City Office REIT, Inc. (NYSE: CIO) (the “Company,” “City
Office,” “we” or “our”) today announced its results for the quarter
and full year ended December 31, 2020.
Fourth Quarter Highlights
- Rental and other revenues were $39.8 million. GAAP net loss
attributable to common stockholders was approximately $1.5 million,
or $(0.03) per fully diluted share;
- Core FFO was approximately $14.1 million, or $0.32 per fully
diluted share;
- AFFO was approximately $7.5 million, or $0.17 per fully diluted
share;
- To date, collected over 99% of fourth quarter contractual base
rent;
- Same Store Cash NOI increased 0.4% in the fourth quarter and
1.1% for the full year 2020 as compared to the same periods in
2019;
- In-place occupancy closed the quarter at 90.5%;
- Executed approximately 265,000 square feet of new and renewal
leases during the quarter, including a ten-year, 163,000 square
foot lease renewal at the Lake Vista property in Dallas,
Texas;
- Declared a fourth quarter dividend of $0.15 per share of common
stock, paid on January 25, 2021; and
- Declared a fourth quarter dividend of $0.4140625 per share of
Series A Preferred Stock, paid on January 25, 2021.
Highlights Subsequent to Quarter End
- Closed the disposition of the Cherry Creek property in Denver,
Colorado for a gross sale price of $95.0 million and generated a
gain on sale of approximately $47.4 million; and
- Completed 93,000 square feet of leasing with a tenant at the
Carillon Point property in Tampa, Florida, comprised of an
eight-year, 78,000 square foot renewal and a 15,000 square foot
expansion.
“Our fourth quarter and full year 2020 operational and financial
results were very strong, irrespective of the impacts of COVID-19,”
commented James Farrar, the Company’s Chief Executive Officer. “Our
earnings metrics exceeded our initial, pre-pandemic guidance, which
is a testament to strong operational execution, including over one
million square feet of leasing activity during the year, and
opportunistic capital allocation to our share repurchase program.
As we move into 2021, we will prioritize operations and leasing to
drive further cash flow and earnings per share growth. We also
expect to operate conservatively and selectively expand our
portfolio as market conditions improve.”
“During the fourth quarter and continuing into 2021, we executed
on several value enhancing transactions. Long-term lease renewals
with key tenants were completed at our Lake Vista and Carillon
Point properties, indicating tenants’ willingness to commit to
occupancy at desirable and well-located properties. We also took
advantage of an opportunity to monetize a property with the sale of
our Cherry Creek property at a 5.8% cap rate and a $47.4 million
gain, highlighting the inherent value across our portfolio.”
A reconciliation of certain non-GAAP financial measures,
including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash
NOI, Adjusted Cash NOI and their equivalent per share measures, to
the most directly comparable financial measure under U.S. generally
accepted accounting principles (“GAAP”) can be found at the end of
this release.
Portfolio Operations
The Company reported that its total portfolio as of December 31,
2020 contained 5.8 million net rentable square feet and was 90.5%
occupied.
The Company has collected over 99% of contractual base rent for
the three months ended December 31, 2020.
Net Operating Income was approximately $25.2 million and
Adjusted Cash NOI (CIO share) was approximately $24.0 million for
the fourth quarter of 2020.
Same Store Cash NOI increased 0.4% for the three months ended
December 31, 2020 as compared to the same period in the prior year.
Same Store Cash NOI increased 1.1% for the year ended December 31,
2020 as compared to the same period in the prior year.
Investment and Disposition Activity
During the fourth quarter, the Company entered into an agreement
for the sale of its Cherry Creek property in Denver, Colorado at a
gross sale price of $95.0 million. The disposition closed on
February 10, 2021 and generated a gain on sale of approximately
$47.4 million. The three-building, 356,000 square foot campus was
100% occupied by the State of Colorado at the time of sale with
approximately 5.3 years of remaining lease term. The transaction
represented an in-place capitalization rate of approximately
5.8%.
Leasing Activity
The Company’s total leasing activity during the fourth quarter
of 2020 was approximately 265,000 square feet, which included
12,000 square feet of new leasing and 253,000 square feet of
renewals. Approximately 264,000 square feet of leases signed within
the quarter will commence subsequent to quarter end.
