VANCOUVER, Aug. 2, 2018 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) (the "Company" or "City Office"), today announced
its results for the quarter ended June 30,
2018.
Second Quarter Highlights
- GAAP net loss attributable to common stockholders was
approximately $2.7 million, or
($0.07) per fully diluted share;
- Core FFO was approximately $9.3
million, or $0.26 per fully
diluted share;
- AFFO was approximately $7.1
million, or $0.19 per fully
diluted share;
- In-place occupancy closed the quarter at 89.6%; the Company
executed approximately 140,000 square feet of new and renewal
leases during the quarter;
- Acquired Pima Center in Phoenix,
Arizona for $56.5
million;
- Same Store NOI increased 3.2% and Same Store Cash NOI decreased
3.1% as compared to the second quarter 2017;
- Declared a second quarter dividend of $0.235 per share of common stock, paid on
July 25, 2018; and
- Declared a second quarter dividend of $0.4140625 per share of Series A Preferred Stock,
paid on July 25, 2018.
Highlights Subsequent to Quarter End
- Acquired a 272,000 square foot property in Denver, Colorado for $59.8 million ("Circle Point"); and
- Acquired a 163,000 square foot property in Phoenix, Arizona for $51.0 million ("The Quad").
"We are pleased to raise our previously issued guidance for 2018
as we hit the midpoint of the year. Results to date are tracking
our expectations for operations and the pace of acquisitions,"
commented James Farrar, the
Company's Chief Executive Officer. "We have made significant
progress towards our occupancy goals. The properties that
comprised our year-end porfolio, which ended 2017 at 88.5%
occupied, are now 90.5% leased when including leases that are
signed but have not yet commenced. This is already within our
year-end guidance range, and we expect further improvements in the
second half of the year."
"So far this year, we have acquired $167
million of quality office properties within our high growth
markets at a weighted average first year net operating income yield
of approximately 7.4%. The new additions of Circle Point and
The Quad after quarter end both feature attractive locations within
desirable submarkets, vibrant onsite amenities and high-quality
tenant buildouts. In the aggregate, these two properties have
experienced approximately 296,000 SF of new leasing in the last two
years, representing high tenant demand for these premier assets."
A reconciliation of certain non-GAAP financial measures,
including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash
NOI and Adjusted Cash NOI, to the most directly comparable GAAP
financial measure can be found at the end of this release.
Portfolio Operations
The Company reported that its total portfolio as of June 30, 2018 contained 4.9 million net rentable
square feet and was 89.6% occupied.
City Office's NOI was approximately $18.5
million, or approximately $17.4
million on an adjusted cash basis, during the second quarter
of 2018.
Same Store NOI increased 3.2% as compared to the second quarter
2017 while Same Store Cash NOI decreased 3.1%. The primary
difference between these figures is attributable to approximately
$0.4 million of free rent credits at
our Superior Pointe property in Denver. Three leases at the
property, including a renewal, an expansion and a new tenant,
increased our occupancy to 92.1% at the end of the quarter but
contained free rent periods which depressed Same Store Cash NOI.
Without these free rent periods, Same Store Cash NOI would have
been flat during the quarter.
Investment and Disposition Activity
During the quarter, the Company completed the previously
announced acquisition of Pima Center for a purchase price of
$56.5 million, exclusive of closing
costs. The acquisition is anticipated to generate an initial
full-year net operating income yield of approximately 8.3%.
Subsequent to the end of the second quarter, the Company
completed the acquisition of Circle Point, a two-building office
complex comprised of approximately 272,000 square feet, located in
the Northwest submarket of Denver,
Colorado. The purchase price was $59.8
million, exclusive of closing costs, and the acquisition is
anticipated to generate an initial full-year net operating income
yield of approximately 6.8%. The Class A property features a
prominent and desirable location on Route 36 between Denver and Boulder, which is known for its tech-oriented
tenant base and strong labor pool. The complex is
well-amenitized, with an onsite café, tenant lounge, mountain views
and direct access to an adjacent, landscaped 2.0-acre park.
