VANCOUVER, March 2, 2017 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) (the "Company" or "City Office"), today announced
its results for the quarter and full year ended December 31, 2016.
Fourth Quarter Highlights
- GAAP net loss attributable to common stockholders was approximately
$5.1 million, or ($0.21) per fully diluted share, Core FFO was
approximately $5.6 million, or
$0.23 per fully diluted share, and
AFFO was approximately $4.2 million,
or $0.17 per fully diluted
share;
- In-place occupancy closed the quarter at 91.0%; the Company
executed approximately 177,000 square feet of new and renewal
leases during the quarter;
- Same Store Cash NOI increased 5.1%, as compared to the fourth
quarter 2015;
- Expanded the authorized borrowing capacity under the Secured
Credit Facility from $75.0 to
$100.0 million;
- Raised total gross proceeds of $112.0
million in a public offering of 4,480,000 shares of 6.625%
Series A Cumulative Redeemable Preferred Stock ("Series A Preferred
Stock"), including 480,000 shares issued pursuant to the exercise
of the underwriters' over-allotment option;
- Completed the acquisition of three Class A properties,
consisting of 914,962 square feet, for $180.9 million in the aggregate;
- Declared a fourth quarter dividend of $0.235 per common share, paid on January 25, 2017; and
- Declared an initial prorated dividend of $0.50608 per Series A preferred share, paid on
January 25, 2017.
Highlights Subsequent to Year End
- Raised total gross proceeds of $71.3
million in a public follow-on offering of 5,750,000 shares
of common stock, including 750,000 shares issued pursuant to the
exercise of the underwriters' overallotment option;
- Completed the acquisition of 2525 McKinnon, a 111,334 square
foot Class A property in Dallas,
Texas for $46.8 million;
- Completed two ten-year secured property financings for
aggregate borrowing proceeds of $57.1
million; and
- Appointed John W. Sweet to the
Board of Directors, effective March 1,
2017.
"2016 was an important year for demonstrating the scalability of
our platform and our continued dedication to enhancing our internal
operations," commented James Farrar,
the Company's Chief Executive Officer. "We efficiently
internalized management, strengthened our balance sheet, produced
an exceptional year in terms of both investment volume and capital
raising and delivered a 15.8% total return for our
shareholders."
A reconciliation of certain non-GAAP financial measures,
including FFO, Core FFO, AFFO, NOI, Adjusted Cash NOI and Same
Store Cash NOI, to GAAP net income can be found at the end of this
release.
Portfolio Operations
The Company reported that its total portfolio as of December 31, 2016 contained 4.4 million net
rentable square feet and was 91.0% occupied.
City Office's NOI was approximately $12.8
million, or approximately $13.1
million on an adjusted cash basis, during the fourth quarter
of 2016. NOI for the quarter benefited from $321,000 of termination fee income. This
was included in rental income for the fourth quarter of 2016.
Same Store Cash NOI increased 5.1%, as compared to the fourth
quarter 2015.
Investment and Disposition Activity
The Company completed the acquisition of Park Tower in
Tampa, Florida for a purchase
price of $79.8 million, exclusive of
closing costs and future renovation capital. The property is
a 36 story office tower located in the heart of the Tampa central business district with a strong
and diversified tenant roster. The acquisition is anticipated
to generate an initial full-year net operating income yield of
approximately 7.1%. As a condition to closing, $2.0 million of the $79.8
million purchase price was funded into a third party cash
escrow account. This cash will be returned to the Company if
certain renewal leasing thresholds are not achieved by the end of
the second quarter of 2017.
The Company completed the acquisition of 5090 N 40th St in
Phoenix, Arizona for a purchase
price of $42.6 million, exclusive of
closing costs. The 175,835 square foot Class A building is
located in the heart of the Camelback Corridor, considered a
premier business corridor in metropolitan Phoenix. The
acquisition is anticipated to generate an initial full-year net
operating income yield of approximately 7.1%. The property
has been institutionally maintained, undergone an extensive recent
renovation and is located in close proximity to both first-class
amenities and executive housing.
The Company completed the acquisition of SanTan in Phoenix, Arizona for a purchase price of
$58.5 million, exclusive of closing
costs. SanTan is a 266,531 square foot Class A two-building
complex well-located on a highly visible corner in Phoenix's technology-driven Chandler
submarket. The acquisition is anticipated to generate an
initial full-year net operating income yield of approximately
7.7%. The property features high-end tenant finishes and is
55% leased to investment grade tenants, including Toyota Motor
Credit Corporation.
