Investor Presentaiton
APPENDIX: FFO, CORE FFO AND AFFO
(in thousands, except per share data)
(unaudited)
CITY OFFICE REIT
Q1 2022
Q4 2021
Q3 2021
Q2 2021
Q1 2021
$
$
Net income/(loss) attributable to common stockholders
$
22,665
$
(+) Depreciation and amortization
(-) 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
15,815
431,194
13,299
$
(989)
14,648
(193)
14,954
$
46,962
14,415
(21,658)
(429,250)
(47,400)
16,822
15,243
13,659
14,761
13,977
171
126
378
190
192
(319)
(282)
(563)
(340)
(342)
16,674
$
15,087
$
13,474
$
14,611
$
13,827
904
665
666
666
645
17,578
$
15,752
$
14,140
$
15,277
$
14,472
(+) Net recurring straight-line rent/expense adjustment
(+) Net amortization of above and below market leases
(1,210)
(963)
310
114
(12)
62
61
(18)
194
103
(+) Net amortization of deferred financing costs and debt fair value
310
460
265
270
327
(-) Net recurring tenant improvements and incentives
(3,759)
(4,548)
(2,400)
(1,702)
(734)
(-) Net recurring leasing commissions
(-) Net recurring capital expenditures
Adjusted Funds from Operations ("AFFO")
FFO per common share
(2,217)
(1,222)
(2,805)
(2,773)
(2,063)
(2,513)
(1,850)
(958)
(1,469)
(858)
$
8,251
$
7,690
$
8,534
$
9,911
$
11,235
$
0.38
$
0.34
$
0.31
$
0.33
$
0.31
$
0.40
$
0.36
$
0.32
$
0.35
$
0.33
$
0.19
$
0.17
$
0.19
$
0.22
$
0.26
Core FFO per common share
AFFO per common share
Dividends declared per common share
$
0.20
$
0.20
$
0.15
$
0.15
$
0.15
FFO Payout Ratio
53%
59%
49%
45%
48%
Core FFO Payout Ratio
51%
56%
47%
43%
46%
AFFO Payout Ratio
108%
115%
78%
67%
59%
Weighted average common shares outstanding - diluted
44,406
44,162
44,112
44,116
44,043
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