Investor Presentaiton
APPENDIX: FFO, CORE FFO AND AFFO
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
(-) Net gain on sale of real estate property
Non-controlling interests in properties:
(+) Share of net income
(-) Share of FFO
Funds from Operations ("FFO")
(+) Stock based compensation
Core FFO
(+) Net recurring straight-line rent/expense adjustment
(+) Net amortization of above and below market leases
Net (loss)/income attributable to common stockholders
(+) Depreciation and amortization
$
(193)
14,954
$
46,962
$
14,415
(47,400)
(1,482)
15,145
$
1,031
$
(1,411)
15,189
15,080
(1,347)
14,761
13,977
13,663
14,873
13,669
190
192
88
153
179
(340)
(342)
(254)
(313)
(342)
$
14,611
$
13,827
$
13,497
$
14,713
$
13,506
666
645
588
588
588
$
15,277
$
14,472
$
14,085
$
15,301
$
14,094
114
(12)
(827)
(1,136)
(77)
194
103
52
(24)
(59)
(+) Net amortization of deferred financing costs and debt fair value
270
327
329
325
339
(-) Net recurring tenant improvements and incentives
(1,702)
(734)
(1,500)
(1,901)
(6,395)
(-) Net recurring leasing commissions
(-) Net recurring capital expenditures
Adjusted Funds from Operations ("AFFO")
FFO per common share
Core FFO per common share
(2,773)
(2,063)
(2,771)
(1,639)
(472)
(1,469)
(858)
(1,834)
(1,045)
(836)
$
9,911
$
11,235
$
7,534
$
9,881
$
6,594
$
0.33
$
0.31
$
0.31
$
0.33
$
0.28
$
0.35
$
0.33
$
0.32
$
0.35
$
0.29
$
0.22
$
0.26
$
0.17
$
0.22
$
0.14
AFFO per common share
Dividends declared per common share
$
0.15
$
0.15
$
0.15
$
0.15
$
0.15
FFO Payout Ratio
45%
48%
49%
45%
53%
Core FFO Payout Ratio
43%
46%
47%
43%
51%
AFFO Payout Ratio
67%
59%
87%
67%
109%
Weighted average common shares outstanding - diluted
44,116
44,043
43,825
44,014
48,023
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