City Office REIT (CIO) 10-Q8 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		39,938,451
Entity Address, State or Province	BC
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36409
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	98-1141883
Entity Address, City or Town	Vancouver
Entity Address, Address Line One	666 Burrard Street
Entity Address, Address Line Two	Suite 3210
Entity Address, Postal Zip Code	V6C 2X8
City Area Code	604
Local Phone Number	806-3366
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
6.625% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate properties
Land	$ 193,524	$ 199,537
Building and improvement	1,192,463	1,215,000
Tenant improvement	150,648	139,365
Furniture, fixtures and equipment	726	689
Real estate properties, gross	1,537,361	1,554,591
Accumulated depreciation	(207,625)	(175,720)
Real estate properties, net	1,329,736	1,378,871
Cash and cash equivalents	36,738	28,187
Restricted cash	15,553	16,075
Rents receivable, net	51,012	44,429
Deferred leasing costs, net	20,974	21,989
Acquired lease intangible assets, net	47,290	55,438
Other assets	30,869	29,450
Total Assets	1,532,172	1,574,439
Liabilities:
Debt	670,814	690,099
Accounts payable and accrued liabilities	37,941	35,753
Deferred rent	7,684	9,147
Tenant rent deposits	7,208	7,040
Acquired lease intangible liabilities, net	8,079	9,150
Other liabilities	15,992	20,076
Total Liabilities	747,718	771,265
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of September 30, 2023 and December 31, 2022	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,938,451 and 39,718,767 shares issued and outstanding as of September 30, 2023 and December 31, 2022	399	397
Additional paid-in capital	437,800	436,161
Retained earnings	229,770	251,542
Accumulated other comprehensive income	4,153	2,731
Total Stockholders' Equity	784,122	802,831
Non-controlling interests in properties	332	343
Total Equity	784,454	803,174
Total Liabilities and Equity	$ 1,532,172	$ 1,574,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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	39,938,451	39,718,767
Common stock, shares outstanding	39,938,451	39,718,767

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Rental and other revenues	$ 44,214	$ 45,522	$ 134,775	$ 135,871
Operating expenses:
Property operating expenses	17,644	17,412	52,610	50,736
General and administrative	3,531	3,506	10,963	10,575
Depreciation and amortization	14,723	15,555	45,795	47,072
Total operating expenses	35,898	36,473	109,368	108,383
Operating income	8,316	9,049	25,407	27,488
Interest expense:
Contractual interest expense	(7,853)	(6,582)	(23,807)	(18,311)
Amortization of deferred financing costs and debt fair value	(333)	(303)	(979)	(917)
Interest expense, net	(8,186)	(6,885)	(24,786)	(19,228)
Net (loss)/gain on disposition of real estate property	0	0	(134)	21,658
Net income	130	2,164	487	29,918
Net income attributable to non-controlling interests in properties	(173)	(175)	(506)	(510)
Net (loss)/income attributable to the Company	(43)	1,989	(19)	29,408
Preferred stock distributions	(1,855)	(1,855)	(5,565)	(5,565)
Net (loss)/income attributable to common stockholders	$ (1,898)	$ 134	$ (5,584)	$ 23,843
Net (loss)/income per common share:
Basic	$ (0.05)	$ 0	$ (0.14)	$ 0.56
Diluted	$ (0.05)	$ 0	$ (0.14)	$ 0.55
Weighted average common shares outstanding:
Basic	39,938	41,351	39,917	42,838
Diluted	39,938	42,125	39,917	43,663
Dividend distributions declared per common share	$ 0.1	$ 0.2	$ 0.4	$ 0.6

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 130	$ 2,164	$ 487	$ 29,918
Other comprehensive income:
Unrealized cash flow hedge gain	1,447	1,055	3,732	3,119
Amounts reclassified to interest expense	(1,019)	(121)	(2,309)	82
Other comprehensive income	428	934	1,423	3,201
Comprehensive income	558	3,098	1,910	33,119
Comprehensive income attributable to non-controlling interests in properties	(174)	(175)	(507)	(510)
Comprehensive income attributable to the Company	$ 384	$ 2,923	$ 1,403	$ 32,609

