2015 Q1 Form 10-K Financial Statement

#000119312515102141 Filed on March 24, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q2 2014
Revenue $11.26M $8.393M $36.90M
YoY Change 41.16% 90.36% 79.98%
Cost Of Revenue $4.450M $2.640M $15.00M
YoY Change 80.89% 94.12% 76.47%
Gross Profit $6.810M $5.750M $21.90M
YoY Change 23.37% 89.14% 82.5%
Gross Profit Margin 60.48% 68.51% 59.36%
Selling, General & Admin $820.0K $1.210M $2.400M
YoY Change 60.78% 384.0%
% of Gross Profit 12.04% 21.04% 10.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.410M $3.420M $14.73M
YoY Change 39.56% 113.75% 89.33%
% of Gross Profit 64.76% 59.48% 67.26%
Operating Expenses $9.880M $7.779M $34.28M
YoY Change 158.64% 296.88% 345.21%
Operating Profit $1.379M $614.4K $2.615M
YoY Change -18.88% -43.11% -39.19%
Interest Expense $2.178M $1.785M $7.854M
YoY Change 66.26% -273.33% -257.08%
% of Operating Profit 157.94% 290.56% 300.34%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$800.0K -$3.070M -$4.900M
YoY Change -136.36% 116.2% 16.67%
Income Tax
% Of Pretax Income
Net Earnings -$743.0K -$240.1K -$1.973M
YoY Change -133.71% -83.12% -51.88%
Net Earnings / Revenue -6.6% -2.86% -5.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$60.26K -$260.8K -$352.9K
COMMON SHARES
Basic Shares Outstanding 12.28M shares 6.582M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q2 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.00M $10.20M $34.90M
YoY Change 269.23% 391.55%
Cash & Equivalents $23.99M $10.18M $34.90M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $9.252M $6.288M
Other Receivables
Total Short-Term Assets $33.30M $16.50M $42.90M
YoY Change 177.5% 263.56%
LONG-TERM ASSETS
Property, Plant & Equipment $219.4M $167.1M $211.8M
YoY Change 51.52% 111.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets $15.00M $18.00M $16.60M
YoY Change -17.13% 30.71%
Total Long-Term Assets $263.3M $212.8M $258.6M
YoY Change -2294.29% 97.1%
TOTAL ASSETS
Total Short-Term Assets $33.30M $16.50M $42.90M
Total Long-Term Assets $263.3M $212.8M $258.6M
Total Assets $296.6M $229.3M $301.5M
YoY Change 29659200.0% 110.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $4.800M $4.100M
YoY Change -30.36% 78.26%
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 $3.900M $4.800M $4.100M
YoY Change -30.36% 78.26%
LONG-TERM LIABILITIES
Long-Term Debt $189.7M $155.0M $189.9M
YoY Change 19.01% 72.79%
Other Long-Term Liabilities $15.80M $12.10M $16.30M
YoY Change 464.29% 443.33%
Total Long-Term Liabilities $205.5M $167.1M $206.2M
YoY Change 26.7% 82.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.900M $4.800M $4.100M
Total Long-Term Liabilities $205.5M $167.1M $206.2M
Total Liabilities $209.4M $172.0M $221.4M
YoY Change 24.13% 90.21%
SHAREHOLDERS EQUITY
Retained Earnings -$15.63M -$3.444M
YoY Change
Common Stock $91.84M $81.94K
YoY Change 918399900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.21M $41.76M $80.10M
YoY Change
Total Liabilities & Shareholders Equity $296.6M $229.3M $301.5M
YoY Change 48.52% 110.84%

Cashflow Statement

Concept 2015 Q1 2014 Q2 2014
OPERATING ACTIVITIES
Net Income -$743.0K -$240.1K -$1.973M
YoY Change -133.71% -83.12% -51.88%
Depreciation, Depletion And Amortization $4.410M $3.420M $14.73M
YoY Change 39.56% 113.75% 89.33%
Cash From Operating Activities $2.670M $690.0K $7.790M
YoY Change 21.92% -48.51% 7.75%
INVESTING ACTIVITIES
Capital Expenditures -$10.91M -$26.80M -$93.72M
YoY Change -11.59% -62.52% 24.61%
Acquisitions
YoY Change
Other Investing Activities -$570.0K -$360.0K -$860.0K
YoY Change 714.29% 140.0% -960.0%
Cash From Investing Activities -$11.48M -$27.16M -$94.58M
YoY Change -7.49% -62.1% 25.92%
FINANCING ACTIVITIES
Cash Dividend Paid $4.784M
YoY Change
Common Stock Issuance & Retirement, Net $9.100M $72.47M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.070M 30.12M 114.5M
YoY Change -121.52% -57.09% 59.29%
NET CHANGE
Cash From Operating Activities 2.670M 690.0K 7.790M
Cash From Investing Activities -11.48M -27.16M -94.58M
Cash From Financing Activities -2.070M 30.12M 114.5M
Net Change In Cash -10.88M 3.650M 27.74M
YoY Change 1713.33% -3141.67% 590.05%
FREE CASH FLOW
Cash From Operating Activities $2.670M $690.0K $7.790M
Capital Expenditures -$10.91M -$26.80M -$93.72M
Free Cash Flow $13.58M $27.49M $101.5M
YoY Change -6.54% -62.26% 23.13%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014 dei Document Type
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10-K
CY2014 dei Entity Registrant Name
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City Office REIT, Inc.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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CY2014 dei Trading Symbol
TradingSymbol
CIO
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2915709 shares
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CY2014 us-gaap Operations Commenced Date1
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CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-11-26
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