The Company received a non-refundable $5.0 million deposit for the previously announced
sale of the Washington Group Plaza property in Boise, Idaho to St. Luke's Health System for
$86.5 million. Closing is
scheduled to occur in April 2018 in
conjunction with the maturity of the property's secured
mortgage. Either party has the right to accelerate closing by
providing at least 120 days' advance notice.
In addition, subsequent to the end of the fourth quarter, the
Company completed the acquisition of 2525 McKinnon for a purchase
price of $46.8 million, exclusive of
closing costs and future renovation capital. 2525 McKinnon is
a 111,334 square foot Class A multi-tenant property well-located in
the desirable Uptown submarket of Dallas,
Texas. The acquisition is anticipated to generate an
initial full-year net operating income yield of approximately
6.1%. The property is surrounded by some of the highest
quality office, hotel, high-rise residential and retail properties
in the State of Texas. The property has strong occupancy and
tenancy, with significantly below market rental rates.
Leasing Activity
The Company's total leasing activity during the fourth quarter
of 2016 was 177,000 square feet, which included 11,000 square feet
of new leasing and 166,000 square feet of renewals. 144,000
square feet of leases signed within the quarter will or have
commenced subsequent to year end.
New Leasing – New leases were signed with a weighted
average lease term of 3.9 years at a weighted average annual rent
per square foot of $23.16 and at a
weighted average cost of $4.30 per
square foot per year.
Renewal Leasing – Renewal leases were signed with a
weighted average lease term of 4.4 years at a weighted average
annual rent per square foot of $24.23
and at a weighted average cost of $1.56 per square foot per year. As part of
the renewal activity, the Company signed a five-year early renewal
at the Cherry Creek property for 37,000 square feet commencing on
July 1, 2017.
Capital Structure
As of December 31, 2016, the
Company had total principal outstanding debt of approximately
$374.9 million. 86% of the
Company's outstanding debt was fixed rate, with a weighted average
maturity of 5.3 years and a weighted average interest rate of
4.1%. During the fourth quarter, the Company expanded its
authorized borrowing capacity under the Secured Credit Facility
from $75.0 to $100.0 million and expanded its lending syndicate
to include Raymond James Bank,
N.A.
During the fourth quarter, the Company raised total gross
proceeds of $112.0 million in a
public offering of 4,480,000 shares of Series A Preferred Stock,
including 480,000 shares issued pursuant to the exercise of the
underwriters' over-allotment option, at a public offering price of
$25.00 per share.
The Company also completed a $17.1
million seven-year secured property financing for Carillon
Point with a fixed interest rate of 3.5%.
Subsequent to the end of the fourth quarter, the Company
completed a public follow-on offering of 5,750,000 shares of its
common stock, including the full exercise of the underwriters'
overallotment option, at an offering price of $12.40 per share for total gross proceeds of
$71.3 million.
Also subsequent to quarter end, the Company completed a
$22.0 million ten-year secured
property financing for 5090 N 40th St with a fixed interest rate of
3.9% and a $35.1 million ten-year
secured property financing for SanTan with a fixed interest rate of
4.6%.
Dividends
On December 21, 2016, the
Company's board of directors declared a cash dividend of
$0.235 per share of the Company's
common stock for the three months ended December 31, 2016. The dividend was paid on
January 25, 2017 to common
stockholders and unitholders of record as of January 13, 2016.
On December 21, 2016, the
Company's board of directors declared an initial cash dividend of
$0.50608 per share of the Company's
6.625% Series A Preferred stock, covering the period from, but
excluding, October 4, 2016 to, but
excluding, January 25, 2017. The
dividend was paid on January 25, 2017
to stockholders and common unitholders of record as of January 13, 2017.
2017 Outlook
For full year 2017, the Company expects Core FFO in the range of
$1.03 to $1.09 per diluted
share. This outlook reflects management's view of current and
future market conditions, including assumptions such as rental
rates, occupancy levels, operating and general administrative
expenses, weighted average diluted shares outstanding, the pace of
future acquisitions and interest rates. Reconciliation items
are noted below.