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained earnings [Member]	Accumulated other comprehensive (loss)/income [Member]	Total stockholders' equity [Member]	Non-controlling Interests in Properties [Member]
Beginning balance at Dec. 31, 2021	$ 870,595	$ 112,000	$ 435	$ 482,061	$ 275,502	$ (382)	$ 869,616	$ 979
Beginning balance, shares at Dec. 31, 2021		4,480,000	43,554,000
Restricted stock award grants and vesting, values	904			972	(68)		904
Common stock dividend distribution declared	(8,711)				(8,711)		(8,711)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	3							3
Distributions	(254)							(254)
Net (loss)/income	24,691				24,520		24,520	171
Other comprehensive income (loss)	1,754					1,754	1,754
Ending balance at Mar. 31, 2022	887,127	$ 112,000	$ 435	483,033	289,388	1,372	886,228	899
Ending balance, shares at Mar. 31, 2022		4,480,000	43,554,000
Beginning balance at Dec. 31, 2021	870,595	$ 112,000	$ 435	482,061	275,502	(382)	869,616	979
Beginning balance, shares at Dec. 31, 2021		4,480,000	43,554,000
Common stock repurchased, values	$ (50,000)
Common stock repurchased, shares	4,006,897
Net (loss)/income	$ 29,918
Other comprehensive income (loss)	3,201
Ending balance at Sep. 30, 2022	824,336	$ 112,000	$ 397	435,086	273,843	2,819	824,145	191
Ending balance, shares at Sep. 30, 2022		4,480,000	39,718,000
Beginning balance at Mar. 31, 2022	887,127	$ 112,000	$ 435	483,033	289,388	1,372	886,228	899
Beginning balance, shares at Mar. 31, 2022		4,480,000	43,554,000
Restricted stock award grants and vesting, values	905		$ 2	1,020	(117)		905
Restricted stock award grants and vesting, shares			171,000
Common stock repurchased, values	(5,000)		$ (4)	(4,996)			(5,000)
Common stock repurchased, shares			(395,000)
Common stock dividend distribution declared	(8,580)				(8,580)		(8,580)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(180)							(180)
Net (loss)/income	3,063				2,899		2,899	164
Other comprehensive income (loss)	513					513	513
Ending balance at Jun. 30, 2022	875,993	$ 112,000	$ 433	479,057	281,735	1,885	875,110	883
Ending balance, shares at Jun. 30, 2022		4,480,000	43,330,000
Restricted stock award grants and vesting, values	992			1,075	(83)		992
Common stock repurchased, values	(45,082)		$ (36)	(45,046)			(45,082)
Common stock repurchased, shares			(3,612,000)
Common stock dividend distribution declared	(7,943)				(7,943)		(7,943)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	27							27
Distributions	(894)							(894)
Net (loss)/income	2,164				1,989		1,989	175
Other comprehensive income (loss)	934					934	934
Ending balance at Sep. 30, 2022	824,336	$ 112,000	$ 397	435,086	273,843	2,819	824,145	191
Ending balance, shares at Sep. 30, 2022		4,480,000	39,718,000
Beginning balance at Dec. 31, 2022	803,174	$ 112,000	$ 397	436,161	251,542	2,731	802,831	343
Beginning balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Restricted stock award grants and vesting, values	(618)		$ 2	(535)	(85)		(618)
Restricted stock award grants and vesting, shares			220,000
Common stock dividend distribution declared	(7,988)				(7,988)		(7,988)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	110							110
Distributions	(235)							(235)
Net (loss)/income	873				704		704	169
Other comprehensive income (loss)	(1,942)					(1,942)	(1,942)
Ending balance at Mar. 31, 2023	791,519	$ 112,000	$ 399	435,626	242,318	789	791,132	387
Ending balance, shares at Mar. 31, 2023		4,480,000	39,938,000
Beginning balance at Dec. 31, 2022	$ 803,174	$ 112,000	$ 397	436,161	251,542	2,731	802,831	343
Beginning balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Common stock repurchased, shares	0
Net (loss)/income	$ 487
Other comprehensive income (loss)	1,423
Ending balance at Sep. 30, 2023	784,454	$ 112,000	$ 399	437,800	229,770	4,153	784,122	332
Ending balance, shares at Sep. 30, 2023		4,480,000	39,938,000
Beginning balance at Mar. 31, 2023	791,519	$ 112,000	$ 399	435,626	242,318	789	791,132	387
Beginning balance, shares at Mar. 31, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	1,023			1,107	(84)		1,023
Common stock dividend distribution declared	(3,994)				(3,994)		(3,994)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(226)							(226)
Net (loss)/income	(516)				(680)		(680)	164
Other comprehensive income (loss)	2,937					2,937	2,937
Ending balance at Jun. 30, 2023	788,888	$ 112,000	$ 399	436,733	235,705	3,726	788,563	325
Ending balance, shares at Jun. 30, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	1,024			1,067	(43)		1,024
Common stock dividend distribution declared	(3,994)				(3,994)		(3,994)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(167)							(167)
Net (loss)/income	130				(43)		(43)	173
Other comprehensive income (loss)	428					427	427	1
Ending balance at Sep. 30, 2023	$ 784,454	$ 112,000	$ 399	$ 437,800	$ 229,770	$ 4,153	$ 784,122	$ 332
Ending balance, shares at Sep. 30, 2023		4,480,000	39,938,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 487	$ 29,918
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,795	47,072
Amortization of deferred financing costs and debt fair value	979	917
Amortization of above and below market leases	68	70
Straight-line rent/expense	(6,402)	(6,697)
Non-cash stock compensation	3,071	2,887
Receipts from sales-type lease	0	43,549
Net loss/(gain) on disposition of real estate property	134	(21,658)
Changes in non-cash working capital:
Rents receivable, net	172	(3,895)
Other assets	(744)	(158)
Accounts payable and accrued liabilities	5,705	6,977
Deferred rent	(1,304)	(2,679)
Tenant rent deposits	208	849
Net Cash Provided By Operating Activities	48,169	97,152
Cash Flows to Investing Activities:
Additions to real estate properties	(23,338)	(28,533)
Reduction of cash on disposition of real estate property	(4,051)	0
Deferred leasing costs	(3,474)	(7,698)
Net Cash Used In Investing Activities	(30,863)	(36,231)
Cash Flows to Financing Activities:
Debt issuance and extinguishment costs	(737)	0
Proceeds from borrowings	35,000	82,000
Repayment of borrowings	(15,889)	(60,472)
Dividend distributions paid to stockholders	(25,490)	(31,567)
Repurchased of common stock	0	(50,082)
Distributions to non-controlling interests in properties	(628)	(1,328)
Shares withheld for payment of taxes on restricted stock unit vesting	(1,643)	(87)
Contributions from non-controlling interests in properties	110	30
Net Cash Used In Financing Activities	(9,277)	(61,506)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash	8,029	(585)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	44,262	42,266
Cash, Cash Equivalents and Restricted Cash, End of Period	52,291	41,681
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	36,738	22,012
Restricted Cash, End of Period	15,553	19,669
Cash, Cash Equivalents and Restricted Cash, End of Period	52,291	41,681
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	22,586	16,660
Purchase of additions in real estate properties included in accounts payable	10,707	10,568
Purchase of deferred leasing costs included in accounts payable	$ 919	$ 1,904