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CY2014 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Organization and Description of Business</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> City Office REIT, Inc. (the &#x201C;Company&#x201D;) was organized in the state of Maryland on November&#xA0;26, 2013. On April&#xA0;21, 2014, the Company completed its initial public offering (&#x201C;IPO&#x201D;) of shares of the Company&#x2019;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 &#x201C;Operating Partnership&#x201D;), in exchange for common units in the Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the &#x201C;Formation Transactions&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;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&#x2019;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&#x2019;s business, subject to limited approval and voting rights of the limited partners.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> City Office REIT, Inc. Predecessor (the &#x201C;Predecessor&#x201D;) represents the combination of the six properties outlined below (the &#x201C;Properties&#x201D;). The Predecessor does not represent a legal entity. The Predecessor and its related assets and liabilities are under common control and were contributed to a newly formed Operating Partnership in connection with the IPO of the Company on April&#xA0;21, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The historical financial results in these financial statements for periods prior to April&#xA0;21, 2014 relate to the Predecessor. The Predecessor is comprised of the following properties:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b>City Center</b>: Property in St. Petersburg, Florida, acquired in December 2010.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b>Central Fairwinds</b>: Property in Orlando, Florida, acquired in May 2012.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b>AmberGlen</b>: Property in Portland, Oregon, acquired in December 2009.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b>Washington Group Plaza</b>: Property in downtown Boise, Idaho, acquired in June&#xA0;2013.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b>Corporate Parkway</b>: Property in Allentown, Pennsylvania, acquired in May 2013.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"><b>Cherry Creek</b>: Property in Denver, Colorado, acquired in January&#xA0;2014.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company intends to elect to be taxed and to continue to operate in a manner that will allow it to qualify as a real estate investment trust (&#x201C;REIT&#x201D;) commencing with its taxable year ending December&#xA0;31, 2014. Subject to qualification as a REIT, the Company will be permitted to deduct dividend 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 and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Pursuant to the Jumpstart Our Business Startups Act (the &#x201C;JOBS Act&#x201D;), the Company qualifies as an emerging growth company (&#x201C;EGC&#x201D;). 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 (&#x201C;FASB&#x201D;) or the Securities and Exchange Commission (the &#x201C;SEC&#x201D;). The Company has elected to opt out of such extended transition period. This election is irrevocable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Initial Public Offering and Formation Transactions</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company&#x2019;s operations are carried on primarily through the Operating Partnership and wholly owned subsidiaries of the Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related Formation Transactions.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> On April&#xA0;21, 2014, the Company closed the IPO, pursuant to which it sold 5,800,000 shares of common stock to the public at a public offering price of $12.50 per share. The Company raised $72.5&#xA0;million in gross proceeds, resulting in net proceeds to us of approximately $63.4&#xA0;million after deducting approximately $5.1&#xA0;million in underwriting discounts and approximately $4.0&#xA0;million in other expenses relating to the IPO. On May&#xA0;9, 2014, the underwriters of the IPO exercised their overallotment option to purchase an additional 782,150&#xA0;shares of the Company&#x2019;s common stock at the IPO price of $12.50 a share resulting in additional gross proceeds of approximately $9.8&#xA0;million. The net proceeds to the Company were $9.1&#xA0;million after deducting approximately $0.7&#xA0;million in underwriting discounts. The Company&#x2019;s common stock began trading on the New York Stock Exchange under the symbol &#x201C;CIO&#x201D; on April&#xA0;15, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company contributed the net proceeds of the IPO to the Operating Partnership in exchange for common units in the Operating Partnership. The Operating Partnership utilized a portion of the net proceeds of the IPO to pay fees in connection with the assumption of the indebtedness, pay expenses incurred in connection with the IPO and Formation Transactions and repay loans that were made to several of the contributing entities by certain investors in such entities. The remaining funds were used for general working capital purposes and to fund acquisitions.