Full year 2017 Guidance:
- Properties GAAP NOI1,2: $66.5 - $67.5 million
- General & administrative expenses ("G&A")3:
$6.8 - $7.0 million
- Interest expense, net: $21.2 -
$21.6 million
- Core FFO per diluted share: $1.03
to $1.09
- Net Recurring Straight Line Rent Adjustment: $0.4 - $0.8 million
- Same Store Cash NOI Increase: 4.0% - 6.0%
Material Considerations:
- In addition to properties owned at January 1, 2017, guidance includes the
acquisition of 2525 McKinnon and an additional $165 - $185 million of properties. These
acquisitions are assumed to close within the second and third
quarters of 2017. The actual timing of these closings, if they
occur at all, will have a material impact on actual results.
- Dispositions have not been included in 2017 guidance. If the
Company were to dispose of a property, including Washington Group
Plaza, which is under contract for sale, there could be a material
impact on guidance estimates based on the terms and timing of the
redeployment of proceeds.
- The 2017 G&A guidance includes approximately $1.6 - 1.7 million for stock-based compensation.
Prior to the current period, we presented stock-based compensation
as a separate line item within our financial statements. In
accordance with SEC rules, we are now presenting stock-based
compensation within G&A and are updating our guidance
accordingly. Our Core FFO definition excludes stock based
compensation. Excluding stock-based compensation, G&A
guidance would have been $5.2 - $5.4
million.
- 2017 annual weighted average fully diluted shares of common
stock outstanding are assumed to be 30.3 – 30.6 million.
- The January 2017 common stock
offering has been included in guidance estimates, but no further
capital offerings have been assumed.
Webcast and Conference Call Details
City Office's management will hold a conference call at
11:00 am Eastern Time on March 2, 2017.
The webcast will be available under the "Investor Relations"
section of the Company's website at www.cityofficereit.com.
The conference call can be accessed by dialing 1-866-262-0919 for
domestic callers and 1-412-902-4106 for international
callers.
A replay of the call will be available later in the day on
March 2, 2017, continuing through
11:59 pm Eastern Time on June 2, 2017 and can be accessed by dialing
1-877-344-7529 for domestic callers and 1-412-317-0088 for
international callers. The passcode for the replay is
10099803. A replay will also be available for twelve months
following the call at "Webcasts & Events" in the "Investor
Relations" section of the Company's website.
A supplemental financial package to accompany the discussion of
the results will be posted on www.cityofficereit.com under the
"Investor Relations" section.
Non-GAAP Financial Measures
Funds from Operations ("FFO") – The National Association
of Real Estate Investment Trusts ("NAREIT") states FFO should
represent net income or loss (computed in accordance with GAAP)
plus real estate related depreciation and amortization (excluding
amortization of deferred financing costs) and after adjustments of
unconsolidated partnerships and joint ventures, gains or losses on
the sale of property and impairments to real
estate.
The Company uses FFO as a supplemental performance measure
because the Company believes that FFO is beneficial to investors as
a starting point in measuring the Company's operational
performance. We also believe that, as a widely recognized
measure of the performance of REITs, FFO will be used by investors
as a basis to compare the Company's operating performance with that
of other REITs.
However, because FFO excludes depreciation and amortization and
captures neither the changes in the value of the Company's
properties that result from use or market conditions nor the level
of capital expenditures and leasing commissions necessary to
maintain the operating performance of the Company's properties, all
of which have real economic effects and could materially impact the
Company's results from operations, the utility of FFO as a measure
of the Company's performance is limited. In addition, other
equity REITs may not calculate FFO in accordance with the NAREIT
definition as the Company does, and, accordingly, the Company's FFO
may not be comparable to such other REITs' FFO. Accordingly,
FFO should be considered only as a supplement to net income as a
measure of the Company's performance.
Core Funds from Operations ("Core FFO") – We calculate
Core FFO by using FFO as defined by NAREIT and adjusting for
certain other non-core items. We also exclude from our
Core FFO calculation acquisition costs, loss on early
extinguishment of debt, changes in the fair value of the earn-out
and the amortization of stock based compensation.
We believe Core FFO provides a useful metric in comparing
operations between reporting periods and in assessing the
sustainability of our ongoing operating performance. Other equity
REITs may calculate Core FFO differently or not at all, and,
accordingly, the Company's Core FFO may not be comparable to such
other REITs' Core FFO.