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (43)	$ 1,989	$ (19)	$ 29,408

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2023
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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K During the second quarter of 2023, the Company applied the below accounting policy for Variable Interest Entities (“VIE”) in relation to the deconsolidation of the 190 Office Center property. Refer to Note 3 – Real Estate Investments for additional information. Variable Interest Entities The Company consolidates a VIE if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant. 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 No. 2021-01, 2021-01”). 2021-01 2020-04 2021-01 No. 2022-06, 2022-06”). 2022-06 xp so

Real Estate Investments

Real Estate Investments	9 Months Ended
Real Estate Investments	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Disposition of Real Estate Property 190 Office Center On May 15, 2023, the Company consented to the appointment of a receiver to assume possession and control of the 190 Office Center property as a result of an event of default as defined in the property’s non-recourse Based on its analysis, the Company concluded that it is not the primary beneficiary of the VIE and therefore deconsolidated the property as of May 15, 2023. The Company deconsolidated the net carrying value of real estate assets of $35.7 million, the mortgage loan of $38.6 million, cash and restricted cash of $4.0 million and net current liabilities of $1.0 million. For the nine months ended September 30, 2023, the Company recognized a loss on deconsolidation of $0.1 million, which has been included within net loss/gain on disposition of real estate property on the Company’s condensed consolidated statement of operations and statement of cash flows. Lake Vista Pointe 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 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 $21.7 million net of disposal-related costs. On June 15, 2022, the Company sold the Lake Vista Pointe property in Dallas, Texas for a gross sales price of $43.8 million.

Lease Intangibles

Lease Intangibles	9 Months Ended
Lease Intangibles	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of September 30, 2023 and December 31, 2022 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities September 30, 2023 Above Market In Place Leases Leasing Total Below Below Market Total Cost $ 18,786 $ 76,624 $ 33,288 $ 128,698 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (10,200 ) (52,519 ) (18,689 ) (81,408 ) 6,972 55 7,027 $ 8,586 $ 24,105 $ 14,599 $ 47,290 $ (7,996 ) $ (83 ) $ (8,079 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2022 Above Market In Place Leases Leasing Total Below Below Market 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 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2023 $ 2,005 2024 6,687 2025 6,517 2026 6,204 2027 5,217 Thereafter 12,581 $ 39,211

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	5. Debt On January 5, 2023, the Company transitioned the borrowing rate of its unsecured credit facility (the “Unsecured Credit Facility”) and $50 million term loan from LIBOR to daily-simple SOFR. The Company applied the practical expedients available under the reference rate reform guidance and accounted for the modifications as continuations of the existing contracts. The following table summarizes the indebtedness as of September 30, 2023 and December 31, 2022 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 6: Property September 30, 2023 December 31, Interest Rate as 2023 Maturity Unsecured Credit Facility (2)(4) $ 200,000 $ 200,500 SOFR +1.50 % (1)(2) November 2025 Term Loan (3) 50,000 50,000 SOFR +1.35 % (1)(3) September 2024 Term Loan (4) 25,000 — 6.00 % (4) January 2026 Mission City 46,213 46,859 3.78 % November 2027 Canyon Park (5) 39,120 39,673 4.30 % March 2027 Circle Point 38,955 39,440 4.49 % September 2028 SanTan (6) 31,678 32,140 4.56 % March 2027 Intellicenter 30,840 31,297 4.65 % October 2025 The Quad 30,557 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection (7) 26,238 26,784 7.05 % (7) August 2028 Property September 30, 2023 December 31, Interest Rate as 2023 Maturity Greenwood Blvd 20,993 21,396 3.15 % December 2025 Cascade Station (8) 20,889 21,192 4.55 % May 2024 5090 N. 40th St 20,481 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 15,939 16,273 3.15 % June 2024 FRP Ingenuity Drive (9) 15,938 16,165 4.44 % December 2024 Carillon Point (7) 14,473 14,773 7.05 % (7) August 2028 190 Office Center (10) — 38,894 4.79 % October 2025 Total Principal 674,314 693,796 Deferred financing costs, net (3,584 ) (3,887 ) Unamortized fair value adjustments 84 190 Total $ 670,814 $ 690,099 (1) As of September 30, 2023, the daily-simple SOFR rate was 5.31%. (2) Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 235 basis points depending upon the Company’s consolidated leverage ratio. On February 9, 2023, the Company entered into a three-year interest rate swap for a notional amount of $140 million, effective March 8, 2023, effectively fixing the SOFR component of the borrowing rate for $140 million of the Unsecured Credit Facility at 4.19%. As of September 30, 2023, the Unsecured Credit Facility had $200.0 million drawn and a $4.2 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended 12 months at the Company’s option upon meeting certain conditions. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (3) Borrowings under the $50 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 225 basis points depending upon the Company’s consolidated leverage ratio. The SOFR component of the borrowing rate is effectively fixed by a $50 million interest rate swap at 1.17%. (4) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement , dated (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (6) In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of September 30, 2023, the DSCR and debt yield covenants were still not met. As of September 30, 2023, total restricted cash for the property was $4.6 million. (7) On August 16, 2023, the Company entered into two amended and restated loan agreements for FRP Collection Carillon Point (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal (9) In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of September 30, 2023, the DSCR was still not met. As of September 30, 2023 and December 31, 2022, total restricted cash for the property was $3.2 million and $2.6 million, respectively. (10) In the second quarter of 2023, the non-recourse The scheduled principal repayments of debt as of September 30, 2023 are as follows (in thousands): 2023 $ 1,614 2024 108,354 2025 255,247 2026 30,137 2027 177,076 Thereafter 101,886 $ 674,314

