Investor Presentaiton
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APPENDIX: FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q2 2022
Q1 2022
Q4 2021
Q3 2021
Q2 2021
INCOME ITEMS
Net income
$
3,063
$
24,691
$
433,175
$
1,244
$
1,852
ΝΟΙ
$
28,662
$
28,363
$
25,143
$
29,709
$
25,785
Same Store Cash NOI Change
(7.1%)
(4.7%)
(0.5%)
1.4%
2.7%
Net income/(loss) per common share - diluted
$
0.02
$
0.51
$
9.76
$
(0.02)
$
0.00
Core FFO/Share
$
0.40
$
0.40
$
0.36
$
0.32
$
0.35
AFFO/Share
$
0.18
$
0.19
$
0.17
0.19
0.22
EBIT DA (CIO share)
$
25,642
$
25,411
$
23,722
$
21,830
22,958
CAPITALIZATION
Common shares
Unvested restricted shares
43,331
721
43,554
43,554
43,554
43,554
892
560
558
554
Total common shares - diluted
44,052
44,446
44,114
44,113
44,109
Weighted average common shares outstanding - diluted¹
44,482
44,406
44,162
44,112
44,116
Share price at quarter end
$
12.95
$
17.66
$
19.72 $
17.86
$
12.43
Market value of common equity
$
570,474
$
784,915
$
Total Series A preferred shares outstanding
4,480
4,480
869,929
4,480
$
787,854 $
548,272
4,480
4,480
Liquidation preference per preferred share
$
25.00
$
25.00
$
25.00
$
25.00 $
25.00
Aggregate liquidation preference of preferred shares
$
112,000
$
Net debt (CIO share)
$
584,224
$
Total enterprise value (including net debt)
$
1,266,698
112,000 $
614,360
$ 1,511,275
112,000
$ 611,218
$ 1,593,147
$
112,000 $ 112,000
$ 530,818
$ 574,088
$ 1,430,672
$ 1,234,360
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
$
651,953 $
660,317
$
3.8 years
4.0 years
651,860
4.2 years
$
599,484
4.0 years
$
4.2 years
3.7%
3.4%
3.4%
3.6%
3.6%
75.4%
77.2%
78.4%
85.5%
84.4%
608,915
LEASING STATISTICS
In-Place occupancy
Weighted average remaining lease term
86.9%
85.7%
84.9%
88.7%
89.7%
4.9 years
5.0 years
4.9 years
4.4 years
4.3 years
Q2 2022, 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 June 30, 2022,
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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