Circle Point was 93% occupied at close with a weighted average
lease term remaining of 7.0 years.
Subsequent to the end of the second quarter, the Company
completed the acquisition of The Quad, a 14-building office campus
comprised of approximately 163,000 square feet, located in the
Scottsdale submarket of
Phoenix, Arizona. The
purchase price was $51.0 million,
exclusive of closing costs, and the acquisition is anticipated to
generate an initial full-year net operating income yield of
approximately 7.1%. The Quad received the 2018 NAIOP
Redevelopment Project of the Year award for its outstanding
creative and collaborative suite buildouts and campus
environment. The Class A property has attracted high demand
from creative and tech-oriented tenants with its onsite restaurant,
conference and event center, fitness facility and outdoor
recreational spaces. The Quad was 97% occupied at close with
a weighted average lease term remaining of 5.0 years.
Leasing Activity
The Company's total leasing activity during the second quarter
of 2018 was 140,000 square feet, which included 58,000 square feet
of new leasing and 82,000 square feet of renewals. 121,000 square
feet of leases signed within the quarter will commence subsequent
to quarter end.
Notably, subsequent to quarter end, the Company executed a
68,536 square foot lease with a life sciences tenant for a full
building at the Sorrento Mesa property in San Diego, California. The five year
lease is expected to commence on January 1,
2019, immediately following the lease expiration of the
existing tenant on December 31,
2018. The transaction backfilled a tenant that City Office
expected to vacate when it acquired the property in September 2017, and has stabilized the building
with a well-securitized lease.
New Leasing – New leases were signed with a weighted
average lease term of 4.8 years at a weighted average annual rent
per square foot of $27.92 and at a
weighted average cost of $7.96 per
square foot per year.
Renewal Leasing – Renewal leases were signed with a
weighted average lease term of 2.6 years at a weighted average
annual rent per square foot of $27.71
and at a weighted average cost of $2.41 per square foot per year.
Capital Structure
As of June 30, 2018, the Company
had total principal outstanding debt of approximately $485.4 million. 88.0% of the Company's
outstanding debt was fixed rate, with a weighted average maturity
of 6.2 years and a weighted average interest rate of 4.1%.
Dividends
On June 15, 2018, the Company's
board of directors approved and the Company declared a cash
dividend of $0.235 per share of the
Company's common stock for the three months ended June 30, 2018. The dividend was paid on
July 25, 2018 to common stockholders
and unitholders of record as of July 11,
2018.
On June 15, 2018, the Company's
board of directors approved and the Company declared a cash
dividend of $0.4140625 per share of
the Company's 6.625% Series A Preferred Stock. The dividend
was paid on July 25, 2018 to
preferred stockholders of record as of July
11, 2018.
2018 Outlook
Following its continued strong leasing efforts and pace of
acquisitions to date, the Company is raising its 2018 Core FFO per
diluted share guidance and reaffirms the material considerations
and components of its previously issued guidance.
Full Year 2018
Guidance:
|
|
|
Previous
|
|
Updated
|
|
|
|
|
Low
|
|
High
|
|
Low
|
|
High
|
2018 Core FFO per
diluted share:
|
|
$1.08
|
|
$1.13
|
|
$1.10
|
|
$1.14
|
Q4 2018 Core FFO per
diluted share:
|
$0.31
|
|
$0.34
|
|
$0.31
|
|
$0.34
|
December 31, 2018
Occupancy:
|
|
90.0%
|
|
93.0%
|
|
90.0%
|
|
93.0%
|
The updated guidance above reflects management's view of current
and future property operations and market conditions, including
assumptions such as rental rates, occupancy levels, operating and
general and administrative expenses, weighted average diluted
shares outstanding and interest rates. The guidance assumes
that the Company is fully deployed by the end of the third quarter
of 2018. The timing of future 2018 acquisitions and
dispositions, if any, will have a material impact on actual
results.
Webcast and Conference Call Details
City Office's management will hold a conference call at
11:00 am Eastern Time on August 2, 2018.
The webcast will be available under the "Investor Relations"
section of the Company's website at www.cityofficereit.com.