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs In January 2023, the Company amended the $50.0 million interest rate swap to transition from LIBOR to daily-simple SOFR. The Company applied the practical expedients available for hedging relationships under the reference rate reform guidance, which preserves the presentation of the derivative consistent with past presentation and does not result in dedesignation of the hedging relationship. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the five-year term. In January 2023, the Company entered into an interest rate swap for a notional amount of $25.0 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the three-year term. In February 2023, the Company entered into an interest rate swap for a notional amount of $140.0 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the three-year term. In August 2023, the Company entered into an interest rate swap at FRP Collection for an initial notional amount of $ million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan. In August 2023, the Company entered into an interest rate swap at Carillon Point for an initial notional amount of $ million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately % for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan. The fair value of the interest rate swaps have been classified as Level 2 fair value measurements. The interest rate swaps have been designated and qualify as cash flow hedges and have been recognized on the condensed consolidated balance sheets at fair value, presented within other assets and other liabilities. Gains and losses resulting from changes in the fair value of derivatives that have been designated and qualify as cash flow hedges are reported as a component of other comprehensive income/(loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. The following table summarizes the Company’s derivative financial instruments as of September 30, 2023 and December 31, 2022 (in thousands): Notional Value September 30, 2023 Effective Date Maturity Date Fair Value Assets/(Liabilities) September 30, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 1,896 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 464 — Interest Rate Swap 140,000 March 2023 November 2025 1,779 — Interest Rate Swap 26,238 August 2023 August 2028 10 — Interest Rate Swap 14,473 August 2023 August 2028 5 — $ 255,711 $ 4,154 $ 2,731 For the nine months ended September 30, 2023, approximately $2.3 million of realized gains were reclassified to interest expense due to payments received from the swap counterparty. For the nine months ended September 30, 2022, approximately $0.1 million of realized losses were reclassified to interest expense due to payments made to or received from Cash, Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $335.8 million and $420.7 million (compared to a carrying value of $358.6 million and $443.3 million) as of September 30, 2023, and December 31, 2022, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the nine months ended September 30, 2023 and 2022, the Company earned $0.4 million and $0.4 million, respectively, in administrative services performed for Second City Real Estate II Corporation, Clarity Real Estate Ventures GP, Limited Partnership and their affiliates.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	8. Leases Lessor Accounting The Company is focused on acquiring, owning and operating high-quality office properties for lease to a stable and diverse tenant base. The Company’s properties have both full-service gross and net leases which are generally classified as operating leases. Rental income related to such leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments, which principally consist of The Company recognized fixed and variable lease payments for operating leases for the three and nine months ended September 30, 2023 and 2022 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed pay $ 37,081 $ 39,117 $ 113,565 $ 115,746 Variable pay 6,933 6,067 20,418 18,687 $ 44,014 $ 45,184 $ 133,983 $ 134,433 The Company ceased recognizing rental lease income with respect to the 190 Office Center property on the deconsolidation of the entity on May 15, 2023 (refer to Note 3). 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 nine months ended September 30, 2022. Future minimum lease payments to be received by the Company as of September 30, 2023 under non-cancellable 2023 $ 31,440 2024 127,439 2025 116,777 2026 106,362 2027 89,459 Thereafter 243,310 $ 714,787 The Company’s leases may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. Lessee Accounting As a lessee, the Company has ground and office leases which are classified as operating and financing leases. As of September 30, 2023, these leases had remaining terms of thre Right-of-use September 30, 2023 December 31, 2022 Right operating $ 12,642 $ 12,935 Lease operating $ 8,613 $ 8,802 Right financing $ 9,877 $ 10,054 Lease financing $ 1,531 $ 1,475 Lease liabilities are measured at the commencement date based on the present value of future lease payments. One of the Company’s operating ground leases includes rental payment increases over the lease term based on increases in the Consumer Price Index (“CPI”). Changes in the CPI were not estimated as part of the measurement of the operating lease liability. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a weighted average discount rate of 6.2% in determining its lease liabilities. The discount rates were derived from the Company’s assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments. Right-of-use Operating lease expense for the three and nine months ended September 30, 2023 was $0.2 million and $0.7 million, respectively. Operating lease expense for the three and nine months ended September 30, 2022 was $0.3 million and $0.8 million, respectively. Financing lease expense for the three and nine months ended September 30, 2023 was $0.1 million and $0.3 million, respectively. Financing lease expense for the three and nine months ended September 30, 2022 was $0.1 million and $0.3 million, respectively. Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of September 30, 2023 for the next five years and thereafter are as follows (in thousands): Operating Financing 2023 $ 74 $ 2 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 29,488 6,971 Discount (20,875 ) (5,440 ) Total $ 8,613 $ 1,531

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of September 30, 2023, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