New Leasing – New leases were signed with a weighted average
lease term of 1.9 years at a weighted average annual rent of $28.88
per square foot and at a weighted average cost of $3.15 per square
foot per year.
Renewal Leasing – Renewal leases were signed with a weighted
average lease term of 7.6 years at a weighted average annual rent
of $21.29 per square foot and at a weighted average cost of $3.13
per square foot per year. The weighted average annual rent of
$21.29 consisted of a blend of net and gross rental rates, with net
rental rates representing approximately 65% of the weighted average
in the quarter.
Of note, during the quarter the Company completed a ten-year
lease renewal at its 163,000 square foot Lake Vista property in
Dallas, Texas. The tenant occupies 100% of the Lake Vista property
and its lease was extended by ten years and three months to April
30, 2032. The starting renewal rate represents a 6.1% increase over
the current rate with annual increases thereafter. As part of the
lease renewal, the Company granted the tenant an option to purchase
the property, which may be exercised at any time prior to July 31,
2022.
Subsequent to quarter end, the Company completed 93,000 square
feet of leasing with a tenant at the Carillon Point property in
Tampa, Florida, comprised of an eight-year, 78,000 square foot
renewal commencing in September 2021 and a 15,000 square foot
expansion commencing upon completion of the expansion space and no
later than March 2022. The starting renewal rate represents a 2.5%
increase over the current rate with annual increases
thereafter.
Capital Structure
As of December 31, 2020, the Company had total principal
outstanding debt of approximately $681.0 million. Approximately
$556.0 million, or 81.6%, of the Company’s outstanding debt was
fixed rate. When factoring in the $50 million term loan as fixed
rate debt due to an interest swap, which fixes the 30-day LIBOR
rate, approximately 89.0% of the Company’s debt was effectively
fixed rate. City Office’s total principal outstanding debt had a
weighted average maturity of approximately 4.2 years and a weighted
average interest rate of 3.8%.
In February 2021, the Company repaid its $83.5 million Midland
Life Insurance loan that was set to expire in May 2021, which was
secured by three of the Company’s properties.
On March 9, 2020, the Company’s board of directors approved a
share repurchase plan authorizing the Company to repurchase up to
$100 million of its outstanding shares of common stock. The Company
completed this program in July 2020. Pursuant to this initial
program, the Company purchased 11,363,851 shares at an average
gross price of $8.80 per share for an aggregate cost of
approximately $100.0 million.
On August 5, 2020, the Company’s board of directors approved a
share repurchase plan authorizing the Company to repurchase up to
an additional $50 million of its outstanding shares of common
stock. No shares have been purchased under this new program to
date.
Dividends
On December 15, 2020, the Company’s board of directors approved
and the Company declared a cash dividend of $0.15 per share of the
Company’s common stock for the three months ended December 31,
2020. The dividend was paid on January 25, 2021 to common
stockholders and unitholders of record as of January 11, 2021.
On December 15, 2020, 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 for the three months
ended December 31, 2020. The dividend was paid on January 25, 2021
to preferred stockholders of record as of January 11, 2021.
2021 Outlook
While significant economic uncertainty continues to exist due to
the COVID-19 pandemic, we anticipate that office utilization will
continue to increase as vaccination levels rise, particularly
towards the end of 2021. We expect improving fundamentals towards
the back half of the year, however, this timing has limited impact
on our outlook for 2021 relative to acquisitions, leasing activity
and Same Store Cash NOI growth.
For full year 2021, the Company expects Core FFO in the range of
$1.20 to $1.24 per diluted share. The Company’s Core FFO range is
impacted by the sale of the Cherry Creek property and the
assumption that the Company either does not acquire any properties
in 2021 (Low scenario) or that the Company acquires $100 million of
new properties in November 2021 (High scenario). Reconciliation
items are noted below.
Full Year 2021 Guidance
Low
High
Acquisitions
$0.0M
$100.0M
Dispositions
$95.0M
$95.0M
Net Operating Income
$95.0M
$97.0M
General & Administrative Expenses
$10.8M
$11.8M
Interest Expense
$24.0M
$25.0M
2021 Core FFO per diluted share
$1.20
$1.24
Net Recurring Straight-Line Rent
Adjustment
$1.0M
$2.0M
Same Store Cash NOI Growth
0.5%
2.0%
December 31, 2021 Occupancy
89.0%
91.0%
Material Considerations:
1.
