☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 98-1141883 | |
(State or other jurisdiction | (IRS Employer | |
of incorporation or organization) | Identification No.) | |
Title of Each Class | Trading Symbol(s) | Name of each Exchange on Which Registered | ||
Common Stock, $0.01 par value 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | “CIO” “CIO.PrA” | New York Stock Exchange New York Stock Exchange |
Large accelerated | ☐ | Accelerated | ☒ | |||
Non-accelerated | ☐ | Smaller reporting company | ☐ | |||
Emerging Growth Company | ☐ |
ITEM 1. BUSINESS |
two-thirds of our voting stock (excluding interested shares) consent. “Control shares” are shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors. A “control share acquisition” is the direct or indirect acquisition of ownership or control of “control shares” from a party other than the issuer. |
ITEM 2. PROPERTIES |
Metropolitan Area | Property | Economic Interest | NRA (000s Square Feet) | In Place Occupancy | Annualized Base Rent per Square Foot | Annualized Gross Rent per Square Foot (1) | Annualized Base Rent (2) ($000s) | |||||||||||||||||||
Phoenix, AZ (20.8% of NRA) | Pima Center | 100.0 | % | 272 | 67.9 | % | $ | 27.47 | $ | 27.47 | $ | 5,072 | ||||||||||||||
SanTan | 100.0 | % | 267 | 93.1 | % | $ | 29.02 | $ | 29.02 | $ | 7,199 | |||||||||||||||
5090 N. 40 th St | 100.0 | % | 175 | 94.4 | % | $ | 29.99 | $ | 29.99 | $ | 4,959 | |||||||||||||||
Camelback Square | 100.0 | % | 174 | 77.0 | % | $ | 31.86 | $ | 31.86 | $ | 4,270 | |||||||||||||||
The Quad | 100.0 | % | 163 | 97.4 | % | $ | 30.23 | $ | 30.55 | $ | 4,799 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 90.9 | % | $ | 22.73 | $ | 22.73 | $ | 3,362 | |||||||||||||||
Tampa, FL (17.9%) | Park Tower | 94.8 | % | 470 | 88.4 | % | $ | 26.44 | $ | 26.44 | $ | 10,983 | ||||||||||||||
City Center | 95.0 | % | 243 | 93.8 | % | $ | 26.57 | $ | 26.57 | $ | 6,046 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 24.53 | $ | 24.53 | $ | 4,993 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 28.80 | $ | 28.80 | $ | 3,577 | |||||||||||||||
Denver, CO (13.8%) | Denver Tech (3) | 100.0 | % | 381 | 89.7 | % | $ | 23.09 | $ | 27.16 | $ | 7,831 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 81.6 | % | $ | 18.63 | $ | 32.63 | $ | 4,134 | |||||||||||||||
Superior Pointe | 100.0 | % | 152 | 94.4 | % | $ | 18.31 | $ | 30.77 | $ | 2,622 | |||||||||||||||
Orlando, FL (12.4%) | Florida Research Park (4) | 96.6 | % | 397 | 98.5 | % | $ | 23.74 | $ | 27.17 | $ | 9,266 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 85.5 | % | $ | 26.17 | $ | 26.17 | $ | 3,764 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 23.25 | $ | 23.25 | $ | 3,605 | |||||||||||||||
San Diego, CA (9.9%) | Sorrento Mesa | 100.0 | % | 296 | 85.3 | % | $ | 33.91 | $ | 41.91 | $ | 8,561 | ||||||||||||||
Mission City | 100.0 | % | 281 | 91.1 | % | $ | 36.41 | $ | 36.41 | $ | 9,333 | |||||||||||||||
Dallas, TX (9.9%) | 190 Office Center | 100.0 | % | 303 | 79.8 | % | $ | 26.13 | $ | 26.13 | $ | 6,327 | ||||||||||||||
Lake Vista Pointe | 100.0 | % | 163 | 100.0 | % | $ | 16.50 | $ | 25.50 | $ | 2,695 | |||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 91.6 | % | $ | 28.61 | $ | 45.61 | $ | 2,919 | |||||||||||||||
Portland, OR (5.7%) | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 22.42 | $ | 24.95 | $ | 4,468 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 100.0 | % | $ | 27.37 | $ | 28.74 | $ | 3,490 | |||||||||||||||
Seattle, WA (3.5%) | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 21.84 | $ | 29.84 | $ | 4,515 | ||||||||||||||
Total / Weighted Average—Excluding Assets Held For Sale (5) | 5,472 | 90.6 | % | $ | 26.00 | $ | 29.07 | $ | 128,790 | |||||||||||||||||
Denver, CO (6.1%) | Cherry Creek (6) | 100.0 | % | 356 | 89.7 | % | $ | 19.58 | $ | 19.58 | $ | 6,245 | ||||||||||||||
Total / Weighted Average—December 31, 2020 (5) | 5,828 | 90.5 | % | $ | 25.61 | $ | 28.50 | $ | 135,035 | |||||||||||||||||
Metropolitan Area | Property | Economic Interest | NRA (000s Square Feet) | In Place Occupancy | Annualized Base Rent per Square Foot | Annualized Gross Rent per Square Foot (1) | Annualized Base Rent (2) ($000s) | |||||||||||||||||||
Phoenix, AZ (26.7% of NRA) | Block 23 | 100.0 | % | 307 | 94.5 | % | $ | 30.24 | $ | 33.29 | $ | 8,771 | ||||||||||||||
Pima Center | 100.0 | % | 272 | 56.9 | % | $ | 29.74 | $ | 29.74 | $ | 4,596 | |||||||||||||||
SanTan | 100.0 | % | 267 | 49.1 | % | $ | 32.28 | $ | 32.28 | $ | 4,224 | |||||||||||||||
5090 N. 40 th St | 100.0 | % | 175 | 69.3 | % | $ | 34.73 | $ | 34.73 | $ | 4,215 | |||||||||||||||
Camelback Square | 100.0 | % | 172 | 85.9 | % | $ | 34.97 | $ | 34.97 | $ | 5,179 | |||||||||||||||
The Quad | 100.0 | % | 163 | 94.8 | % | $ | 33.81 | $ | 34.18 | $ | 5,223 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 67.8 | % | $ | 25.87 | $ | 25.87 | $ | 2,856 | |||||||||||||||
Tampa, FL (18.5%) | Park Tower | 94.8 | % | 480 | 90.0 | % | $ | 28.65 | $ | 28.65 | $ | 12,389 | ||||||||||||||
City Center | 95.0 | % | 244 | 88.6 | % | $ | 30.75 | $ | 30.75 | $ | 6,647 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 26.21 | $ | 26.21 | $ | 5,333 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 30.86 | $ | 30.86 | $ | 3,833 | |||||||||||||||
Denver, CO (14.1%) | Denver Tech | 100.0 | % | 381 | 85.6 | % | $ | 24.66 | $ | 29.11 | $ | 7,848 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 90.6 | % | $ | 20.07 | $ | 35.94 | $ | 4,948 | |||||||||||||||
Superior Pointe | 100.0 | % | 152 | 71.7 | % | $ | 18.79 | $ | 32.79 | $ | 2,051 | |||||||||||||||
Orlando, FL (12.7%) | Florida Research Park | 96.6 | % | 397 | 87.2 | % | $ | 26.28 | $ | 28.23 | $ | 9,002 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 90.7 | % | $ | 28.62 | $ | 28.62 | $ | 4,365 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 24.75 | $ | 24.75 | $ | 3,837 | |||||||||||||||
Raleigh, NC (8.7%) | Bloc 83 | 100.0 | % | 495 | 83.6 | % | $ | 38.41 | $ | 38.81 | $ | 15,896 | ||||||||||||||
Portland, OR (5.8%) | AmberGlen | 76.0 | % | 203 | 90.1 | % | $ | 23.75 | $ | 27.30 | $ | 4,356 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 61.4 | % | $ | 27.92 | $ | 31.48 | $ | 2,196 | |||||||||||||||
Dallas, TX (5.0%) | The Terraces | 100.0 | % | 173 | 100.0 | % | $ | 39.53 | $ | 60.53 | $ | 6,824 | ||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 97.8 | % | $ | 30.84 | $ | 50.84 | $ | 3,360 | |||||||||||||||
San Diego, CA (4.9%) | Mission City | 100.0 | % | 281 | 80.9 | % | $ | 39.87 | $ | 39.87 | $ | 9,070 | ||||||||||||||
Seattle, WA (3.6%) | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 23.86 | $ | 29.86 | $ | 4,934 | ||||||||||||||
Total / Weighted Average—December 31, 2023 (3) | 5,694 | 84.5 | % | $ | 29.55 | $ | 33.01 | $ | 141,953 | |||||||||||||||||
(1) | Annualized gross rent per square foot includes adjustment for estimated expense reimbursements of triple net |
(2) | Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended December 31, |
(3) |
Averages weighted based on the property’s NRA, adjusted for occupancy. |
(1) | Percentage represents the NRA of the leases divided by the total NRA of the portfolio, as of December 31, |
(2) |
Year of Lease Expiration | Number of Leases Expiring | NRA of Expiring Leases (000s) | Percentage of NRA | Annualized Base Rent (1 )(000s) | Percentage of Total Properties Rent | Annualized Base Rent per Leased Square Foot Expiring (2) | Annualized Base Rent (including Rent Abatement at Dec 31, 2020) | Annualized Base Rent per Leased Square Foot Expiring (Including Rent Abatement at Dec 31, 2020) | Number of Leases Expiring | NRA of Expiring Leases (000s) | Percentage of NRA | Annualized Base Rent (1) (000s) | Percentage of Total Properties Rent | Annualized Base Rent per Leased Square Foot Expiring (2) | Annualized Base Rent (including Rent Abatement at Dec 31, 2023) | Annualized Base Rent per Leased Square Foot Expiring (Including Rent Abatement at Dec 31, 2023) | ||||||||||||||||||||||||||||||||||||||||||||||||