Stockholder's Equity

Stockholder's Equity	9 Months Ended
Stockholder's Equity	Sep. 30, 2023
Federal Home Loan Banks [Abstract]
Stockholder's Equity	10. Stockholders’ Equity Share Repurchase Plan On March 9, 2020, the Company’s Board of Directors (the “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 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. On May 4, 2023, the Board of Directors approved an additional share repurchase plan (“Repurchase Program”) authorizing the Company to repurchase up to $50 million o Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in There were shares repurchased during the nine months ended September 30, . During the nine months ended September 30, 2022, the Company completed the repurchase of shares of its common stock for approximately $ million. Common Stock and Common Unit Distributions On September 15, 2023, the Board of Directors approved and the Company declared a cash dividend distribution of $0.10 per common share for the quarterly period ended September 30, 2023. The dividend was paid subsequent to quarter end on October 24, 2023 to common stockholders and common unitholders of record as of the close of business on October 10, 2023, resulting in an aggregate payment of $4.0 million. Preferred Stock Distributions On September 15, 2023, the Board of Directors approved and the Company declared a cash dividend distribution of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock (“Series A Preferred Stock”) for an aggregate amount of $1.9 million for the quarterly period ended September 30, 2023. The dividend was paid subsequent to quarter end on October 24, 2023 to the holders of record of Series A Preferred Stock as of the close of business on October 10, 2023. Equity Incentive Plan The Company has an equity incentive plan non-executive 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 be used to grant performance-based restricted stock During the first quarter of 2023, the Performance RSU Awards granted in The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 30, 2023: Number of RSUs Number of Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 — Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 Issuance of dividend equivalents 14,356 — Outstanding at June 30, 2023 433,663 424,888 Issuance of dividend equivalents 7,844 — Outstanding at September 30, 2023 441,507 424,888 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 30, 2022: Number of RSUs Number of Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 3,902 — Outstanding at March 31, 2022 584,047 307,500 Issuance of dividend equivalents 7,451 — Vested (177,812 ) — Outstanding at June 30, 2022 413,686 307,500 Issuance of dividend equivalents 6,185 — Outstanding at September 30, 2022 419,871 307,500 During the nine months ended September 30, 2023 and September 30, 2022, 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 2023 198,022 214,888 $ 3,729 $ 9.03 2022 237,986 90,000 5,753 17.54 The RSU Awards will During the three months ended September 30, 2023 and September 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 633 $ 391 $ 1,024 2022 652 340 992 During the nine months ended September 30, 2023 and September 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 1,910 $ 1,161 $ 3,071 2022 1,902 985 2,887

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Subsequent to September 30, 2023, WeWork Inc. (“WeWork”), announced that it has filed for bankruptcy protection. The Company, through wholly owned subsidiaries, is the landlord under leases totaling approximately 177,000 square feet with subsidiaries of WeWork at three of the Company’s properties. As of September 30, 2023, the Company ha d

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Preparation and Summary of Significant Accounting Policies	Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K During the second quarter of 2023, the Company applied the below accounting policy for Variable Interest Entities (“VIE”) in relation to the deconsolidation of the 190 Office Center property. Refer to Note 3 – Real Estate Investments for additional information.
Variable Interest Entities	Variable Interest Entities The Company consolidates a VIE if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.
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 No. 2021-01, 2021-01”). 2021-01 2020-04 2021-01 No. 2022-06, 2022-06”). 2022-06 xp so

Lease Intangibles (Tables)

Lease Intangibles (Tables)	9 Months Ended
Lease Intangibles (Tables)	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities September 30, 2023 Above Market In Place Leases Leasing Total Below Below Market Total Cost $ 18,786 $ 76,624 $ 33,288 $ 128,698 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (10,200 ) (52,519 ) (18,689 ) (81,408 ) 6,972 55 7,027 $ 8,586 $ 24,105 $ 14,599 $ 47,290 $ (7,996 ) $ (83 ) $ (8,079 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2022 Above Market In Place Leases Leasing Total Below Below Market 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 )
Estimated Aggregate Amortization Expense for Lease Intangibles	The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2023 $ 2,005 2024 6,687 2025 6,517 2026 6,204 2027 5,217 Thereafter 12,581 $ 39,211

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of September 30, 2023 and December 31, 2022 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 6: Property September 30, 2023 December 31, Interest Rate as 2023 Maturity Unsecured Credit Facility (2)(4) $ 200,000 $ 200,500 SOFR +1.50 % (1)(2) November 2025 Term Loan (3) 50,000 50,000 SOFR +1.35 % (1)(3) September 2024 Term Loan (4) 25,000 — 6.00 % (4) January 2026 Mission City 46,213 46,859 3.78 % November 2027 Canyon Park (5) 39,120 39,673 4.30 % March 2027 Circle Point 38,955 39,440 4.49 % September 2028 SanTan (6) 31,678 32,140 4.56 % March 2027 Intellicenter 30,840 31,297 4.65 % October 2025 The Quad 30,557 30,600 4.20 % September 2028 2525 McKinnon 27,000 27,000 4.24 % April 2027 FRP Collection (7) 26,238 26,784 7.05 % (7) August 2028 Property September 30, 2023 December 31, Interest Rate as 2023 Maturity Greenwood Blvd 20,993 21,396 3.15 % December 2025 Cascade Station (8) 20,889 21,192 4.55 % May 2024 5090 N. 40th St 20,481 20,810 3.92 % January 2027 AmberGlen 20,000 20,000 3.69 % May 2027 Central Fairwinds 15,939 16,273 3.15 % June 2024 FRP Ingenuity Drive (9) 15,938 16,165 4.44 % December 2024 Carillon Point (7) 14,473 14,773 7.05 % (7) August 2028 190 Office Center (10) — 38,894 4.79 % October 2025 Total Principal 674,314 693,796 Deferred financing costs, net (3,584 ) (3,887 ) Unamortized fair value adjustments 84 190 Total $ 670,814 $ 690,099 (1) As of September 30, 2023, the daily-simple SOFR rate was 5.31%. (2) Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 235 basis points depending upon the Company’s consolidated leverage ratio. On February 9, 2023, the Company entered into a three-year interest rate swap for a notional amount of $140 million, effective March 8, 2023, effectively fixing the SOFR component of the borrowing rate for $140 million of the Unsecured Credit Facility at 4.19%. As of September 30, 2023, the Unsecured Credit Facility had $200.0 million drawn and a $4.2 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended 12 months at the Company’s option upon meeting certain conditions. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (3) Borrowings under the $50 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 225 basis points depending upon the Company’s consolidated leverage ratio. The SOFR component of the borrowing rate is effectively fixed by a $50 million interest rate swap at 1.17%. (4) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement , dated (5) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (6) In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of September 30, 2023, the DSCR and debt yield covenants were still not met. As of September 30, 2023, total restricted cash for the property was $4.6 million. (7) On August 16, 2023, the Company entered into two amended and restated loan agreements for FRP Collection Carillon Point (8) In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal (9) In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of September 30, 2023, the DSCR was still not met. As of September 30, 2023 and December 31, 2022, total restricted cash for the property was $3.2 million and $2.6 million, respectively. (10) In the second quarter of 2023, the non-recourse
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of September 30, 2023 are as follows (in thousands): 2023 $ 1,614 2024 108,354 2025 255,247 2026 30,137 2027 177,076 Thereafter 101,886 $ 674,314