Acquisitions in the High scenario assume
$100 million of property acquisitions closing midway through the
fourth quarter. To provide visibility into the Company’s
expectation for its quarterly “fully deployed” Core FFO per share,
if $100 million of acquisitions were reflected for the entire
fourth quarter, the Company would expect Core FFO per share to be
in the range of $0.32 to $0.34 per share for the quarter.
2.
Dispositions reflects the sale of the
Cherry Creek property that occurred on February 10, 2021 for a
gross sale price of $95.0 million. No other dispositions have been
assumed in 2021.
3.
Due to uncertainty created by COVID-19,
Net Operating Income and December 31, 2021 Occupancy contain a
general provision for uncollectible rents of approximately 0.5% of
rental revenue.
4.
The General and Administrative Expenses
guidance includes approximately $2.6 million for stock-based
compensation. Our Core FFO definition excludes stock-based
compensation. Excluding stock-based compensation, General and
Administrative Expenses guidance would have been $8.2 – $9.2
million.
5.
Annual weighted average fully diluted
shares of common stock outstanding are assumed to be approximately
44.1 million. No share repurchases have been assumed.
The Company’s guidance is based on current plans and assumptions
and subject to the risks and uncertainties more fully described in
the Company’s filings with the United States Securities and
Exchange Commission. This outlook reflects management’s view of
current and future market conditions, including assumptions such as
the pace of future acquisitions and dispositions, rental rates,
occupancy levels, leasing activity, uncollectible rents, operating
and general administrative expenses, weighted average diluted
shares outstanding and interest rates. The Company reminds
investors that the impacts of the COVID-19 pandemic are uncertain
and impossible to predict. See “Forward-looking Statements”
below.
Webcast and Conference Call Details
City Office’s management will hold a conference call at 11:00 am
Eastern Time on February 25, 2021.
The webcast will be available under the “Investor Relations”
section of the Company’s website at www.cioreit.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
February 25, 2021, continuing through 11:59 pm Eastern Time on May
25, 2021 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 10151018. 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 information package to accompany the
discussion of the results will be posted on www.cioreit.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 rent / expense, 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 (CIO
share) – We define NOI as rental and other revenues less
property operating expenses. We define Adjusted Cash NOI as NOI
less the effect of recurring straight-line rent / expense, deferred
market rent, and any amounts which are funded by the selling
entities and NCI in properties.
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 Net Operating Income (“Same Store NOI”) and Same
Store Cash Net Operating Income (“Same Store Cash NOI”) – Same
Store NOI and 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 NOI and 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 significant renovations.
We believe Same Store NOI and Same Store Cash 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 NOI and
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. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as “approximately,” “anticipate,” “assume,” “believe,” “budget,”
“contemplate,” “continue,” “could,” “estimate,” “expect,” “future,”
“hypothetical,” “intend,” “may,” “outlook,” “plan,” “potential,”
“predict,” “project,” “seek,” “should,” “target,” “will” or other
similar words or expressions. 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 likelihood
and timing of closing of acquisitions, dispositions, or other
transactions, the expected operating performance of the Company’s
current properties, anticipated near-term acquisitions and
descriptions relating to these expectations, including, without
limitation, the anticipated net operating income yield and cap
rates, and changes in local, regional, national and international
economic conditions, including as a result of the ongoing COVID-19
pandemic. Forward-looking statements presented in this press
release are based on management’s beliefs and assumptions made by,
and information currently available to, management.
The forward-looking statements contained in this press release
are based on historical performance and management’s current plans,
estimates and expectations in light of information currently
available to us and are subject to uncertainty and changes in
circumstances. There can be no assurance that future developments
affecting us will be those that we have anticipated. Actual results
may differ materially from these expectations due to the factors,
risks and uncertainties described above, changes in global,
regional or local political, economic, business, competitive,
market, regulatory and other factors described in our news releases
and filings with the SEC, including but not limited to those
described in our Annual Report on Form 10-K for the year ended
December 31, 2020 under the heading “Risk Factors” and in our
subsequent reports filed with the SEC, many of which are beyond our
control. Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove to be
incorrect, our actual results may vary in material respects from
what we may have expressed or implied by these forward-looking
statements. We caution that you should not place undue reliance on
any of our forward-looking statements. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. The Company does not
guarantee that the assumptions underlying such forward-looking
statements contained in this press release are free from errors.
