CITY OFFICE REIT, INC., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 28, 2024
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
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   40,358,240  
Entity Address, State or Province BC    
Document Annual Report true    
Document Transition Report false    
Entity File Number 001-36409    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 98-1141883    
Entity Address, City or Town Vancouver    
Entity Address, Address Line One 666 Burrard Street    
Entity Address, Address Line Two Suite 3210    
Entity Address, Postal Zip Code V6C 2X8    
City Area Code 604    
Local Phone Number 806-3366    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 192.1
ICFR Auditor Attestation Flag true    
Auditor Name KPMG LLP    
Auditor Firm ID 85    
Auditor Location Vancouver, Canada    
Document Financial Statement Error Correction [Flag] false    
Documents Incorporated by Reference [Text Block]

Documents incorporated by reference: Portions of the registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Shareholders (to be filed with the United States Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year end) are incorporated by reference in this Annual Report on Form 10-K in response to Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14.

    
Auditor Opinion [Text Block]

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of City Office REIT, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive (loss)/income, changes in equity, and cash flows for each of the years in the three‑year period ended December 31, 2024, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 20, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

    
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, $0.01 par value per share    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate properties    
Land $ 190,372 $ 193,524
Building and improvement 1,169,793 1,194,819
Tenant improvement 163,569 152,540
Furniture, fixtures and equipment 1,368 820
Real estate properties, gross 1,525,102 1,541,703
Accumulated depreciation (251,956) (218,628)
Real estate properties, net 1,273,146 1,323,075
Cash and cash equivalents 18,886 30,082
Restricted cash 15,073 13,310
Rents receivable, net 52,311 53,454
Deferred leasing costs, net 25,291 21,046
Acquired lease intangible assets, net 34,631 42,434
Other assets 23,744 27,975
Assets held for sale 12,588 0
Total Assets 1,455,670 1,511,376
Liabilities:    
Debt 646,972 669,510
Accounts payable and accrued liabilities 34,535 29,070
Deferred rent 7,010 7,672
Tenant rent deposits 7,257 7,198
Acquired lease intangible liabilities, net 6,301 7,736
Other liabilities 16,879 17,557
Liabilities related to assets held for sale 2,176 0
Total Liabilities 721,130 738,743
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, 2024 and 2023 112,000 112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,154,055 and 39,938,451 shares issued and outstanding as of December 31, 2024 and 2023 401 399
Additional paid-in capital 442,329 438,867
Retained earnings 179,838 221,213
Accumulated other comprehensive loss (713) (248)
Total Stockholders' Equity 733,855 772,231
Non-controlling interests in properties 685 402
Total Equity 734,540 772,633
Total Liabilities and Equity $ 1,455,670 $ 1,511,376
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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 40,154,055 39,938,451
Common stock, shares outstanding 40,154,055 39,938,451
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Rental and other revenues $ 171,126 $ 179,096 $ 180,485
Operating expenses:      
Property operating expenses 69,460 69,997 67,739
General and administrative 15,201 14,841 13,782
Depreciation and amortization 59,321 62,987 62,495
Impairment of real estate 8,463 0 13,444
Total operating expenses 152,445 147,825 157,460
Operating income 18,681 31,271 23,025
Interest expense:      
Contractual interest expense (32,960) (31,876) (25,784)
Amortization of deferred financing costs and debt fair value (1,384) (1,296) (1,218)
Interest expense, net (34,344) (33,172) (27,002)
Net (loss)/gain on disposition of real estate property (1,462) (134) 21,658
Net (loss)/income (17,125) (2,035) 17,681
Net income attributable to non-controlling interests in properties (555) (647) (691)
Net (loss)/income attributable to the Company (17,680) (2,682) 16,990
Preferred stock distributions (7,420) (7,420) (7,420)
Net (loss)/income attributable to common stockholders $ (25,100) $ (10,102) $ 9,570
Net (loss)/income per common share:      
Basic $ (0.63) $ (0.25) $ 0.23
Diluted $ (0.63) $ (0.25) $ 0.22
Weighted average common shares outstanding:      
Basic 40,140 39,922 42,052
Diluted 40,140 39,922 42,866
Dividend distributions declared per common share $ 0.4 $ 0.5 $ 0.8
v3.25.0.1
Consolidated Statements of Comprehensive (Loss)/Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net (loss)/income $ (17,125) $ (2,035) $ 17,681
Other comprehensive (loss)/income:      
Unrealized cash flow hedge gain 3,092 417 3,336
Amounts reclassified to interest expense (3,537) (3,438) (223)
Other comprehensive (loss)/income (445) (3,021) 3,113
Comprehensive (loss)/income (17,570) (5,056) 20,794
Comprehensive income attributable to non-controlling interests in properties (575) (605) (691)
Comprehensive (loss)/income attributable to the Company $ (18,145) $ (5,661) $ 20,103
v3.25.0.1
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 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 (loss)/income 17,681       16,990   16,990 691
Other comprehensive (loss)/income 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          
Restricted stock award grants and vesting, values $ 2,451   $ 2 2,706 (257)   2,451  
Restricted stock award grants and vesting, shares     220,000          
Common stock repurchased, shares 0              
Common stock dividend distribution declared $ (19,970)       (19,970)   (19,970)  
Preferred stock dividend distribution declared (7,420)       (7,420)   (7,420)  
Contributions 231             231
Distributions (777)             (777)
Net (loss)/income (2,035)       (2,682)   (2,682) 647
Other comprehensive (loss)/income (3,021)         (2,979) (2,979) (42)
Ending balance at Dec. 31, 2023 772,633 $ 112,000 $ 399 438,867 221,213 (248) 772,231 402
Ending balance, shares at Dec. 31, 2023   4,480,000 39,938,000          
Restricted stock award grants and vesting, values $ 3,249   $ 2 3,462 (215)   3,249  
Restricted stock award grants and vesting, shares     216,000          
Common stock repurchased, shares 0              
Common stock dividend distribution declared $ (16,060)       (16,060)   (16,060)  
Preferred stock dividend distribution declared (7,420)       (7,420)   (7,420)  
Contributions 656             656
Distributions (948)             (948)
Net (loss)/income (17,125)       (17,680)   (17,680) 555
Other comprehensive (loss)/income (445)         (465) (465) 20
Ending balance at Dec. 31, 2024 $ 734,540 $ 112,000 $ 401 $ 442,329 $ 179,838 $ (713) $ 733,855 $ 685
Ending balance, shares at Dec. 31, 2024   4,480,000 40,154,000          
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net (loss)/income $ (17,125) $ (2,035) $ 17,681
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:      
Depreciation and amortization 59,321 62,987 62,495
Amortization of deferred financing costs and debt fair value 1,384 1,296 1,218
Amortization of above and below market leases (124) 1,069 75
Straight-line rent/expense (507) (7,704) (9,218)
Non-cash stock compensation 4,322 4,094 3,879
Receipts from sales-type lease 0 0 43,549
Net loss/(gain) on disposition of real estate property 1,462 134 (21,658)
Impairment of real estate 8,463 0 13,444
Changes in non-cash working capital:      
Rents receivable, net 49 (897) (6,033)
Other assets (149) (884) (10)
Accounts payable and accrued liabilities 1,051 281 2,833
Deferred rent 317 (1,316) (2,453)
Tenant rent deposits 400 198 875
Net Cash Provided By Operating Activities 58,864 57,223 106,677
Cash Flows to Investing Activities:      
Additions to real estate properties (28,112) (32,487) (37,485)
Net proceeds from sale of real estate 300 0 0
Reduction of cash on disposition of real estate property (2,477) (4,050) 0
Deferred leasing costs (10,002) (4,802) (9,565)
Net Cash Used In Investing Activities (40,291) (41,339) (47,050)
Cash Flows to Financing Activities:      
Debt issuance and extinguishment costs (622) (743) 0
Proceeds from borrowings 59,000 35,000 97,500
Repayment of borrowings (61,560) (17,483) (62,270)
Dividend distributions paid to stockholders (23,460) (31,339) (41,365)
Repurchases of common stock (948) (777) (1,497)
Distributions to non-controlling interests in properties 0 0 (50,082)
Shares withheld for payment of taxes on restricted stock unit vesting (1,072) (1,643) (87)
Contributions from non-controlling interests in properties 656 231 170
Net Cash Used In Financing Activities (28,006) (16,754) (57,631)
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash (9,433) (870) 1,996
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 43,392 44,262 42,266
Cash, Cash Equivalents and Restricted Cash, End of Period 33,959 43,392 44,262
Reconciliation of Cash, Cash Equivalents and Restricted Cash:      
Cash and Cash Equivalents, End of Period 18,886 30,082 28,187
Restricted Cash, End of Period 15,073 13,310 16,075
Cash, Cash Equivalents and Restricted Cash, End of Period 33,959 43,392 44,262
Supplemental Disclosures of Cash Flow Information:      
Cash paid for interest 33,988 30,773 23,064
Purchase of additions in real estate properties included in accounts payable 13,115 6,963 13,004
Purchase of deferred leasing costs included in accounts payable $ 1,188 $ 1,216 $ 1,274
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ (17,680) $ (2,682) $ 16,990
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

City Office REIT recognizes the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.

The Company has integrated cybersecurity risk management into our overall risk assessment framework to identify, evaluate and manage cybersecurity threats and risks. Our CFO works closely with our IT service provider and internal auditors to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.

Recognizing the complexity and evolving nature of cybersecurity threats, the Company engages with internal auditors and a range of external experts, including cybersecurity assessors and consultants, in evaluating and testing our systems and security processes. These partnerships enable us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes remain at the forefront of industry best practices. Our collaboration with these third-parties includes reviews of cybersecurity-related processes and controls in line with current international cybersecurity standards to evaluate the maturity and risks of our current cybersecurity program and consults on security enhancements. The Company further collaborates with these third-parties to conduct threat assessments, penetration testing and social engineering testing to assess the Company’s systems, applications and personnel education and awareness regarding cybersecurity threats. As we are aware of the risks associated with third-party service providers, the Company maintains ongoing monitoring to ensure compliance with our service level requirements.

We do not believe that our Company, including our business strategy, results of operations, or financial condition, have been materially affected by any cybersecurity incidents for the reporting period covered by this Annual Report on Form 10-K. For further discussion of the risks we face from cybersecurity threats, including those that could materially affect us, refer to “Item 1A. Risk Factors” in this Annual Report on Form 10-K, including “We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our IT networks and related systems.”

Governance

The Board of Directors and Audit Committee are acutely aware of the critical nature of managing risks associated with cybersecurity threats. The Audit Committee is composed of Board members with diverse expertise, including in risk management, technology and finance, equipping them to oversee cybersecurity risks effectively. The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain.

The CFO and CEO play a pivotal role in informing the Audit Committee on cybersecurity risks. The CFO regularly informs the CEO of all aspects related to cybersecurity risks and incidents ensuring the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. They provide briefings to the Audit Committee as needed, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including:

•
Current cybersecurity landscape and emerging threats;
•
Status of ongoing cybersecurity initiatives and strategies;
•
Incident reports and learnings from any cybersecurity events; and
•
Compliance with regulatory requirements and industry standards.

Monitoring

While we have not had any material cybersecurity breaches to our knowledge, the CFO is continually informed about the latest developments in cybersecurity, including potential threats and risk management techniques. The CFO implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of security measures and system audits as needed to identify potential vulnerabilities. In the event of a cybersecurity incident, the CFO is equipped with an incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company has integrated cybersecurity risk management into our overall risk assessment framework to identify, evaluate and manage cybersecurity threats and risks.
Cybersecurity Risk Role of Management [Text Block] Our CFO works closely with our IT service provider and internal auditors to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

The Board of Directors and Audit Committee are acutely aware of the critical nature of managing risks associated with cybersecurity threats. The Audit Committee is composed of Board members with diverse expertise, including in risk management, technology and finance, equipping them to oversee cybersecurity risks effectively. The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain.