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of company's derivative financial instruments	The following table summarizes the Company’s derivative financial instruments as of September 30, 2023 and December 31, 2022 (in thousands): Notional Value September 30, 2023 Effective Date Maturity Date Fair Value Assets/(Liabilities) September 30, 2023 December 31, 2022 Interest Rate Swap $ 50,000 September 2019 September 2024 $ 1,896 $ 2,731 Interest Rate Swap 25,000 January 2023 January 2026 464 — Interest Rate Swap 140,000 March 2023 November 2025 1,779 — Interest Rate Swap 26,238 August 2023 August 2028 10 — Interest Rate Swap 14,473 August 2023 August 2028 5 — $ 255,711 $ 4,154 $ 2,731

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the three and nine months ended September 30, 2023 and 2022 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed pay $ 37,081 $ 39,117 $ 113,565 $ 115,746 Variable pay 6,933 6,067 20,418 18,687 $ 44,014 $ 45,184 $ 133,983 $ 134,433
Schedule of future minimum rental payments for operating leases	Future minimum lease payments to be received by the Company as of September 30, 2023 under non-cancellable 2023 $ 31,440 2024 127,439 2025 116,777 2026 106,362 2027 89,459 Thereafter 243,310 $ 714,787
Schedule of supplemental balance sheet information related to leases	Right-of-use September 30, 2023 December 31, 2022 Right operating $ 12,642 $ 12,935 Lease operating $ 8,613 $ 8,802 Right financing $ 9,877 $ 10,054 Lease financing $ 1,531 $ 1,475
Schedule future minimum lease payments to be paid	Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of September 30, 2023 for the next five years and thereafter are as follows (in thousands): Operating Financing 2023 $ 74 $ 2 2024 770 7 2025 770 8 2026 724 8 2027 587 8 Thereafter 26,563 6,938 Total future minimum lease payments 29,488 6,971 Discount (20,875 ) (5,440 ) Total $ 8,613 $ 1,531

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	9 Months Ended
Stockholder's Equity (Tables)	Sep. 30, 2023
Federal Home Loan Banks [Abstract]
Summary of Activity of Awards under Equity Incentive Plan	The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 30, 2023: Number of RSUs Number of Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 — Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 Issuance of dividend equivalents 14,356 — Outstanding at June 30, 2023 433,663 424,888 Issuance of dividend equivalents 7,844 — Outstanding at September 30, 2023 441,507 424,888 The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 30, 2022: Number of RSUs Number of Outstanding at December 31, 2021 342,159 217,500 Granted 237,986 90,000 Issuance of dividend equivalents 3,902 — Outstanding at March 31, 2022 584,047 307,500 Issuance of dividend equivalents 7,451 — Vested (177,812 ) — Outstanding at June 30, 2022 413,686 307,500 Issuance of dividend equivalents 6,185 — Outstanding at September 30, 2022 419,871 307,500
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the nine months ended September 30, 2023 and September 30, 2022, 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 2023 198,022 214,888 $ 3,729 $ 9.03 2022 237,986 90,000 5,753 17.54
Summary of Recognized Compensation Expense for RSUs and Performance RSU	During the three months ended September 30, 2023 and September 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 633 $ 391 $ 1,024 2022 652 340 992 During the nine months ended September 30, 2023 and September 30, 2022, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2023 $ 1,910 $ 1,161 $ 3,071 2022 1,902 985 2,887

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Jun. 15, 2022	Mar. 31, 2022	Sep. 30, 2023	May 15, 2023
Lake Vista Pointe [Member]
Real Estate [Line Items]
Sales-type Lease, Selling Profit (Loss)		$ 21.7
Proceeds from Sale of Real Estate	$ 43.8
190 Office Center [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Real Estate [Line Items]
Loss on deconsolidation			$ 0.1
Real estate assets deconsolidated in the period				$ 35.7
Mortgage loan deconsolidated in the period				38.6
Cash and restricted cash deconsolidated in the period				4
Net current liabilities deconsolidated in the period				$ 1

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 128,698	$ 131,636
Accumulated amortization, Lease Intangible Assets	(81,408)	(76,198)
Total, Lease Intangible Assets	47,290	55,438
Cost, Lease Intangible Liabilities	(15,106)	(15,820)
Accumulated amortization, Lease Intangible Liabilities	7,027	6,670
Total, Lease Intangible Liabilities	(8,079)	(9,150)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	18,786	18,793
Accumulated amortization, Lease Intangible Assets	(10,200)	(9,069)
Total, Lease Intangible Assets	8,586	9,724
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	76,624	78,720
Accumulated amortization, Lease Intangible Assets	(52,519)	(49,772)
Total, Lease Intangible Assets	24,105	28,948
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	33,288	34,123
Accumulated amortization, Lease Intangible Assets	(18,689)	(17,357)
Total, Lease Intangible Assets	14,599	16,766
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(14,968)	(15,682)
Accumulated amortization, Lease Intangible Liabilities	6,972	6,618
Total, Lease Intangible Liabilities	(7,996)	(9,064)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	55	52
Total, Lease Intangible Liabilities	$ (83)	$ (86)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 2,005
2024	6,687
2025	6,517
2026	6,204
2027	5,217
Thereafter	12,581
Total	$ 39,211