The conference call can be accessed by dialing 1-866-262-0919 for
domestic callers and 1-412-902-4106 for international
callers.
A replay of the call will be available later in the day on
August 2, 2018, continuing through
11:59 pm Eastern Time on November 2, 2018 and can be accessed by dialing
1-877-344-7529 for domestic callers and 1-412-317-0088 for
international callers. The passcode for the replay is
10122236. A replay will also be available for twelve months
following the call at "Webcasts & Events" in the "Investor
Relations" section of the Company's website.
A supplemental financial package to accompany the discussion of
the results will be posted on www.cityofficereit.com under the
"Investor Relations" section.
Non-GAAP Financial Measures
Funds from Operations ("FFO") – The National Association
of Real Estate Investment Trusts ("NAREIT") states FFO should
represent net income or loss (computed in accordance with GAAP)
plus real estate related depreciation and amortization (excluding
amortization of deferred financing costs) and after adjustments of
unconsolidated partnerships and joint ventures, gains or losses on
the sale of property and impairments to real
estate.
The Company uses FFO as a supplemental performance measure
because the Company believes that FFO is beneficial to investors as
a starting point in measuring the Company's operational
performance. We also believe that, as a widely recognized
measure of the performance of REITs, FFO will be used by investors
as a basis to compare the Company's operating performance with that
of other REITs.
However, because FFO excludes depreciation and amortization and
captures neither the changes in the value of the Company's
properties that result from use or market conditions nor the level
of capital expenditures and leasing commissions necessary to
maintain the operating performance of the Company's properties, all
of which have real economic effects and could materially impact the
Company's results from operations, the utility of FFO as a measure
of the Company's performance is limited. In addition, other
equity REITs may not calculate FFO in accordance with the NAREIT
definition as the Company does, and, accordingly, the Company's FFO
may not be comparable to such other REITs' FFO. Accordingly,
FFO should be considered only as a supplement to net income as a
measure of the Company's performance.
Core Funds from Operations ("Core FFO") – We calculate
Core FFO by using FFO as defined by NAREIT and adjusting for
certain other non-core items. We also exclude from our
Core FFO calculation acquisition costs, loss on early
extinguishment of debt, changes in the fair value of the earn-out,
changes in fair value of contingent consideration, and the
amortization of stock based compensation.
We believe Core FFO provides a useful metric in comparing
operations between reporting periods and in assessing the
sustainability of our ongoing operating performance. Other equity
REITs may calculate Core FFO differently or not at all, and,
accordingly, the Company's Core FFO may not be comparable to such
other REITs' Core FFO.
Adjusted Funds from Operations ("AFFO") – We compute AFFO
by adding to Core FFO the non-cash amortization of deferred
financing fees and non-real estate depreciation, and then
subtracting cash paid for recurring tenant improvements, leasing
commissions, and capital expenditures, and eliminating the net
effect of straight-line rents, deferred market rent and debt fair
value amortization. Recurring capital expenditures exclude
development / redevelopment activities, capital expenditures
planned at acquisition and costs to reposition a property. We
exclude first generation leasing costs within the first two years
of our initial public offering or acquisition, which are generally
to fill vacant space in properties we acquire or were planned at
acquisition. We have further excluded all costs associated
with tenant improvements, leasing commissions and capital
expenditures which were funded by the entity contributing the
properties at closing.
Along with FFO and Core FFO, we believe AFFO provides investors
with appropriate supplemental information to evaluate the ongoing
operations of the Company. Other equity REITs may calculate AFFO
differently, and, accordingly, the Company's AFFO may not be
comparable to such other REITs' AFFO.
Net Operating Income ("NOI"), Adjusted Cash NOI – We
define NOI as total revenues less property operating
expenses. We define Adjusted Cash NOI as NOI less the effect
of recurring straight-line rents, deferred market rent, and any
amounts which are funded by the selling entities.
We consider NOI and Adjusted Cash NOI to be appropriate
supplemental performance measures to net income because we believe
they provide information useful in understanding the core
operations and operating performance of our portfolio.