The CFO and CEO play a pivotal role in informing the Audit Committee on cybersecurity risks. The CFO regularly informs the CEO of all aspects related to cybersecurity risks and incidents ensuring the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company. They provide briefings to the Audit Committee as needed, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including:

•
Current cybersecurity landscape and emerging threats;
•
Status of ongoing cybersecurity initiatives and strategies;
•
Incident reports and learnings from any cybersecurity events; and
•
Compliance with regulatory requirements and industry standards.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Board of Directors and Audit Committee are acutely aware of the critical nature of managing risks associated with cybersecurity threats. The Audit Committee is composed of Board members with diverse expertise, including in risk management, technology and finance, equipping them to oversee cybersecurity risks effectively. The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CFO and CEO play a pivotal role in informing the Audit Committee on cybersecurity risks. The CFO regularly informs the CEO of all aspects related to cybersecurity risks and incidents ensuring the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] They provide briefings to the Audit Committee as needed, with a minimum frequency of once per year.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The CFO regularly informs the CEO of all aspects related to cybersecurity risks and incidents ensuring the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] the CFO is continually informed about the latest developments in cybersecurity, including potential threats and risk management techniques.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Organization and Description of Business
 12 Months Ended
Dec. 31, 2024
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 to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners.

The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax.

v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 the Company’s 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 constitute 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 leases and value of tenant relationships, based in each case on their fair values. For acquisitions that do not meet the business combination accounting criteria, these are accounted for as asset acquisitions. The Company allocates the cost of the acquisition, which includes any associated acquisition costs, to individual assets and liabilities assumed on a relative fair value basis. Also, non-controlling interests acquired are recorded at estimated fair market value.

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” value is then allocated to land and buildings and improvements based on management’s determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions.

The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management’s estimate of current market rents. Below-market lease intangibles are recorded as part of acquired lease intangibles liability and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases.

The fair value of acquired in-place leases are recorded based on the costs management estimates the Company would have incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, management evaluates the time period over which such occupancy level would be achieved and includes an estimate of the net operating costs incurred during the lease-up period. Acquired in-place leases are amortized on a straight-line basis over the term of the individual leases.

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 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 improvements are determined to be owned by the Company, revenue recognition will commence when control of the space is turned over to the tenant. Tenant improvements are deferred and amortized on a straight-line basis over the lease term. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a reduction of lease revenue on a straight-line basis over the lease term.

Recoveries from tenants for real estate taxes, insurance and other operating expenses are recognized as revenues in the period that the applicable costs are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Final billings to tenants for real estate taxes, insurance and other operating expenses did not vary significantly as compared to the estimated receivable balances.

Leases

The Company classifies leases as a sales-type, direct financing, or operating lease and recognizes leases on-balance sheet where it is the lessee. The Company determines if an arrangement is a lease at inception. Operating and financing right-of-use assets and lease liabilities are included within other assets and other liabilities on the consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. 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. Right-of-use assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain the Company will exercise that option. For lease agreements with lease and non-lease components, the Company accounts for the components as a single combined lease component.

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

 

29-59

Furniture, fixtures and equipment

 

4-10

 

Expenditures for maintenance and repairs are charged to operating expenses as incurred.

Impairment of Real Estate

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 of 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.

Variable Interest Entities

The Company consolidates variable interest entities (“VIE”) if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.

Concentration of Credit Risk

The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed Federal Deposit Insurance Corporation insured levels from time to time. The Company has never experienced any losses related to these balances.

Income Taxes

The Company has elected to be taxed, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. From time to time, the Company has elected to treat certain subsidiaries as TRSs. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates.

Non-controlling Interests

The Company follows the provisions pertaining to non-controlling interests of ASC Topic 810, Consolidation. A non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Among other matters, the non-controlling interest standards require that non-controlling interests be reported as part of equity in the consolidated balance sheets (separately from the controlling interest’s equity).

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 measured on the grant date 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, an entity must designate the instruments as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation.

Fair Value of Financial Instruments

ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

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 Information

The Company operates in one reportable segment, office properties.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”) Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will enhance segment disclosures. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted. This standard must be applied retrospectively to all periods presented in the financial statements. The Company adopted ASU 2023-07 during the fourth quarter of 2024, which resulted in incremental disclosure in the notes to the consolidated financial statements for the year ended December 31, 2024. Refer to Note 13.
v3.25.0.1
Rents Receivable, Net
 12 Months Ended
Dec. 31, 2024
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, 2024

 

 

December 31, 2023

 

Billed receivables

 

$

3,888

 

 

$

5,132

 

Straight-line receivables (unbilled receivables)

 

 

48,423

 

 

 

48,322

 

Total rents receivable

 

$

52,311

 

 

$

53,454

 

 

As of December 31, 2024, the Company’s allowance for doubtful accounts was $0.3 million. As of December 31, 2023, the Company’s allowance for doubtful accounts was nominal.

v3.25.0.1
Real Estate Investments
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Real Estate Investments

4. Real Estate Investments

Disposition of Real Estate Property

Cascade Station

On June 27, 2024, the Company entered into an assignment in lieu of foreclosure agreement to transfer possession and control of the Cascade Station property to the lender as a result of an event of default as defined in the property’s non-recourse loan agreement. Given the terms of the assignment in lieu of foreclosure agreement, the Company assessed whether the entity holding the property should be reassessed for consolidation as a VIE in accordance with ASC 810 – Consolidation.

Based on its analysis, the Company concluded that it is not the primary beneficiary of the VIE and therefore deconsolidated the property as of June 27, 2024. The Company deconsolidated the net carrying value of real estate assets of $17.9 million, the mortgage loan of $20.6 million, cash and restricted cash of $2.5 million and net current assets of $1.7 million. For the year ended December 31, 2024, the Company recognized a loss on deconsolidation of $1.5 million, which has been included within net loss/gain on disposition of real estate property on the Company’s consolidated statement of operations and statement of cash flows.

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 loan agreement. Given the appointment of the receiver, the Company assessed whether the entity holding the property should be reassessed for consolidation as a VIE in accordance with ASC 810 – Consolidation.

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 year ended December 31, 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 consolidated statement of operations and statement of cash flows. During the fourth quarter of 2023, title of the property was transferred to the lender.

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 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 $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.

Assets Held for Sale

On November 1, 2024, the Company entered into a purchase and sale agreement to sell the Superior Pointe property for $12.0 million, which excludes closing costs and credits. The Company determined that the property met the criteria for classification as held for sale as of December 31, 2024. Upon classification as held for sale, the Company recognized an impairment of $8.5 million to lower the carrying amount of the property to its estimated fair value less cost to sell. Refer to “Impairment of Real Estate” below. As of December 31, 2024, the Company had received a deposit of $0.3 million, which was recorded in restricted cash along with a corresponding liability in other liabilities on the Company’s consolidated balance sheets. On January 14, 2025, the Company completed the sale of the Superior Pointe property.

 

The property was classified as held for sale as of December 31, 2024 (in thousands):

 

 Superior Pointe

 

December 31, 2024

 

Real estate properties, net

 

$

10,637

 

Deferred leasing costs, net

 

 

382

 

Rents receivable, prepaid expenses and other assets

 

 

1,569

 

Assets held for sale

 

$

12,588

 

Accounts payable, accrued liabilities, deferred rent and tenant rent deposits

 

$

2,176

 

Liabilities related to assets held for sale

 

$

2,176

 

 

Impairment of Real Estate

In December 2024, the Company recognized an impairment of real estate of $8.5 million to lower the carrying amount of the Superior Pointe property in Denver, Colorado to its estimated fair value less cost to sell.

There was no impairment of real estate during the year ended December 31, 2023.

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 on recent comparable sales transactions (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.

v3.25.0.1
Lease Intangibles
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Lease Intangibles

5. Lease Intangibles

Lease intangibles and the value of assumed lease obligations as of December 31, 2024 and December 31, 2023 were comprised of the following (in thousands):

 

 

 

Lease Intangible Assets

 

 

Lease Intangible Liabilities

 

December 31, 2024

 

Above
Market
Leases

 

 

In Place
Leases

 

 

Leasing
Commissions

 

 

Total

 

 

Below
Market
Leases

 

 

Below Market
Ground Lease

 

 

Total

 

Cost

 

$

16,596

 

 

$

69,760

 

 

$

30,987

 

 

$

117,343

 

 

$

(14,294

)

 

$

(138

)

 

$

(14,432

)

Accumulated amortization

 

 

(10,584

)

 

 

(51,893

)

 

 

(20,235

)

 

 

(82,712

)

 

 

8,071

 

 

 

60

 

 

 

8,131

 

 

$

6,012

 

 

$

17,867

 

 

$

10,752

 

 

$

34,631

 

 

$

(6,223

)

 

$

(78

)

 

$

(6,301

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Intangible Assets

 

 

Lease Intangible Liabilities

 

December 31, 2023

 

Above
Market
Leases

 

 

In Place
Leases

 

 

Leasing
Commissions

 

 

Total

 

 

Below
Market
Leases

 

 

Below Market
Ground Lease

 

 

Total

 

Cost

 

$

17,463

 

 

$

73,128

 

 

$

32,541

 

 

$

123,132

 

 

$

(14,968

)

 

$

(138

)

 

$

(15,106

)

Accumulated amortization

 

 

(10,222

)

 

 

(51,290

)

 

 

(19,186

)

 

 

(80,698

)

 

 

7,314

 

 

 

56

 

 

 

7,370

 

 

$

7,241

 

 

$

21,838

 

 

$

13,355

 

 

$

42,434

 

 

$

(7,654

)

 

$

(82

)

 

$

(7,736

)

 

The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands):

 

2025

 

$

6,197

 

2026

 

 

5,880

 

2027

 

 

4,909

 

2028

 

 

4,212

 

2029

 

 

3,275

 

Thereafter

 

 

3,857

 

 

$

28,330

 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt

6. Debt

The following table summarizes the outstanding indebtedness as of December 31, 2024 and 2023 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 7:

 

Property

 

 

December 31, 2024

 

 

December 31, 2023

 

Interest Rate as
of December 31, 2024 (1)

 

 

Maturity

 

Unsecured Credit Facility (2)(3)

 

$

255,000

 

$

200,000

 

SOFR + 1.50%

(1)(2)

 

November 2025

(2)

Term Loan (3)

 

 

25,000

 

 

25,000

 

6.00%

(3)

 

January 2026

 

Mission City

 

 

45,095

 

 

45,994

 

3.78%

 

 

November 2027

 

Canyon Park (4)

 

 

38,159

 

 

38,932

 

4.30%

 

 

March 2027

 

Circle Point

 

 

38,109

 

 

38,789

 

4.49%

 

 

September 2028

 

SanTan (5)

 

 

30,773

 

 

31,501

 

4.56%

 

 

March 2027

 

The Quad

 

 

30,600

 

 

30,600

 

4.20%

 

 

September 2028

 

Intellicenter

 

 

30,042

 

 

30,682

 

4.65%

 

 

October 2025

 

2525 McKinnon

 

 

27,000

 

 

27,000

 

4.24%

 

 

April 2027

 

FRP Collection

 

 

25,736

 

 

26,139

 

7.05%

(6)

 

August 2028

 

Greenwood Blvd

 

 

20,299

 

 

20,856

 

3.15%

 

 

December 2025

 

AmberGlen

 

 

20,000

 

 

20,000

 

3.69%

 

 

May 2027

 

5090 N. 40th St

 

 

19,912

 

 

20,370

 

3.92%

 

 

January 2027

 

Central Fairwinds

 

 

15,497

 

 

15,826

 

7.68%

(7)

 

June 2029

 

Carillon Point

 

 

14,196

 

 

14,419

 

7.05%

(6)

 

August 2028

 

FRP Ingenuity Drive (8)

 

 

14,096

 

 

15,860

 

4.44%

 

 

December 2026

 

Term Loan (9)

 

 

—

 

 

50,000

 

—

 

 

—

 

Cascade Station (10)

 

 

—

 

 

20,752

 

—

 

 

—

 

Total Principal

 

 

649,514

 

 

672,720

 

 

 

 

 

 

Deferred financing costs, net

 

 

(2,542)

