$CIO
City Office REIT, Inc.

2017 Q4 Form 10-Q Financial Statement

#000119312517334733 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $31.18M $24.75M $18.79M
YoY Change 46.36% 31.71% 28.56%
Cost Of Revenue $11.91M $10.69M $7.390M
YoY Change 39.62% 44.65% 26.54%
Gross Profit $19.27M $14.06M $11.41M
YoY Change 50.78% 23.23% 30.1%
Gross Profit Margin 61.8% 56.81% 60.72%
Selling, General & Admin $1.560M $1.450M $1.750M
YoY Change -17.46% -17.14% 63.55%
% of Gross Profit 8.1% 10.31% 15.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.49M $9.450M $7.760M
YoY Change 33.58% 21.78% 31.75%
% of Gross Profit 64.82% 67.21% 68.01%
Operating Expenses $14.05M $21.59M $17.15M
YoY Change 25.11% 25.86% 17.44%
Operating Profit $5.220M $3.162M $1.639M
YoY Change 236.77% 92.92% 16290.0%
Interest Expense -$6.210M $4.885M $3.521M
YoY Change 41.78% 38.74% 17.6%
% of Operating Profit -118.97% 154.49% 214.83%
Other Income/Expense, Net
YoY Change
Pretax Income -$990.0K -$1.720M -$1.880M
YoY Change -68.97% -8.51% -36.91%
Income Tax
% Of Pretax Income
Net Earnings -$987.0K -$1.775M -$1.944M
YoY Change -69.09% -8.69% -22.21%
Net Earnings / Revenue -3.17% -7.17% -10.35%
Basic Earnings Per Share -$0.12 -$0.08
Diluted Earnings Per Share -$34.64K -$0.12 -$0.08
COMMON SHARES
Basic Shares Outstanding 30.26M shares 30.26M shares 23.88M shares
Diluted Shares Outstanding 30.26M shares 23.88M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.30M $18.90M $12.00M
YoY Change -10.22% 57.5% 14.29%
Cash & Equivalents $12.30M $18.90M $12.02M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $20.09M $18.38M $14.03M
Other Receivables
Total Short-Term Assets $32.40M $37.30M $26.00M
YoY Change 4.52% 43.46% 12.07%
LONG-TERM ASSETS
Property, Plant & Equipment $728.1M $699.8M $398.6M
YoY Change 32.31% 75.56% 11.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.90M $69.00M $21.60M
YoY Change 221.96% 219.44% -16.6%
Total Long-Term Assets $864.1M $841.2M $461.4M
YoY Change 37.05% 82.29% 7.78%
TOTAL ASSETS
Total Short-Term Assets $32.40M $37.30M $26.00M
Total Long-Term Assets $864.1M $841.2M $461.4M
Total Assets $896.5M $878.5M $487.4M
YoY Change 35.52% 80.22% 8.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.60M $15.80M $11.30M
YoY Change 35.38% 39.82% 6.6%
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 $17.60M $15.80M $11.30M
YoY Change 35.38% 39.82% 6.6%
LONG-TERM LIABILITIES
Long-Term Debt $489.5M $532.1M $302.8M
YoY Change 32.26% 75.73% -12.21%
Other Long-Term Liabilities $29.50M $28.40M $16.80M
YoY Change 31.7% 69.05% -1.18%
Total Long-Term Liabilities $519.0M $560.5M $319.6M
YoY Change 32.23% 75.38% -11.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.60M $15.80M $11.30M
Total Long-Term Liabilities $519.0M $560.5M $319.6M
Total Liabilities $536.7M $576.3M $330.8M
YoY Change 32.37% 74.21% -11.19%
SHAREHOLDERS EQUITY
Retained Earnings -$86.98M -$75.52M -$42.80M
YoY Change 62.25% 76.46% 70.48%
Common Stock $334.6M $265.3M $199.0M
YoY Change 70.88% 33.31% 109.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $359.6M $301.8M $156.2M
YoY Change
Total Liabilities & Shareholders Equity $896.5M $878.5M $487.4M
YoY Change 35.52% 80.22% 8.0%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$987.0K -$1.775M -$1.944M
YoY Change -69.09% -8.69% -22.21%
Depreciation, Depletion And Amortization $12.49M $9.450M $7.760M
YoY Change 33.58% 21.78% 31.75%
Cash From Operating Activities $11.07M $13.54M $11.18M
YoY Change 74.06% 21.11% 62.5%
INVESTING ACTIVITIES
Capital Expenditures -$35.06M -$172.4M $42.60M
YoY Change -80.01% -504.6% -143.01%
Acquisitions
YoY Change
Other Investing Activities -$230.0K -$760.0K -$280.0K
YoY Change -79.09% 171.43% -33.33%
Cash From Investing Activities -$35.29M -$173.1M -$50.69M
YoY Change -80.01% 241.53% -49.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.29M 111.3M 43.88M
YoY Change -91.1% 153.69% -52.2%
NET CHANGE
Cash From Operating Activities 11.07M 13.54M 11.18M
Cash From Investing Activities -35.29M -173.1M -50.69M
Cash From Financing Activities 15.29M 111.3M 43.88M
Net Change In Cash -8.930M -48.26M 4.370M
YoY Change -631.55% -1204.35% -660.26%
FREE CASH FLOW
Cash From Operating Activities $11.07M $13.54M $11.18M
Capital Expenditures -$35.06M -$172.4M $42.60M
Free Cash Flow $46.13M $185.9M -$31.42M
YoY Change -74.62% -691.66% -129.66%