Same Store Cash Net Operating Income ("Same Store Cash
NOI") – Same Store Cash NOI is calculated as the NOI
attributable to the properties continuously owned and operated for
the entirety of the reporting periods presented. The Company's
definition of Same Store Cash NOI excludes properties that were not
stabilized during both of the applicable reporting periods. These
exclusions may include, but are not limited to, acquisitions,
dispositions and properties undergoing repositioning or
signification renovations.
We believe Same Store NOI is an important measure of comparison
because it allows for comparison of operating results of stabilized
properties owned and operated for the entirety of both applicable
periods and therefore eliminates variations caused by acquisitions,
dispositions or repositionings during such periods. Other REITs may
calculate Same Store Cash NOI differently and our calculation
should not be compared to that of other REITs.
Forward-looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Certain statements contained in this press release, including those
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon the Company's current beliefs as to the outcome
and timing of future events. There can be no assurance that actual
forward-looking statements, including projected capital resources,
projected profitability and portfolio performance, estimates or
developments affecting the Company will be those anticipated by the
Company. Examples of forward-looking statements include those
pertaining to expectations regarding our financial performance,
including under metrics such as NOI and FFO, market rental rates,
national or local economic growth, estimated replacement costs of
our properties, the Company's expectations regarding tenant
occupancy, re-leasing periods, projected capital improvements,
expected sources of financing, expectations as to the timing of
closing of acquisitions, dispositions, or other transactions, the
expected operating performance of the Company's current properties
and anticipated near-term acquisitions and descriptions relating to
these expectations, including, without limitation, the anticipated
net operating income yield and cap rates. Forward-looking
statements presented in this press release are based on
management's beliefs and assumptions made by, and information
currently available to, management.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"believe," "could," "project," "predict," "hypothetical,"
"continue," "future" or other similar words or expressions. All
forward-looking statements included in this press release are based
upon information available to the Company on the date hereof and
the Company is under no duty to update any of the forward-looking
statements after the date of this press release to conform these
statements to actual results. The forward-looking statements
involve a number of significant risks and uncertainties. Factors
that could have a material adverse effect on the Company's
operations and future prospects are set forth in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and subsequent reports filed
from time to time with the U.S. Securities and Exchange Commission,
including the sections entitled "Risk Factors" contained therein.
The factors set forth in the Risk Factors section and otherwise
described in the Company's filings with SEC could cause the
Company's actual results to differ significantly from those
contained in any forward-looking statement contained in this press
release. The Company does not guarantee that the assumptions
underlying such forward-looking statements are free from errors.
Unless otherwise stated, historical financial information and per
share and other data are as of June 30,
2018.
Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, the Company's
business, financial condition, liquidity, cash flows and results
could differ materially from those expressed in any forward-looking
statement. While forward-looking statements reflect our good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. We disclaim any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. Use caution in
relying on past forward-looking statements, which were based on
results and trends at the time they were made, to anticipate future
results or trends.