 

 

(3,258)

 

 

 

 

 

 

Unamortized fair value adjustments

 

 

—

 

 

48

 

 

 

 

 

 

Total

 

$

646,972

 

$

669,510

 

 

 

 

 

 

 

(1)
As of December 31, 2024, the daily-simple SOFR rate was 4.49%.
(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 December 31, 2024, the Unsecured Credit Facility had $255.0 million drawn and a $2.5 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended by 12 months at the Company’s option 90 days prior to maturity, provided there is no event of default, the Company confirms the representations and warranties, and pays the extension fee. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.
(3)
On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement, dated November 16, 2021 for the Unsecured Credit Facility and entered into a three-year $25 million term loan, increasing its total authorized borrowings from $350 million to $375 million. Borrowings under the $25 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 210 basis points. In conjunction with the term loan, the Company also entered into a three-year interest rate swap for a notional amount of $25 million, effectively fixing the SOFR component of the borrowing rate of the term loan at 3.90%.
(4)
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.
(5)
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 December 31, 2024, the DSCR and debt yield covenants were still not met. As of December 31, 2024 and December 31, 2023, total restricted cash for the property was $1.6 million and $4.1 million, respectively.
(6)
The FRP Collection and Carillon Point loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 275 basis points. The SOFR component of the borrowing rate is effectively fixed for the remainder of the five-year term via interest rate swaps at 4.30%.
(7)
On May 23, 2024, the Company entered into an amended and restated loan agreement for Central Fairwinds, extending the term for an additional five years and amending the interest rate from fixed to floating. The loan bears interest at a rate equal to the daily-simple SOFR rate plus a margin of 325 basis points. The Company also entered into a five-year interest rate swap agreement, effectively fixing the SOFR component of the borrowing rate of the loan at 4.43%.
(8)
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. On June 27, 2024, the Company entered into a loan modification and extension agreement for FRP Ingenuity Drive, which among other things, included a principal repayment of $1.6 million and extended the term for an additional two years to December 2026 with a one-year extension option. Under the terms of the agreement the ‘cash-sweep period’ will continue through the maturity of the loan. As of December 31, 2024 and December 31, 2023, total restricted cash for the property was $3.6 million and $3.2 million, respectively.
(9)
On September 27, 2024, the $50 million term loan matured and was repaid with proceeds from the Unsecured Credit Facility.
(10)
On May 1, 2024, the non-recourse property loan at our Cascade Station property in Portland, Oregon matured, and an event of default was triggered under the terms of the Cascade Station loan, following non-payment of the principal amount outstanding at loan maturity. On June 27, 2024, the non-recourse debt associated with the Cascade Station property was deconsolidated as a result of the Company entering into an assignment in lieu of foreclosure agreement to transfer possession and control of the property to the lender. The loan balance as of the date of deconsolidation was $20.6 million.

 

The scheduled principal repayments of mortgage payable as of December 31, 2024, without consideration of extension options, are as follows (in thousands):

 

2025

 

$

309,806

 

2026

 

 

43,899

 

2027

 

 

176,734

 

2028

 

 

104,586

 

2029

 

 

14,489

 

Thereafter

 

 

—

 

 

$

649,514

 
v3.25.0.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
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 a London Interbank Offered Rate ("LIBOR") interest rate swap for a notional amount of $50.0 million. 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 fixed the SOFR component of the corresponding loan at approximately 1.17% for the remainder of the five-year term. In September 2024, the $50.0 million interest rate swap matured.

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 3.90% 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 4.19% 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 $26.3 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.30% 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 $14.5 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.30% 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 May 2024, the Company entered into an interest rate swap at Central Fairwinds for an initial notional amount of $15.6 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.43% 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 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 December 31, 2024 and December 31, 2023 (in thousands):

 

 

 

 

 

 

 

 

 

Fair Value
Assets/(Liabilities)

 

 

Notional Value December 31, 2024

 

 

Effective Date

 

Maturity Date

 

December 31, 2024

 

 

December 31, 2023

 

Interest Rate Swap

 

$

25,000

 

 

January 2023

 

January 2026

 

$

50

 

 

$

49

 

Interest Rate Swap

 

 

140,000

 

 

March 2023

 

November 2025

 

 

(75

)

 

 

(295

)

Interest Rate Swap

 

 

25,736

 

 

August 2023

 

August 2028

 

 

(275

)

 

 

(846

)

Interest Rate Swap

 

 

14,196

 

 

August 2023

 

August 2028

 

 

(152

)

 

 

(466

)

Interest Rate Swap

 

 

15,497

 

 

May 2024

 

June 2029

 

 

(284

)

 

 

—

 

Interest Rate Swap

 

 

—

 

 

September 2019

 

September 2024

 

 

—

 

 

 

1,268

 

 

$

220,429

 

 

 

 

 

 

$

(736

)

 

$

(290

)

 

For the year ended December 31, 2024, approximately $3.5 million of net realized gains were reclassified to interest expense due to payments made to or received from the swap counterparty. For the year ended December 31, 2023, approximately $3.4 million of net realized gains were reclassified to interest expense due to payments made to or received from 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 loans 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 $301.8 million and $343.1 million (compared to a carrying value of $314.1 million and $357.2 million) as of December 31, 2024 and December 31, 2023, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
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 (the “Amendment”) to the Administrative Services Agreement with real estate investment funds affiliated with Second City Capital II Corporate and Second City Real Estate II Corporation (“SCRE II”). The terms of the Amendment were effective on February 1, 2019 (the “Effective Date”). After February 1, 2019, the annual fees payable to the Company were $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, 2024, 2023, and 2022, the Company earned $0.2 million, $0.1 million, and $0.3 million, respectively, for 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 with Clarity Real Estate Ventures GP, Limited Partnership ("Clarity"), an entity affiliated with principals of Second City and officers of the Company. Pursuant to the Administrative Services Agreement, the Company will provide various administrative services and support to the related entity managing the Clarity funds. During the year ended December 31, 2024, the amounts earned by the Company for administrative services performed for Clarity were nominal. For the years ended December 31, 2023, and 2022, the Company earned $0.2 million and $0.3 million, respectively, for administrative services performed for Clarity.

v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

9. Leases

Lessor Accounting

The Company is focused on acquiring, owning and operating 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 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 components as a single combined operating lease component under ASC 842. As a result, rental income, expense reimbursement, and other were aggregated into a single line within rental and other revenues on the consolidated statements of operations.

The Company recognized fixed and variable lease payments for operating leases for the years ended December 31, 2024 and December 31, 2023 as follows (in thousands):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

Fixed payments

 

$

146,189

 

 

$

149,203

 

Variable payments

 

 

24,507

 

 

 

26,826

 

 

$

170,696

 

 

$

176,029

 

 

The Company ceased recognizing rental lease income with respect to the Cascade Station property on the deconsolidation of the entity on June 27, 2024. 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 4 for further details.

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 by the Company as of December 31, 2024 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):

 

2025

 

$

127,005

 

2026

 

 

120,679

 

2027

 

 

102,956

 

2028

 

 

87,582

 

2029

 

 

66,703

 

Thereafter

 

 

137,258

 

 

$

642,183

 

 

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 December 31, 2024, these leases had remaining terms of two to 64 years and a weighted average remaining lease term of 50 years. Right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s consolidated balance sheets as follows (in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

Right-of-use asset – operating leases

 

$

10,101

 

 

$

12,564

 

Lease liability – operating leases

 

$

8,286

 

 

$

8,550

 

Right-of-use asset – financing leases

 

$

9,593

 

 

$

9,820

 

Lease liability – financing leases

 

$

1,637

 

 

$

1,551

 

 

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 assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.

Operating lease expense for the years ended December 31, 2024 and 2023 was $0.9 million and $0.9 million, respectively. Financing lease expense for the years ended December 31, 2024 and 2023 was $0.3 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 December 31, 2024 for the next five years and thereafter are as follows (in thousands):

 

 

Operating Leases

 

 

Financing Leases

 

2025

 

$

651

 

 

$

8

 

2026

 

 

724

 

 

 

8

 

2027

 

 

587

 

 

 

8

 

2028

 

 

587

 

 

 

8

 

2029

 

 

587

 

 

 

9

 

Thereafter

 

 

25,389

 

 

 

6,921

 

Total future minimum lease payments

 

 

28,525

 

 

 

6,962

 

Discount

 

 

(20,239

)

 

 

(5,325

)

Total

 

$

8,286

 

 

$

1,637

 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties.

Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties.

The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future.

The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of December 31, 2024, 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.

v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022 (in thousands, except per share amounts):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Net (loss)/income

 

$

(17,125

)

 

$

(2,035

)

 

$

17,681

 

Less: Net income attributable to non-controlling interests in properties

 

 

(555

)

 

 

(647

)

 

 

(691

)

Less: Net income attributable to preferred stockholders

 

 

(7,420

)

 

 

(7,420

)

 

 

(7,420

)

Numerator for basic and diluted EPS

 

$

(25,100

)

 

$

(10,102

)

 

$

9,570

 

Denominator for basic EPS

 

 

40,140

 

 

 

39,922

 

 

 

42,052

 

Dilutive effect of RSUs and PSUs

 

 

—

 

 

 

—

 

 

 

814

 

Denominator for dilutive EPS

 

 

40,140

 

 

 

39,922

 

 

 

42,866

 

Net (loss)/income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.63

)

 

$

(0.25

)

 

$

0.23

 

Diluted

 

$

(0.63

)

 

$

(0.25

)

 

$

0.22

 
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Federal Home Loan Banks [Abstract]  
Stockholders' Equity

12. Stockholders’ 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 1,000,000 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, 2024, December 31, 2023 and December 31, 2022.

Share Repurchase Plan

On August 5, 2020, the Company’s Board of Directors approved a share repurchase plan authorizing the Company to repurchase up to an 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 a share repurchase plan (“Repurchase Program”) authorizing the Company to repurchase up to $50 million of its outstanding shares of common stock or Series A Preferred Stock. Under the share repurchase program, 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 capital by the amount that the purchase price for the shares of common stock repurchased exceed the par value.

There were no shares repurchased during the years ended December 31, 2024 and December 31, 2023. 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.

Common Stock and Common Unit Distributions

During the year ended December 31, 2024, the Company declared aggregate cash distributions to common stockholders and common unitholders of $16.1 million. The Company paid aggregate cash distributions of $16.0 million for the year ended December 31, 2024 and $4.0 million was payable as of December 31, 2024, which is included within other liabilities on the consolidated balance sheets.

During the year ended December 31, 2024, the Company declared the following distributions per share and unit:

 

Period

 

Distribution
per Common
Share/Unit

 

 

Declaration Date

 

Record Date

 

Payment Date

January 1, 2024 – March 31, 2024

 

$

0.10

 

 

March 15, 2024

 

April 10, 2024

 

April 24, 2024

April 1, 2024 – June 30, 2024

 

 

0.10

 

 

June 14, 2024

 

July 10, 2024

 

July 24, 2024

July 1, 2024 – September 30, 2024

 

 

0.10

 

 

September 13, 2024

 

October 10, 2024

 

October 24, 2024

October 1, 2024 – December 31, 2024

 

 

0.10

 

 

December 13, 2024

 

January 9, 2025

 

January 23, 2025

Total

 

$

0.40

 

 

 

 

 

 

 

 

Preferred Stock Distributions

During the year ended December 31, 2024, 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, 2024 and $1.9 million was payable as of December 31, 2024, which is included within in other liabilities on the consolidated balance sheets.

Equity Incentive Plan

The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive employees, and with approval of the Board of Directors, for subsidiaries and their respective affiliates. The Equity Incentive Plan provides for grants of restricted common stock, restricted stock units, phantom shares, stock options, dividend equivalent rights and other equity-based awards (including the grant of Operating Partnership long-term incentive plan units), subject to the total number of shares available for issuance under the plan. The Equity Incentive Plan is administered by the compensation committee of the Board of Directors (the “Compensation Committee”). The Equity Incentive Plan provides for the issuance of up to 3,763,580 shares of common stock. 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 May 2, 2024, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement (the "Performance RSU 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. Shares of the Company’s common stock issuable pursuant to the Performance RSU Awards and dividend equivalents granted

pursuant to the Performance RSU Award Agreement, taken together with the shares issuable pursuant to any other grants under the Equity Incentive Plan, shall not exceed the annual limitation set forth in Section 6 of the Equity Incentive Plan.

