | $ 1,109,173 |
Acquisitions | 0 | 587,403 | 0 |
Dispositions and Impairments | (58,735) | (121,602) | (1,993) |
Capital improvements | 44,673 | 16,043 | 27,503 |
Assets held for sale | 0 | 0 | (47,874) |
Balance, end of year | 1,554,591 | 1,568,653 | 1,086,809 |
Accumulated Depreciation | |||
Balance, beginning of year | 157,356 | 131,220 | 101,835 |
Depreciation | 46,654 | 39,106 | 38,372 |
Dispositions | (28,290) | (12,970) | (1,962) |
Depreciation on assets held for sale | 0 | 0 | (7,025) |
Balance, end of year | $ 175,720 | $ 157,356 | $ 131,220 |