$CIO
City Office REIT, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518235652 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $30.24M $25.16M
YoY Change 20.19% 56.33%
Cost Of Revenue $11.75M $10.67M
YoY Change 10.12% 70.99%
Gross Profit $18.49M $14.48M
YoY Change 27.69% 46.86%
Gross Profit Margin 61.15% 57.56%
Selling, General & Admin $1.970M $1.600M
YoY Change 23.13% 3.9%
% of Gross Profit 10.65% 11.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.78M $9.150M
YoY Change 28.74% 40.34%
% of Gross Profit 63.71% 63.19%
Operating Expenses $25.49M $21.42M
YoY Change 18.98% 48.88%
Operating Profit $4.751M $3.738M
YoY Change 27.1% 119.24%
Interest Expense $5.435M $4.687M
YoY Change 15.96% 38.3%
% of Operating Profit 114.4% 125.39%
Other Income/Expense, Net
YoY Change
Pretax Income -$680.0K $13.17M
YoY Change -105.16% -7.58%
Income Tax
% Of Pretax Income
Net Earnings -$798.0K $10.06M
YoY Change -107.93% -12.7%
Net Earnings / Revenue -2.64% 40.0%
Basic Earnings Per Share -$0.07 $0.27
Diluted Earnings Per Share -$0.07 $0.27
COMMON SHARES
Basic Shares Outstanding 36.13M shares 30.26M shares
Diluted Shares Outstanding 36.13M shares 30.56M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.70M $68.10M
YoY Change -78.41% 784.42%
Cash & Equivalents $14.66M $68.15M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $22.35M $18.83M
Other Receivables
Total Short-Term Assets $37.00M $86.90M
YoY Change -57.42% 291.44%
LONG-TERM ASSETS
Property, Plant & Equipment $772.5M $550.6M
YoY Change 40.3% 54.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.20M $67.70M
YoY Change -59.82% 17.74%
Total Long-Term Assets $870.3M $670.4M
YoY Change 29.81% 47.71%
TOTAL ASSETS
Total Short-Term Assets $37.00M $86.90M
Total Long-Term Assets $870.3M $670.4M
Total Assets $907.3M $757.3M
YoY Change 19.8% 59.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.90M $12.10M
YoY Change 31.4% 21.0%
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 $15.90M $12.10M
YoY Change 31.4% 21.0%
LONG-TERM LIABILITIES
Long-Term Debt $479.6M $411.1M
YoY Change 16.66% 41.86%
Other Long-Term Liabilities $25.60M $21.20M
YoY Change 20.75% 55.88%
Total Long-Term Liabilities $505.2M $432.3M
YoY Change 16.86% 42.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.90M $12.10M
Total Long-Term Liabilities $505.2M $432.3M
Total Liabilities $521.2M $444.4M
YoY Change 17.27% 41.81%
SHAREHOLDERS EQUITY
Retained Earnings -$61.56M -$64.78M
YoY Change -4.98% 84.44%
Common Stock $335.4M $265.1M
YoY Change 26.51% 41.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $385.8M $312.3M
YoY Change
Total Liabilities & Shareholders Equity $907.3M $757.3M
YoY Change 19.8% 59.08%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$798.0K $10.06M
YoY Change -107.93% -12.7%
Depreciation, Depletion And Amortization $11.78M $9.150M
YoY Change 28.74% 40.34%
Cash From Operating Activities $9.550M $8.980M
YoY Change 6.35% -430.15%
INVESTING ACTIVITIES
Capital Expenditures -$61.86M -$2.240M
YoY Change 2661.61% -91.85%
Acquisitions
YoY Change
Other Investing Activities -$990.0K $15.65M
YoY Change -106.33% -63.13%
Cash From Investing Activities -$62.85M $13.41M
YoY Change -568.68% -10.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.00M -3.400M
YoY Change -1482.35% -73.42%
NET CHANGE
Cash From Operating Activities 9.550M 8.980M
Cash From Investing Activities -62.85M 13.41M
Cash From Financing Activities 47.00M -3.400M
Net Change In Cash -6.300M 18.99M
YoY Change -133.18% -3552.73%
FREE CASH FLOW
Cash From Operating Activities $9.550M $8.980M
Capital Expenditures -$61.86M -$2.240M
Free Cash Flow $71.41M $11.22M
YoY Change 536.45% -54.7%

Facts In Submission

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EntityRegistrantName
City Office REIT, Inc.
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-31935000
us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
43000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
164000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11360000
us-gaap Net Income Loss
NetIncomeLoss
46264000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
249000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
52894000
us-gaap Dividends Common Stock
DividendsCommonStock
16982000
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.18
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
46980000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3943000
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
2057000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2042000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6467000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
89000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
93000
us-gaap Interest Expense
InterestExpense
11255000
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
3034000
us-gaap Interest Expense Debt
InterestExpenseDebt
10269000
us-gaap Interest Paid Net
InterestPaidNet
9962000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
42554000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
18173000
us-gaap Operating Expenses
OperatingExpenses
50982000
us-gaap Operating Income Loss
OperatingIncomeLoss
10788000
us-gaap Operations Commenced Date1
OperationsCommencedDate1
2014-04-21
us-gaap Other Income
OtherIncome
1786000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
55453000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3738000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
20664000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
86000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3710000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1942000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
165000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
43000
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
9156000
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06625 pure
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
82000000
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
84839000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
57000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
34121000
us-gaap Profit Loss
ProfitLoss
46513000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7090000
us-gaap Revenues
Revenues
61770000
us-gaap Share Based Compensation
ShareBasedCompensation
705000
CY2017Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
12116000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1597000
CY2017Q2 us-gaap Interest Expense
InterestExpense
4687000
dei Trading Symbol
TradingSymbol
CIO
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
618000
us-gaap Straight Line Rent
StraightLineRent
1842000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36452000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36103000 shares
cio Payments Of Deferred Leasing Costs Included In Accounts Payable
PaymentsOfDeferredLeasingCostsIncludedInAccountsPayable
158000
cio Payments To Develop Real Estate Assets Included In Accounts Payable
PaymentsToDevelopRealEstateAssetsIncludedInAccountsPayable
3380000
cio Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfShares
1263580 shares
CY2017 us-gaap Dividends Preferred Stock
DividendsPreferredStock
7906000
CY2017 us-gaap Dividends Common Stock
DividendsCommonStock
31148000
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4943000
CY2017 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06625 pure
CY2017 us-gaap Profit Loss
ProfitLoss
9158000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
136941000
CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1671000
CY2017Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
331000
CY2017Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2000000
CY2017Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
CY2017Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
9148000
CY2017Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
10674000
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
10063000
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3104000
CY2017Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
21635000
CY2017Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
4356000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8208000
CY2017Q2 us-gaap Other Income
OtherIncome
675000
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1855000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
21419000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30563000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30257000 shares
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2847000
CY2017Q2 us-gaap Revenues
Revenues
25157000
CY2018Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
354000
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
11771000
CY2018Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
11748000
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1966000
CY2018Q2 us-gaap Interest Expense
InterestExpense
5435000
CY2018Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
5081000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2653000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-798000
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
114000
CY2018Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
25880000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
25485000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4751000
CY2018Q2 us-gaap Other Income
OtherIncome
811000
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1855000
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-684000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3545000
CY2018Q2 us-gaap Revenues
Revenues
30236000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36132000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36132000 shares

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