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Indebtedness	$ 674,314		$ 693,796
Deferred financing costs, net	(3,584)		(3,887)
Unamortized fair value adjustments	84		190
Total	670,814		690,099
Unsecured Debt [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	$ 50,000		50,000
Interest Rate, terms	1.35
Interest Rate, spread	1.35%
Maturity	2024-09
Debt Instrument, Face Amount		$ 50,000
Unsecured Debt [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Indebtedness	$ 25,000		0
Interest Rate	6%
Maturity	2026-01
Debt Instrument, Face Amount		25,000
Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 200,000		200,500
Interest Rate, terms	1.50
Interest Rate, spread	1.50%
Maturity	2025-11
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Unsecured Debt [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 50,000
Mission City [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 46,213		46,859
Interest Rate	3.78%
Maturity	2027-11
Canyon Park [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 39,120		39,673
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,955		39,440
Interest Rate	4.49%
Maturity	2028-09
SanTan [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 31,678		32,140
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,840		31,297
Interest Rate	4.65%
Maturity	2025-10
The Quad [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,557		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	$ 26,238		26,784
Interest Rate	7.05%
Maturity	2028-08
Greenwood Blvd [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,993		21,396
Interest Rate	3.15%
Maturity	2025-12
Cascade Station [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,889		21,192
Interest Rate	4.55%
Maturity	2024-05
5090 N. 40th St [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,481		20,810
Interest Rate	3.92%
Maturity	2027-01
AmberGlen Property [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,000		20,000
Interest Rate	3.69%
Maturity	2027-05
Central Fairwinds [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,939		16,273
Interest Rate	3.15%
Maturity	2024-06
FRP Ingenuity Drive [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,938		16,165
Interest Rate	4.44%
Maturity	2024-12
Carillon Point [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,473		14,773
Interest Rate	7.05%
Maturity	2028-08
190 Office Center [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 0		$ 38,894
Interest Rate	4.79%
Maturity	2025-10

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Aug. 16, 2023	May 15, 2023	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 255,711
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount		$ 26,300			$ 140,000	$ 50,000	$ 25,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Interest Rate Swap [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate						1.17%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Interest Rate Swap [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate							3.90%
Unsecured Debt [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.35%
Term loan							$ 50,000
Unsecured Debt [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Term loan							25,000
Unsecured Debt [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Term loan							50,000
Unsecured Debt [Member] \| Margin [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	210%
Unsecured Debt [Member] \| Minimum [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	135%
Unsecured Debt [Member] \| Maximum [Member] \| Term loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	225%
190 Office Center [Member] \| Secured Debt [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Debt Instrument [Line Items]
Mortgage loan deconsolidated in the period			$ 38,600
SanTan [Member] \| Debt Service Coverage Ratio [Member] \| Debt Yield [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 4,600
FRP Collection [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		4.30%
FRP Collection [Member] \| Secured Debt [Member] \| Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description	275%
Carillon Point [Member] \| Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount		$ 14,500
Carillon Point [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		4.30%
Carillon Point [Member] \| Secured Debt [Member] \| Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description	275%
Canyon Park [Member] \| Secured Debt [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	200%
Canyon Park [Member] \| Secured Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest Rate, Description	450%
Cascade Station [Member]
Debt Instrument [Line Items]
Restricted Cash	$ 1,900
FRP Ingenuity Drive [Member] \| Debt Service Coverage Ratio [Member]
Debt Instrument [Line Items]
Restricted Cash	3,200							$ 2,600
Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding					$ 140,000
Credit Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding	4,200
Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate				4.19%
Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding	$ 200,000
Interest Rate, Description	1.50%
Credit Facility [Member] \| Unsecured Debt [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Term loan [Member]
Debt Instrument [Line Items]
One month SOFR rate	5.31%
Credit Facility [Member] \| Unsecured Debt [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount							350,000
Interest Rate, Description	135%
Fixed charge coverage ratio	1.50%
Credit Facility [Member] \| Unsecured Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount							$ 375,000
Interest Rate, Description	235%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 1,614
2024	108,354
2025	255,247
2026	30,137
2027	177,076
Thereafter	101,886
Total	$ 674,314	$ 693,796

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Aug. 16, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Value	$ 255,711
Fair Value	4,154					$ 2,731
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value		$ 26,300	$ 140,000	$ 50,000	$ 25,000
September 2024 [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	50,000
Fair Value, Assets	1,896					2,731
January 2026 [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,000
Fair Value, Assets	464					0
November 2025 [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	140,000
Fair Value, Assets	1,779					0
August 2028 [Member] \| Interest Rate Swap [Member] \| Derivative Instruments Maturity One [Member]
Derivatives, Fair Value [Line Items]
Notional Value	26,238
Fair Value, Assets	10					0
August 2028 [Member] \| Interest Rate Swap [Member] \| Derivative Instruments Maturity Two [Member]
Derivatives, Fair Value [Line Items]
Notional Value	14,473
Fair Value, Assets	$ 5					$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Aug. 16, 2023	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount	$ 255,711		$ 255,711
Interest rate swap gain (loss) reclassified to interest expense	1,019	$ 121	2,309	$ (82)
Debt instrument carrying amount	674,314		674,314							$ 693,796
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount					$ 26,300		$ 140,000	$ 50,000	$ 25,000
Interest rate swap gain (loss) reclassified to interest expense			2,300	$ (100)
Interest Rate Swap [Member] \| FRP Collection [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate					4.30%
Interest Rate Swap [Member] \| Carillon Point [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount					$ 14,500
Interest Rate Swap [Member] \| Carillon Point [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate					4.30%
Interest Rate Swap [Member] \| Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate						4.19%
Interest Rate Swap [Member] \| Term loan [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate								1.17%
Interest Rate Swap [Member] \| Term Loan Two [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed interest rate									3.90%
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	335,800		335,800							420,700
Debt instrument carrying amount	$ 358,600		$ 358,600							$ 443,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 44,214	$ 45,522	$ 134,775	$ 135,871
Administrative Services Agreement [Member] \| SCRE II [Member] \| Clarity Real Estate Ventures GP, Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services			$ 400	$ 400

