2014 Q2 Form 10-Q Financial Statement
#000119312514211622 Filed on May 23, 2014
Income Statement
| Concept | 2014 Q2 | 2014 Q1 | 2013 Q4 |
|---|---|---|---|
| Revenue | $8.393M | $7.976M | $5.865M |
| YoY Change | 90.36% | 135.63% | 76.13% |
| Cost Of Revenue | $2.640M | $2.460M | $4.060M |
| YoY Change | 94.12% | 127.78% | 172.48% |
| Gross Profit | $5.750M | $5.520M | $1.800M |
| YoY Change | 89.14% | 138.96% | -1.64% |
| Gross Profit Margin | 68.51% | 69.21% | 30.69% |
| Selling, General & Admin | $1.210M | $510.0K | -$1.020M |
| YoY Change | 384.0% | 64.52% | -610.0% |
| % of Gross Profit | 21.04% | 9.24% | -56.67% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $3.420M | $3.160M | $2.530M |
| YoY Change | 113.75% | 182.14% | 132.11% |
| % of Gross Profit | 59.48% | 57.25% | 140.56% |
| Operating Expenses | $7.779M | $3.820M | $1.140M |
| YoY Change | 296.88% | 148.05% | -18.57% |
| Operating Profit | $614.4K | $1.700M | $660.0K |
| YoY Change | -43.11% | 120.78% | 53.49% |
| Interest Expense | $1.785M | $1.310M | -$1.520M |
| YoY Change | -273.33% | -255.95% | 34.51% |
| % of Operating Profit | 290.56% | 77.06% | -230.3% |
| Other Income/Expense, Net | -$1.980M | ||
| YoY Change | |||
| Pretax Income | -$3.070M | $2.200M | -$2.840M |
| YoY Change | 116.2% | -2850.0% | 278.67% |
| Income Tax | $0.00 | ||
| % Of Pretax Income | 0.0% | ||
| Net Earnings | -$240.1K | $2.204M | -$2.837M |
| YoY Change | -83.12% | -3000.0% | 350.32% |
| Net Earnings / Revenue | -2.86% | 27.63% | -48.37% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$260.8K | $274.2K | -$319.9K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 6.582M shares | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2014 Q2 | 2014 Q1 | 2013 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $10.20M | $6.500M | $7.100M |
| YoY Change | |||
| Cash & Equivalents | $10.18M | $1.000K | $7.128M |
| Short-Term Investments | |||
| Other Short-Term Assets | |||
| YoY Change | |||
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $6.288M | ||
| Other Receivables | |||
| Total Short-Term Assets | $16.50M | $12.00M | $11.80M |
| YoY Change | |||
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $167.1M | $144.8M | $100.1M |
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $0.00 | $0.00 | $4.300M |
| YoY Change | |||
| Other Assets | $18.00M | $18.10M | $12.70M |
| YoY Change | |||
| Total Long-Term Assets | $212.8M | -$12.00M | -$11.80M |
| YoY Change | |||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $16.50M | $12.00M | $11.80M |
| Total Long-Term Assets | $212.8M | -$12.00M | -$11.80M |
| Total Assets | $229.3M | $1.000K | $1.000K |
| YoY Change | |||
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $4.800M | $5.600M | $2.300M |
| YoY Change | |||
| Accrued Expenses | |||
| YoY Change | |||
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $4.800M | $5.600M | $2.300M |
| YoY Change | |||
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $155.0M | $159.4M | $109.9M |
| YoY Change | |||
| Other Long-Term Liabilities | $12.10M | $2.800M | $3.000M |
| YoY Change | |||
| Total Long-Term Liabilities | $167.1M | $162.2M | $112.9M |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $4.800M | $5.600M | $2.300M |
| Total Long-Term Liabilities | $167.1M | $162.2M | $112.9M |
| Total Liabilities | $172.0M | $168.7M | $116.4M |
| YoY Change | |||
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$3.444M | ||
| YoY Change | |||
| Common Stock | $81.94K | $10.00 | $10.00 |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $41.76M | $1.000K | $1.000K |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $229.3M | $199.7M | $143.0M |
| YoY Change |
Cashflow Statement
| Concept | 2014 Q2 | 2014 Q1 | 2013 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$240.1K | $2.204M | -$2.837M |
| YoY Change | -83.12% | -3000.0% | 350.32% |
| Depreciation, Depletion And Amortization | $3.420M | $3.160M | $2.530M |
| YoY Change | 113.75% | 182.14% | 132.11% |
| Cash From Operating Activities | $690.0K | $2.190M | $860.0K |
| YoY Change | -48.51% | 1360.0% | -714.29% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$26.80M | -$12.34M | -$2.010M |
| YoY Change | -62.52% | 973.04% | 87.85% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$360.0K | -$70.00K | $150.0K |
| YoY Change | 140.0% | 16.67% | -475.0% |
| Cash From Investing Activities | -$27.16M | -$12.41M | -$1.860M |
| YoY Change | -62.1% | 925.62% | 67.57% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $9.100M | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 30.12M | 9.620M | 570.0K |
| YoY Change | -57.09% | 1059.04% | -56.82% |
| NET CHANGE | |||
| Cash From Operating Activities | 690.0K | 2.190M | 860.0K |
| Cash From Investing Activities | -27.16M | -12.41M | -1.860M |
| Cash From Financing Activities | 30.12M | 9.620M | 570.0K |
| Net Change In Cash | 3.650M | -600.0K | -430.0K |
| YoY Change | -3141.67% | 160.87% | -714.29% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $690.0K | $2.190M | $860.0K |
| Capital Expenditures | -$26.80M | -$12.34M | -$2.010M |
| Free Cash Flow | $27.49M | $14.53M | $2.870M |