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Pursuant to the Formation Transactions and exercise of the underwriters&#x2019; overallotment option, the Operating Partnership acquired a 100% interest in each of the Washington Group Plaza, Cherry Creek and Corporate Parkway properties and acquired an approximate 76% economic interest in the AmberGlen property, 90% interest in the Central Fairwinds property and 95% interest in the City Center property. These initial property interests were contributed in exchange for 3,731,209 common units, 1,858,860 common stock and $19.4&#xA0;million of cash. On May&#xA0;9, 2014, subsequent to the exercise of the underwriters&#x2019; overallotment option, 479,305 common units and 248,095 common stock were redeemed for $9.1&#xA0;million in cash.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In connection with the IPO and Formation Transactions, the Company, through its Operating Partnership, extinguished the loan on the Central Fairwinds property and completed a refinancing of three properties (Cherry&#xA0;Creek, City Center and Corporate Parkway) with a new $95&#xA0;million non-recourse mortgage loan and proceeds from the IPO. The loan bears a fixed interest rate of 4.34% and matures on May&#xA0;6, 2021.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> The following is a summary of the Predecessor Statements of Operations for the period from January&#xA0;1, 2014 through April&#xA0;20, 2014, and the Company&#x2019;s Statement of Operations for the period from April&#xA0;21, 2014 through December&#xA0;31, 2014. These amounts are included in the consolidated and combined statement of operations herein for the year ended December&#xA0;31, 2014. All balances as of December&#xA0;31, 2013 and December&#xA0;31, 2012 are those of the Predecessor.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i>(in thousands)</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"><!-- Begin Table Head --> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Predecessor</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <b>City&#xA0;Office&#xA0;REIT,&#xA0;Inc.</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>January&#xA0;1, 2014<br /> through&#xA0;April&#xA0;20,<br /> 2014</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"> <b>April&#xA0;21,&#xA0;2014&#xA0;through<br /> December 31, 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Revenues:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Rental income</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,865</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">24,371</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Expense reimbursement</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">555</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,314</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">343</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">448</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> <b>Total Revenues</b></p> </td> <td valign="bottom"></td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>9,763</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;&#xA0;</b></td> <td valign="bottom"></td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>27,133</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;&#xA0;</b></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Operating Expenses</b>:</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Property operating expenses</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,775</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,557</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Acquisition costs</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">806</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,327</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Stock-based compensation</p> </td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,091</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> General and administrative</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,235</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Base management fees</p> </td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">682</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Depreciation and amortization</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,862</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,867</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> <b>Total Operating Expenses</b></p> </td> <td valign="bottom"></td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>8,522</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;&#xA0;</b></td> <td valign="bottom"></td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>25,759</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;&#xA0;</b></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Operating income</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,241</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,374</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Interest