Unless otherwise stated, historical financial information and per
share and other data are as of December 31, 2020 or relate to the
quarter ended December 31, 2020. We undertake no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by applicable securities laws.
City Office REIT, Inc.
Consolidated Balance
Sheets
(In thousands, except par value
and share data)
December 31,
December 31,
2020
2019
Assets
Real estate properties
Land
$
204,289
$
230,034
Building and improvement
777,184
784,636
Tenant improvement
104,694
94,218
Furniture, fixtures and equipment
642
285
1,086,809
1,109,173
Accumulated depreciation
(131,220
)
(101,835
)
955,589
1,007,338
Cash and cash equivalents
25,305
70,129
Restricted cash
20,646
17,394
Rents receivable, net
32,968
32,112
Deferred leasing costs, net
16,829
12,393
Acquired lease intangible assets, net
44,143
67,533
Other assets
15,758
17,061
Assets held for sale
46,054
4,514
Total Assets
$
1,157,292
$
1,228,474
Liabilities and Equity
Liabilities:
Debt
$
677,242
$
607,250
Accounts payable and accrued
liabilities
25,414
28,786
Deferred rent
7,295
6,593
Tenant rent deposits
4,801
5,658
Acquired lease intangible liabilities,
net
6,035
8,194
Other liabilities
18,099
22,794
Liabilities related to assets held for
sale
531
67
Total Liabilities
739,417
679,342
Commitments and Contingencies
Equity:
6.625% Series A Preferred stock, $0.01 par
value per share, 5,600,000 shares
authorized, 4,480,000 issued and
outstanding as of December 31, 2020 and 2019
112,000
112,000
Common stock, $0.01 par value, 100,000,000
shares authorized, 43,397,117 and
54,591,047 shares issued and outstanding
as of December 31, 2020 and 2019 respectively
433
545
Additional paid-in capital
479,411
577,131
Accumulated deficit
(172,958
)
(142,383
)
Accumulated other comprehensive
(loss)/income
(1,960
)
715
Total Stockholders’ Equity
416,926
548,008
Non-controlling interests in
properties
949
1,124
Total Equity
417,875
549,132
Total Liabilities and Equity
$
1,157,292
$
1,228,474
City Office REIT, Inc.
Consolidated Statements of
Operations
(In thousands, except per share
data)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Rental and other revenues
$
39,840
$
39,061
$
160,840
$
156,297
Operating expenses:
Property operating expenses
14,647
14,562
58,312
57,316
General and administrative
2,665
2,631
10,690
11,066
Depreciation and amortization
15,145
15,102
60,367
59,159
Total operating expenses
32,457
32,295
129,369
127,541
Operating income
7,383
6,766
31,471
28,756
Interest expense:
Contractual interest expense
(6,590
)
(6,379
)
(26,363
)
(28,401
)
Amortization of deferred financing costs
and debt fair value
(332
)
(333
)
(1,326
)
(1,325
)
(6,922
)
(6,712
)
(27,689
)
(29,726
)
Net gain on sale of real estate
property
—
2,934
1,347
3,412
Net income
461
2,988
5,129
2,442
Less:
Net income attributable to non-controlling
interests in properties
(88
)
(146
)
(602
)
(644
)
Net income attributable to the
Company
373
2,842
4,527
1,798
Preferred stock distributions
(1,855
)
(1,855
)
(7,420
)
(7,420
)
Net (loss)/income attributable to
common stockholders
$
(1,482
)
$
987
$
(2,893
)
$
(5,622
)
Net (loss)/income per common share:
Basic
$
(0.03
)
$
0.02
$
(0.06
)
$
(0.13
)
Diluted
$
(0.03
)
$
0.02
$
(0.06
)
$
(0.13
)
Weighted average common shares
outstanding:
Basic
43,397
54,049
47,223
43,997
Diluted
43,397
54,416
47,223
43,997
Dividend distributions declared per common
share
$
0.150
$
0.235
$
0.600
$
0.940
City Office REIT, Inc.