Vacant | — | 477 | 8.2 | % | — | — | — | — | — | — | 767 | 13.5 | % | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Contracted | — | 74 | 1.3 | % | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 60 | 500 | 8.6 | % | 15,806 | 11.7 | % | 31.61 | 15,806 | 31.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 54 | 698 | 12.0 | % | 18,819 | 13.9 | % | 26.96 | 18,714 | 26.81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 65 | 800 | 13.7 | % | 21,961 | 16.3 | % | 27.45 | 21,559 | 26.95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracted | — | 114 | 2.0 | % | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 54 | 596 | 10.2 | % | 15,753 | 11.7 | % | 26.43 | 15,587 | 26.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 62 | 551 | 9.7 | % | 15,629 | 11.0 | % | 28.36 | 15,629 | 28.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 35 | 455 | 7.8 | % | 12,236 | 9.1 | % | 26.89 | 12,213 | 26.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 57 | 499 | 8.8 | % | 15,060 | 10.6 | % | 30.18 | 15,060 | 30.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 23 | 719 | 12.3 | % | 16,189 | 12.0 | % | 22.52 | 15,832 | 22.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 41 | 510 | 9.0 | % | 14,034 | 9.9 | % | 27.52 | 13,312 | 26.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | 11 | 528 | 9.1 | % | 10,652 | 7.9 | % | 20.17 | 10,035 | 19.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | 43 | 717 | 12.6 | % | 20,102 | 14.2 | % | 28.04 | 20,102 | 28.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2028 | 10 | 257 | 4.4 | % | 6,015 | 4.5 | % | 23.40 | 6,015 | 23.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2028 | 57 | 641 | 11.3 | % | 17,682 | 12.5 | % | 27.59 | 16,138 | 25.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2029 | 3 | 230 | 3.9 | % | 5,157 | 3.8 | % | 22.42 | 4,202 | 18.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2030 & Thereafter | 8 | 494 | 8.5 | % | 12,447 | 9.1 | % | 25.20 | 10,886 | 22.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2029 | 31 | 605 | 10.6 | % | 18,319 | 12.9 | % | 30.28 | 17,302 | 28.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2030 | 19 | 333 | 5.8 | % | 11,746 | 8.3 | % | 35.27 | 9,791 | 29.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2031 | 10 | 239 | 4.2 | % | 6,242 | 4.4 | % | 26.12 | 3,396 | 14.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2032 | 9 | 231 | 4.1 | % | 8,418 | 5.9 | % | 36.44 | 7,395 | 32.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2033 & Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2033 & Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2033 & Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2033 & Thereafter | 17 | 487 | 8.4 | % | 14,721 | 10.3 | % | 30.23 | 12,477 | 25.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | 323 | 5,828 | 100.0 | % | $ | 135,035 | 100.0 | % | $ | 25.61 | $ | 130,849 | $ | 24.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | 346 | 5,694 | 100.0 | % | $ | 141,953 | 100.0 | % | $ | 29.55 | $ | 130,602 | $ | 27.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month of December 31, |
(2) | Annualized rent per leased square foot expiring reflects rental payments for the month of December 31, |
ITEM 3. LEGAL PROCEEDINGS |
Issuer Purchases of Equity Securities | ||||||||||||||||
Period | Total Number of Shares of Common Stock Purchased | Average Price Paid per Share of Common Stock Repurchased | Total Number of Shares of Common Stock Purchased as Part of Share Repurchase Plans | Approximate Dollar Value of Shares of Common Stock that May Yet Be Purchased Under the Share Repurchase Plans (1) (thousands) | ||||||||||||
October 1 – 31, 2020 | — | $ | — | — | $ | 50,000 | ||||||||||
November 1 – 30, 2020 | — | — | — | 50,000 | ||||||||||||
December 1 – 31, 2020 | — | — | — | 50,000 | ||||||||||||
Total | — | $ | — | — | $ | 50,000 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Statement of Operations Data | ||||||||||||||||||||
Rental and other revenues | $ | 160,840 | $ | 156,297 | $ | 129,484 | $ | 106,487 | $ | 72,461 | ||||||||||
Operating expenses: | ||||||||||||||||||||
Property operating expenses | 58,312 | 57,316 | 49,872 | 42,886 | 28,305 | |||||||||||||||
General and administrative | 10,690 | 11,066 | 8,137 | 6,792 | 6,429 | |||||||||||||||
Depreciation and amortization | 60,367 | 59,159 | 52,352 | 41,594 | 30,178 | |||||||||||||||
Impairment of real estate | — | — | 3,497 | — | — | |||||||||||||||
Acquisition costs | — | — | — | — | 692 | |||||||||||||||
Base management fee | — | — | — | — | 109 | |||||||||||||||
External advisor acquisition | — | — | — | — | 7,045 | |||||||||||||||
Total operating expenses | 129,369 | 127,541 | 113,858 | 91,272 | 72,758 | |||||||||||||||
Operating income/(loss) | 31,471 | 28,756 | 15,626 | 15,215 | (297 | ) | ||||||||||||||
Interest expense, net | (27,689 | ) | (29,726 | ) | (23,937 | ) | (20,173 | ) | (14,761 | ) | ||||||||||
Net gain on sale of real estate property | 1,347 | 3,412 | 46,980 | 12,116 | 15,934 | |||||||||||||||
Change in fair value of contingent consideration | — | — | — | 2,000 | — | |||||||||||||||
Change in fair value of earn-out | — | — | — | — | (500 | ) | ||||||||||||||
Net income | 5,129 | 2,442 | 38,669 | 9,158 | 376 | |||||||||||||||
Less: | ||||||||||||||||||||
Net income attributable to non-controlling interests in properties | (602 | ) | (644 | ) | (501 | ) | (3,402 | ) | (354 | ) | ||||||||||
Net income attributable to Operating Partnership unitholders’ non-controlling interests | — | — | — | — | (865 | ) | ||||||||||||||
Net income/(loss) attributable to the Company | 4,527 | 1,798 | 38,168 | 5,756 | (843 | ) | ||||||||||||||
Preferred stock distributions | (7,420 | ) | (7,420 | ) | (7,420 | ) | (7,411 | ) | (1,781 | ) | ||||||||||
Net (loss)/income attributable to common stockholders | $ | (2,893 | ) | $ | (5,622 | ) | $ | 30,748 | $ | (1,655 | ) | $ | (2,624 | ) | ||||||
Net (loss)/income per common share—basic and diluted | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.82 | $ | (0.05 | ) | $ | (0.13 | ) | ||||||
Dividend distributions declared per common share | $ | 0.60 | $ | 0.94 | $ | 0.94 | $ | 0.94 | $ | 0.94 | ||||||||||
Balance Sheet Data (as of end of period) | ||||||||||||||||||||
Real estate properties, net of accumulated depreciation | $ | 955,589 | $ | 1,007,338 | $ | 935,163 | $ | 728,067 | $ | 550,324 | ||||||||||
Total assets | 1,157,292 | 1,228,474 | 1,100,431 | 896,489 | 661,494 | |||||||||||||||
Debt | 677,242 | 607,250 | 645,354 | 489,509 | 370,057 | |||||||||||||||
Total liabilities | 739,417 | 679,342 | 702,054 | 536,657 | 405,435 | |||||||||||||||
Total stockholders’ equity | 416,926 | 548,008 | 397,413 | 359,624 | 254,202 | |||||||||||||||
Non-controlling interests in properties | 949 | 1,124 | 964 | 208 | 1,749 | |||||||||||||||
Operating Partnership unitholders’ non-controlling interests | — | — | — | — | 108 | |||||||||||||||
Total equity | 417,875 | 549,132 | 398,377 | 359,832 | 256,059 | |||||||||||||||
Other Data | ||||||||||||||||||||
Cash flows from/(to): | ||||||||||||||||||||
Operating activities | $ | 59,923 | $ | 49,499 | $ | 42,187 | $ | 36,553 | $ | 19,147 | ||||||||||
Investing activities | (27,803 | ) | (81,922 | ) | (197,309 | ) | (243,298 | ) | (216,235 | ) | ||||||||||
Financing activities | (73,692 | ) | 86,801 | 153,253 | 212,108 | 203,425 |
Property | December 31, 2020 | Interest Rate as of December 31, 2020 (1) | Maturity | December 31, 2023 | Interest Rate as of December 31, 2023 (1) | Maturity | ||||||||||||||||||
Unsecured Credit Facility (3)(4) | $ | 75,000 | LIBOR +1.50% (2) | March 2022 | ||||||||||||||||||||
Unsecured Credit Facility (2)(4) | $ | 200,000 | SOFR +1.50% (1)(2) | November 2025 | ||||||||||||||||||||
Term Loan (3) | 50,000 | SOFR +1.35% (1)(3) | September 2024 | |||||||||||||||||||||
Term Loan (4) | 50,000 | LIBOR +1.40% (2) | September 2024 | 25,000 | 6.00% (4) | January 2026 | ||||||||||||||||||
Midland Life Insurance (5) | 83,537 | 4.34% | May 2021 | |||||||||||||||||||||
Mission City | 47,000 | 3.78% | November 2027 | 45,994 | 3.78% | November 2027 | ||||||||||||||||||
Canyon Park (6) | 40,950 | 4.30% | March 2027 | |||||||||||||||||||||
190 Office Center | 40,236 | 4.79% | October 2025 | |||||||||||||||||||||
Canyon Park (5) | 38,932 | 4.30% | March 2027 | |||||||||||||||||||||
Circle Point | 39,650 | 4.49% | September 2028 | 38,789 | 4.49% | September 2028 | ||||||||||||||||||
SanTan | 33,444 | 4.56% | March 2027 | |||||||||||||||||||||
SanTan (6) | 31,501 | 4.56% | March 2027 | |||||||||||||||||||||
Intellicenter | 32,442 | 4.65% | October 2025 | 30,682 | 4.65% | October 2025 | ||||||||||||||||||
The Quad | 30,600 | 4.20% | September 2028 | 30,600 | 4.20% | September 2028 | ||||||||||||||||||
FRP Collection | 28,263 | 3.10% | September 2023 | |||||||||||||||||||||
2525 McKinnon | 27,000 | 4.24% | April 2027 | 27,000 | 4.24% | April 2027 | ||||||||||||||||||
FRP Collection (7) | 26,139 | 7.05% (7) | August 2028 | |||||||||||||||||||||
Greenwood Blvd | 22,425 | 3.15% | December 2025 | 20,856 | 3.15% | December 2025 | ||||||||||||||||||
Cascade Station | 21,952 | 4.55% | May 2024 | |||||||||||||||||||||
