Investor Presentaiton
CONSERVATIVE STRUCTURE WITH STRONG LIQUIDITY
DEBT METRICS AS OF SEPTEMBER 30, 2023
ㅁ
☐
4.8% weighted average interest rate
6.5x Net Debt to Annualized Adjusted EBITDA (1)
Over 90% fixed rate debt (2)
2.8 year weighted average debt maturity
□ In Q3, extended two property loans totaling $40.8 million by 5
years, to 2028. Effective fixed interest rate of 7.05% on each
CITY OFFICE REIT
LIQUIDITY AS OF SEPTEMBER 30, 2023
$37 million of cash and cash equivalents
☐ $16 million of restricted cash at property level
$375 million unsecured credit facility of which $75
million are term loans and $300 million is a
revolving line of credit
☐ Over $90 million of undrawn authorized on the
revolving line of credit
WELL-STAGGERED DEBT MATURITIES ($000s) - SEPTEMBER 30, 2023
$700,000
Debt Balance: $674.3 million (3)(4)
$600,000
$500,000
$400,000
$300,000
$200,000
$102,766
Interest Rate:
3.33%
$251,833
Interest Rate:
5.62%
$25,000
Interest Rate:
6.00%
$184,492
Interest Rate:
4.10%
Interest Rate:
5.36%
$110,223
$100,000
Credit
Facility
(5)
$0
2023
2024
2025
2026
2027
2028
2029
2030
(1)
(2)
Net debt calculated as debt principal less cash, cash equivalents and restricted cash
Includes $255.7 million of debt that is effectively fixed due to swap agreements.
(3)
(4)
$674.3 million represents the principal debt balance as of September 30, 2023 before deferred financing costs and unamortized fair value adjustments
$6.6 million of indebtedness attributable to non-controlling interests
(5)
The credit facility may be extended by one year to November 2026 subject to certain standard conditions and with the payment of an extension fee
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