Adjusted Funds from Operations ("AFFO") – We compute AFFO
by adding to Core FFO the non-cash amortization of deferred
financing fees, and non-real estate depreciation, and then
subtracting cash paid for recurring tenant improvements, leasing
commissions, and capital expenditures, and eliminating the net
effect of straight-line rents, deferred market rent and debt fair
value amortization. Recurring capital expenditures exclude
development / redevelopment activities, capital expenditures
planned at acquisition and costs to reposition a property. We
exclude first generation leasing costs within the first two years
of our initial public offering or acquisition, which are generally
to fill vacant space in properties we acquire or were planned at
acquisition. We have further excluded all costs associated
with tenant improvements, leasing commissions and capital
expenditures which were funded by the entity contributing the
properties at closing.
Along with FFO and Core FFO, we believe AFFO provides investors
with appropriate supplemental information to evaluate the ongoing
operations of the company. Other equity REITs may calculate AFFO
differently, and, accordingly, the Company's AFFO may not be
comparable to such other REITs' AFFO.
Net Operating Income ("NOI"), Adjusted Cash NOI – We
define NOI as total revenues less property operating
expenses. We define Adjusted Cash NOI as NOI less the effect
of straight-line rents, deferred market rent, and any amounts which
are funded by the selling entities.
We consider NOI and Adjusted Cash NOI to be appropriate
supplemental performance measures to net income because we believe
they provide information useful in understanding the core
operations and operating performance of our portfolio.
Same Store Cash Net Operating Income ("Same Store Cash
NOI") – Same Store Cash NOI is calculated as the NOI
attributable to the properties continuously owned and operated for
the entirety of the reporting periods presented. The Company's
definition of Same Store Cash NOI excludes properties that were not
stabilized during both of the applicable reporting periods. These
exclusions may include, but are not limited to, acquisitions,
dispositions and properties undergoing repositioning or
signification renovations.
We believe Same Store NOI is an important measure of comparison
because it allows for comparison of operating results of stabilized
properties owned and operated for the entirety of both applicable
periods and therefore eliminates variations caused by acquisitions,
dispositions or repositionings during such periods. Other REITs may
calculate Same Store Cash NOI differently and our calculation
should not be compared to that of other REITs.
Forward-looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Certain statements contained in this press release, including those
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon the Company's current beliefs as to the outcome
and timing of future events. There can be no assurance that actual
forward-looking statements, including projected capital resources,
projected profitability and portfolio performance, estimates or
developments affecting the Company will be those anticipated by the
Company. Examples of forward-looking statements include those
pertaining to expectations regarding our financial performance,
including under metrics such as NOI, FFO, market rental rates,
national or local economic growth, estimated replacement costs of
our properties, projected capital improvements, expected sources of
financing, expectations as to the timing of closing of
acquisitions, dispositions, or other transactions, the expected
operating performance of the Company's current properties and
anticipated near-term acquisitions and descriptions relating to
these expectations, including, without limitation, the anticipated
net operating income yield and cap rates. Forward-looking
statements presented in this press release are based on
management's beliefs and assumptions made by, and information
currently available to, management.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"believe," "could," "project," "predict," "hypothetical,"
"continue," "future" or other similar words or expressions. All
forward-looking statements included in this press release are based
upon information available to the Company on the date hereof and
the Company is under no duty to update any of the forward-looking
statements after the date of this press release to conform these
statements to actual results. The forward-looking statements
involve a number of significant risks and uncertainties. Factors
that could have a material adverse effect on the Company's
operations and future prospects are set forth in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and subsequent reports filed
from time to time with the U.S. Securities and Exchange Commission,
including the sections entitled "Risk Factors" contained therein.
The factors set forth in the Risk Factors section and otherwise
described in the Company's filings with SEC could cause the
Company's actual results to differ significantly from those
contained in any forward-looking statement contained in this press
release. The Company does not guarantee that the assumptions
underlying such forward-looking statements are free from errors.
Unless otherwise stated, historical financial information and per
share and other data are as of December 31,
2016.
Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, the Company's
business, financial condition, liquidity, cash flows and results
could differ materially from those expressed in any forward-looking
statement. While forward-looking statements reflect our good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. We disclaim any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. Use caution in
relying on past forward-looking statements, which were based on
results and trends at the time they were made, to anticipate future
results or trends.