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease cost	$ 0.2	$ 0.3	$ 0.7	$ 0.8
Operating Lease, Weighted Average Remaining Lease Term	50 years		50 years
Operating Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
Finance Lease, Weighted Average Remaining Lease Term	50 years		50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
Financing Lease Cost	$ 0.1	$ 0.1	$ 0.3	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	65 years		65 years
Remaining lease terms, Financing leases	65 years		65 years
Minimum [Member]
Remaining lease terms	3 years		3 years
Remaining lease terms, Financing leases	3 years		3 years

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fixed payments	$ 37,081	$ 39,117	$ 113,565	$ 115,746
Variable payments	6,933	6,067	20,418	18,687
Operating Lease, Lease Income	$ 44,014	$ 45,184	$ 133,983	$ 134,433
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)	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	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 31,440
2024	127,439
2025	116,777
2026	106,362
2027	89,459
Thereafter	243,310
Total future minimum lease payments to be received	$ 714,787

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Right-of-use asset - operating leases	$ 12,642	$ 12,935
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – operating leases	$ 8,613	$ 8,802
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Right-of-use asset – financing leases	$ 9,877	$ 10,054
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – financing leases	$ 1,531	$ 1,475
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	Sep. 30, 2023	Dec. 31, 2022
2023	$ 74
2024	770
2025	770
2026	724
2027	587
Thereafter	26,563
Total future minimum lease payments	29,488
Discount	(20,875)
Total	8,613	$ 8,802
2023	2
2024	7
2025	8
2026	8
2027	8
Thereafter	6,938
Total future minimum lease payments	6,971
Discount	(5,440)
Total	$ 1,531	$ 1,475

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 24, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	May 04, 2023	May 04, 2022	Aug. 05, 2020	Mar. 09, 2020
Class of Stock [Line Items]
Preferred stock, Dividend rate percentage				6.625%		6.625%
Maximum number of shares issued under Equity Incentive Plan								3,763,580
Stock Repurchase Program, Authorized Amount							$ 50,000		$ 50,000	$ 100,000
Stock Repurchased During Period, Shares				0	4,006,897
Stock Repurchased During Period, Value		$ 45,082	$ 5,000		$ 50,000
Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance				The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the 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	3 years
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, Dividend rate percentage				6.625%
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share				$ 0.1
Dividends paid, declared date				Sep. 15, 2023
Dividends paid date				Oct. 24, 2023
Dividends paid, date of record				Oct. 10, 2023
Stock Repurchased During Period, Shares		(3,612,000)	(395,000)
Stock Repurchased During Period, Value		$ 36	$ 4
Common Stock [Member] \| Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 4,000
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share				$ 0.4140625
Dividends paid, declared date				Sep. 15, 2023
Dividends paid date				Oct. 24, 2023
Dividends paid, date of record				Oct. 10, 2023
Preferred Stock [Member] \| Dividend Paid [Member]
Class of Stock [Line Items]
Cash distributions	$ 1,900
Executive Officer [Member]
Class of Stock [Line Items]
Share-based Payment Award, Award Vesting Period				3 years

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	433,663	419,307	428,320	413,686	584,047	342,159	428,320	342,159
Granted			198,022			237,986	198,022	237,986
Issuance of dividend equivalents	7,844	14,356	9,485	6,185	7,451	3,902
Vested			(216,520)		(177,812)
Ending balance	441,507	433,663	419,307	419,871	413,686	584,047	441,507	419,871
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	424,888	424,888	307,500	307,500	307,500	217,500	307,500	217,500
Granted						90,000	214,888	90,000
Issuance of dividend equivalents	0	0	0	0	0	0
Vested			(97,500)		0
Ending balance	424,888	424,888	424,888	307,500	307,500	307,500	424,888	307,500
Performance Restricted Stock Unit including 2020 Performance Restricted Stock Unit Awards [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Granted			214,888

Stockholder's Equity - Summar_2

Stockholder's Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Fair Value			$ 3,729	$ 5,753
Weighted Average Grant Fair Value Per Share			$ 9.03	$ 17.54
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	198,022	237,986	198,022	237,986
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted		90,000	214,888	90,000

Stockholder's Equity - Summar_3

Stockholder's Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 1,024	$ 992	$ 3,071	$ 2,887
Restricted Stock Units (RSUs) [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	633	652	1,910	1,902
Performance Restricted Stock Unit [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 391	$ 340	$ 1,161	$ 985

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	Sep. 30, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Area of property \| ft²	177,000
Acquired lease intangible assets, net	$ 47,290	$ 55,438
Tenant Improvements	150,648	$ 139,365
Block 23 [Member]
Subsequent Event [Line Items]
Acquired lease intangible assets, net	2,600
Tenant Improvements	300
Deferred Rent Receivables, Net	300
The Terraces [Member]
Subsequent Event [Line Items]
Acquired lease intangible assets, net	3,200
Tenant Improvements	1,600
Deferred Rent Receivables, Net	400
Bloc 83 [Member]
Subsequent Event [Line Items]
Acquired lease intangible assets, net	5,600
Tenant Improvements	900
Deferred Rent Receivables, Net	$ 800