During the first quarter of 2024, the Performance RSU Awards granted in January 2021, with a January 1, 2021 through December 31, 2023 Measurement Period, were earned at 120% of the target number of shares granted based on achievement of a TSR that was at or above the 60th percentile of the 2021 Peer Group.

During the first quarter of 2023, the Performance RSU Awards granted in January 2020, with a January 1, 2020 through December 31, 2022 Measurement Period, were earned at 150% of the target number of shares granted based on achievement of a TSR that was at or above the 75th percentile of the 2020 Peer Group.

The following table summarizes the activity of the awards under the Equity Incentive Plan for the years ended December 31, 2024, December 31, 2023 and December 31, 2022:

 

 

Number
of RSUs

 

 

Number of
Performance
RSUs

 

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

 

Granted

 

 

198,022

 

 

 

214,888

 

Issuance of dividend equivalents

 

 

43,721

 

 

 

—

 

Vested

 

 

(216,520

)

 

 

(97,500

)

Forfeited

 

 

(1,802

)

 

 

—

 

Outstanding at December 31, 2023

 

 

451,741

 

 

 

424,888

 

Granted

 

 

324,414

 

 

 

324,952

 

Issuance of dividend equivalents

 

 

40,681

 

 

 

—

 

Vested

 

 

(228,747

)

 

 

(120,000

)

Outstanding at December 31, 2024

 

 

588,089

 

 

 

629,840

 

 

During the years ended December 31, 2024, December 31, 2023 and December 31, 2022 the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive employees:

 

 

Units Granted

 

 

 

 

 

Weighted
Average Grant

 

 

RSUs

 

 

Performance
RSUs

 

 

Fair Value
(in thousands)

 

 

Fair Value
Per Share

 

2024

 

 

324,414

 

 

 

324,952

 

 

$

3,539

 

 

$

5.45

 

2023

 

 

198,022

 

 

 

214,888

 

 

 

3,729

 

 

 

9.03

 

2022

 

 

237,986

 

 

 

90,000

 

 

 

5,753

 

 

 

17.54

 

 

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, 2024, December 31, 2023 and December 31, 2022 the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands):

 

 

RSUs

 

 

Performance
RSUs

 

 

Total

 

2024

 

$

2,571

 

 

$

1,751

 

 

$

4,322

 

2023

 

 

2,542

 

 

 

1,552

 

 

 

4,094

 

2022

 

 

2,554

 

 

 

1,325

 

 

 

3,879

 

 

As of December 31, 2024, there was $3.9 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.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

The Company is a REIT focused on real estate investments and currently operates in one operating segment: Office Properties. As a group, the Company’s Chief Executive Officer, Chief Operating Officer and Chief Financial Officer have collectively been identified as the chief operating decision makers (“CODM”), as defined by GAAP. The CODM review financial information presented on a consolidated basis when making decisions. Additionally, the Company does not group its operations on a geographical basis for the purpose of measuring performance.

The CODM uses both consolidated net income and net operating income (“NOI”) as the profit or loss measures to evaluate the performance of our operating segment and allocate resources. Refer to the accompanying consolidated statements of operations for the presentation of consolidated net income for the years ended December 31, 2024, 2023 and 2022. NOI is a measure which includes the revenues and certain expenses directly attributable to our office properties. NOI is defined as rental and other revenues less property operating expenses. NOI is used by the CODM to make operating decisions as we believe it provides information useful in understanding the core operations and operating performance of our portfolio. Total assets are not utilized by the CODM to assess performance.

The following table presents segment NOI for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Rental and other revenues

 

$

171,126

 

 

$

179,096

 

 

$

180,485

 

Property operating expenses

 

 

69,460

 

 

 

69,997

 

 

 

67,739

 

Segment net operating income

 

$

101,666

 

 

$

109,099

 

 

$

112,746

 

Significant expenses that comprise property operating expenses within NOI primarily include building common area and maintenance expenses, insurance, property taxes, property management fees, as well as certain expenses that are not recoverable from tenants.

Presented below is a reconciliation of the reportable segment NOI to the consolidated net income (in thousands):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Segment net operating income

 

$

101,666

 

 

$

109,099

 

 

$

112,746

 

General and administrative

 

 

(15,201

)

 

 

(14,841

)

 

 

(13,782

)

Depreciation and amortization

 

 

(59,321

)

 

 

(62,987

)

 

 

(62,495

)

Impairment of real estate

 

 

(8,463

)

 

 

—

 

 

 

(13,444

)

Contractual interest expense

 

 

(32,960

)

 

 

(31,876

)

 

 

(25,784

)

Amortization of deferred financing costs and debt fair value

 

 

(1,384

)

 

 

(1,296

)

 

 

(1,218

)

Net (loss)/gain on disposition of real estate

 

 

(1,462

)

 

 

(134

)

 

 

21,658

 

Consolidated net (loss)/income

 

$

(17,125

)

 

$

(2,035

)

 

$

17,681

 
v3.25.0.1
Schedule III - Real Estate Properties and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate Properties and Accumulated Depreciation

City Office REIT, Inc.

SCHEDULE III – REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

December 31, 2024

(In thousands)

 

 

 

 

 

Initial Costs to Company

 

 

Costs Capitalized
Subsequent to
Acquisition

 

 

Gross Amount at Which Carried
as of December 31, 2024(1)

 

 

 

 

 

 

 

 

Description

 

Encumbrances(2)

 

 

Land

 

 

Buildings and
Improvements

 

 

Improvements

 

 

Land

 

 

Building and
Improvements

 

 

Total(3)

 

 

Accumulated Amortization

 

 

Year of
Construction

 

Year
Acquired

AmberGlen

 

$

20,000

 

 

$

6,547

 

 

$

3,490

 

 

$

1,960

 

 

$

6,547

 

 

$

5,450

 

 

$

11,997

 

 

$

3,093

 

 

1984-1998

 

2009

City Center

 

 

—

 

 

 

3,123

 

 

 

10,656

 

 

 

18,454

 

 

 

3,123

 

 

 

29,110

 

 

 

32,233

 

 

 

11,113

 

 

1984

 

2010

Central Fairwinds

 

 

15,497

 

 

 

1,747

 

 

 

9,751

 

 

 

7,744

 

 

 

1,747

 

 

 

17,495

 

 

 

19,242

 

 

 

7,161

 

 

1982

 

2012

Florida Research Park

 

 

39,832

 

 

 

11,446

 

 

 

56,475

 

 

 

9,858

 

 

 

11,446

 

 

 

66,333

 

 

 

77,779

 

 

 

19,978

 

 

1999

 

2014; 2016

Denver Tech

 

 

—

 

 

 

18,002

 

 

 

52,719

 

 

 

11,484

 

 

 

18,002

 

 

 

64,203

 

 

 

82,205

 

 

 

18,253

 

 

1997; 1999

 

2015; 2019

Intellicenter

 

 

30,042

 

 

 

5,244

 

 

 

34,278

 

 

 

(450

)

 

 

5,244

 

 

 

33,828

 

 

 

39,072

 

 

 

8,801

 

 

2008

 

2015

Carillon Point

 

 

14,196

 

 

 

5,172

 

 

 

17,316

 

 

 

2,189

 

 

 

5,172

 

 

 

19,505

 

 

 

24,677

 

 

 

6,778

 

 

2007

 

2016

Park Tower

 

 

—

 

 

 

3,479

 

 

 

68,656

 

 

 

28,398

 

 

 

3,479

 

 

 

97,054

 

 

 

100,533

 

 

 

29,049

 

 

1973

 

2016

5090 N 40th St

 

 

19,912

 

 

 

6,696

 

 

 

32,123

 

 

 

8,102

 

 

 

6,696

 

 

 

40,225

 

 

 

46,921

 

 

 

9,022

 

 

1988

 

2016

SanTan

 

 

30,773

 

 

 

6,803

 

 

 

37,187

 

 

 

9,593

 

 

 

6,803

 

 

 

46,780

 

 

 

53,583

 

 

 

12,601

 

 

2000-2003

 

2016

2525 McKinnon

 

 

27,000

 

 

 

10,629

 

 

 

34,515

 

 

 

3,663

 

 

 

10,629

 

 

 

38,178

 

 

 

48,807

 

 

 

7,317

 

 

2003

 

2017

Mission City

 

 

45,095

 

 

 

25,741

 

 

 

41,474

 

 

 

14,776

 

 

 

25,741

 

 

 

56,250

 

 

 

81,991

 

 

 

19,592

 

 

1990-2007

 

2017

Papago Tech

 

 

—

 

 

 

10,746

 

 

 

19,762

 

 

 

2,079

 

 

 

10,746

 

 

 

21,841

 

 

 

32,587

 

 

 

6,165

 

 

1993-1995

 

2017

Pima Center

 

 

—

 

 

 

—

 

 

 

45,133

 

 

 

13,641

 

 

 

—

 

 

 

58,774

 

 

 

58,774

 

 

 

13,304

 

 

2006-2008

 

2018

Circle Point

 

 

38,109

 

 

 

9,320

 

 

 

39,101

 

 

 

8,458

 

 

 

9,320

 

 

 

47,559

 

 

 

56,879

 

 

 

12,049

 

 

2001

 

2018

The Quad

 

 

30,600

 

 

 

8,079

 

 

 

39,858

 

 

 

495

 

 

 

8,079

 

 

 

40,353

 

 

 

48,432

 

 

 

8,305

 

 

1982

 

2018

Greenwood Blvd

 

 

20,299

 

 

 

3,945

 

 

 

26,019

 

 

 

1,300

 

 

 

3,945

 

 

 

27,319

 

 

 

31,264

 

 

 

5,825

 

 

1997

 

2018

Camelback Square

 

 

—

 

 

 

11,738

 

 

 

37,922

 

 

 

8,210

 

 

 

11,738

 

 

 

46,132

 

 

 

57,870

 

 

 

9,548

 

 

1978

 

2018

Canyon Park

 

 

38,159

 

 

 

7,098

 

 

 

38,416

 

 

 

7,100

 

 

 

7,098

 

 

 

45,516

 

 

 

52,614

 

 

 

9,629

 

 

1993; 1999

 

2019

Block 23

 

 

—

 

 

 

—

 

 

 

115,747

 

 

 

9,880

 

 

 

—

 

 

 

125,627

 

 

 

125,627

 

 

 

8,954

 

 

2019

 

2021

The Terraces

 

 

—

 

 

 

15,861

 

 

 

101,455

 

 

 

6,942

 

 

 

15,861

 

 

 

108,397

 

 

 

124,258

 

 

 

7,800

 

 

2017

 

2021

Bloc 83

 

 

—

 

 

 

18,956

 

 

 

280,313

 

 

 

18,488

 

 

 

18,956

 

 

 

298,801

 

 

 

317,757

 

 

 

17,619

 

 

2019; 2021

 

2021

Corporate

 

 

280,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

Total

 

$

649,514

 

 

$

190,372

 

 

$

1,142,366

 

 

$

192,364

 

 

$

190,372

 

 

$

1,334,730

 

 

$

1,525,102

 

 

$

251,956

 

 

 

 

 

 

(1)
The aggregate cost for federal tax purposes as of December 31, 2024 of our real estate assets was approximately $1.0 billion.
(2)
Encumbrances represent total principal debt which excludes net deferred financing costs of $2.5 million.
(3)
Properties identified as held for sale at December 31, 2024 are excluded.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 is as follows:

 

 

2024

 

 

2023

 

 

2022

 

Real Estate Properties

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

1,541,703

 

 

$

1,554,591

 

 

$

1,568,653

 

Dispositions and impairments

 

 

(40,229

)

 

 

(39,333

)

 

 

(58,735

)

Capital improvements

 

 

34,265

 

 

 

26,445

 

 

 

44,673

 

Assets held for sale

 

 

(10,637

)

 

 

—

 

 

 

—

 

Balance, end of year

 

$

1,525,102

 

 

$

1,541,703

 

 

$

1,554,591

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

218,628

 

 

$

175,720

 

 

$

157,356

 

Depreciation

 

 

47,903

 

 

 

47,266

 

 

 

46,654

 

Dispositions and impairments

 

 

(14,575

)

 

 

(4,358

)

 

 

(28,290

)

Balance, end of year

 

$

251,956

 

 

$

218,628

 

 

$

175,720

 
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 the Company’s 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 constitute 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 leases and value of tenant relationships, based in each case on their fair values. For acquisitions that do not meet the business combination accounting criteria, these are accounted for as asset acquisitions. The Company allocates the cost of the acquisition, which includes any associated acquisition costs, to individual assets and liabilities assumed on a relative fair value basis. Also, non-controlling interests acquired are recorded at estimated fair market value.