5090 N. 40 th St | 21,640 | 3.92% | January 2027 | |||||||||||||||||||||
Cascade Station (8) | 20,752 | 4.55% | May 2024 | |||||||||||||||||||||
5090 N. 40th St | 20,370 | 3.92% | January 2027 | |||||||||||||||||||||
AmberGlen | 20,000 | 3.69% | May 2027 | 20,000 | 3.69% | May 2027 | ||||||||||||||||||
Lake Vista Pointe | 17,375 | 4.28% | August 2024 | |||||||||||||||||||||
FRP Ingenuity Drive (9) | 15,860 | 4.44% | December 2024 | |||||||||||||||||||||
Central Fairwinds | 17,127 | 3.15% | June 2024 | 15,826 | 3.15% | June 2024 | ||||||||||||||||||
FRP Ingenuity Drive | 16,736 | 4.44% | December 2024 | |||||||||||||||||||||
Carillon Point | 15,585 | 3.10% | October 2023 | |||||||||||||||||||||
Carillon Point (7) | 14,419 | 7.05% (7) | August 2028 | |||||||||||||||||||||
190 Office Center (10) | — | — | — | |||||||||||||||||||||
Total Principal | 680,962 | |||||||||||||||||||||||
Deferred financing costs, net | (4,195 | ) | ||||||||||||||||||||||
Unamortized fair value adjustments | 475 | |||||||||||||||||||||||
Total | $ | 677,242 | ||||||||||||||||||||||
(1) |
(2) |
(4) | On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement, dated November 16, 2021 for the Unsecured Credit Facility and entered into a three-year $25 million term loan, increasing its total authorized borrowings from $350 million to $375 million. Borrowings under the $25 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 210 basis points. In conjunction with the |
The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. |
(6) | In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of December 31, 2023, the DSCR and debt yield covenants were still not met. As of December 31, 2023, total restricted cash for the property was $4.1 million. |
(7) | On August 16, 2023, the Company entered into two amended and restated loan agreements for FRP Collection and Carillon Point, which among other things, extended the term for an additional five years and amended the interest rates from fixed to floating. The loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 275 basis points. In conjunction with the amended and restated loan agreements, the Company also entered into two five-year interest rate swap agreements, effectively fixing the SOFR component of the borrowing rate of the loans at 4.30%. |
(8) | In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal of a major tenant’s leased space in the building. As of December 31, 2023, total restricted cash for the property was $2.0 million. |
(9) | In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of December 31, 2023, the DSCR was still not met. As of December 31, 2023 and December 31, 2022, total restricted cash for the property was $3.2 million and $2.6 million, respectively. |
(10) | In the second quarter of 2023, the non-recourse debt associated with the 190 Office Center property was deconsolidated as a result of the appointment of a receiver to assume possession and control of the property. The loan balance as of the date of deconsolidation was $38.6 million. |
Payments Due by Period | Payments Due by Period | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | 2021 | 2022-2023 | 2024-2025 | More than 5 years | Total | 2024 | 2025-2026 | 2027-2028 | More than 5 years | ||||||||||||||||||||||||||||||
Principal payments on mortgage loans | $ | 680,962 | $ | 89,304 | $ | 130,058 | $ | 216,761 | $ | 244,839 | $ | 672,720 | $ | 107,675 | $ | 284,260 | $ | 280,785 | $ | — | ||||||||||||||||||||
Interest payments (1) | 112,754 | 23,447 | 40,655 | 30,830 | 17,822 | 83,938 | 31,323 | 40,103 | 12,512 | — | ||||||||||||||||||||||||||||||
Tenant-related commitments | 9,663 | 9,663 | — | — | — | 12,104 | 12,104 | — | — | — | ||||||||||||||||||||||||||||||
Lease obligations | 29,348 | 579 | 1,492 | 1,193 | 26,084 | 36,264 | 658 | 1,510 | 1,190 | 32,906 | ||||||||||||||||||||||||||||||
Total | $ | 832,727 | $ | 122,993 | $ | 172,205 | $ | 248,784 | $ | 288,745 | $ | 805,026 | $ | 151,760 | $ | 325,873 | $ | 294,487 | $ | 32,906 | ||||||||||||||||||||
(1) | Contracted interest on the floating rate borrowings under our Unsecured Credit Facility was calculated based on the balance and interest rate at December 31, |
Page | |||||||
64 | |||||||
December 31, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Real estate properties | ||||||||
Land | $ | 204,289 | $ | 230,034 | ||||
Building and improvement | 777,184 | 784,636 | ||||||
Tenant improvement | 104,694 | 94,218 | ||||||
Furniture, fixtures and equipment | 642 | 285 | ||||||
1,086,809 | 1,109,173 | |||||||
Accumulated depreciation | (131,220 | ) | (101,835 | ) | ||||
955,589 | 1,007,338 | |||||||
Cash and cash equivalents | 25,305 | 70,129 | ||||||
Restricted cash | 20,646 | 17,394 | ||||||
Rents receivable, net | 32,968 | 32,112 | ||||||
Deferred leasing costs, net | 16,829 | 12,393 | ||||||
Acquired lease intangible assets, net | 44,143 | 67,533 | ||||||
Other assets | 15,758 | 17,061 | ||||||
Assets held for sale | 46,054 | 4,514 | ||||||
Total Assets | $ | 1,157,292 | $ | 1,228,474 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Debt | $ | 677,242 | $ | 607,250 | ||||
Accounts payable and accrued liabilities | 25,414 | 28,786 | ||||||
Deferred rent | 7,295 | 6,593 | ||||||
Tenant rent deposits | 4,801 | 5,658 | ||||||
Acquired lease intangible liabilities, net | 6,035 | 8,194 | ||||||
Other liabilities | 18,099 | 22,794 | ||||||
Liabilities related to assets held for sale | 531 | 67 | ||||||
Total Liabilities | 739,417 | 679,342 | ||||||
Commitments and Contingencies (Note 10) | 0 | 0 | ||||||
Equity: | ||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of December 31, 2020 and 2019 | 112,000 | 112,000 | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 43,397,117 and 54,591,047 shares issued and outstanding as of December 31, 2020 and 2019 respectively | 433 | 545 | ||||||
Additional paid-in capital | 479,411 | 577,131 | ||||||
Accumulated deficit | (172,958 | ) | (142,383 | ) | ||||
Accumulated other comprehensive (loss)/income | (1,960 | ) | 715 | |||||
Total Stockholders’ Equity | 416,926 | 548,008 | ||||||
Non-controlling interests in properties | 949 | 1,124 | ||||||
Total Equity | 417,875 | 549,132 | ||||||
Total Liabilities and Equity | $ | 1,157,292 | $ | 1,228,474 | ||||
Subsequent Events (Note 13) |
December 31, 2023 | December 31, 2022 | |||||||
Assets | ||||||||
Real estate properties | ||||||||
Land | $ | 193,524 | $ | 199,537 | ||||
Building and improvement | 1,194,819 | 1,215,000 | ||||||
Tenant improvement | 152,540 | 139,365 | ||||||
Furniture, fixtures and equipment | 820 | 689 | ||||||
1,541,703 | 1,554,591 | |||||||
Accumulated depreciation | (218,628 | ) | (175,720 | ) | ||||
1,323,075 | 1,378,871 | |||||||
Cash and cash equivalents | 30,082 | 28,187 | ||||||
Restricted cash | 13,310 | 16,075 | ||||||
Rents receivable, net | 53,454 | 44,429 | ||||||
Deferred leasing costs, net | 21,046 | 21,989 | ||||||
Acquired lease intangible assets, net | 42,434 | 55,438 | ||||||
Other assets | 27,975 | 29,450 | ||||||
Total Assets | $ | 1,511,376 | $ | 1,574,439 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Debt | $ | 669,510 | $ | 690,099 | ||||
Accounts payable and accrued liabilities | 29,070 | 35,753 | ||||||
Deferred rent | 7,672 | 9,147 | ||||||
Tenant rent deposits | 7,198 | 7,040 | ||||||
Acquired lease intangible liabilities, net | 7,736 | 9,150 | ||||||
Other liabilities | 17,557 | 20,076 | ||||||
Total Liabilities | 738,743 | 771,265 | ||||||
Commitments and Contingencies (Note 10) | ||||||||
Equity: | ||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of December 31, 2023 and 2022 | 112,000 | 112,000 | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,938,451 and 39,718,767 shares issued and outstanding as of December 31, 2023 and 2022 | 399 | 397 | ||||||
Additional paid-in capital | 438,867 | 436,161 | ||||||
Retained earnings | 221,213 | 251,542 | ||||||
Accumulated other comprehensive (loss)/income | (248 | ) | 2,731 | |||||
Total Stockholders’ Equity | 772,231 | 802,831 | ||||||
Non-controlling interests in properties | 402 | 343 | ||||||
Total Equity | 772,633 | 803,174 | ||||||
Total Liabilities and Equity | $ | 1,511,376 | $ | 1,574,439 | ||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2023 | 2022 | 2021 | |||||||||||||||||||
Rental and other revenues | $ | 160,840 | $ | 156,297 | $ | 129,484 | $ | 179,096 | $ | 180,485 | $ | 164,041 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Property operating expenses | 58,312 | 57,316 | 49,872 | 69,997 | 67,739 | 58,005 | ||||||||||||||||||
General and administrative | 10,690 | 11,066 | 8,137 | 14,841 | 13,782 | 15,489 | ||||||||||||||||||