City Office REIT,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In thousands,
except par value and share data)
|
|
|
June
30,
|
|
December
31,
|
|
2018
|
|
2017
|
Assets
|
|
|
|
Real estate
properties
|
|
|
|
Land
|
$
188,110
|
|
$
188,110
|
Building and
improvement
|
581,792
|
|
534,473
|
Tenant
improvement
|
62,796
|
|
53,427
|
Furniture, fixtures
and equipment
|
315
|
|
291
|
|
833,013
|
|
776,301
|
Accumulated
depreciation
|
(60,507)
|
|
(48,234)
|
|
772,506
|
|
728,067
|
|
|
|
|
Cash and cash
equivalents
|
14,655
|
|
12,301
|
Restricted
cash
|
17,957
|
|
22,713
|
Rents receivable,
net
|
22,349
|
|
20,087
|
Deferred leasing
costs, net
|
9,231
|
|
7,793
|
Acquired lease
intangible assets, net
|
65,103
|
|
65,088
|
Prepaid expenses and
other assets
|
5,538
|
|
2,013
|
Assets held for
sale
|
-
|
|
38,427
|
Total
Assets
|
$
907,339
|
|
$
896,489
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Liabilities:
|
|
|
|
Debt
|
$
479,610
|
|
$
489,509
|
Accounts payable and
accrued liabilities
|
15,938
|
|
17,605
|
Deferred
rent
|
3,892
|
|
4,223
|
Tenant rent
deposits
|
3,784
|
|
3,523
|
Acquired lease
intangible liabilities, net
|
7,619
|
|
8,649
|
Dividend
distributions payable
|
10,346
|
|
10,318
|
Liabilities related
to assets held for sale
|
-
|
|
2,830
|
Total
Liabilities
|
521,189
|
|
536,657
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
Equity:
|
|
|
|
6.625% Series A
Preferred stock, $0.01 par value per share, 5,600,000 shares
authorized,
4,480,000 issued and outstanding
|
112,000
|
|
112,000
|
Common stock, $0.01
par value, 100,000,000 shares authorized, 36,133,271 and
36,012,086 shares issued and outstanding
|
361
|
|
360
|
Additional paid-in
capital
|
335,009
|
|
334,241
|
Accumulated
deficit
|
(61,556)
|
|
(86,977)
|
Total
Stockholders' Equity
|
385,814
|
|
359,624
|
Non-controlling
interests in properties
|
336
|
|
208
|
Total
Equity
|
386,150
|
|
359,832
|
Total Liabilities
and Equity
|
$
907,339
|
|
$
896,489
|
City Office REIT,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
Rental
income
|
$
25,880
|
|
$
21,635
|
|
$
52,894
|
|
$
43,948
|
Expense
reimbursement
|
3,545
|
|
2,847
|
|
7,090
|
|
5,141
|
Other
|
811
|
|
675
|
|
1,786
|
|
1,466
|
Total
Revenues
|
30,236
|
|
25,157
|
|
61,770
|
|
50,555
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Property operating
expenses
|
11,748
|
|
10,674
|
|
23,374
|
|
20,284
|
General and
administrative
|
1,966
|
|
1,597
|
|
3,943
|
|
3,790
|
Depreciation and
amortization
|
11,771
|
|
9,148
|
|
23,665
|
|
19,646
|
Total Operating
Expenses
|
25,485
|
|
21,419
|
|
50,982
|
|
43,720
|
|
|
|
|
|
|
|
|
Operating
income
|
4,751
|
|
3,738
|
|
10,788
|
|
6,835
|
Interest
Expense:
|
|
|
|
|
|
|
|
Contractual interest
expense
|
(5,081)
|
|
(4,356)
|
|
(10,269)
|
|
(8,429)
|
Amortization of
deferred financing costs
|
(354)
|
|
(331)
|
|
(986)
|
|
(655)
|
|
(5,435)
|
|
(4,687)
|
|
(11,255)
|
|
(9,084)
|
Change in fair value
of contingent consideration
|
-
|
|
2,000
|
|
-
|
|
2,000
|
Net gain on sale of
real estate property
|
-
|
|
12,116
|
|
46,980
|
|
12,116
|
Net
(loss)/income
|
(684)
|
|
13,167
|
|
46,513
|
|
11,867
|
Less:
|
|
|
|
|
|
|
|
Net income
attributable to non-controlling interests in properties
|
(114)
|
|
(3,104)
|
|
(249)
|
|
(3,272)
|
Net (loss)/income
attributable to the Company
|
(798)
|
|
10,063
|
|
46,264
|
|
8,595
|
Preferred stock
distributions
|
(1,855)
|
|
(1,855)
|
|
(3,710)
|
|
(3,701)
|
Net (loss)/income
attributable to common stockholders
|
$
(2,653)
|
|
$
8,208
|
|
$
42,554
|
|
$
4,894
|
|
|
|
|
|
|
|
|
Net (loss)/income per
common share:
|
|
|
|
|
|
|
|
Basic
|
$
(0.07)
|
|
$
0.27
|
|
$
1.18
|
|
$
0.16
|
Diluted
|
$
(0.07)
|
|
$
0.27
|
|
$
1.17
|
|
$
0.16
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
36,132
|
|
30,257
|
|
36,103
|
|
29,886
|
Diluted
|
36,132
|
|
30,563
|
|
36,452
|
|
30,186
|
Dividend
distributions declared per common share
|
$
0.235
|
|
$
0.235
|
|
$
0.470
|
|
$
0.470
|
City Office REIT,
Inc.