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” value is then allocated to land and buildings and improvements based on management’s determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions.

The fair value of above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management’s estimate of current market rents. Below-market lease intangibles are recorded as part of acquired lease intangibles liability and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases.

The fair value of acquired in-place leases are recorded based on the costs management estimates the Company would have incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, management evaluates the time period over which such occupancy level would be achieved and includes an estimate of the net operating costs incurred during the lease-up period. Acquired in-place leases are amortized on a straight-line basis over the term of the individual leases.

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 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 improvements are determined to be owned by the Company, revenue recognition will commence when control of the space is turned over to the tenant. Tenant improvements are deferred and amortized on a straight-line basis over the lease term. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a reduction of lease revenue on a straight-line basis over the lease term.

Recoveries from tenants for real estate taxes, insurance and other operating expenses are recognized as revenues in the period that the applicable costs are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. Final billings to tenants for real estate taxes, insurance and other operating expenses did not vary significantly as compared to the estimated receivable balances.

Leases

Leases

The Company classifies leases as a sales-type, direct financing, or operating lease and recognizes leases on-balance sheet where it is the lessee. The Company determines if an arrangement is a lease at inception. Operating and financing right-of-use assets and lease liabilities are included within other assets and other liabilities on the consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. 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. Right-of-use assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain the Company will exercise that option. For lease agreements with lease and non-lease components, the Company accounts for the components as a single combined lease component.
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

 

29-59

Furniture, fixtures and equipment

 

4-10

 

Expenditures for maintenance and repairs are charged to operating expenses as incurred.

Impairment of Real Estate

Impairment of Real Estate

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 of 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.
Variable Interest Entities

Variable Interest Entities

The Company consolidates variable interest entities (“VIE”) if the Company determines that it is the primary beneficiary of the entity. When evaluating the accounting for a VIE, the Company considers the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. The Company determines the rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. The Company considers other relevant factors including each entity’s capital structure, contractual rights to earnings (losses), subordination of the Company’s interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.

Concentration of Credit Risk

Concentration of Credit Risk

The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed Federal Deposit Insurance Corporation insured levels from time to time. The Company has never experienced any losses related to these balances.

Income Taxes

Income Taxes

The Company has elected to be taxed, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of its REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not subject to U.S. federal corporate-level income tax on the earnings distributed currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax. In addition, the Company may not be able to re-elect as a REIT for the four subsequent taxable years. From time to time, the Company has elected to treat certain subsidiaries as TRSs. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates.
Non-controlling Interests

Non-controlling Interests

The Company follows the provisions pertaining to non-controlling interests of ASC Topic 810, Consolidation. A non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Among other matters, the non-controlling interest standards require that non-controlling interests be reported as part of equity in the consolidated balance sheets (separately from the controlling interest’s equity).

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 measured on the grant date 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, an entity must designate the instruments as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

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 Information

Segment Information

The Company operates in one reportable segment, office properties.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”) Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will enhance segment disclosures. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted. This standard must be applied retrospectively to all periods presented in the financial statements. The Company adopted ASU 2023-07 during the fourth quarter of 2024, which resulted in incremental disclosure in the notes to the consolidated financial statements for the year ended December 31, 2024. Refer to Note 13.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Real Estate Properties

 

Years

Buildings

 

29-59

Furniture, fixtures and equipment

 

4-10
v3.25.0.1
Rents Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Text Block [Abstract]  
Components of Rents Receivable

The Company’s rents receivable is comprised of the following components (in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

Billed receivables

 

$

3,888

 

 

$

5,132

 

Straight-line receivables (unbilled receivables)

 

 

48,423

 

 

 

48,322

 

Total rents receivable

 

$

52,311

 

 

$

53,454

 
v3.25.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and December 31, 2023 (in thousands):

 

 

 

 

 

 

 

 

 

Fair Value
Assets/(Liabilities)

 

 

Notional Value December 31, 2024

 

 

Effective Date

 

Maturity Date

 

December 31, 2024

 

 

December 31, 2023

 

Interest Rate Swap

 

$

25,000

 

 

January 2023

 

January 2026

 

$

50

 

 

$

49

 

Interest Rate Swap

 

 

140,000

 

 

March 2023

 

November 2025

 

 

(75

)

 

 

(295

)

Interest Rate Swap

 

 

25,736

 

 

August 2023

 

August 2028

 

 

(275

)

 

 

(846

)

Interest Rate Swap

 

 

14,196

 

 

August 2023

 

August 2028

 

 

(152

)

 

 

(466

)

Interest Rate Swap

 

 

15,497

 

 

May 2024

 

June 2029

 

 

(284

)

 

 

—

 

Interest Rate Swap

 

 

—

 

 

September 2019

 

September 2024

 

 

—

 

 

 

1,268

 

 

$

220,429

 

 

 

 

 

 

$

(736

)

 

$

(290

)
v3.25.0.1
Real Estate Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Property Classified as Held for Sale

The property was classified as held for sale as of December 31, 2024 (in thousands):

 

 Superior Pointe

 

December 31, 2024

 

Real estate properties, net

 

$

10,637

 

Deferred leasing costs, net

 

 

382

 

Rents receivable, prepaid expenses and other assets

 

 

1,569

 

Assets held for sale

 

$

12,588

 

Accounts payable, accrued liabilities, deferred rent and tenant rent deposits

 

$

2,176

 

Liabilities related to assets held for sale

 

$

2,176

 
v3.25.0.1
Lease Intangibles (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and December 31, 2023 were comprised of the following (in thousands):

 

 

 

Lease Intangible Assets

 

 

Lease Intangible Liabilities

 

December 31, 2024

 

Above
Market
Leases

 

 

In Place
Leases

 

 

Leasing
Commissions

 

 

Total

 

 

Below
Market
Leases

 

 

Below Market
Ground Lease

 

 

Total

 

Cost

 

$

16,596

 

 

$

69,760

 

 

$

30,987

 

 

$

117,343

 

 

$

(14,294

)

 

$

(138

)

 

$

(14,432

)

Accumulated amortization

 

 

(10,584

)

 

 

(51,893

)

 

 

(20,235

)

 

 

(82,712

)

 

 

8,071

 

 

 

60

 

 

 

8,131

 

 

$

6,012

 

 

$

17,867

 

 

$

10,752

 

 

$

34,631

 

 

$

(6,223

)

 

$

(78

)

 

$

(6,301

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Intangible Assets

 

 

Lease Intangible Liabilities

 

December 31, 2023

 

Above
Market
Leases

 

 

In Place
Leases

 

 

Leasing
Commissions

 

 

Total

 

 

Below
Market
Leases

 

 

Below Market
Ground Lease

 

 

Total

 

Cost

 

$

17,463

 

 

$

73,128

 

 

$

32,541

 

 

$

123,132

 

 

$

(14,968

)

 

$

(138

)

 

$

(15,106

)

Accumulated amortization

 

 

(10,222

)

 

 

(51,290

)

 

 

(19,186

)

 

 

(80,698

)

 

 

7,314

 

 

 

56

 

 

 

7,370

 

 

$

7,241

 

 

$

21,838

 

 

$

13,355

 

 

$

42,434

 

 

$

(7,654

)

 

$

(82

)

 

$

(7,736

)
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):

 

2025

 

$

6,197

 

2026

 

 

5,880

 

2027

 

 

4,909

 

2028

 

 

4,212

 

2029

 

 

3,275

 

Thereafter

 

 

3,857

 

 

$

28,330

 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Outstanding Indebtness

The following table summarizes the outstanding indebtedness as of December 31, 2024 and 2023 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 7:

 

Property

 

 

December 31, 2024

 

 

December 31, 2023

 

Interest Rate as
of December 31, 2024 (1)

 

 

Maturity

 

Unsecured Credit Facility (2)(3)

 

$

255,000

 

$

200,000

 

SOFR + 1.50%

(1)(2)

 

November 2025

(2)

Term Loan (3)

 

 

25,000

 

 

25,000

 

6.00%

(3)

 

January 2026

 

Mission City

 

 

45,095

 

 

45,994

 

3.78%

 

 

November 2027

 

Canyon Park (4)

 

 

38,159

 

 

38,932

 

4.30%

 

 

March 2027

 

Circle Point

 

 

38,109

 

 

38,789

 

4.49%

 

 

September 2028

 

SanTan (5)

 

 

30,773

 

 

31,501

 

4.56%

 

 

March 2027

 

The Quad

 

 

30,600

 

 

30,600

 

4.20%

 

 

September 2028

 

Intellicenter

 

 

30,042

 

 

30,682

 

4.65%

 

 

October 2025

 

2525 McKinnon

 

 

27,000

 

 

27,000

 

4.24%

 

 

April 2027

 

FRP Collection

 

 

25,736

 

 

26,139

 

7.05%

(6)

 

August 2028

 

Greenwood Blvd

 

 

20,299

 

 

20,856

 

3.15%

 

 

December 2025

 

AmberGlen

 

 

20,000

 

 

20,000

 

3.69%

 

 

May 2027

 

5090 N. 40th St

 

 

19,912

 

 

20,370

 

3.92%

 

 

January 2027

 

Central Fairwinds

 

 

15,497

 

 

15,826

 

7.68%

(7)

 

June 2029

 

Carillon Point

 

 

14,196

 

 

14,419

 

7.05%

(6)

 

August 2028

 

FRP Ingenuity Drive (8)

 

 

14,096

 

 

15,860

 

4.44%

 

 

December 2026

 

Term Loan (9)

 

 

—

 

 

50,000

 

—

 

 

—

 

Cascade Station (10)

 

 

—

 

 

20,752

 

—

 

 

—

 

Total Principal

 

 

649,514

 

 

672,720

 

 

 

 

 

 

Deferred financing costs, net

 

 

(2,542)

 

 

(3,258)

 

 

 

 

 

 

Unamortized fair value adjustments

 

 

—

 

 

48

 

 

 

 

 

 

Total

 

$

646,972

 

$

669,510

 

 

 

 

 

 

 

