Investor Presentaiton
APPENDIX: FFO, CORE FFO AND AFFO
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q2 2022
Q1 2022
Q4 2021
Q3 2021
Q2 2021
(-) Net gain on sale of real estate property
Non-controlling interests in properties:
(+) Share of net income
(-) Share of FFO
Funds from Operations ("FFO")
(+) Stock based compensation
Core FFO
Net income/(loss) attributable to common stockholders
(+) Depreciation and amortization
$
1,044
$
15,701
22,665
15,815
(21,658)
$ 431,194
$
(989)
$
(193)
13,299
14,648
14,954
(429,250)
16,745
16,822
15,243
13,659
14,761
164
171
126
378
190
(312)
(319)
(282)
(563)
(340)
$
16,597
$
16,674
$
15,087
$
13,474
$
14,611
992
904
665
666
666
$
17,589
$
17,578
$
15,752
$
14,140
$
15,277
(-/+) Net recurring straight-line rent/expense adjustment
(+/-) Net amortization of above and below market leases
(1,355)
(1,210)
(963)
310
114
17
62
61
(18)
194
(+) Net amortization of deferred financing costs and debt fair value
(-) Net recurring tenant improvements and incentives
300
310
460
265
270
(4,866)
(3,759)
(4,548)
(2,400)
(1,702)
(-) Net recurring leasing commissions
(-) Net recurring capital expenditures
Adjusted Funds from Operations ("AFFO")
FFO per common share
Core FFO per common share
(2,055)
(2,217)
(1,222)
(2,805)
(2,773)
(1,679)
(2,513)
(1,850)
(958)
(1,469)
$
7,951
$
8,251
$
7,690
$
8,534
$
9,911
$
0.37
$
0.38
$
0.34
$
0.31
$
0.33
$
0.40
$
0.40
$
0.36
$
0.32
$
0.35
$
0.18
$
0.19
$
0.17
$
0.19
$
0.22
AFFO per common share
Dividends declared per common share
$
0.20
$
0.20
$
0.20
$
0.15
$
0.15
FFO Payout Ratio
54%
53%
59%
49%
45%
Core FFO Payout Ratio
51%
51%
56%
47%
43%
AFFO Payout Ratio
112%
108%
115%
78%
67%
Weighted average common shares outstanding - diluted
44,482
44,406
44,162
44,112
44,116
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