City Office REIT,
Inc.
|
Consolidated
Balance Sheets
|
(In
thousands, except par value and share data)
|
|
|
|
|
December 31,
2016
|
December 31,
2015
|
Assets
|
|
|
Real estate
properties
|
|
|
Land
|
$
115,634
|
$
90,205
|
Building and
improvement
|
423,707
|
256,317
|
Tenant
improvement
|
49,813
|
35,069
|
Furniture, fixtures
and equipment
|
222
|
198
|
|
589,376
|
381,789
|
Accumulated
depreciation
|
(39,052 )
|
(26,909 )
|
|
550,324
|
354,880
|
Cash and cash
equivalents
|
13,703
|
8,138
|
Restricted
cash
|
15,948
|
15,176
|
Rents receivable,
net
|
17,257
|
14,382
|
Deferred leasing
costs, net of accumulated amortization
|
5,422
|
5,074
|
Acquired lease
intangibles assets, net
|
56,214
|
40,990
|
Prepaid expenses and
other assets
|
2,626
|
1,567
|
Total
Assets
|
$
661,494
|
$
440,207
|
|
|
|
Liabilities and
Equity
|
|
|
Liabilities:
|
|
|
Debt
|
$
370,057
|
$
341,278
|
Accounts payable and
accrued liabilities
|
12,976
|
8,745
|
Deferred
rent
|
5,558
|
2,653
|
Tenant rent
deposits
|
2,621
|
2,178
|
Acquired lease
intangibles liability, net
|
4,302
|
2,292
|
Dividend distributions
payable
|
7,521
|
3,663
|
Earn-out
liability
|
2,400
|
5,678
|
Total
Liabilities
|
405,435
|
366,487
|
|
|
|
Commitments and
Contingencies
|
|
|
Equity:
|
|
|
6.625% Series A
Preferred stock, $0.01 par value per share, 100,000,000 shares
authorized, 4,480,000 and 0 issued and outstanding as of December
31, 2016 and December 31, 2015, respectively
|
112,000
|
—
|
Common stock, $0.01
par value, 100,000,000 shares authorized, 24,382,226 and 12,517,777
shares issued and outstanding as of December 31, 2016 and December
31, 2015, respectively
|
244
|
125
|
Additional paid-in
capital
|
195,566
|
95,318
|
Accumulated
deficit
|
(53,608)
|
(29,598 )
|
Total Stockholders'
Equity
|
254,202
|
65,845
|
Operating Partnership
unitholders' non-controlling interests
|
108
|
8,550
|
Non-controlling
interests in properties
|
1,749
|
(675 )
|
Total
Equity
|
256,059
|
73,720
|
Total Liabilities
and Equity
|
$
661,494
|
$
440,207
|
|
|
|
City Office REIT,
Inc.
|
Consolidated
Statements of Operations
|
(In
thousands, except per share data)
|
|
|
|
|
Three Months
Ended
December 31,
|
Twelve Months
Ended
December 31,
|
|
2016
|
2015
|
2016
|
2015
|
Revenues:
|
|
|
|
|
Rental
income
|
$
18,783
|
$
15,171
|
$
63,702
|
$
48,009
|
Expense
reimbursement
|
1,991
|
2,071
|
7,140
|
5,808
|
Other
|
530
|
301
|
1,619
|
1,235
|
Total
Revenues
|
21,304
|
17,543
|
72,461
|
55,052
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
Property operating
expenses
|
8,526
|
6,656
|
28,305
|
20,420
|
Acquisition
costs
|
353
|
65
|
692
|
2,959
|
General and
administrative
|
1,890
|
1,012
|
6,429
|
3,728
|
Base management
fee
|
—
|
321
|
109
|
1,302
|
External advisor
acquisition
|
—
|
318
|
7,045
|
492
|
Depreciation and
amortization
|
9,345
|
6,836
|
30,178
|
21,624
|
Total Operating
Expenses
|
20,114
|
15,208
|
72,758
|
50,525
|
Operating
income/(loss)
|
1,190
|
2,335
|
(297)
|
4,527
|
Interest
Expense:
|
|
|
|
|
Contractual interest
expense
|
(3,598)
|
(3,697)
|
(13,804)
|
(10,607)
|
Amortization of
deferred financing costs
|
(285)
|
(196)
|
(957)
|
(746)
|
|
(3,883)
|
(3,893)
|
(14,761)
|
(11,353)
|
Change in fair value
of earn-out
|
(500)
|
(241)
|
(500)
|
(841)
|