Depreciation and amortization | 60,367 | 59,159 | 52,352 | 62,987 | 62,495 | 57,317 | ||||||||||||||||||
Impairment of real estate | — | — | 3,497 | — | 13,444 | — | ||||||||||||||||||
Total operating expenses | 129,369 | 127,541 | 113,858 | 147,825 | 157,460 | 130,811 | ||||||||||||||||||
Operating income | 31,471 | 28,756 | 15,626 | 31,271 | 23,025 | 33,230 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Contractual interest expense | (26,363 | ) | (28,401 | ) | (22,316 | ) | (31,876 | ) | (25,784 | ) | (23,268 | ) | ||||||||||||
Amortization of deferred financing costs and debt fair value | (1,326 | ) | (1,325 | ) | (1,621 | ) | (1,296 | ) | (1,218 | ) | (1,332 | ) | ||||||||||||
(27,689 | ) | (29,726 | ) | (23,937 | ) | (33,172 | ) | (27,002 | ) | (24,600 | ) | |||||||||||||
Net gain on sale of real estate property | 1,347 | 3,412 | 46,980 | |||||||||||||||||||||
Net (loss)/gain on disposition of real estate property | (134 | ) | 21,658 | 476,651 | ||||||||||||||||||||
Net income | 5,129 | 2,442 | 38,669 | |||||||||||||||||||||
Net (loss)/income | (2,035 | ) | 17,681 | 485,281 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||
Net income attributable to non-controlling interests in properties | (602 | ) | (644 | ) | (501 | ) | (647 | ) | (691 | ) | (886 | ) | ||||||||||||
Net income attributable to the Company | 4,527 | 1,798 | 38,168 | |||||||||||||||||||||
Net (loss)/income attributable to the Company | (2,682 | ) | 16,990 | 484,395 | ||||||||||||||||||||
Preferred stock distributions | (7,420 | ) | (7,420 | ) | (7,420 | ) | (7,420 | ) | (7,420 | ) | (7,420 | ) | ||||||||||||
Net (loss)/income attributable to common stockholders | $ | (2,893 | ) | $ | (5,622) | $ | 30,748 | $ | (10,102 | ) | $ | 9,570 | $ | 476,975 | ||||||||||
Net (loss)/income per common share: | ||||||||||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.82 | $ | (0.25 | ) | $ | 0.23 | $ | 10.97 | |||||||||
Diluted | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.82 | $ | (0.25 | ) | $ | 0.22 | $ | 10.80 | |||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||
Basic | 47,223 | 43,997 | 37,321 | 39,922 | 42,052 | 43,498 | ||||||||||||||||||
Diluted | 47,223 | 43,997 | 37,670 | 39,922 | 42,866 | 44,145 | ||||||||||||||||||
Dividend distributions declared per common share | $ | 0.60 | $ | 0.94 | $ | 0.94 | $ | 0.50 | $ | 0.80 | $ | 0.65 | ||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
Net income | $ | 5,129 | $ | 2,442 | $ | 38,669 | ||||||||||||||||||
Other comprehensive (loss)/income: | ||||||||||||||||||||||||
Unrealized cash flow hedge (loss)/gain | (3,003 | ) | 821 | — | ||||||||||||||||||||
Amounts reclassified to interest expense | 328 | (106 | ) | — | ||||||||||||||||||||
(2,675 | ) | 715 | — | Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
Comprehensive income | 2,454 | 3,157 | 38,669 | |||||||||||||||||||||
Net (loss)/income | $ | (2,035 | ) | $ | 17,681 | $ | 485,281 | |||||||||||||||||
Other comprehensive (loss)/income: | ||||||||||||||||||||||||
Unrealized cash flow hedge gain | 417 | 3,336 | 989 | |||||||||||||||||||||
Amounts reclassified to interest expense | (3,438 | ) | (223 | ) | 589 | |||||||||||||||||||
Other comprehensive (loss)/income | (3,021 | ) | 3,113 | 1,578 | ||||||||||||||||||||
Comprehensive (loss)/income | (5,056 | ) | 20,794 | 486,859 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests in properties | (602 | ) | (644 | ) | (501 | ) | (605 | ) | (691 | ) | (886 | ) | ||||||||||||
Comprehensive income attributable to the Company | $ | 1,852 | $ | 2,513 | $ | 38,168 | ||||||||||||||||||
Comprehensive (loss)/income attributable to the Company | $ | (5,661 | ) | $ | 20,103 | $ | 485,973 | |||||||||||||||||
Number of shares of preferred stock | Preferred stock | Number of shares of common stock | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income/(loss) | Total stockholders’ equity | Non-controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
Balance—January 1, 2018 | 4,480 | $ | 112,000 | 36,012 | $ | 360 | $ | 334,241 | $ | (86,977 | ) | $ | — | $ | 359,624 | $ | 208 | $ | 359,832 | |||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 121 | 1 | 1,641 | (312 | ) | — | 1,330 | — | 1,330 | |||||||||||||||||||||||||||||
Net proceeds from sale of common stock | — | — | 3,411 | 34 | 42,868 | — | — | 42,902 | — | 42,902 | ||||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (35,567 | ) | — | (35,567 | ) | — | (35,567 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (7,420 | ) | — | (7,420 | ) | — | (7,420 | ) | |||||||||||||||||||||||||||
Minority interest buyout | — | — | — | — | (1,624 | ) | — | — | (1,624 | ) | 485 | (1,139 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 297 | 297 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (527 | ) | (527 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 38,168 | — | 38,168 | 501 | 38,669 | ||||||||||||||||||||||||||||||
Balance—December 31, 2018 | 4,480 | $ | 112,000 | 39,544 | $ | 395 | $ | 377,126 | $ | (92,108 | ) | $ | — | $ | 397,413 | $ | 964 | $ | 398,377 | |||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 147 | 1 | 1,280 | (374 | ) | — | 907 | — | 907 | |||||||||||||||||||||||||||||
Net proceeds from sale of common stock | — | — | 14,900 | 149 | 198,725 | — | — | 198,874 | — | 198,874 | ||||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (44,279 | ) | — | (44,279 | ) | — | (44,279 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (7,420 | ) | — | (7,420 | ) | — | (7,420 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 112 | 112 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (596 | ) | (596 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,798 | — | 1,798 | 644 | 2,442 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 715 | 715 | — | 715 | ||||||||||||||||||||||||||||||
Balance—December 31, 2019 | 4,480 | $ | 112,000 | 54,591 | $ | 545 | $ | 577,131 | $ | (142,383 | ) | $ | 715 | $ | 548,008 | $ | 1,124 | $ | 549,132 | |||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 170 | 2 | 2,531 | (243 | ) | — | 2,290 | — | 2,290 | |||||||||||||||||||||||||||||
Common stock repurchased | — | — | (11,364 | ) | (114 | ) | (100,251 | ) | — | — | (100,365 | ) | — | (100,365 | ) | |||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (27,439 | ) | — | (27,439 | ) | — | (27,439 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (7,420 | ) | — | (7,420 | ) | — | (7,420 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 52 | 52 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (829 | ) | (829 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 4,527 | — | 4,527 | 602 | 5,129 | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (2,675 | ) | (2,675 | ) | — | (2,675 | ) | |||||||||||||||||||||||||||
Balance—December 31, 2020 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 479,411 | $ | (172,958 | ) | $ | (1,960 | ) | $ | 416,926 | $ | 949 | $ | 417,875 | ||||||||||||||||||||
Number of shares of preferred stock | Preferred stock | Number of shares of common stock | Common stock | Additional paid-in capital | (Accumulated deficit)/ retained earnings | Accumulated other comprehensive (loss)/income | Total stockholders’ equity | Non-controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
Balance—January 1, 2021 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 479,411 | $ | (172,958 | ) | $ | (1,960 | ) | $ | 416,926 | $ | 949 | $ | 417,875 | ||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 157 | 2 | 2,650 | (228 | ) | — | 2,424 | — | 2,424 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (28,287 | ) | — | (28,287 | ) | — | (28,287 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (7,420 | ) | — | (7,420 | ) | — | (7,420 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 286 | 286 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (1,142 | ) | (1,142 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 484,395 | — | 484,395 | 886 | 485,281 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 1,578 | 1,578 | — | 1,578 | ||||||||||||||||||||||||||||||
Balance—December 31, 2021 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 482,061 | $ | 275,502 | $ | (382 | ) | $ | 869,616 | $ | 979 | $ | 870,595 | |||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 171 | 2 | 4,142 | (352 | ) | — | 3,792 | — | 3,792 | |||||||||||||||||||||||||||||