expense, net</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(3,772</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(7,180</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Change in fair value of earn-out</p> </td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(1,048</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Gain on equity investment</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,475</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> <b>Net income / (loss)</b></p> </td> <td valign="bottom"></td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>1,944</b></td> <td valign="bottom" nowrap="nowrap"><b>&#xA0;&#xA0;</b></td> <td valign="bottom"></td> <td valign="bottom"><b>&#xA0;</b></td> <td valign="bottom" align="right"><b>(6,854</b></td> <td valign="bottom" nowrap="nowrap"><b>)&#xA0;</b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net loss / (income) attributable to non-controlling interests in properties</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">29</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(111</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net income attributable to Predecessor</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,973</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net loss attributable to Operating Partnership unitholders&#x2019; non-controlling interests</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,955</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net loss attributable to stockholders</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(5,010</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> </tr> </table> </div>
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
7787000
CY2014 us-gaap Property Management Fee Percent Fee Description
PropertyManagementFeePercentFeeDescription
Fee ranging from 1.75% to 3.5% of gross revenue
CY2014 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5800000 shares
CY2014 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1263580 shares
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, and determination of the useful life of real estate properties and other long lived assets. Such estimates are based on management&#x2019;s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from management&#x2019;s estimates.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8475697 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
782150 shares
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001593222
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.653
CY2014 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
3844000
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.59
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Units Of Partnership Interest Description
UnitsOfPartnershipInterestDescription
Beginning on or after the date which is 12 months after the later of the completion of this offering or the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will have the right, subject to the terms and conditions set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the common units held by such limited partner or assignee in exchange for a cash amount per common unit equal to the value of one share of common stock, determined in accordance with and subject to adjustment under the partnership agreement. The Company has the sole option at its discretion to redeem the common units by issuing common stock on a one-for-one basis.
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2915709 shares
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed FDIC insured levels from time to time. The Company has never experienced any losses related to these balances.</p> </div>
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
161837000
CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-10952000
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
3725000
CY2014 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
4320000
CY2014 us-gaap Tenant Reimbursements
TenantReimbursements
2869000
CY2014 us-gaap Payments Of Dividends
PaymentsOfDividends
4784000
CY2014 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
859000
CY2014 us-gaap Profit Loss
ProfitLoss
-4910000
CY2014 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
1347000
CY2014 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
6056000
CY2014 us-gaap Straight Line Rent
StraightLineRent
1315000
CY2014 us-gaap Other Income
OtherIncome
791000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
2615000
CY2014 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
4475000
CY2014 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
33236000
CY2014 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
399000
CY2014 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
649192
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
89565000
CY2014 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
324000
CY2014 us-gaap Revenues
Revenues
36896000
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5010000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-1973000
CY2014 us-gaap Interest Paid
InterestPaid
7826000
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1986000