Net gain on sale of
real estate property
|
—
|
—
|
15,934
|
—
|
Net
(loss)/income
|
(3,193)
|
(1,799)
|
376
|
(7,667)
|
Less:
|
|
|
|
|
Net income
attributable to non-controlling interests in properties
|
(111)
|
(130)
|
(354)
|
(500)
|
|
|
|
|
|
Net loss/(income)
attributable to Operating Partnership unitholders' non-controlling
interests
|
5
|
377
|
(865)
|
1,576
|
Net loss
attributable to the Company
|
$
(3,299)
|
$
(1,552)
|
$
(843)
|
$
(6,591)
|
Preferred stock
distributions
|
(1,781)
|
—
|
(1,781)
|
—
|
Net loss
attributable to the common stockholders
|
$
(5,080)
|
$
(1,552)
|
$
(2,624)
|
$
(6,591)
|
Net loss per common
share and unit:
|
|
|
|
|
Basic and
diluted
|
$
(0.21)
|
$
(0.12)
|
$
(0.13)
|
$
(0.53)
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic and
diluted
|
24,382
|
12,518
|
20,460
|
12,409
|
Dividend
distributions declared per common share and unit
|
$
0.235
|
$
0.235
|
$
0.940
|
$
0.940
|
|
|
|
|
|
|
|
|
|
|
|
|
City Office REIT,
Inc.
|
Reconciliation of
Net Operating Income
|
(Unaudited)
|
(In
thousands)
|
|
|
Three Months
Ended
December 31,
2016
|
|
|
Net loss
|
$
(3,193)
|
Adjustments to net
loss:
|
|
General and
administrative
|
1,890
|
Contractual interest
expense
|
3,598
|
Amortization of
deferred financing costs
|
285
|
Depreciation and
amortization
|
9,345
|
Acquisition
costs
|
353
|
Change in fair value
of earn-out
|
500
|
Net Operating Income
("NOI")
|
$
12,778
|
Net straight line rent adjustment
|
116
|
Net amortization of
above and below market leases
|
159
|
Portfolio Adjusted
Cash NOI
|
$
13,053
|
Non-controlling
interests in properties – share in cash NOI
|
(412)
|
Adjusted Cash NOI
(CIO share)
|
$
12,641
|
|
|
|
|
|
|
|
City Office REIT,
Inc.
|
Reconciliation of
Net Income to FFO, Core FFO and AFFO
|
(Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
Three Months
Ended
December 31,
2016
|
|
|
Net loss attributable
to common stockholders
|
$
(5,080)
|
(+) Depreciation and
amortization
|
9,345
|
(-) Operating
Partnership unitholders' non-controlling interest
|
(5)
|
|
4,260
|
Non-controlling
interests in properties:
|
|
(-) Share of net
income
|
111
|
(-) Share of
FFO
|
(303)
|
FFO attributable to
common stockholders and unitholders
|
$
4,068
|
(+) Acquisition
costs
|
353
|
(+) Stock based
compensation
|
649
|
(+) Change in fair
value of earn-out
|
500
|
Core FFO attributable
to common stockholders and unitholders
|
$
5,570
|
(+) Net recurring
straight line rent adjustment
|
328
|
(+) Net amortization
of above and below market leases
|
159
|
(+) Net amortization
of deferred financing costs
|
277
|
(-) Net recurring
tenant improvement and incentives
|
(565)
|
(-) Net recurring
leasing commissions
|
(998)
|
(-) Net recurring
capital expenditures
|
(568)
|
AFFO attributable to
common stockholders and unitholders
|
$
4,203
|
|
|
Core FFO per common
share and unit
|
$
0.23
|
AFFO per common share
and unit
|
$
0.17
|
|
|
|
|
Dividends per common
share and unit
|
$
0.235
|
Core FFO Payout
Ratio
|
104%
|
AFFO Payout
Ratio
|
138%
|
|
|
Weighted average
common stock and common units outstanding
|
24,689,228
|
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/city-office-reit-reports-fourth-quarter-and-full-year-2016-results-300416493.html
SOURCE City Office REIT, Inc.