Reconciliation of Net Income
to Net Operating Income and Adjusted Cash NOI
(Unaudited)
(In thousands)
Three Months Ended December
31, 2020
Net income
$
461
Adjustments to net income:
General and administrative
2,665
Contractual interest expense
6,590
Amortization of deferred financing costs
and debt fair value
332
Depreciation and amortization
15,145
Net Operating Income (“NOI”)
$
25,193
Net recurring straight-line rent/expense
adjustment
(827
)
Net amortization of above and below market
leases
52
Portfolio Adjusted Cash NOI
$
24,418
NCI in properties – share in cash NOI
(388
)
Adjusted Cash NOI (CIO share)
$
24,030
City Office REIT, Inc.
Reconciliation of Net Income
to FFO, Core FFO and AFFO
(Unaudited)
(In thousands, except per share
data)
Three Months Ended December
31, 2020
Net loss attributable to common
stockholders
$
(1,482
)
(+) Depreciation and amortization
15,145
13,663
Non-controlling interests in
properties:
(+) Share of net income
88
(-) Share of FFO
(254
)
FFO attributable to common
stockholders
$
13,497
(+) Stock based compensation
588
Core FFO attributable to common
stockholders
$
14,085
(+) Net recurring straight-line
rent/expense adjustment
(827
)
(+) Net amortization of above and below
market leases
52
(+) Net amortization of deferred financing
costs and debt fair value
329
(-) Net recurring tenant improvements and
incentives
(1,500
)
(-) Net recurring leasing commissions
(2,771
)
(-) Net recurring capital expenditures
(1,834
)
AFFO attributable to common
stockholders
$
7,534
FFO per common share
$
0.31
Core FFO per common share
$
0.32
AFFO per common share
$
0.17
Dividends distributions declared per
common share
$
0.150
FFO Payout Ratio
49
%
Core FFO Payout Ratio
47
%
AFFO Payout Ratio
87
%
Weighted average common shares outstanding
- diluted
43,825
City Office REIT, Inc.
Reconciliation of Rental and
Other Revenues to Same Store NOI and Same Store Cash NOI
(Unaudited)
(In thousands)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Rental and other revenues
$
39,840
$
39,061
$
160,840
$
156,297
Property operating expenses
14,647
14,562
58,312
57,316
Net operating income (“NOI”)
$
25,193
$
24,499
$
102,528
$
98,981
Less: NOI of properties not included in
same store
(744
)
(870
)
(8,227
)
(4,674
)
Same store NOI
$
24,449
$
23,629
$
94,301
$
94,307
Less:
Non-recurring other income
—
—
(29
)
(2,625
)
Termination fee income
—
(152
)
(1,412
)
(480
)
Straight-line rent/expense adjustment
(786
)
103
(1,768
)
(1,561
)
Above and below market leases
77
68
(306
)
98
NCI in properties – share in cash NOI
(388
)
(381
)
(1,611
)
(1,554
)
Same store cash NOI
$
23,352
$
23,267
$
89,175
$
88,185
City Office REIT, Inc.
Reconciliation of Net Income
to Core FFO Guidance
(Unaudited)
(In thousands, except per share
data)
Full Year 2021 Outlook
Low
High
Net income attributable to common
stockholders
$
39,450
$
41,950
(+) Depreciation and amortization
59,000
58,000
(-) Net gain on sale of real estate
property
(47,400
)
(47,400
)
(-) Non-controlling interests in
properties
(650
)
(650
)
FFO attributable to common
stockholders
$
50,400
$
51,900
(+) Stock based compensation
2,600
2,600
Core FFO attributable to common
stockholders
$
53,000
$
54,500
FFO per common share
$
1.14
$
1.18
Core FFO per common share
$
1.20
$
1.24
Weighted average shares of common
stock
44,100
44,100
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225005241/en/
City Office REIT, Inc. Anthony Maretic, CFO +1-604-806-3366
investorrelations@cioereit.com
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