| YoY Change | -62.26% | 1017.69% | 208.6% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Net
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|
23712046 | |
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Finite Lived Intangible Assets Amortization Expense Year Three
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Finite Lived Intangible Assets Amortization Expense Year Four
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2345332 | |
| CY2014Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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6582150 | shares |
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Common Stock Shares Outstanding
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|
1000 | shares |
| CY2014Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1000 | shares |
| CY2014Q1 | us-gaap |
Common Stock Shares Authorized
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|
100000 | shares |
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Common Stock Par Or Stated Value Per Share
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|
0.01 | |
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Additional Paid In Capital
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Stockholders Equity
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Finite Lived Intangible Assets Amortization Expense Year Five
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|
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Assets
Assets
|
1000 | |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1000 | |
| CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
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Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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|
4263386 | |
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Initial Public Offering Closure Date
InitialPublicOfferingClosureDate
|
2014-04-21 | |
| CY2013Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1000 | shares |
| CY2013Q4 | us-gaap |
Common Stock Shares Issued
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|
1000 | shares |
| CY2013Q4 | us-gaap |
Common Stock Shares Authorized
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|
100000 | shares |
| CY2013Q4 | us-gaap |
Additional Paid In Capital
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|
990 | |
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Stockholders Equity
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1000 | |
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Common Stock Value
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10 | |
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Common Stock Par Or Stated Value Per Share
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0.01 | |
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Assets
Assets
|
1000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1000 | |
| CY2014Q1 | dei |
Trading Symbol
TradingSymbol
|
CIO | |
| CY2013Q1 | us-gaap |
Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
|
455370 | |
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Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
5025391 | |
| CY2014Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
City Office REIT, Inc. | |
| CY2014Q1 | dei |
Amendment Flag
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false | |
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Entity Filer Category
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Non-accelerated Filer | |
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Document Fiscal Year Focus
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|
2014 | |
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Document Type
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|
10-Q | |
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Document Period End Date
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|
2014-03-31 | |
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Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2013-11-26 | |
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Entity Central Index Key
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0001593222 | |
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Q1 | |
| CY2014Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>1. Organization</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units in our Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”).</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) commencing with its taxable year ending December 31, 2014. Subject to qualification as a REIT, the Company will be permitted to deduct distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Pursuant to the Jumpstart Our Business Startups Act (the “JOBS Act”), the Company qualifies as an emerging growth company (“EGC”). An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (“FASB”) or the Securities and Exchange Commission (the “SEC”). The Company has elected to opt out of such extended transition period. This election is irrevocable.</p> </div> | |
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Operations Commenced Date1
OperationsCommencedDate1
|
2014-04-21 |
