City office reit, inc. (CIO)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Sep'14Jun'14
Rental income

-

-

-

-

-

-

-

-

-

-

21,452

21,635

22,314

18,783

16,644

14,203

14,072

15,172

12,601

10,196

10,040

9,036

6,085

Expense reimbursement

-

-

-

-

-

-

-

-

-

-

2,541

2,847

-

-

-

-

-

-

-

-

-

-

-

Expense reimbursement

-

-

-

-

-

-

-

-

-

-

-

-

2,294

-

1,805

1,562

1,782

2,071

1,701

1,145

891

843

397

Other

-

-

-

-

-

-

-

-

-

-

757

675

791

530

342

327

420

301

313

293

328

117

128

Rental and other revenues

40,122

39,060

38,946

41,171

37,120

34,167

33,547

30,236

31,534

31,181

24,750

25,157

25,399

21,304

18,791

16,092

16,274

17,544

14,615

11,634

11,259

9,998

6,611

Operating expenses:
Property operating expenses

14,694

14,562

14,384

14,526

13,844

13,246

13,253

11,748

11,625

11,907

10,693

10,674

9,612

8,527

7,385

6,236

6,157

6,656

5,521

4,127

4,116

2,782

1,757

Stock based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

487

507

409

382

285

General and administrative

2,783

2,630

2,775

3,362

2,299

2,343

1,850

1,966

1,978

1,556

1,446

1,597

2,193

1,892

1,752

1,544

1,241

2,414

411

495

408

407

334

Base management fee

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

109

321

322

327

332

226

185

External advisor acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1

7,044

-

174

-

-

-

-

Insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

167

145

Property taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

753

424

Property management fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

225

158

Acquisition costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

252

87

-

66

1,802

882

209

401

343

Depreciation and amortization

14,953

15,103

15,035

14,604

14,417

15,309

13,379

11,771

11,893

12,499

9,449

9,148

10,498

9,344

7,763

6,520

6,551

6,836

5,888

4,494

4,406

4,057

2,713

Total operating expenses

32,430

32,295

32,194

32,492

30,560

34,395

28,482

25,485

25,496

25,962

21,588

21,419

22,303

20,117

17,152

14,387

21,102

15,208

14,605

10,832

9,880

9,402

6,349

Operating income

7,692

6,765

6,752

8,679

6,560

-228

5,065

4,751

6,038

5,219

3,162

3,738

3,096

1,187

1,639

1,705

-4,828

2,336

10

802

1,379

595

262

Interest expense:
Contractual interest expense

6,362

6,378

7,378

7,502

7,143

6,132

5,915

5,081

5,188

5,780

4,513

4,356

4,072

-

3,321

-

-

-

-

-

-

-

-

Amortization of deferred financing costs and debt fair value

324

333

321

334

337

-

311

354

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contractual interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,139

3,740

-

2,798

2,103

2,009

-

-

Amortization of deferred financing costs

-

-

-

-

-

-

-

-

632

-

372

331

323

286

200

250

221

196

196

185

169

159

136

Loss on early extinguishment of Predecessor debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,654

Interest expense, net

6,686

6,711

7,699

7,836

7,480

6,456

6,226

5,435

5,820

6,206

4,885

4,687

4,395

3,890

3,521

3,389

3,961

3,893

2,994

2,288

2,178

1,866

2,966

Net gain on sale of real estate property

-

-

-

478

-

0

0

0

46,980

-

-

12,116

-

-

-

15,934

-

-

-

-

-

-

-

Change in fair value of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-2,000

-

-

-

-

-

-

-

600

-

-

-

Interest expense, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,026

-3,576

Change in fair value of earn-out

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

942

104

Net income/(loss)

1,006

2,988

-947

1,321

-920

-6,684

-1,161

-684

47,198

-987

-1,723

13,167

-1,299

-3,203

-1,882

14,250

-8,789

-1,798

-2,984

-2,086

-799

-

-2,808

Net income attributable to non-controlling interests in properties

182

146

164

165

169

117

135

114

135

-

-

-

-

110

65

110

69

129

116

134

121

-

-

Net income attributable to Operating Partnership unitholders' non-controlling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-6

-3

2,613

-1,739

-376

-601

-422

-177

-693

814

Less: Net (income)/loss attributable to noncontrolling interests in properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

87

-69

Net income attributable to non-controlling interests in properties

-

-

-

-

-

-

-

-

-

-

52

3,104

168

-

-

-

-

-

-

-

-

-

-

Net income/(loss) attributable to the Company

824

2,842

-1,111

1,156

-1,089

-6,801

-1,296

-798

47,063

-1,065

-1,775

10,063

-1,467

-3,307

-1,944

11,527

-7,119

-1,551

-2,499

-1,798

-743

-2,373

-240

Preferred stock distributions

1,855

1,855

1,855

1,855

1,855

1,855

1,855

1,855

1,855

1,855

1,855

1,855

1,846

-

-

-

-

-

-

-

-

-

-

Net loss attributable to common stockholders

-1,031

987

-2,966

-699

-2,944

-8,656

-3,151

-2,653

45,208

-2,920

-3,630

8,208

-3,313

-5,088

-1,944

11,527

-7,119

-

-

-

-

-1,767

-1,944

Net loss per common share:
Basic and diluted

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0.56

-

-

-

-0.06

-0.22

-0.24

Basic

-0.02

0.03

-0.07

-0.02

-0.07

-0.28

-0.08

-0.07

1.25

-0.09

-0.12

0.27

-0.11

-

-0.08

0.56

-

-

-0.20

-0.15

-

-

-

Diluted

-0.02

0.03

-0.07

-0.02

-0.07

-0.27

-0.08

-0.07

1.24

-0.09

-0.12

0.27

-0.11

-

-0.08

0.48

-

-

-0.20

-0.15

-

-

-

Weighted average common shares outstanding:
Basic and diluted

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,764

-

-

-

12,279

8,192

8,057

Basic

54,458

54,192

42,591

39,640

39,565

39,585

37,494

36,132

36,073

30,762

30,262

30,257

29,511

-

23,884

20,729

-

-

12,473

12,365

-

-

-

Diluted

54,458

54,192

42,591

39,640

39,565

40,622

37,494

36,132

36,432

30,456

30,262

30,563

29,511

-

23,884

24,235

-

-

12,473

12,365

-

-

-

Dividends distributions declared per common share

0.15

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.23

0.18