(1)
As of December 31, 2024, the daily-simple SOFR rate was 4.49%.
(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 December 31, 2024, the Unsecured Credit Facility had $255.0 million drawn and a $2.5 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended by 12 months at the Company’s option 90 days prior to maturity, provided there is no event of default, the Company confirms the representations and warranties, and pays the extension fee. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.
(3)
On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement, dated November 16, 2021 for the Unsecured Credit Facility and entered into a three-year $25 million term loan, increasing its total authorized borrowings from $350 million to $375 million. Borrowings under the $25 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 210 basis points. In conjunction with the term loan, the Company also entered into a three-year interest rate swap for a notional amount of $25 million, effectively fixing the SOFR component of the borrowing rate of the term loan at 3.90%.
(4)
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.
(5)
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 December 31, 2024, the DSCR and debt yield covenants were still not met. As of December 31, 2024 and December 31, 2023, total restricted cash for the property was $1.6 million and $4.1 million, respectively.
(6)
The FRP Collection and Carillon Point loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 275 basis points. The SOFR component of the borrowing rate is effectively fixed for the remainder of the five-year term via interest rate swaps at 4.30%.
(7)
On May 23, 2024, the Company entered into an amended and restated loan agreement for Central Fairwinds, extending the term for an additional five years and amending the interest rate from fixed to floating. The loan bears interest at a rate equal to the daily-simple SOFR rate plus a margin of 325 basis points. The Company also entered into a five-year interest rate swap agreement, effectively fixing the SOFR component of the borrowing rate of the loan at 4.43%.
(8)
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. On June 27, 2024, the Company entered into a loan modification and extension agreement for FRP Ingenuity Drive, which among other things, included a principal repayment of $1.6 million and extended the term for an additional two years to December 2026 with a one-year extension option. Under the terms of the agreement the ‘cash-sweep period’ will continue through the maturity of the loan. As of December 31, 2024 and December 31, 2023, total restricted cash for the property was $3.6 million and $3.2 million, respectively.
(9)
On September 27, 2024, the $50 million term loan matured and was repaid with proceeds from the Unsecured Credit Facility.
(10)
On May 1, 2024, the non-recourse property loan at our Cascade Station property in Portland, Oregon matured, and an event of default was triggered under the terms of the Cascade Station loan, following non-payment of the principal amount outstanding at loan maturity. On June 27, 2024, the non-recourse debt associated with the Cascade Station property was deconsolidated as a result of the Company entering into an assignment in lieu of foreclosure agreement to transfer possession and control of the property to the lender. The loan balance as of the date of deconsolidation was $20.6 million.
Schedule of Principal Repayments of Mortgage Payable

The scheduled principal repayments of mortgage payable as of December 31, 2024, without consideration of extension options, are as follows (in thousands):

 

2025

 

$

309,806

 

2026

 

 

43,899

 

2027

 

 

176,734

 

2028

 

 

104,586

 

2029

 

 

14,489

 

Thereafter

 

 

—

 

 

$

649,514

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Operating Lease Lease Income

The Company recognized fixed and variable lease payments for operating leases for the years ended December 31, 2024 and December 31, 2023 as follows (in thousands):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

Fixed payments

 

$

146,189

 

 

$

149,203

 

Variable payments

 

 

24,507

 

 

 

26,826

 

 

$

170,696

 

 

$

176,029

 
Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments to be received by the Company as of December 31, 2024 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):

 

2025

 

$

127,005

 

2026

 

 

120,679

 

2027

 

 

102,956

 

2028

 

 

87,582

 

2029

 

 

66,703

 

Thereafter

 

 

137,258

 

 

$

642,183

 
Schedule Of Supplemental Balance Sheet Information Related To Leases Right-of-use assets and lease liabilities have been included within other assets and other liabilities on the Company’s consolidated balance sheets as follows (in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

Right-of-use asset – operating leases

 

$

10,101

 

 

$

12,564

 

Lease liability – operating leases

 

$

8,286

 

 

$

8,550

 

Right-of-use asset – financing leases

 

$

9,593

 

 

$

9,820

 

Lease liability – financing leases

 

$

1,637

 

 

$

1,551

 
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 December 31, 2024 for the next five years and thereafter are as follows (in thousands):

 

 

Operating Leases

 

 

Financing Leases

 

2025

 

$

651

 

 

$

8

 

2026

 

 

724

 

 

 

8

 

2027

 

 

587

 

 

 

8

 

2028

 

 

587

 

 

 

8

 

2029

 

 

587

 

 

 

9

 

Thereafter

 

 

25,389

 

 

 

6,921

 

Total future minimum lease payments

 

 

28,525

 

 

 

6,962

 

Discount

 

 

(20,239

)

 

 

(5,325

)

Total

 

$

8,286

 

 

$

1,637

 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022 (in thousands, except per share amounts):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Net (loss)/income

 

$

(17,125

)

 

$

(2,035

)

 

$

17,681

 

Less: Net income attributable to non-controlling interests in properties

 

 

(555

)

 

 

(647

)

 

 

(691

)

Less: Net income attributable to preferred stockholders

 

 

(7,420

)

 

 

(7,420

)

 

 

(7,420

)

Numerator for basic and diluted EPS

 

$

(25,100

)

 

$

(10,102

)

 

$

9,570

 

Denominator for basic EPS

 

 

40,140

 

 

 

39,922

 

 

 

42,052

 

Dilutive effect of RSUs and PSUs

 

 

—

 

 

 

—

 

 

 

814

 

Denominator for dilutive EPS

 

 

40,140

 

 

 

39,922

 

 

 

42,866

 

Net (loss)/income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.63

)

 

$

(0.25

)

 

$

0.23

 

Diluted

 

$

(0.63

)

 

$

(0.25

)

 

$

0.22

 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Federal Home Loan Banks [Abstract]  
Schedule of Distributions Declared per Share and Unit

During the year ended December 31, 2024, the Company declared the following distributions per share and unit:

 

Period

 

Distribution
per Common
Share/Unit

 

 

Declaration Date

 

Record Date

 

Payment Date

January 1, 2024 – March 31, 2024

 

$

0.10

 

 

March 15, 2024

 

April 10, 2024

 

April 24, 2024

April 1, 2024 – June 30, 2024

 

 

0.10

 

 

June 14, 2024

 

July 10, 2024

 

July 24, 2024

July 1, 2024 – September 30, 2024

 

 

0.10

 

 

September 13, 2024

 

October 10, 2024

 

October 24, 2024

October 1, 2024 – December 31, 2024

 

 

0.10

 

 

December 13, 2024

 

January 9, 2025

 

January 23, 2025

Total

 

$

0.40

 

 

 

 

 

 

 
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, 2024, December 31, 2023 and December 31, 2022:

 

 

Number
of RSUs

 

 

Number of
Performance
RSUs

 

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

 

Granted

 

 

198,022

 

 

 

214,888

 

Issuance of dividend equivalents

 

 

43,721

 

 

 

—

 

Vested

 

 

(216,520

)

 

 

(97,500

)

Forfeited

 

 

(1,802

)

 

 

—

 

Outstanding at December 31, 2023

 

 

451,741

 

 

 

424,888

 

Granted

 

 

324,414

 

 

 

324,952

 

Issuance of dividend equivalents

 

 

40,681

 

 

 

—

 

Vested

 

 

(228,747

)

 

 

(120,000

)

Outstanding at December 31, 2024

 

 

588,089

 

 

 

629,840

 
Summary of Restricted Stock Units ("RSUs") and Performance RSU

During the years ended December 31, 2024, December 31, 2023 and December 31, 2022 the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive employees:

 

 

Units Granted

 

 

 

 

 

Weighted
Average Grant

 

 

RSUs

 

 

Performance
RSUs

 

 

Fair Value
(in thousands)

 

 

Fair Value
Per Share

 

2024

 

 

324,414

 

 

 

324,952

 

 

$

3,539

 

 

$

5.45

 

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 years ended December 31, 2024, December 31, 2023 and December 31, 2022 the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands):

 

 

RSUs

 

 

Performance
RSUs

 

 

Total

 

2024

 

$

2,571

 

 

$

1,751

 

 

$

4,322

 

2023

 

 

2,542

 

 

 

1,552

 

 

 

4,094

 

2022

 

 

2,554

 

 

 

1,325

 

 

 

3,879

 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Segment NOI

The following table presents segment NOI for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Rental and other revenues

 

$

171,126

 

 

$

179,096

 

 

$

180,485

 

Property operating expenses

 

 

69,460

 

 

 

69,997

 

 

 

67,739

 

Segment net operating income

 

$

101,666

 

 

$

109,099

 

 

$

112,746

 
Summary of Reconciliation of Reportable Segment NOI to Consolidated Net Income

Presented below is a reconciliation of the reportable segment NOI to the consolidated net income (in thousands):

 

 

Years Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Segment net operating income

 

$

101,666

 

 

$

109,099

 

 

$

112,746

 

General and administrative

 

 

(15,201

)

 

 

(14,841

)

 

 

(13,782

)

Depreciation and amortization

 

 

(59,321

)

 

 

(62,987

)

 

 

(62,495

)

Impairment of real estate

 

 

(8,463

)

 

 

—

 

 

 

(13,444

)

Contractual interest expense

 

 

(32,960

)

 

 

(31,876

)

 

 

(25,784

)

Amortization of deferred financing costs and debt fair value

 

 

(1,384

)

 

 

(1,296

)

 

 

(1,218

)

Net (loss)/gain on disposition of real estate

 

 

(1,462

)

 

 

(134

)

 

 

21,658

 

Consolidated net (loss)/income

 

$

(17,125

)

 

$

(2,035

)

 

