$CIO
City Office REIT, Inc.

2016 Q1 Form 10-Q Financial Statement

#000119312516580217 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $16.27M $11.26M
YoY Change 44.54% 41.16%
Cost Of Revenue $6.270M $4.450M
YoY Change 40.9% 80.89%
Gross Profit $10.01M $6.810M
YoY Change 46.99% 23.37%
Gross Profit Margin 61.51% 60.48%
Selling, General & Admin $8.290M $820.0K
YoY Change 910.98% 60.78%
% of Gross Profit 82.82% 12.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.550M $4.410M
YoY Change 48.53% 39.56%
% of Gross Profit 65.43% 64.76%
Operating Expenses $21.10M $9.880M
YoY Change 113.58% 158.64%
Operating Profit -$4.828M $1.379M
YoY Change -450.11% -18.88%
Interest Expense $3.961M $2.178M
YoY Change 81.86% 66.26%
% of Operating Profit 157.94%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.800M -$800.0K
YoY Change 1000.0% -136.36%
Income Tax
% Of Pretax Income
Net Earnings -$7.119M -$743.0K
YoY Change 858.14% -133.71%
Net Earnings / Revenue -43.74% -6.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$380.5K -$60.26K
COMMON SHARES
Basic Shares Outstanding 12.84M shares 12.28M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.200M $24.00M
YoY Change -65.83% 269.23%
Cash & Equivalents $8.198M $23.99M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $15.80M $9.252M
Other Receivables
Total Short-Term Assets $24.00M $33.30M
YoY Change -27.93% 177.5%
LONG-TERM ASSETS
Property, Plant & Equipment $355.6M $219.4M
YoY Change 62.08% 51.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00M $15.00M
YoY Change 33.33% -17.13%
Total Long-Term Assets $415.1M $263.3M
YoY Change 57.64% -2294.29%
TOTAL ASSETS
Total Short-Term Assets $24.00M $33.30M
Total Long-Term Assets $415.1M $263.3M
Total Assets $439.1M $296.6M
YoY Change 48.03% 29659200.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.20M $3.900M
YoY Change 238.46% -30.36%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.20M $3.900M
YoY Change 238.46% -30.36%
LONG-TERM LIABILITIES
Long-Term Debt $345.1M $189.7M
YoY Change 81.92% 19.01%
Other Long-Term Liabilities $13.90M $15.80M
YoY Change -12.03% 464.29%
Total Long-Term Liabilities $359.0M $205.5M
YoY Change 74.7% 26.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.20M $3.900M
Total Long-Term Liabilities $359.0M $205.5M
Total Liabilities $372.2M $209.4M
YoY Change 77.71% 24.13%
SHAREHOLDERS EQUITY
Retained Earnings -$41.66M -$15.63M
YoY Change 166.47%
Common Stock $100.3M $91.84M
YoY Change 9.19% 918399900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.62M $76.21M
YoY Change
Total Liabilities & Shareholders Equity $439.1M $296.6M
YoY Change 48.03% 48.52%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$7.119M -$743.0K
YoY Change 858.14% -133.71%
Depreciation, Depletion And Amortization $6.550M $4.410M
YoY Change 48.53% 39.56%
Cash From Operating Activities $4.330M $2.670M
YoY Change 62.17% 21.92%
INVESTING ACTIVITIES
Capital Expenditures -$4.360M -$10.91M
YoY Change -60.04% -11.59%
Acquisitions
YoY Change
Other Investing Activities -$160.0K -$570.0K
YoY Change -71.93% 714.29%
Cash From Investing Activities -$4.520M -$11.48M
YoY Change -60.63% -7.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.0K -2.070M
YoY Change -112.08% -121.52%
NET CHANGE
Cash From Operating Activities 4.330M 2.670M
Cash From Investing Activities -4.520M -11.48M
Cash From Financing Activities 250.0K -2.070M
Net Change In Cash 60.00K -10.88M
YoY Change -100.55% 1713.33%
FREE CASH FLOW
Cash From Operating Activities $4.330M $2.670M
Capital Expenditures -$4.360M -$10.91M
Free Cash Flow $8.690M $13.58M
YoY Change -36.01% -6.54%