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1655000
CY2014 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Unrealized Gains Included In Earnings
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnobservableInputUnrealizedGainsIncludedInEarnings
100000
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
42865000
CY2014 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
723000
CY2014 us-gaap Increase Decrease In Other Deposits
IncreaseDecreaseInOtherDeposits
500000
CY2014 us-gaap Interest Expense
InterestExpense
7854000
CY2014 us-gaap Operating Expenses
OperatingExpenses
34281000
CY2014 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1443000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
27734000
CY2014 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
-82000
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
7576000
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
14729000
CY2014 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
14332000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-94580000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
114527000
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
72471000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
1091000
CY2014Q4 us-gaap Revenues
Revenues
10529000
CY2014 us-gaap Real Estate Improvements
RealEstateImprovements
4156000
CY2014 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2133000
CY2014 us-gaap Management Fee Expense
ManagementFeeExpense
682000
CY2014 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
205860000
CY2014 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
115121000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1314000
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-88000
CY2014 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
63400000
CY2014 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15500000
CY2014 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-15500000
CY2014 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
541000
CY2014 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Unrealized Losses Included In Earnings
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnobservableInputUnrealizedLossesIncludedInEarnings
100000
CY2014 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
1955000
CY2014 cio Initial Public Offering Closure Date
InitialPublicOfferingClosureDate
2014-04-21
CY2014 cio Rent Per Square Foot
RentPerSquareFoot
14
CY2014 cio Formation Transaction Expenses
FormationTransactionExpenses
35245000
CY2014 cio Additions To Real Estate Properties
AdditionsToRealEstateProperties
4156000
CY2014 cio Aggregate Cash Distributions Paid
AggregateCashDistributionsPaid
4800000
CY2014 cio Operating Expenses Per Square Foot
OperatingExpensesPerSquareFoot
4
CY2014 cio Payments Of Debt Issuances And Debt Extinguishment Costs
PaymentsOfDebtIssuancesAndDebtExtinguishmentCosts
4063000
CY2014 cio Net Proceeds From Initial Public Offering By Underwriters
NetProceedsFromInitialPublicOfferingByUnderwriters
9100000
CY2014 cio Operating Lease Space Occupied Percentage
OperatingLeaseSpaceOccupiedPercentage
0.75 pure
CY2014 cio Change In Fair Value Of Earn Out Liability
ChangeInFairValueOfEarnOutLiability
1048000
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1299000
CY2014 cio Percentage Of Dividend Amount Paid To Stockholders
PercentageOfDividendAmountPaidToStockholders
0.90 pure
CY2014 cio Impact On Net Income Loss
ImpactOnNetIncomeLoss
0
CY2014 cio Accrued Dividend Payable
AccruedDividendPayable
3571000
CY2014 cio Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Gains Losses Included In Earnings Net Percentage
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnobservableInputGainsLossesIncludedInEarningsNetPercentage
0.10 pure
CY2014 cio Gain Loss On Early Extinguishments Of Debt
GainLossOnEarlyExtinguishmentsOfDebt
-885000
CY2014 cio Proceeds From Secondary Public Offering Value
ProceedsFromSecondaryPublicOfferingValue
49671000
CY2014 cio Payment Of Capital Distribution Declared
PaymentOfCapitalDistributionDeclared
8400000
CY2014 cio Business Combination Pro Forma Property Acquisition Costs
BusinessCombinationProFormaPropertyAcquisitionCosts
2133000
CY2013Q1 us-gaap Profit Loss
ProfitLoss
-76000
CY2013Q1 us-gaap Revenues
Revenues
3385000
CY2014Q1 us-gaap Profit Loss
ProfitLoss
2204000
CY2014Q1 us-gaap Revenues
Revenues
7976000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
-1422000
CY2013Q2 us-gaap Revenues
Revenues
4409000
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-3067000
CY2014Q2 us-gaap Revenues
Revenues
8393000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1944000
CY2013Q3 us-gaap Profit Loss
ProfitLoss
158000
CY2013Q3 us-gaap Revenues
Revenues
6832000
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2014Q3 us-gaap Profit Loss
ProfitLoss
-2374000
CY2014Q3 us-gaap Revenues
Revenues
9998000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1767000
CY2013Q4 us-gaap Profit Loss
ProfitLoss
-2837000
CY2013Q4 us-gaap Revenues
Revenues
5865000
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2014Q4 us-gaap Profit Loss
ProfitLoss
-1673000

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