$

17,681

 
v3.25.0.1
Organization and Description of Business - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Company formation date Nov. 26, 2013
Operation commencement date Apr. 21, 2014
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Properties (Detail)
Dec. 31, 2024
Minimum [Member] | Building [Member]  
Property, Plant and Equipment [Line Items]  
Real estate properties estimated useful lives 29 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
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Segment
Accounting Policies [Abstract]  
Percentage of REIT taxable income distributed to stockholders 90.00%
Number of reportable segment 1
v3.25.0.1
Rents Receivable, Net - Components of Rents Receivable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Net, Current [Abstract]    
Billed receivables $ 3,888 $ 5,132
Straight-line receivables (unbilled receivables) 48,423 48,322
Total rents receivable $ 52,311 $ 53,454
v3.25.0.1
Rents Receivable, Net - Additional Information (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Accounts Receivable, Net, Current [Abstract]  
Allowance for doubtful accounts $ 0.3
v3.25.0.1
Real Estate Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 01, 2024
Jun. 15, 2022
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 27, 2024
May 15, 2023
Real Estate [Line Items]                  
Impairment of real estate     $ 13,400   $ 8,463 $ 0 $ 13,444    
Cascade Station [Member]                  
Real Estate [Line Items]                  
Impairment of real estate     6,500            
Cascade Station [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]                  
Real Estate [Line Items]                  
Mortgage loan deconsolidated in the period               $ 20,600  
Loss on deconsolidation         1,500        
Cash and restricted cash deconsolidated in the period               2,500  
Net current assets deconsolidated during the period               1,700  
Real estate assets deconsolidated in the period               $ 17,900  
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            
190 Office Center [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]                  
Real Estate [Line Items]                  
Mortgage loan deconsolidated in the period                 $ 38,600
Loss on deconsolidation           $ 100      
Cash and restricted cash deconsolidated in the period                 4,000
Net current liabilities deconsolidated in the period                 1,000
Real estate assets deconsolidated in the period                 $ 35,700
Superior Pointe [Member]                  
Real Estate [Line Items]                  
Proceeds of sale of property $ 12,000                
Impairment of real estate         8,500        
Deposit on sale of real estate         $ 300        
v3.25.0.1
Real Estate Investments - Schedule of Property Classified as Held for Sale (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real Estate [Line Items]    
Assets held for sale $ 12,588 $ 0
Liabilities related to assets held for sale 2,176 $ 0
Superior Pointe [Member]    
Real Estate [Line Items]    
Assets held for sale 12,588  
Liabilities related to assets held for sale 2,176  
Superior Pointe [Member] | Real Estate Properties [Member]    
Real Estate [Line Items]    
Assets held for sale 10,637  
Superior Pointe [Member] | Deferred Leasing Costs [Member]    
Real Estate [Line Items]    
Assets held for sale 382  
Superior Pointe [Member] | Rents Receivable Prepaid Expenses and Other Assets [Member]    
Real Estate [Line Items]    
Assets held for sale 1,569  
Superior Pointe [Member] | Accounts Payable Accrued Liabilities Deferred Rent and Tenant Rent Deposits [Member]    
Real Estate [Line Items]    
Liabilities related to assets held for sale $ 2,176  
v3.25.0.1
Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Cost, Lease Intangible Assets $ 117,343 $ 123,132
Accumulated amortization, Lease Intangible Assets (82,712) (80,698)
Total, Lease Intangible Assets 34,631 42,434
Cost, Lease Intangible Liabilities (14,432) (15,106)
Accumulated amortization, Lease Intangible Liabilities 8,131 7,370
Total, Lease Intangible Liabilities (6,301) (7,736)
Above Market Leases [Member]    
Finite-Lived Intangible Assets [Line Items]    
Cost, Lease Intangible Assets 16,596 17,463
Accumulated amortization, Lease Intangible Assets (10,584) (10,222)
Total, Lease Intangible Assets 6,012 7,241
In Place Leases [Member]    
Finite-Lived Intangible Assets [Line Items]    
Cost, Lease Intangible Assets 69,760 73,128
Accumulated amortization, Lease Intangible Assets (51,893) (51,290)
Total, Lease Intangible Assets 17,867 21,838
Leasing Commissions [Member]    
Finite-Lived Intangible Assets [Line Items]    
Cost, Lease Intangible Assets 30,987 32,541
Accumulated amortization, Lease Intangible Assets (20,235) (19,186)
Total, Lease Intangible Assets 10,752 13,355
Below Market Tenant Lease [Member]    
Finite-Lived Intangible Assets [Line Items]    
Cost, Lease Intangible Liabilities (14,294) (14,968)
Accumulated amortization, Lease Intangible Liabilities 8,071 7,314
Total, Lease Intangible Liabilities (6,223) (7,654)
Below Market Ground Lease [Member]    
Finite-Lived Intangible Assets [Line Items]    
Cost, Lease Intangible Liabilities (138) (138)
Accumulated amortization, Lease Intangible Liabilities 60 56
Total, Lease Intangible Liabilities $ (78) $ (82)
v3.25.0.1
Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 6,197
2026 5,880
2027 4,909
2028 4,212
2029 3,275
Thereafter 3,857
Total $ 28,330
v3.25.0.1
Debt - Summary of Outstanding Indebtedness (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Indebtedness $ 649,514 $ 672,720
Deferred financing costs, net (2,542) (3,258)
Unamortized fair value adjustments   48
Total 646,972 669,510
Unsecured Debt [Member] | Term loan [Member]    
Debt Instrument [Line Items]    
Indebtedness   50,000
Unsecured Debt [Member] | Term Loan Two [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 25,000 25,000
Interest Rate 6.00%  
Maturity 2026-01  
Unsecured Credit Facility [Member] | Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 255,000 200,000
Interest Rate, spread 1.50%  
Maturity 2025-11  
Mission City [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 45,095 45,994
Interest Rate 3.78%  
Maturity 2027-11  
Canyon Park [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 38,159 38,932
Interest Rate 4.30%  
Maturity 2027-03  
Circle Point [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 38,109 38,789
Interest Rate 4.49%  
Maturity 2028-09  
SanTan [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 30,773 31,501
Interest Rate 4.56%  
Maturity 2027-03  
The Quad [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 30,600 30,600
Interest Rate 4.20%  
Maturity 2028-09  
Intellicenter [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 30,042 30,682
Interest Rate 4.65%  
Maturity 2025-10  
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 $ 25,736 26,139
Interest Rate 7.05%  
Maturity 2028-08  
Greenwood Blvd [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 20,299 20,856
Interest Rate 3.15%  
Maturity 2025-12  
AmberGlen Property [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 20,000 20,000
Interest Rate 3.69%  
Maturity 2027-05  
5090 N 40th St [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 19,912 20,370
Interest Rate 3.92%  
Maturity 2027-01  
Central Fairwinds [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 15,497 15,826
Interest Rate 7.68%  
Maturity 2029-06  
Carillon Point [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 14,196 14,419
Interest Rate 7.05%  
Maturity 2028-08  
FRP Ingenuity Drive [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness $ 14,096 15,860
Interest Rate 4.44%  
Maturity 2026-12  
Cascade Station [Member] | Secured Debt [Member]    
Debt Instrument [Line Items]    
Indebtedness   $ 20,752
v3.25.0.1
Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 27, 2024
Jun. 27, 2024
May 23, 2024
Dec. 31, 2024
Dec. 31, 2023
Aug. 16, 2023
Mar. 08, 2023
Feb. 09, 2023
Jan. 06, 2023
Jan. 05, 2023
Debt Instrument [Line Items]                    
Derivative, Notional Amount       $ 220,429            
Interest Rate Swap [Member]                    
Debt Instrument [Line Items]                    
Derivative, Notional Amount $ 50,000             $ 140,000 $ 50,000 $ 25,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member] | Term Loan Two [Member]                    
Debt Instrument [Line Items]                    
Derivative, Fixed Interest Rate                   3.90%
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%  
Unsecured Debt [Member] | Term Loan Two [Member]                    
Debt Instrument [Line Items]                    
Term loan                   $ 25,000
Unsecured Debt [Member] | Term loan [Member]                    
Debt Instrument [Line Items]                    
Repayments of unsecured debt $ 50,000                  
Unsecured Debt [Member] | Margin [Member] | Term Loan Two [Member]                    
Debt Instrument [Line Items]                    
Interest Rate, Description       210.00%            
SanTan [Member] | Debt Service Coverage Ratio [Member] | Debt Yield [Member]                    
Debt Instrument [Line Items]                    
Restricted Cash       $ 1,600 $ 4,100          
FRP Collection [Member] | Interest Rate Swap [Member]                    
Debt Instrument [Line Items]                    
Derivative, Notional Amount           $ 26,300        
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       275.00%            
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       275.00%            
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Interest Rate, Description       200.00%            
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Interest Rate, Description       450.00%            
Central Fairwinds [Member] | Interest Rate Swap [Member]                    
Debt Instrument [Line Items]                    
Derivative, Notional Amount     $ 15,600              
Central Fairwinds [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]                    
Debt Instrument [Line Items]                    
Derivative, Fixed Interest Rate     4.43%              
Central Fairwinds [Member] | Secured Debt [Member] | Margin [Member]                    
Debt Instrument [Line Items]                    
Interest Rate, Description     325.00%              
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member]                    
Debt Instrument [Line Items]                    
Restricted Cash       $ 3,600 $ 3,200          
FRP Ingenuity Drive [Member] | Secured Debt [Member]                    
Debt Instrument [Line Items]                    
Repayment of principal amount of debt debt modification   $ 1,600                
Cascade Station [Member] | Secured Debt [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]                    
Debt Instrument [Line Items]                    
Mortgage loan deconsolidated in the period   $ 20,600                
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       2,500            
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       $ 255,000            
Interest Rate, Description       1.50%            
Credit Facility [Member] | Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term Loan Two [Member]                    
Debt Instrument [Line Items]                    
One month SOFR rate       4.49%            
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Revolving Credit Facility, authorized amount                   350,000
Interest Rate, Description       135.00%            
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       235.00%            
v3.25.0.1
Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 309,806  
2026 43,899  
2027 176,734  
2028 104,586  
2029 14,489  
Thereafter 0  
Total $ 649,514 $ 672,720
v3.25.0.1
Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 27, 2024
Dec. 31, 2023
Feb. 09, 2023
Jan. 06, 2023
Jan. 05, 2023
Derivatives, Fair Value [Line Items]            
Notional Value $ 220,429          
Interest Rate Swap [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value   $ 50,000   $ 140,000 $ 50,000 $ 25,000
Fair Value (736)   $ (290)      
January 2026 [Member] | Interest Rate Swap [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value 25,000          
Fair Value, Assets 50   49      
November 2025 [Member] | Interest Rate Swap [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value 140,000          
Fair Value, Liability (75)   (295)      
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity One [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value 25,736          
Fair Value, Liability (275)   (846)      
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity Two [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value 14,196          
Fair Value, Liability (152)   (466)      
June 2029 [Member] | Interest Rate Swap [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value 15,497          
Fair Value, Assets     0      
Fair Value, Liability (284)          
September 2024 [Member] | Interest Rate Swap [Member]            
Derivatives, Fair Value [Line Items]            
Notional Value 0          
Fair Value, Assets $ 0   $ 1,268      
v3.25.0.1
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 27, 2024
May 23, 2024
Aug. 16, 2023
Mar. 08, 2023
Feb. 09, 2023
Jan. 06, 2023
Jan. 05, 2023
Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Notional amount $ 220,429                    
Interest rate swap gain (loss) reclassified to interest expense 3,537 $ 3,438 $ 223                
Debt instrument carrying amount 649,514 672,720                  
Interest Rate Swap [Member]                      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Notional amount       $ 50,000       $ 140,000 $ 50,000 $ 25,000  
Interest rate swap gain (loss) reclassified to interest expense 3,500 3,400                  
Interest Rate Swap [Member] | FRP Collection [Member]                      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Notional amount           $ 26,300          
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] | Central Fairwinds [Member]                      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Notional amount         $ 15,600            
Interest Rate Swap [Member] | Central Fairwinds [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Fixed interest rate         4.43%            
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%  
LIBOR interest rate swap [Member]                      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Notional amount                     $ 50,000
Fair Value, Inputs, Level 3 [Member]                      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]                      
Mortgage loans payable, fair value 301,800 343,100                  
Debt instrument carrying amount $ 314,100 $ 357,200                  
v3.25.0.1
Related Party Transactions - Additional Information (Detail) - USD ($)
 12 Months Ended
Feb. 01, 2019
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]        
Annual payment receivable for services   $ 171,126,000 $ 179,096,000 $ 180,485,000
Administrative Services Agreement [Member] | SCRE II [Member] | First Twelve Months [Member]        
Related Party Transaction [Line Items]        
Annual payment receivable for services $ 500,000      
Administrative Services Agreement [Member] | SCRE II [Member] | Thereafter [Member]        
Related Party Transaction [Line Items]        
Management fee paid percentage 40.00%      
Administrative Services Agreement [Member] | Second City Funds [Member]        
Related Party Transaction [Line Items]        
Annual payment receivable for services   $ 200,000 100,000 300,000
Administrative Services Agreement [Member] | Clarity Real Estate III GP Limited [Member]        
Related Party Transaction [Line Items]        
Annual payment receivable for services     $ 200,000 $ 300,000
v3.25.0.1
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Lease cost $ 0.9 $ 0.9  
Weighted-average remaining lease term - operating leases 50 years    
Weighted-average discount rate - operating leases 6.20%    
Finance Lease, Weighted Average Remaining Lease Term 50 years    
Finance Lease, Weighted Average Discount Rate, Percent 6.20%    
Financing Lease Cost $ 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 64 years    