Common stock repurchased | — | — | (4,007 | ) | (40 | ) | (50,042 | ) | — | — | (50,082 | ) | — | (50,082 | ) | |||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (33,178 | ) | — | (33,178 | ) | — | (33,178 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (7,420 | ) | — | (7,420 | ) | — | (7,420 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 170 | 170 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (1,497 | ) | (1,497 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 16,990 | — | 16,990 | 691 | 17,681 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 3,113 | 3,113 | — | 3,113 | ||||||||||||||||||||||||||||||
Balance—December 31, 2022 | 4,480 | $ | 112,000 | 39,718 | $ | 397 | $ | 436,161 | $ | 251,542 | $ | 2,731 | $ | 802,831 | $ | 343 | $ | 803,174 | ||||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 220 | 2 | 2,706 | (257 | ) | — | 2,451 | — | 2,451 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (19,970 | ) | — | (19,970 | ) | — | (19,970 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (7,420 | ) | — | (7,420 | ) | — | (7,420 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 231 | 231 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (777 | ) | (777 | ) | ||||||||||||||||||||||||||||
Net (loss)/income | — | — | — | — | — | (2,682 | ) | — | (2,682 | ) | 647 | (2,035 | ) | |||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (2,979 | ) | (2,979 | ) | (42 | ) | (3,021 | ) | ||||||||||||||||||||||||||
Balance—December 31, 2023 | 4,480 | $ | 112,000 | 39,938 | $ | 399 | $ | 438,867 | $ | 221,213 | $ | (248 | ) | $ | 772,231 | $ | 402 | $ | 772,633 | |||||||||||||||||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | $ | 5,129 | $ | 2,442 | $ | 38,669 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 60,367 | 59,159 | 52,352 | |||||||||
Amortization of deferred financing costs and debt fair value | 1,326 | 1,325 | 1,621 | |||||||||
Amortization of above and below market leases | (17 | ) | (27 | ) | (182 | ) | ||||||
Straight-line rent/expense | (3,389 | ) | (5,233 | ) | (4,703 | ) | ||||||
Non-cash stock compensation | 2,332 | 1,742 | 1,416 | |||||||||
Net gain on sale of real estate property | (1,347 | ) | (3,412 | ) | (46,980 | ) | ||||||
Impairment of real estate | — | — | 3,497 | |||||||||
Changes in non-cash working capital: | ||||||||||||
Rents receivable, net | (182 | ) | (1,061 | ) | (1,602 | ) | ||||||
Other assets | 53 | (330 | ) | (353 | ) | |||||||
Accounts payable and accrued liabilities | (4,194 | ) | (5,538 | ) | (910 | ) | ||||||
Deferred rent | 702 | 1,022 | (834 | ) | ||||||||
Tenant rent deposits | (857 | ) | (590 | ) | 196 | |||||||
Net Cash Provided By Operating Activities | 59,923 | 49,499 | 42,187 | |||||||||
Cash Flows to Investing Activities: | ||||||||||||
Additions to real estate properties | (26,352 | ) | (16,002 | ) | (23,586 | ) | ||||||
Acquisition of real estate | — | (108,358 | ) | (254,514 | ) | |||||||
Net proceeds from sale of real estate . | 6,340 | 46,364 | 84,839 | |||||||||
Deferred leasing costs | (7,791 | ) | (3,926 | ) | (4,048 | ) | ||||||
Net Cash Used In Investing Activities | (27,803 | ) | (81,922 | ) | (197,309 | ) | ||||||
Cash Flows (to)/from Financing Activities: | ||||||||||||
Repurchases of common stock | (100,365 | ) | — | — | ||||||||
Proceeds from sale of common stock | — | 198,874 | 42,902 | |||||||||
Debt issuance and extinguishment costs | — | (1,008 | ) | (2,963 | ) | |||||||
Proceeds from borrowings | 130,000 | 154,750 | 398,749 | |||||||||
Repayment of borrowings | (61,330 | ) | (216,336 | ) | (241,820 | ) | ||||||
Shares withheld for payment of taxes on restricted stock unit vesting | (42 | ) | (832 | ) | (87 | ) | ||||||
Minority interest buyout | — | — | (1,140 | ) | ||||||||
Contributions from non-controlling interests in properties . | 52 | 112 | 297 | |||||||||
Distributions to non-controlling interests in properties | (829 | ) | (596 | ) | (527 | ) | ||||||
Dividend distributions paid to stockholders | (41,178 | ) | (48,163 | ) | (42,158 | ) | ||||||
Net Cash (Used In)/Provided By Financing Activities | (73,692 | ) | 86,801 | 153,253 | ||||||||
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash | (41,572 | ) | 54,378 | (1,869 | ) | |||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 87,523 | 33,145 | 35,014 | |||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 45,951 | $ | 87,523 | $ | 33,145 | ||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||||||
Cash and Cash Equivalents, End of Period | 25,305 | 70,129 | 16,138 | |||||||||
Restricted Cash, End of Period | 20,646 | 17,394 | 17,007 | |||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 45,951 | $ | 87,523 | $ | 33,145 | ||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||
Cash paid for interest | $ | 26,454 | $ | 28,479 | $ | 22,131 | ||||||
Purchase of additions in real estate properties included in accounts payable | $ | 7,640 | $ | 6,489 | $ | 6,791 | ||||||
Purchase of deferred leasing costs included in accounts payable | $ | 289 | $ | 603 | $ | 654 | ||||||
Debt assumed on acquisition of real estate | $ | — | $ | 22,473 | $ | — |
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net (loss)/income | $ | (2,035 | ) | $ | 17,681 | $ | 485,281 | |||||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 62,987 | 62,495 | 57,317 | |||||||||
Amortization of deferred financing costs and debt fair value | 1,296 | 1,218 | 1,332 | |||||||||
Amortization of above and below market leases | 1,069 | 75 | 343 | |||||||||
Straight-line rent/expense | (7,704 | ) | (9,218 | ) | (566 | ) | ||||||
Non-cash stock compensation | 4,094 | 3,879 | 2,641 | |||||||||
Receipts from sales-type lease | — | 43,549 | — | |||||||||
Net loss/(gain) on disposition of real estate property | 134 | (21,658 | ) | (476,651 | ) | |||||||
Impairment of real estate | — | 13,444 | — | |||||||||
Changes in non-cash working capital: | ||||||||||||
Rents receivable, net | (897 | ) | (6,033 | ) | (654 | ) | ||||||
Other assets | (884 | ) | (10 | ) | (345 | ) | ||||||
Accounts payable and accrued liabilities | 281 | 2,833 | 451 | |||||||||
Deferred rent | (1,316 | ) | (2,453 | ) | 3,653 | |||||||
Tenant rent deposits | 198 | 875 | 420 | |||||||||
Net Cash Provided By Operating Activities | 57,223 | 106,677 | 73,222 | |||||||||
Cash Flows to Investing Activities: | ||||||||||||
Additions to real estate properties | (32,487 | ) | (37,485 | ) | (17,869 | ) | ||||||
Acquisition of real estate | — | — | (632,317 | ) | ||||||||
Net proceeds from sale of real estate | — | — | 640,995 | |||||||||
Reduction of cash on disposition of real estate property | (4,050 | ) | — | — | ||||||||
Deferred leasing costs | (4,802 | ) | (9,565 | ) | (8,190 | ) | ||||||
Net Cash Used In Investing Activities | (41,339 | ) | (47,050 | ) | (17,381 | ) | ||||||
Cash Flows to Financing Activities: | ||||||||||||
Debt issuance and extinguishment costs | (743 | ) | — | (2,506 | ) | |||||||
Proceeds from borrowings | 35,000 | 97,500 | 180,000 | |||||||||
Repayment of borrowings | (17,483 | ) | (62,270 | ) | (202,442 | ) | ||||||
Dividend distributions paid to stockholders | (31,339 | ) | (41,365 | ) | (33,506 | ) | ||||||
Repurchases of common stock | — | (50,082 | ) | — | ||||||||
Distributions to non-controlling interests in properties | (777 | ) | (1,497 | ) | (1,142 | ) | ||||||
Shares withheld for payment of taxes on restricted stock unit vesting | (1,643 | ) | (87 | ) | (216 | ) | ||||||
Contributions from non-controlling interests in properties | 231 | 170 | 286 | |||||||||
Net Cash Used In Financing Activities | (16,754 | ) | (57,631 | ) | (59,526 | ) | ||||||
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash | (870 | ) | 1,996 | (3,685 | ) | |||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 44,262 | 42,266 | 45,951 | |||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 43,392 | $ | 44,262 | $ | 42,266 | ||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||||||
Cash and Cash Equivalents, End of Period | 30,082 | 28,187 | 21,321 | |||||||||
Restricted Cash, End of Period | 13,310 | 16,075 | 20,945 | |||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 43,392 | $ | 44,262 | $ | 42,266 | ||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||
Cash paid for interest | $ | 30,773 | $ | 23,064 | $ | 23,344 | ||||||
Purchase of additions in real estate properties included in accounts payable | $ | 6,963 | $ | 13,004 | $ | 5,815 | ||||||
Purchase of deferred leasing costs included in accounts payable | $ | 1,216 | $ | 1,274 | $ | 2,790 |
Years | ||||
Buildings | ||||
Furniture, fixtures and equipment | 4-10 |
December 31, 2020 | December 31, 2019 | |||||||
Billed receivables | $ | 2,239 | $ | 2,880 | ||||
Straight-line receivables | 30,729 | 29,232 | ||||||
Total rents receivable | $ | 32,968 | $ | 32,112 | ||||
December 31, 2023 | December 31, 2022 | |||||||
Billed receivables | $ | 5,132 | $ | 4,675 | ||||
