Investor Presentaiton
(1)
APPENDIX: FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
INCOME ITEMS
Net income
$
1,852
$
49,009
$
461
$
3,039
623
ΝΟΙ
$
25,785 $
25,398
$
25,193 $
26,375
$
25,533
Same Store Cash NOI Change
2.7%
5.0%
0.4%
(1.9%)
2.3%
Net income/(loss) per common share - diluted
$
0.00
$
Core FFO/Share
$
0.35
$
6969
1.07
$
(0.03)
EA
$
0.02 $
(0.03)
0.33
$
0.32
$
0.35 $
0.29
AFFO/Share
$
0.22
$
0.26
$
0.17
$
0.22
$
0.14
EBITDA (CIO share)
$
22,958
$
22,817
$
22,728
$
24,028
$
23,006
CAPITALIZATION
Common shares
43,554
43,397
43,397
43,397
44,511
Unvested restricted shares
554
725
430
423
418
Total common shares - diluted
44,109
44,122
43,827
43,820
44,929
Weighted average common shares outstanding - diluted
44,116
44,043
43,825
44,014
48,023
Share price at quarter end
$
12.43
$
10.62
$
9.77 $
7.52
$
10.06
Market value of common equity
$
548,272
$
Total Series A preferred shares outstanding
4,480
Liquidation preference per preferred share
$
Aggregate liquidation preference of preferred shares
$
468,572
4,480
25.00 $ 25.00 $
112,000 $ 112,000 $
$
428,190
$
329,526
$
451,987
4,480
4,480
4,480
25.00
112,000
$
25.00
$
25.00
$
112,000 $ 112,000
Net debt (CIO share)
$ 574,088
$ 537,578
$ 628,348
$ 619,593
$ 619,316
Total enterprise value (including net debt)
$ 1,234,360
$ 1,118,150
$ 1,168,538
$ 1,061,119
$ 1,183,303
DEBT STATISTICS AND RATIOS
Total principal debt (CIO share)
Weighted average maturity
Weighted average interest rate
Fixed rate debt as a percentage of total debt¹
$
608,915
$
4.2 years
569,425
4.7 years
$
673,111
4.2 years
$
674,715
4.5 years
$
3.6%
3.7%
3.8%
3.8%
701,288
4.6 years
3.7%
84.4%
90.5%
89.0%
89.0%
85.9%
LEASING STATISTICS
89.7%
90.5%
90.5%
93.1%
91.9%
In-Place occupancy
Weighted average remaining lease term
4.3 years
4.4 years
4.5 years
4.3 years
4.2 years
The fixed rate debt percentage factors in an interest rate swap applied against the $50 million Term Loan which effectively fixes the 30 day LIBOR rate component of the Term Loan at 1.27% throughout the duration of the loan.
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