Remaining lease terms, Financing leases 64 years    
Minimum [Member]      
Remaining lease terms 2 years    
Remaining lease terms, Financing leases 2 years    
v3.25.0.1
Leases - Schedule of Operating Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Fixed payments $ 146,189 $ 149,203
Variable payments 24,507 26,826
Operating Lease, Lease Income $ 170,696 $ 176,029
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Income (Loss) Operating Income (Loss)
v3.25.0.1
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 127,005
2026 120,679
2027 102,956
2028 87,582
2029 66,703
Thereafter 137,258
Total future minimum lease payments to be received $ 642,183
v3.25.0.1
Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Right-of-use asset - operating leases $ 10,101 $ 12,564
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Lease liability – operating leases $ 8,286 $ 8,550
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities Other Liabilities
Right-of-use asset – financing leases $ 9,593 $ 9,820
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Lease liability – financing leases $ 1,637 $ 1,551
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
v3.25.0.1
Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 651  
2026 724  
2027 587  
2028 587  
2029 587  
Thereafter 25,389  
Total future minimum lease payments 28,525  
Discount (20,239)  
Total 8,286 $ 8,550
2025 8  
2026 8  
2027 8  
2028 8  
2029 9  
Thereafter 6,921  
Total future minimum lease payments 6,962  
Discount (5,325)  
Total $ 1,637 $ 1,551
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share Reconciliation [Abstract]      
Net (loss)/income $ (17,125) $ (2,035) $ 17,681
Less: Net income attributable to non-controlling interests in properties (555) (647) (691)
Less: Net income attributable to Preferred stockholders (7,420) (7,420) (7,420)
Net (loss)/income attributable to common stockholders $ (25,100) $ (10,102) $ 9,570
Denominator for basic EPS 40,140 39,922 42,052
Dilutive effect of RSUs and PSUs 814
Denominator for dilutive EPS 40,140 39,922 42,866
Net (loss)/income per common share:      
Basic $ (0.63) $ (0.25) $ 0.23
Diluted $ (0.63) $ (0.25) $ 0.22
v3.25.0.1
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Oct. 28, 2016
Oct. 04, 2016
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 04, 2023
May 04, 2022
Aug. 05, 2020
Feb. 26, 2020
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          
Payment of aggregate cash distributions to common stockholders and common unitholders     $ 16.0            
Payment of aggregate cash distributions to preferred stockholders     $ 7.4            
Maximum number of shares issued under Equity Incentive Plan             3,763,580    
Stock Repurchase Program, Authorized Amount           $ 50.0   $ 50.0  
Stock Repurchased During Period, Shares     0 0 4,006,897        
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         $ 50.0        
Unrecognized share-based compensation expense     $ 3.9            
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   $ 100.0              
Proceeds from Issuance of Redeemable Preferred Stock   96.5              
Payments for Underwriting Expense   $ 3.5              
Common Stock [Member]                  
Class of Stock [Line Items]                  
Aggregate cash distributions payable     $ 4.0            
Preferred Stock [Member]                  
Class of Stock [Line Items]                  
Aggregate cash distributions payable     1.9            
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 $ 12.0                
O2024 A Dividends [Member]                  
Class of Stock [Line Items]                  
Aggregate cash distributions to common stockholders and common unitholders     16.1            
S2024 A Dividends [Member]                  
Class of Stock [Line Items]                  
Aggregate cash distributions to preferred stockholders     $ 7.4            
Executive Officer [Member]                  
Class of Stock [Line Items]                  
Share-based Payment Award, Award Vesting Period     3 years            
v3.25.0.1
Stockholders' Equity - Schedule of Distributions Declared per Share and Unit (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends Payable [Line Items]              
Distribution per Common Share/Unit $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.4 $ 0.5 $ 0.8
O 2024 Q1 Dividends [Member]              
Dividends Payable [Line Items]              
Declaration Date       Mar. 15, 2024      
Record Date       Apr. 10, 2024      
Payment Date       Apr. 24, 2024      
O 2024 Q2 Dividends [Member]              
Dividends Payable [Line Items]              
Declaration Date     Jun. 14, 2024        
Record Date     Jul. 10, 2024        
Payment Date     Jul. 24, 2024        
O 2024 Q3 Dividends [Member]              
Dividends Payable [Line Items]              
Declaration Date   Sep. 13, 2024          
Record Date   Oct. 10, 2024          
Payment Date   Oct. 24, 2024          
O 2024 Q4 Dividends [Member]              
Dividends Payable [Line Items]              
Declaration Date Dec. 13, 2024            
Record Date Jan. 09, 2025            
Payment Date Jan. 23, 2025            
v3.25.0.1
Stockholders' Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]      
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]      
Beginning balance 451,741 428,320 342,159
Granted 324,414 198,022 237,986
Issuance of dividend equivalents 40,681 43,721 25,987
Vested (228,747) (216,520) (177,812)
Forfeited   (1,802)  
Ending balance 588,089 451,741 428,320
Performance Restricted Stock Unit [Member]      
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]      
Beginning balance 424,888 307,500 217,500
Granted 324,952 214,888 90,000
Issuance of dividend equivalents 0 0 0
Vested (120,000) (97,500) 0
Forfeited   0  
Ending balance 629,840 424,888 307,500
v3.25.0.1
Stockholders' Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]      
Grant Date Fair Value $ 3,539 $ 3,729 $ 5,753
Weighted Average Grant Fair Value Per Share $ 5.45 $ 9.03 $ 17.54
Restricted Stock Units (RSUs) [Member]      
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]      
Units Granted 324,414 198,022 237,986
Performance Restricted Stock Unit [Member]      
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]      
Units Granted 324,952 214,888 90,000
v3.25.0.1
Stockholders' Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Recognized Net Compensation Expense [Line Items]      
Share-based Payment Arrangement, Amount Capitalized $ 4,322 $ 4,094 $ 3,879
Restricted Stock Units (RSUs) [Member]      
Schedule Of Recognized Net Compensation Expense [Line Items]      
Share-based Payment Arrangement, Amount Capitalized 2,571 2,542 2,554
Performance Restricted Stock Unit [Member]      
Schedule Of Recognized Net Compensation Expense [Line Items]      
Share-based Payment Arrangement, Amount Capitalized $ 1,751 $ 1,552 $ 1,325
v3.25.0.1
Segment Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.0.1
Segment Information - Summary of Segment NOI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting [Abstract]      
Rental and other revenues $ 171,126 $ 179,096 $ 180,485
Property operating expenses 69,460 69,997 67,739
Segment net operating income $ 101,666 $ 109,099 $ 112,746
v3.25.0.1
Segment Information - Summary of Reconciliation of Reportable Segment NOI to Consolidated Net Income (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting [Abstract]        
Segment net operating income   $ 101,666 $ 109,099 $ 112,746
General and administrative   (15,201) (14,841) (13,782)
Depreciation and amortization   (59,321) (62,987) (62,495)
Impairment of real estate $ (13,400) (8,463) 0 (13,444)
Contractual interest expense   (32,960) (31,876) (25,784)
Amortization of deferred financing costs and debt fair value   (1,384) (1,296) (1,218)
Net (loss)/gain on disposition of real estate   (1,462) (134) 21,658
Net (loss)/income   $ (17,125) $ (2,035) $ 17,681
v3.25.0.1
Schedule III - Real Estate Properties and Accumulated Depreciation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 649,514      
Initial Costs to Company, Land 190,372      
Initial Costs to Company, Buildings and Improvements 1,142,366      
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements 192,364      
Gross Amount, Land 190,372      
Gross Amount, Building and Improvements 1,334,730      
Gross Amount, Total 1,525,102 $ 1,541,703 $ 1,554,591 $ 1,568,653
Accumulated Amortization 251,956 $ 218,628 $ 175,720 $ 157,356
AmberGlen Property [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 20,000      
Initial Costs to Company, Land 6,547      
Initial Costs to Company, Buildings and Improvements 3,490      
Costs Capitalized Subsequent to Acquisitions, Land Buildings and Improvements 1,960      
Gross Amount, Land 6,547      
Gross Amount, Building and Improvements 5,450      
Gross Amount, Total 11,997      
Accumulated Amortization $ 3,093      
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 18,454      
Gross Amount, Land 3,123      
Gross Amount, Building and Improvements 29,110      
Gross Amount, Total 32,233      
Accumulated Amortization $ 11,113      
Date of Construction 1984      
Year Acquired 2010      
Central Fairwinds [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 15,497      
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 7,744      
Gross Amount, Land 1,747      
Gross Amount, Building and Improvements 17,495      
Gross Amount, Total 19,242      
Accumulated Amortization $ 7,161      
Date of Construction 1982      
Year Acquired 2012      
Florida Research Park [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 39,832      
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 9,858      
Gross Amount, Land 11,446      
Gross Amount, Building and Improvements 66,333      
Gross Amount, Total 77,779      
Accumulated Amortization $ 19,978      
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      
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 11,484      
Gross Amount, Land 18,002      
Gross Amount, Building and Improvements 64,203      
Gross Amount, Total 82,205      
Accumulated Amortization $ 18,253      
Denver Tech [Member] | Minimum [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Date of Construction 1997      
Year Acquired 2015      
Denver Tech [Member] | Maximum [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Date of Construction 1999      
Year Acquired 2019      
Intellicenter [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 30,042      
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 (450)      
Gross Amount, Land 5,244      
Gross Amount, Building and Improvements 33,828      
Gross Amount, Total 39,072      
Accumulated Amortization $ 8,801      
Date of Construction 2008      
Year Acquired 2015      
Carillon Point [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 14,196      
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 2,189      
Gross Amount, Land 5,172      
Gross Amount, Building and Improvements 19,505      
Gross Amount, Total 24,677      
Accumulated Amortization $ 6,778      
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 28,398      
Gross Amount, Land 3,479      
Gross Amount, Building and Improvements 97,054      
Gross Amount, Total 100,533      
Accumulated Amortization $ 29,049      
Date of Construction 1973      
Year Acquired 2016      
5090 N 40th St [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 19,912      
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 8,102      
Gross Amount, Land 6,696      
Gross Amount, Building and Improvements 40,225      
Gross Amount, Total 46,921      
Accumulated Amortization $ 9,022      
Date of Construction 1988      
Year Acquired 2016      
SanTan [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 30,773      
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 9,593      
Gross Amount, Land 6,803      
Gross Amount, Building and Improvements 46,780      
Gross Amount, Total 53,583      
Accumulated Amortization $ 12,601      
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 3,663      
Gross Amount, Land 10,629      
Gross Amount, Building and Improvements 38,178      
Gross Amount, Total 48,807      
Accumulated Amortization $ 7,317      
Date of Construction 2003      
Year Acquired 2017      
Mission City [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 45,095      
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 14,776      
Gross Amount, Land 25,741      
Gross Amount, Building and Improvements 56,250      
Gross Amount, Total 81,991      
Accumulated Amortization $ 19,592      
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 2,079      
Gross Amount, Land 10,746      
Gross Amount, Building and Improvements 21,841      
Gross Amount, Total 32,587      
Accumulated Amortization $ 6,165      
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 13,641      
Gross Amount, Land 0      
Gross Amount, Building and Improvements 58,774      
Gross Amount, Total 58,774      
Accumulated Amortization $ 13,304      
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 $ 38,109      
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 8,458      
Gross Amount, Land 9,320      
Gross Amount, Building and Improvements 47,559      
Gross Amount, Total 56,879      
Accumulated Amortization $ 12,049      
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 495      
Gross Amount, Land 8,079      
Gross Amount, Building and Improvements 40,353      
Gross Amount, Total 48,432      
Accumulated Amortization $ 8,305      
Date of Construction 1982      
Year Acquired 2018      
Greenwood Blvd [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 20,299      
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 1,300      
Gross Amount, Land 3,945      
Gross Amount, Building and Improvements 27,319      
Gross Amount, Total 31,264      
Accumulated Amortization $ 5,825      
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 8,210      
Gross Amount, Land 11,738      
Gross Amount, Building and Improvements 46,132      
Gross Amount, Total 57,870      
Accumulated Amortization $ 9,548      
Date of Construction 1978      
Year Acquired 2018      
Canyon Park [Member]        
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 38,159      
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 7,100      
Gross Amount, Land 7,098      
Gross Amount, Building and Improvements 45,516      
Gross Amount, Total 52,614      
Accumulated Amortization $ 9,629      
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      
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 9,880      
Gross Amount, Land 0      
Gross Amount, Building and Improvements 125,627      
Gross Amount, Total 125,627      
Accumulated Amortization $ 8,954      
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 6,942      
Gross Amount, Land 15,861      
Gross Amount, Building and Improvements 108,397      
Gross Amount, Total 124,258      
Accumulated Amortization $ 7,800      
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 18,488      
Gross Amount, Land 18,956      
Gross Amount, Building and Improvements 298,801      
Gross Amount, Total 317,757      
Accumulated Amortization $ 17,619      
Year Acquired 2021      
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 $ 280,000      
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      
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Schedule III - Real Estate Properties and Accumulated Depreciation (Parenthetical) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]    
Real estate assets, aggregate cost for federal tax purpose $ 1,000,000  
Deferred financing costs $ 2,542 $ 3,258
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Schedule III - Summary of Real Estate and Accumulated Depreciation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate Properties      
Balance, beginning of year $ 1,541,703 $ 1,554,591 $ 1,568,653
Dispositions and impairments (40,229) (39,333) (58,735)
Capital improvements 34,265 26,445 44,673
Assets held for sale (10,637) 0 0
Balance, end of year 1,525,102 1,541,703 1,554,591
Accumulated Depreciation      
Balance, beginning of year 218,628 175,720 157,356
Depreciation 47,903 47,266 46,654
Dispositions (14,575) (4,358) (28,290)
Balance, end of year $ 251,956 $ 218,628 $ 175,720