Straight-line receivables (unbilled receivables) | 48,322 | 39,754 | ||||||
Total rents receivable | $ | 53,454 | $ | 44,429 | ||||
Property | Date Acquired | Percentage Owned | ||||||
December 2021 | 100% | |||||||
The Terraces | December 2021 | 100% | ||||||
Block 23 | December 2021 | 100% | ||||||
5910 Pacific Center and 9985 Pacific Heights (1) | ||||||||
(1) |
Canyon Park | Cascade Station | 7601 Tech | December 31, 2019 | |||||||||||||
Land | $ | 7,098 | $ | — | $ | 10,865 | $ | 17,963 | ||||||||
Buildings and improvements | 36,619 | 25,141 | 25,677 | 87,437 | ||||||||||||
Tenant improvements | 1,797 | 2,080 | 3,858 | 7,735 | ||||||||||||
Lease intangible assets | 8,109 | 3,134 | 7,401 | 18,644 | ||||||||||||
Other assets | 10 | 3,164 | 293 | 3,467 | ||||||||||||
Debt | — | (697 | ) | — | (697 | ) | ||||||||||
Accounts payable and other liabilities | (1,266 | ) | (186 | ) | (668 | ) | (2,120 | ) | ||||||||
Lease intangible liabilities | (1,297 | ) | (220 | ) | (79 | ) | (1,596 | ) | ||||||||
Net assets acquired | $ | 51,070 | $ | 32,416 | $ | 47,347 | $ | 130,833 | ||||||||
5910 Pacific Center and 9985 Pacific Heights | Block 23 | The Terraces | Bloc 83 | December 31, 2021 | ||||||||||||||||
Land | $ | 37,294 | $ | — | $ | 15,861 | $ | 18,956 | $ | 72,111 | ||||||||||
Building and improvements | 2,979 | 115,747 | 101,455 | 280,313 | 500,494 | |||||||||||||||
Tenant improvements | 917 | 2,375 | 6,431 | 5,075 | 14,798 | |||||||||||||||
Lease intangible assets | 2,469 | 11,306 | 11,074 | 19,560 | 44,409 | |||||||||||||||
Other assets | 19 | 10,627 | 15 | 291 | 10,952 | |||||||||||||||
Accounts payable and other liabilities | (319 | ) | (1,914 | ) | (319 | ) | (463 | ) | (3,015 | ) | ||||||||||
Lease intangible liabilities | (103 | ) | (2,197 | ) | (2,118 | ) | (3,014 | ) | (7,432 | ) | ||||||||||
Net assets acquired | $ | 43,256 | $ | 135,944 | $ | 132,399 | $ | 320,718 | $ | 632,317 | ||||||||||
Pima Center | Circle Point | The Quad | Circle Point Land | Greenwood Blvd | Camelback Square | December 31, 2018 | ||||||||||||||||||||||
Land | $ | — | $ | 8,744 | $ | 8,079 | $ | 4,937 | $ | 3,945 | $ | 11,738 | $ | 37,443 | ||||||||||||||
Buildings and improvements | 42,235 | 33,708 | 38,060 | — | 23,741 | 35,532 | 173,276 | |||||||||||||||||||||
Tenant improvements | 2,898 | 5,393 | 1,798 | — | 2,278 | 2,390 | 14,757 | |||||||||||||||||||||
Lease intangible assets | 10,691 | 10,299 | 4,209 | — | 4,578 | 4,304 | 34,081 | |||||||||||||||||||||
Other assets | 95 | 25 | 15 | — | 15 | 10 | 160 | |||||||||||||||||||||
Accounts payable and other liabilities | (337 | ) | (1,157 | ) | (527 | ) | (72 | ) | (96 | ) | (421 | ) | (2,610 | ) | ||||||||||||||
Lease intangible liabilities | (129 | ) | (390 | ) | (1,247 | ) | — | — | (827 | ) | (2,593 | ) | ||||||||||||||||
Net assets acquired | $ | 55,453 | $ | 56,622 | $ | 50,387 | $ | 4,865 | $ | 34,461 | $ | 52,726 | $ | 254,514 | ||||||||||||||
Cherry Creek | December 31, 2020 | |||
Real estate properties, net | $ | 40,849 | ||
Deferred leasing costs, net | 150 | |||
Acquired lease intangible assets, net | 2,256 | |||
Rents receivable, prepaid expenses and other assets | 2,799 | |||
Assets held for sale | $ | 46,054 | ||
Accounts payable, accrued expenses, deferred rent and tenant rent deposits | $ | (531 | ) | |
Liabilities related to assets held for sale | $ | (531) | ||
2019 | ||||
Lease Intangible Assets | Lease Intangible Liabilities | Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | $ | 14,894 | $ | 80,259 | $ | 30,284 | $ | 125,437 | $ | (13,093) | $ | (138) | $ | (13,231) | $ | 17,463 | $ | 73,128 | $ | 32,541 | $ | 123,132 | $ | (14,968) | $ | (138) | $ | (15,106) | ||||||||||||||||||||||||||||
Accumulated amortization | (8,497 | ) | (55,636 | ) | (17,161 | ) | (81,294 | ) | 7,152 | 44 | 7,196 | (10,222 | ) | (51,290 | ) | (19,186 | ) | (80,698 | ) | 7,314 | 56 | 7,370 | ||||||||||||||||||||||||||||||||||
$ | 6,397 | $ | 24,623 | $ | 13,123 | $ | 44,143 | $ | (5,941) | $ | (94) | $ | (6,035) | $ | 7,241 | $ | 21,838 | $ | 13,355 | $ | 42,434 | $ | (7,654) | $ | (82) | $ | (7,736) | |||||||||||||||||||||||||||||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | $ | 15,242 | $ | 87,320 | $ | 36,048 | $ | 138,610 | $ | (13,878) | $ | (138) | $ | (14,016) | ||||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (6,704 | ) | (48,229 | ) | (16,144 | ) | (71,077 | ) | 5,782 | 40 | 5,822 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 8,538 | $ | 39,091 | $ | 19,904 | $ | 67,533 | $ | (8,096) | $ | (98) | $ | (8,194) | |||||||||||||||||||||||||||||||||||||||||||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
December 31, 2022 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||
Cost | $ | 18,793 | $ | 78,720 | $ | 34,123 | $ | 131,636 | $ | (15,682) | $ | (138) | $ | (15,820) | ||||||||||||||
Accumulated amortization | (9,069 | ) | (49,772 | ) | (17,357 | ) | (76,198 | ) | 6,618 | 52 | 6,670 | |||||||||||||||||
$ | 9,724 | $ | 28,948 | $ | 16,766 | $ | 55,438 | $ | (9,064) | $ | (86) | $ | (9,150) | |||||||||||||||
2021 | $ | 13,632 | ||
2022 | 8,229 | |||
2023 | 5,355 | |||
2024 | 3,040 | |||
2025 | 2,659 | |||
Thereafter | 5,193 | |||
$ | 38,108 | |||
2024 | $ | 6,371 | ||
2025 | 6,201 | |||
2026 | 5,888 | |||
2027 | 4,901 | |||
2028 | 4,206 | |||
Thereafter | 7,131 | |||
$ | 34,698 | |||
Property | December 31, 2020 | December 31, 2019 | Interest Rate as of December 31, 2020 (1) | Maturity | ||||||||||||
Unsecured Credit Facility (3)(4) | $ | 75,000 | $ | — | LIBOR +1.50 | % (2) | March 2022 | |||||||||
Term Loan (4) | 50,000 | 50,000 | LIBOR +1.40 | % (2) | September 2024 | |||||||||||
Midland Life Insurance (5) | 83,537 | 85,293 | 4.34 | % | May 2021 | |||||||||||
Mission City | 47,000 | 47,000 | 3.78 | % | November 2027 | |||||||||||
Canyon Park (6) | 40,950 | 40,950 | 4.30 | % | March 2027 | |||||||||||
190 Office Center | 40,236 | 40,854 | 4.79 | % | October 2025 | |||||||||||
Circle Point | 39,650 | 39,650 | 4.49 | % | September 2028 | |||||||||||
SanTan | 33,444 | 34,053 | 4.56 | % | March 2027 | |||||||||||
Intellicenter | 32,442 | 32,971 | 4.65 | % | October 2025 | |||||||||||
The Quad | 30,600 | 30,600 | 4.20 | % | September 2028 | |||||||||||
FRP Collection | 28,263 | 28,969 | 3.10 | % | September 2023 | |||||||||||
2525 McKinnon | 27,000 | 27,000 | 4.24 | % | April 2027 | |||||||||||
Greenwood Blvd | 22,425 | 22,425 | 3.15 | % | December 2025 | |||||||||||
Cascade Station | 21,952 | 22,304 | 4.55 | % | May 2024 | |||||||||||
5090 N . 40th St | 21,640 | 22,000 | 3.92 | % | January 2027 | |||||||||||
AmberGlen | 20,000 | 20,000 | 3.69 | % | May 2027 | |||||||||||
Lake Vista Pointe | 17,375 | 17,717 | 4.28 | % | August 2024 | |||||||||||
Central Fairwinds | 17,127 | 17,534 | 3.15 | % | June 2024 | |||||||||||
FRP Ingenuity Drive | 16,736 | 17,000 | 4.44 | % | December 2024 | |||||||||||
Carillon Point | 15,585 | 15,972 | 3.10 | % | October 2023 | |||||||||||
Total Principal | 680,962 | 612,292 | ||||||||||||||
Deferred financing costs, net | (4,195 | ) | (5,660 | ) | ||||||||||||
Unamortized fair value adjustments | 475 | 618 | ||||||||||||||
Total | $ | 677,242 | $ | 607,250 | ||||||||||||
Property | December 31, 2023 | December 31, 2022 | Interest Rate as of December 31, 2023 | Maturity | ||||||||||||
Unsecured Credit Facility (2)(4) | $ | 200,000 | $ | 200,500 | SOFR +1.50 | % (1)(2) | November 2025 | |||||||||
Term Loan (3) | 50,000 | 50,000 | SOFR +1.35 | % (1)(3) | September 2024 | |||||||||||
Term Loan (4) | 25,000 | — | 6.00 | % (4) | January 2026 | |||||||||||
Mission City | 45,994 | 46,859 | 3.78 | % | November 2027 | |||||||||||
Canyon Park (5) | 38,932 | 39,673 | 4.30 | % | March 2027 | |||||||||||
Circle Point | 38,789 | 39,440 | 4.49 | % | September 2028 | |||||||||||
SanTan (6) | 31,501 | 32,140 | 4.56 | % | March 2027 | |||||||||||
Intellicenter | 30,682 | 31,297 | 4.65 | % | October 2025 | |||||||||||
The Quad | 30,600 | 30,600 | 4.20 | % | September 2028 | |||||||||||
2525 McKinnon | 27,000 | 27,000 | 4.24 | % | April 2027 | |||||||||||
FRP Collection (7) | 26,139 | 26,784 | 7.05 | % (7) | August 2028 | |||||||||||
Greenwood Blvd | 20,856 | 21,396 | 3.15 | % | December 2025 | |||||||||||
Cascade Station (8) | 20,752 | 21,192 | 4.55 | % | May 2024 | |||||||||||
5090 N. 40th St | 20,370 | 20,810 | 3.92 | % | January 2027 | |||||||||||
AmberGlen | 20,000 | 20,000 | 3.69 | % | May 2027 | |||||||||||
FRP Ingenuity Drive (9) | 15,860 | 16,165 | 4.44 | % | December 2024 | |||||||||||
Central Fairwinds | 15,826 | 16,273 | 3.15 | % | June 2024 | |||||||||||
Carillon Point (7) | 14,419 | 14,773 | 7.05 | % (7) | August 2028 | |||||||||||