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City Office REIT, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001593222
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-11-26
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Nature Of Operations
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Organization and Description of Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 of limited partnership interest 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 Operating Partnership&#x2019;s 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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;) under the Internal Revenue Code of 1986, as amended (the &#x201C;Code&#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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 former 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&#xA0;million to the stockholders of the Advisor (the &#x201C;Sellers&#x201D;), which included the Company&#x2019;s three executive officers and Samuel Belzberg, a former director of the Company. In addition, the Company was required to make cash payments to the Sellers of up to $3.5&#xA0;million if the Company&#x2019;s fully diluted market capitalization reached the following thresholds prior to December&#xA0;31, 2016: $1&#xA0;million upon the Company achieving a $200&#xA0;million fully diluted market capitalization, an additional $1&#xA0;million upon the Company achieving a $225&#xA0;million fully diluted market capitalization and an additional $1.5&#xA0;million upon the Company achieving a $250&#xA0;million fully diluted market capitalization. The Company paid an additional $3.5&#xA0;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&#xA0;million in the year ended December&#xA0;31, 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In connection with the closing of the Internalization, the Company entered into an amendment to the Advisory Agreement between the Company, the 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 Company&#x2019;s executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately eleven additional former employees of the Advisor and its affiliates became employees of the Company.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 Mr.&#xA0;Belzberg. 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&#xA0;million, second 12 months&#x2014;$1.15&#xA0;million and third 12 months&#x2014;$0.625&#xA0;million, for a total of $3.275&#xA0;million over the three-year term.</p> </div>
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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dei Trading Symbol
TradingSymbol
CIO
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Units Of Partnership Interest Description
UnitsOfPartnershipInterestDescription
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 tendered common units by issuing common stock on a one-for-one basis.
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WeightedAverageNumberOfSharesOutstandingBasic
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cio Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
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cio Redemption Of Common Units For Common Stock Shares
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PaymentsOfDividendsCommonStock
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3570000
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us-gaap Share Based Compensation
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TenantReimbursements
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21731000 shares
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cio External Advisor Acquisition Costs
ExternalAdvisorAcquisitionCosts
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cio Payments For Earn Out
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cio Internalization Shares Issued
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cio Increase Decrease In Tenant Rent Deposits
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cio Net Income Loss Attributable To Noncontrolling Interest In Properties
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CY2016 us-gaap Dividends Preferred Stock
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PreferredStockDividendRatePercentage
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