Investor Presentaiton
APPENDIX: FFO, CORE FFO AND AFFO
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Net (loss)/income attributable to common stockholders
(+) Depreciation and amortization
$
(1,898) $
14,723
(2,535)
$
(1,151)
$
15,768
15,304
(14,274)
15,423
$
134
15,555
134
(+) Net loss on disposition of real estate property
(+) Impairment of real estate
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
13,444
12,825
13,367
14,153
14,593
15,689
173
164
169
181
175
(332)
(332)
(325)
(337)
(325)
$
12,666
$
13,199
$
13,997
$
14,437
$
15,539
1,024
1,023
1,024
992
992
$
13,690
$
14,222
$
15,021
$
15,429
$
16,531
(831)
(953)
(1,530)
(994)
(701)
34
25
9
5
(9)
(+) Net amortization of deferred financing costs and debt fair value
330
321
321
299
300
(-) Net recurring tenant improvements and incentives
(3,655)
(4,353)
(2,938)
(6,478)
(4,202)
(-) Net recurring leasing commissions
(-) Net recurring capital expenditures
Adjusted Funds from Operations ("AFFO")
FFO per common share
(1,027)
(654)
(843)
(834)
(1,691)
(2,228)
(1,338)
(1,797)
(2,462)
(2,566)
$
6,313
$
7,270
$
8,243
$
4,965
$
7,662
$
0.31
$
0.32
$
0.34
$
0.36
$
0.37
$
0.34
$
0.35
$
0.37
$
0.38
$
0.39
$
0.15
$
0.18
$
0.20
$
0.12
$
0.18
Core FFO per common share
AFFO per common share
Dividends declared per common share
$
0.10
$
0.10
$
0.20
$
0.20
$
0.20
FFO Payout Ratio
32%
31%
58%
56%
54%
Core FFO Payout Ratio
30%
29%
54%
53%
51%
AFFO Payout Ratio
65%
56%
99%
163%
110%
Weighted average common shares outstanding - diluted
40,803
40,793
40,702
40,502
42,125
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