190 Office Center (10) | — | 38,894 | — | — | ||||||||||||
Total Principal | 672,720 | 693,796 | ||||||||||||||
Deferred financing costs, net | (3,258 | ) | (3,887 | ) | ||||||||||||
Unamortized fair value | 48 | 190 | ||||||||||||||
Total | $ | 669,510 | $ | 690,099 | ||||||||||||
(1) |
(2) |
component of the borrowing rate for $140 million of the Unsecured Credit Facility at 4.19%. As of December 31, |
for the remainder of the five-year term by a $50 million interest rate swap at 1.17%. |
(4) | On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement, dated November 16, 2021 for the Unsecured Credit Facility and entered into a three-year $ 25 million term loan, increasing its total authorized borrowings from $ 350 million to $ 375 million. Borrowings under the $ 25 million term loan bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 210 basis points. In conjunction with the 25 %. |
(5) |
The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. |
(6) | In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of December 31, 2023, the DSCR and debt yield covenants were still not met. As of December 31, 2023, total restricted cash for the property was $4.1 million. |
(7) | On August 16, 2023, the Company entered into two amended and restated loan agreements for FRP Collection and Carillon Point, which among other things, extended the term for an additional five years and amended the interest rates from fixed to floating. The loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 275 basis points. In conjunction with the amended and restated loan agreements, the Company also entered into two five-year interest rate swap agreements, effectively fixing the SOFR component of the borrowing rate of the loans at 4.30%. |
(8) | In the first quarter of 2023, a ‘cash-sweep period’ began for the Cascade Station loan due to the non-renewal of a major tenant’s leased space in the building. As of December 31, 2023, total restricted cash for the property was $2.0 million. |
(9) | In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of December 31, 2023, the DSCR was still not met. As of December 31, 2023 and December 31, 2022, total restricted cash for the property was $3.2 million and $2.6 million, respectively. |
(10) | In the second quarter of 2023, the non-recourse debt associated with the 190 Office Center property was deconsolidated as a result of the appointment of a receiver to assume possession and control of the property. The loan balance as of the date of deconsolidation was $38.6 million. |
2021 | $ | 89,304 | ||||||
2022 | 81,529 | |||||||
2023 | 48,529 | |||||||
2024 | 124,725 | $ | 107,675 | |||||
2025 | 92,036 | 254,697 | ||||||
2026 | 29,563 | |||||||
2027 | 176,477 | |||||||
2028 | 104,308 | |||||||
Thereafter | 244,839 | — | ||||||
$ | 680,962 | $ | 672,720 | |||||
Notional Value December 31, 2023 | Effective Date | Maturity Date | Fair Value Assets/(Liabilities) | |||||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||||||||
Interest Rate Swap | $ | 50,000 | September 2019 | September 2024 | $ | 1,268 | $ | 2,731 | ||||||||||||
Interest Rate Swap | 25,000 | January 2023 | January 2026 | 49 | — | |||||||||||||||
Interest Rate Swap | 140,000 | March 2023 | November 2025 | (295 | ) | — | ||||||||||||||
Interest Rate Swap | 26,139 | August 2023 | August 2028 | (846 | ) | — | ||||||||||||||
Interest Rate Swap | 14,419 | August 2023 | August 2028 | (466 | ) | — | ||||||||||||||
$ | 255,558 | $ | (290 | ) | $ | 2,731 | ||||||||||||||
Years Ended December 31, | ||||||||
2020 | 2019 | |||||||
Fixed payments | $ | 137,247 | $ | 132,540 | ||||
Variable payments | 23,502 | 20,990 | ||||||
$ | 160,749 | $ | 153,530 | |||||
Years Ended December 31, | ||||||||
2023 | 2022 | |||||||
Fixed payments | $ | 149,203 | $ | 154,126 | ||||
Variable payments | 26,826 | 24,827 | ||||||
$ | 176,029 | $ | 178,953 | |||||
2021 | $ | 125,736 | ||||||
2022 | 108,493 | |||||||
2023 | 91,708 | |||||||
2024 | 72,312 | $ | 126,964 | |||||
2025 | 56,709 | 116,129 | ||||||
2026 | 105,597 | |||||||
2027 | 88,679 | |||||||
2028 | 74,116 | |||||||
Thereafter | 146,488 | 160,944 | ||||||
$ | 601,446 | $ | 672,429 | |||||
December 31, 2020 | December 31, 2019 | |||||||
Right-of-use | $ | 12,739 | $ | 13,130 | ||||
Lease liability – operating leases | $ | 7,719 | $ | 8,033 | ||||
Right-of-use | $ | 55 | $ | 79 | ||||
Lease liability – financing leases | $ | 55 | $ | 79 |
December 31, 2023 | December 31, 2022 | |||||||
Right -of-useoperating leases | $ | 12,564 | $ | 12,935 | ||||
Lease l iability –operating leases | $ | 8,550 | $ | 8,802 | ||||
Right -of-usefinancing leases | $ | 9,820 | $ | 10,054 | ||||
Lease liability –financing leases | $ | 1,551 | $ | 1,475 |
Operating Leases | Financing Leases | Operating Leases | Financing Leases | |||||||||||||
2021 | $ | 552 | $ | 27 | ||||||||||||
2022 | 798 | 27 | ||||||||||||||
2023 | 663 | 4 | ||||||||||||||
2024 | 597 | 0 | $ | 651 | $ | 7 | ||||||||||
2025 | 596 | 0 | 770 | 8 | ||||||||||||
2026 | 724 | 8 | ||||||||||||||
2027 | 587 | 8 | ||||||||||||||
2028 | 587 | 8 | ||||||||||||||
Thereafter | 26,084 | 0 | 25,976 | 6,930 | ||||||||||||
Total future minimum lease payments | 29,290 | 58 | 29,295 | 6,969 | ||||||||||||
Discount | (21,571 | ) | (3 | ) | (20,745 | ) | (5,418 | ) | ||||||||
Total | $ | 7,719 | $ | 55 | $ | 8,550 | $ | 1,551 | ||||||||
Years ended December 31, | Years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2023 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | 5,129 | $ | 2,442 | $ | 38,669 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests in properties | (602 | ) | (644 | ) | (501 | ) | ||||||||||||||||||
Less: Net income attributable to Preferred stockholders | (7,420 | ) | (7,420 | ) | (7,420 | ) | ||||||||||||||||||
Net (loss)/income | $ | (2,035 | ) | $ | 17,681 | $ | 485,281 | |||||||||||||||||
Less: Net income attributable to non-controlling interests in properties | (647 | ) | (691 | ) | (886 | ) | ||||||||||||||||||
Less: Net income attributable to preferred stockholders | (7,420 | ) | (7,420 | ) | (7,420 | ) | ||||||||||||||||||
Numerator for basic and diluted EPS | $ | (2,893 | ) | $ | (5,622 | ) | $ | 30,748 | $ | (10,102 | ) | $ | 9,570 | $ | 476,975 | |||||||||
Denominator for basic EPS | 47,223 | 43,997 | 37,321 | 39,922 | 42,052 | 43,498 | ||||||||||||||||||
Dilutive effect of RSUs | — | — | 349 | |||||||||||||||||||||
Dilutive effect of RSUs and PSUs | — | 814 | 647 | |||||||||||||||||||||
Denominator for dilutive EPS | $ | 47,223 | $ | 43,997 | $ | 37,670 | 39,922 | 42,866 | 44,145 | |||||||||||||||
Net (loss)/income per common share: | ||||||||||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.82 | $ | (0.25 | ) | $ | 0.23 | $ | 10.97 | |||||||||
Dilutive | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.82 | ||||||||||||||||
Diluted | $ | (0.25 | ) | $ | 0.22 | $ | 10.80 |
Period | Distribution per Common Share/Unit | Declaration Date | Record Date | Payment Date | ||||||||||||
January 1, 2020 – March 31, 2020 | $ | 0.15 | March 25, 2020 | April 9, 2020 | April 24, 2020 | |||||||||||
April 1, 2020 – June 30, 2020 | 0.15 | June 12, 2020 | July 10, 2020 | July 24, 2020 | ||||||||||||
July 1, 2020 – September 30, 2020 | 0.15 | September 15, 2020 | October 8, 2020 | October 22, 2020 | ||||||||||||
October 1, 2020 – December 31, 2020 | 0.15 | December 15, 2020 | January 11, 2021 | January 25, 2021 | ||||||||||||
Total | $ | 0.60 | ||||||||||||||
Period | Distribution per Common Share/Unit | Declaration Date | Record Date | Payment Date | ||||||||||||
January 1, 2023 – March 31, 2023 | $ | 0.20 | March 14, 2023 | April 11, 2023 | April 25, 2023 | |||||||||||
April 1, 2023 – June 30, 2023 | 0.10 | May 5, 2023 | July 7, 2023 | July 21, 2023 | ||||||||||||
July 1, 2023 – September 30, 2023 | 0.10 | September 15, 2023 | October 10, 2023 | October 24, 2023 | ||||||||||||
October 1, 2023 – December 31, 2023 | 0.10 | December 15, 2023 | January 10, 2024 | January 24, 2024 | ||||||||||||
Total | $ | 0.50 | ||||||||||||||
Number of RSUs | Number of Performance RSUs | |||||||
Outstanding at December 31, 2020 | 332,435 | 97,500 | ||||||
Granted | 169,500 | 120,000 | ||||||
Issuance of dividend equivalents | 18,665 | — | ||||||
Vested | (177,038 | ) | — | |||||
Forfeited | (1,403 | ) | — | |||||
Outstanding at December 31, 2021 | 342,159 | 217,500 | ||||||
Granted | 237,986 | 90,000 | ||||||
Issuance of dividend equivalents | 25,987 | — | ||||||
Vested | (177,812 | ) | — | |||||
Outstanding at December 31, 2022 | 428,320 | 307,500 | ||||||
Granted | 198,022 | 214,888 | ||||||