Facts In Submission

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NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Organization and Description of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 (&#x201C;common units&#x201D;). 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company has elected to be taxed and will continue to operate in a manner that will allow it to qualify as a real estate investment trust (&#x201C;REIT&#x201D;). 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On February&#xA0;1, 2016, the Company closed on the previously announced management internalization (&#x201C;the Internalization&#x201D;). The Company had previously entered into a Stock Purchase Agreement (&#x201C;Stock Purchase Agreement&#x201D;) with certain stockholders of the Company&#x2019;s external advisor, City Office Real Estate Management Inc. (the &#x201C;Advisor&#x201D;) pursuant to which the Company acquired all of the outstanding stock of the Advisor. Pursuant to this Stock Purchase Agreement, at closing, the Company issued 297,321 shares of its common stock with a fair market value of $3.5 million to the stockholders of the Advisor (the &#x201C;Sellers&#x201D;), which include the Company&#x2019;s three executive officers and Samuel Belzberg, a director of the Company. In addition, the Company is required to make cash payments to the Sellers of up to $3.5 million if the Company&#x2019;s fully diluted market capitalization reaches the following thresholds prior to December&#xA0;31, 2016: $1 million upon the Company achieving a $200 million fully diluted market capitalization, an additional $1 million upon the Company achieving a $225 million fully diluted market capitalization and an additional $1.5 million upon the Company achieving a $250 million fully diluted market capitalization. As of April&#xA0;5, 2016, the Company&#x2019;s fully diluted market capitalization was $277.6 million. The Company accrued an additional $3.5 million in the first quarter of 2016 representing the payments to be made to the Sellers upon reaching these fully diluted market capitalizations, which, together with the initial payment and professional fees, resulted in a total cost of $7.0 million in the first quarter of 2016. The amount was recorded as an expense in the accompanying condensed consolidated statements of operations as it represented the cost of terminating the relationship.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In connection with the closing of the Internalization, the Company entered into an amendment to the Advisory Agreement between the Company, our Operating Partnership and the Advisor (&#x201C;Advisory Agreement&#x201D;) that eliminates the payment of acquisition fees by the Company to the Advisor. In addition, each of the executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately eleven additional current employees of the Advisor and its affiliates became employees of the Company.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In connection with the closing of the transactions under the Stock Purchase Agreement, a subsidiary of the Company entered into an Administrative Services Agreement (the &#x201C;Administrative Services Agreement&#x201D;) with Second City Capital II Corporation and Second City Real Estate II Corporation, related entities controlled by Sam Belzberg, a director of the Company. The Administrative Services Agreement has a three year term and pursuant to the agreement, the Company will provide various administrative services and support to the related entities managing the Second City funds. The Company&#x2019;s subsidiary will receive annual payments for these services under the Administrative Services Agreement as follows: first 12 months&#x2014;$1.5 million, second 12 months&#x2014;$1.15 million and third 12 months&#x2014;$0.625 million, for a total of $3.275 million over the three-year term.</p> </div>
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4333000
CY2016Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2016-04-05
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001593222
CY2016Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-11-26
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
20000 shares
CY2016Q1 us-gaap Units Of Partnership Interest Description
UnitsOfPartnershipInterestDescription
Beginning on or after the date which is 12 months after 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.
CY2016Q1 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.08 pure
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
City Office REIT, Inc.
CY2016Q1 us-gaap Operations Commenced Date1
OperationsCommencedDate1
2014-04-21
CY2016Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2016-03-15
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 dei Trading Symbol
TradingSymbol
CIO
CY2016Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2016-04-19
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12764000 shares
CY2016Q1 us-gaap Other Income
OtherIncome
420000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-7119000
CY2016Q1 us-gaap Revenues
Revenues
16274000
CY2016Q1 us-gaap Interest Paid
InterestPaid
3732000
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
542000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-8789000
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3663000
CY2016Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
14072000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4828000
CY2016Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
159000
CY2016Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
104000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
278000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-407000
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
280000
CY2016Q1 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Unrealized Gains Included In Earnings
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnobservableInputUnrealizedGainsIncludedInEarnings
100000
CY2016Q1 us-gaap Tenant Reimbursements
TenantReimbursements
1782000
CY2016Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
16274000
CY2016Q1 us-gaap Straight Line Rent
StraightLineRent
1144000
CY2016Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
115000
CY2016Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
17000
CY2016Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
4359000
CY2016Q1 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
-4828000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
542000
CY2016Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
61000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-569000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
60000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
21102000
CY2016Q1 us-gaap Interest Expense
InterestExpense
3961000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4518000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
245000
CY2016Q1 us-gaap Management Fee Expense
ManagementFeeExpense
109000
CY2016Q1 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Unrealized Losses Included In Earnings
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnobservableInputUnrealizedLossesIncludedInEarnings
100000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4437000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
699000
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
4000000
CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
221000
CY2016Q1 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
3740000
CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
115000
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
-1739000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6551000
CY2016Q1 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
6157000
CY2016Q1 us-gaap Dividends Common Stock
DividendsCommonStock
5701000
CY2016Q1 cio Rent Per Square Foot
RentPerSquareFoot
14
CY2016Q1 cio Operating Lease Space Occupied Percentage
OperatingLeaseSpaceOccupiedPercentage
0.88 pure
CY2016Q1 cio Operating Expenses Per Square Foot
OperatingExpensesPerSquareFoot
3
CY2016Q1 cio Payments For Earn Out
PaymentsForEarnOut
3778000
CY2016Q1 cio Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfShares
1263580 shares
CY2016Q1 cio Increase Decrease In Tenant Rent Deposits
IncreaseDecreaseInTenantRentDeposits
-146000
CY2016Q1 cio Fair Value Investments Entities That Calculate Net Asset Value Per Share Change In Unobservable Input Percentage
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareChangeInUnobservableInputPercentage
0.10 pure
CY2016Q1 cio Stock Issued During Period Value Earn Out
StockIssuedDuringPeriodValueEarnOut
3778000
CY2016Q1 cio Internalization Shares Issued
InternalizationSharesIssued
3464000
CY2016Q1 cio External Advisor Acquisition Costs
ExternalAdvisorAcquisitionCosts
7044000
CY2016Q1 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
69000
CY2016Q1 cio Stock Issued During Period Value Internalization Shares
StockIssuedDuringPeriodValueInternalizationShares
3464000

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