|
Reconciliation of
Net Operating Income and Adjusted Cash NOI to Net
Income
|
(Unaudited)
|
(In
thousands)
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2018
|
|
|
|
Net loss
|
$
(684)
|
Adjustments to net
loss:
|
|
|
General and
administrative
|
1,966
|
|
Contractual interest
expense
|
5,081
|
|
Amortization of
deferred financing costs
|
354
|
|
Depreciation and
amortization
|
11,771
|
Net Operating Income
("NOI")
|
$
18,488
|
|
Net recurring
straight line rent adjustment
|
(738)
|
|
Net amortization of
above and below market leases
|
58
|
Portfolio Adjusted
Cash NOI
|
$
17,808
|
|
NCI in properties -
share in cash NOI
|
(375)
|
Adjusted Cash NOI
(CIO share)
|
$
17,433
|
City Office REIT,
Inc.
|
Reconciliation of
Net Income to FFO, Core FFO and AFFO
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2018
|
|
|
|
|
Net loss attributable
to common stockholders
|
|
$
(2,653)
|
|
(+) Depreciation and
amortization
|
|
11,771
|
|
|
|
9,118
|
|
Non-controlling
interests in properties:
|
|
|
|
(+) Share of net
income
|
|
114
|
|
(-) Share of
FFO
|
|
(283)
|
FFO attributable to
common stockholders
|
|
$
8,949
|
|
(+) Stock based
compensation
|
|
356
|
Core FFO attributable
to common stockholders
|
|
$
9,305
|
|
(+) Net recurring
straight line rent adjustment
|
|
(738)
|
|
(+) Net amortization
of above and below market leases
|
|
58
|
|
(+) Net amortization
of deferred financing costs
|
|
348
|
|
(-) Net recurring
tenant improvement and incentives
|
|
(807)
|
|
(-) Net recurring
leasing commissions
|
|
(589)
|
|
(-) Net recurring
capital expenditures
|
|
(514)
|
AFFO attributable to
common stockholders
|
|
$
7,063
|
|
|
|
|
Core FFO per common
share
|
|
$
0.26
|
AFFO per common
share
|
|
$
0.19
|
|
|
|
|
Dividends per common
share
|
|
$
0.235
|
Core FFO Payout
Ratio
|
|
92%
|
AFFO Payout
Ratio
|
|
121%
|
|
|
|
|
Weighted average
common shares outstanding
|
|
36,473
|
City Office REIT,
Inc.
|
Reconciliation of
Same Store Cash NOI to Total Revenues
|
(Unaudited)
|
(In
thousands)
|
|
|
|
Three Months
Ended
June 30,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Total
revenues
|
|
$
30,236
|
|
$
25,157
|
Property operating
expenses
|
|
11,748
|
|
10,674
|
Net operating income
("NOI")
|
|
$
18,488
|
|
$
14,483
|
Less: NOI of
properties not included in same store
|
|
(6,514)
|
|
(2,881)
|
Same store
NOI
|
|
$
11,974
|
|
$
11,602
|
Less:
|
|
|
|
|
Termination fee
income
|
|
(40)
|
|
-
|
Straight line rent
adjustment
|
|
(442)
|
|
217
|
Above and below market
leases
|
|
(94)
|
|
(99)
|
NCI in properties -
cash NOI
|
|
(304)
|
|
(275)
|
Same store cash
NOI
|
|
$
11,094
|
|
$
11,445
|
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
View original
content:http://www.prnewswire.com/news-releases/city-office-reit-reports-second-quarter-2018-results-300690730.html
SOURCE City Office REIT, Inc.