Investor Presentaiton
(1)
(2)
APPENDIX: FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q1 2022
Q4 2021
Q3 2021
Q2 2021
Q1 2021
INCOME ITEMS
Net income
$
24,691
$
433,175 $
SA
1,244 $
1,852
$
49,009
ΝΟΙ
$
28,363 $
25,143
$ 29,709 $
25,785
$
25,398
Same Store Cash NOI Change
(4.7%)
(0.5%)
1.4%
2.7%
5.0%
Net income/(loss) per common share - diluted
$
0.51
$
9.76
$
EA
(0.02)
Core FFO/Share
$
0.40
$
0.36
$
0.32
AFFO/Share
$
0.19 $
EBITDA (CIO share)
$
25,411
$
0.17 $
23,722 $
0.19 $
21,830
SASASASA
$
0.00
$
1.07
$
0.35
$
0.33
0.22
$
0.26
$
22,958
$
22,817
CAPITALIZATION
Common shares
43,554
43,554
43,554
43,554
43,397
Unvested restricted shares
892
560
558
554
725
Total common shares - diluted
44,446
44,114
44,113
44,109
44,122
Weighted average common shares outstanding - diluted¹
44,406
44,162
44,112
44,116
44,043
Share price at quarter end
$
17.66
$
19.72
$
17.86
$
12.43
$
10.62
Market value of common equity
$
784,915
$
869,929
$
787,854 $
548,272
$
468,572
Total Series A preferred shares outstanding
4,480
4,480
4,480
4,480
4,480
Liquidation preference per preferred share
Aggregate liquidation preference of preferred shares
SS
$
25.00
$
25.00 $
Net debt (CIO share)
$
Total enterprise value (including net debt)
$ 112,000
614,360
$ 1,511,275
$
112,000 $
SS
25.00
$
25.00
SA
$
25.00
112,000
$
$ 611,218
$ 1,593,147
$ 530,818
$ 574,088
112,000 $ 112,000
$
537,578
$ 1,430,672
$ 1,234,360
$ 1,118,150
DEBT STATISTICS AND RATIOS
Total principal debt (CIO share)
Weighted average maturity
Weighted average interest rate
Fixed rate debt as a percentage of total debt²
LEASING STATISTICS
In-Place occupancy
Weighted average remaining lease term
$
660,317
$
4.0 years
651,860
4.2 years
$
599,484
4.0 years
$
608,915
$
569,425
4.2 years
4.7 years
3.4%
3.4%
3.6%
3.6%
3.7%
77.2%
78.4%
85.5%
84.4%
90.5%
85.7%
84.9%
88.7%
89.7%
90.5%
5.0 years
4.9 years
4.4 years
4.3 years
4.4 years
Q1 2022 and Q4 2021 are calculated in accordance with ASC 260 guidance on contingently issuable shares and include approximately 49,000 additional performance stock units that had not yet been issued as of March 31, 2022 and
December 31, 2021, respectively
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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