Issuance of dividend equivalents | 43,721 | — | ||||||
Vested | (216,520 | ) | (97,500 | ) | ||||
Forfeited | (1,802 | ) | — | |||||
Outstanding at December 31, 2023 | 451,741 | 424,888 |
Units Granted | Fair Value (in thousands) | Weighted Average Grant Fair Value Per Share | ||||||||||||||
RSUs | Performance RSUs | |||||||||||||||
2023 | 198,022 | 214,888 | $ | 3,729 | $ | 9.03 | ||||||||||
2022 | 237,986 | 90,000 | 5,753 | 17.54 | ||||||||||||
2021 | 169,500 | 120,000 | 2,808 | 9.70 |
2020 Quarters | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Revenue | $ | 39,840 | $ | 41,261 | $ | 39,617 | $ | 40,122 | ||||||||
Net income | 461 | 3,039 | 623 | 1,006 | ||||||||||||
Net (loss)/income attributable to common stockholders | (1,482 | ) | 1,031 | (1,411 | ) | (1,031 | ) | |||||||||
Net (loss)/income per share | (0.03 | ) | 0.02 | (0.03 | ) | (0.02 | ) | |||||||||
2019 Quarters | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Revenue | $ | 39,060 | $ | 38,946 | $ | 41,171 | $ | 37,120 | ||||||||
Net income/(loss) | 2,988 | (947 | ) | 1,321 | (920 | ) | ||||||||||
Net income/(loss) attributable to common stockholders | 987 | (2,966 | ) | (699 | ) | (2,944 | ) | |||||||||
Net income/(loss) per share | 0.02 | (0.07 | ) | (0.02 | ) | (0.07 | ) |
RSUs | Performance RSUs | Total | ||||||||||
2023 | $ | 2,542 | $ | 1,552 | $ | 4,094 | ||||||
2022 | 2,554 | 1,325 | 3,879 | |||||||||
2021 | 1,833 | 808 | 2,641 |
Intial Costs to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount at Which Carried as of December 31, 2020 (1) | Accumulated Amortization | Year of Construction | Year Acquired | |||||||||||||||||||||||||||||||||||
Description | Encumbrances (2) | Land | Buildings and Improvements | Improvements | Land | Building and Improvements | Total (3) | |||||||||||||||||||||||||||||||||
AmberGlen | $ | 20,000 | $ | 6,546 | $ | 3,490 | $ | 2,919 | $ | 6,546 | $ | 6,409 | $ | 12,955 | $ | 3,226 | 1984-1998 | 2009 | ||||||||||||||||||||||
City Center | 22,492 | 3,123 | 10,656 | 10,321 | 3,123 | 20,977 | 24,100 | 8,397 | 1984 | 2010 | ||||||||||||||||||||||||||||||
Central Fairwinds | 17,127 | 1,747 | 9,751 | 6,833 | 1,747 | 16,584 | 18,331 | 5,072 | 1982 | 2012 | ||||||||||||||||||||||||||||||
Lake Vista Pointe | 17,375 | 4,115 | 20,600 | 196 | 4,115 | 20,796 | 24,911 | 6,128 | 2007 | 2014 | ||||||||||||||||||||||||||||||
Florida Research Park (4) | 44,999 | 11,446 | 56,475 | 3,518 | 11,446 | 59,993 | 71,439 | 11,562 | 1999 | 2014; 2016 | ||||||||||||||||||||||||||||||
Superior Pointe | — | 3,153 | 19,834 | 1,971 | 3,153 | 21,805 | 24,958 | 4,372 | 2000 | 2015 | ||||||||||||||||||||||||||||||
Denver Tech (5) | 15,142 | 18,002 | 52,719 | 8,397 | 18,002 | 61,116 | 79,118 | 6,901 | 1999; 1997 | 2015; 2019 | ||||||||||||||||||||||||||||||
190 Office Center | 40,236 | 7,162 | 39,690 | 1,609 | 7,162 | 41,299 | 48,461 | 6,357 | 2001 | 2015 | ||||||||||||||||||||||||||||||
Intellicenter | 32,442 | 5,244 | 34,278 | 87 | 5,244 | 34,365 | 39,609 | 5,765 | 2008 | 2015 | ||||||||||||||||||||||||||||||
Carillon Point | 15,585 | 5,172 | 17,316 | 227 | 5,172 | 17,543 | 22,715 | 4,040 | 2007 | 2016 | ||||||||||||||||||||||||||||||
Park Tower | — | 3,479 | 68,656 | 16,138 | 3,479 | 84,794 | 88,273 | 13,348 | 1973 | 2016 | ||||||||||||||||||||||||||||||
5090 N 40th St | 21,640 | 6,696 | 32,123 | 3,213 | 6,696 | 35,336 | 42,032 | 4,136 | 1988 | 2016 | ||||||||||||||||||||||||||||||
SanTan | 33,444 | 6,803 | 37,187 | 4,999 | 6,803 | 42,186 | 48,989 | 7,314 | 2000-2003 | 2016 | ||||||||||||||||||||||||||||||
2525 McKinnon | 27,000 | 10,629 | 34,515 | 2,396 | 10,629 | 36,911 | 47,540 | 3,949 | 2003 | 2017 | ||||||||||||||||||||||||||||||
Mission City | 47,000 | 25,741 | 41,474 | 8,756 | 25,741 | 50,230 | 75,971 | 9,010 | 1990-2007 | 2017 | ||||||||||||||||||||||||||||||
Sorrento Mesa | — | 34,305 | 36,726 | 4,143 | 34,305 | 40,869 | 75,174 | 6,287 | 1985-2001 | 2017 | ||||||||||||||||||||||||||||||
Papago Tech | — | 10,746 | 19,762 | 775 | 10,746 | 20,537 | 31,283 | 3,193 | 1993-1995 | 2017 | ||||||||||||||||||||||||||||||
Pima Center | — | — | 45,133 | 2,431 | - | 47,564 | 47,564 | 4,883 | 2006-2008 | 2018 | ||||||||||||||||||||||||||||||
Circle Point | 39,650 | 9,320 | 39,101 | 2,995 | 9,320 | 42,096 | 51,416 | 4,934 | 2001 | 2018 | ||||||||||||||||||||||||||||||
The Quad | 30,600 | 8,079 | 39,858 | 129 | 8,079 | 39,987 | 48,066 | 3,486 | 1982 | 2018 | ||||||||||||||||||||||||||||||
Greenwood Blvd | 22,425 | 3,945 | 26,019 | 1,224 | 3,945 | 27,243 | 31,188 | 1,864 | 1997 | 2018 | ||||||||||||||||||||||||||||||
Camelback Square | — | 11,738 | 37,922 | 5,842 | 11,738 | 43,764 | 55,502 | 2,754 | 1978 | 2018 | ||||||||||||||||||||||||||||||
Canyon Park | 40,950 | 7,098 | 38,416 | 4,197 | 7,098 | 42,613 | 49,711 | 2,537 | 1993; 1999 | 2019 | ||||||||||||||||||||||||||||||
Cascade Station | 21,952 | — | 27,220 | 283 | — | 27,503 | 27,503 | 1,705 | 2008-2009 | 2019 | ||||||||||||||||||||||||||||||
Corporate | 125,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 635,059 | $ | 204,289 | $ | 788,921 | $ | 93,599 | $ | 204,289 | $ | 882,520 | $ | 1,086,809 | $ | 131,220 | ||||||||||||||||||||||||
Initial Costs to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount at Which Carried as of December 31, 2023 (1) | ||||||||||||||||||||||||||||||||||||||
Description | Encumbrances (2) | Land | Buildings and Improvements | Improvements (3) | Land | Building and Improvements | Total | Accumulated Amortization | Year of Construction | Year Acquired | ||||||||||||||||||||||||||||||
AmberGlen | $ | 20,000 | $ | 6,546 | $ | 3,490 | $ | 2,166 | $ | 6,546 | $ | 5,656 | $ | 12,202 | $ | 3,086 | 1984-1998 | 2009 | ||||||||||||||||||||||
City Center | — | 3,123 | 10,656 | 13,315 | 3,123 | 23,971 | 27,094 | 10,436 | 1984 | 2010 | ||||||||||||||||||||||||||||||
Central Fairwinds | 15,826 | 1,747 | 9,751 | 7,780 | 1,747 | 17,531 | 19,278 | 6,769 | 1982 | 2012 | ||||||||||||||||||||||||||||||
Florida Research Park | 41,999 | 11,446 | 56,475 | 7,425 | 11,446 | 63,900 | 75,346 | 17,382 | 1999 | 2014; 2016 | ||||||||||||||||||||||||||||||
Superior Pointe | — | 3,153 | 19,834 | 3,876 | 3,153 | 23,710 | 26,863 | 7,067 | 2000 | 2015 | ||||||||||||||||||||||||||||||
Denver Tech | — | 18,002 | 52,719 | 11,306 | 18,002 | 64,025 | 82,027 | 15,158 | 1999; 1997 | 2015; 2019 | ||||||||||||||||||||||||||||||
Intellicenter | 30,682 | 5,244 | 34,278 | 164 | 5,244 | 34,442 | 39,686 | 8,472 | 2008 | 2015 | ||||||||||||||||||||||||||||||
Carillon Point | 14,419 | 5,172 | 17,316 | 2,142 | 5,172 | 19,458 | 24,630 | 5,997 | 2007 | 2016 | ||||||||||||||||||||||||||||||
Park Tower | — | 3,479 | 68,656 | 24,901 | 3,479 | 93,557 | 97,036 | 24,705 | 1973 | 2016 | ||||||||||||||||||||||||||||||
5090 N 40 th St | 20,370 | 6,696 | 32,123 | 4,669 | 6,696 | 36,792 | 43,488 | 7,827 | 1988 | 2016 | ||||||||||||||||||||||||||||||
SanTan | 31,501 | 6,803 | 37,187 | 7,653 | 6,803 | 44,840 | 51,643 | 10,662 | 2000-2003 | 2016 | ||||||||||||||||||||||||||||||
2525 McKinnon | 27,000 | 10,629 | 34,515 | 3,240 | 10,629 | 37,755 | 48,384 | 7,263 | 2003 | 2017 | ||||||||||||||||||||||||||||||
Mission City | 45,994 | 25,741 | 41,474 | 12,722 | 25,741 | 54,196 | 79,937 | 16,547 | 1990-2007 | 2017 | ||||||||||||||||||||||||||||||
Papago Tech | — | 10,746 | 19,762 | 2,028 | 10,746 | 21,790 | 32,536 | 5,259 | 1993-1995 | 2017 | ||||||||||||||||||||||||||||||
Pima Center | — | — | 45,133 | 11,126 | — | 56,259 | 56,259 | 10,762 | 2006-2008 | 2018 | ||||||||||||||||||||||||||||||
Circle Point | 38,789 | 9,320 | 39,101 | 6,784 | 9,320 | 45,885 | 55,205 | 10,280 | 2001 | 2018 | ||||||||||||||||||||||||||||||
The Quad | 30,600 | 8,079 | 39,858 | 432 | 8,079 | 40,290 | 48,369 | 7,072 | 1982 | 2018 | ||||||||||||||||||||||||||||||
Greenwood Blvd | 20,856 | 3,945 | 26,019 | 1,224 | 3,945 | 27,243 | 31,188 | 4,836 | 1997 | 2018 | ||||||||||||||||||||||||||||||
Camelback Square | — | 11,738 | 37,922 | 8,503 | 11,738 | 46,425 | 58,163 | 8,050 | 1978 | 2018 | ||||||||||||||||||||||||||||||
Canyon Park | 38,932 | 7,098 | 38,416 | 6,628 | 7,098 | 45,044 | 52,142 | 7,772 | 1993; 1999 | 2019 | ||||||||||||||||||||||||||||||
Cascade Station | 20,752 | — | 27,220 | (8,568 | ) | — | 18,652 | 18,652 | 757 | 2008-2009 | 2019 | |||||||||||||||||||||||||||||
Block 23 | — | — | 115,747 | 8,737 | — | 124,484 | 124,484 | 5,885 | 2019 | 2021 | ||||||||||||||||||||||||||||||
The Terraces | — | 15,861 | 101,455 | 6,901 | 15,861 | 108,356 | 124,217 | 5,237 | 2017 | 2021 | ||||||||||||||||||||||||||||||
Bloc 83 | — | 18,956 | 280,313 | 13,605 | 18,956 | 293,918 | 312,874 | 11,347 | 2019; 2021 | 2021 | ||||||||||||||||||||||||||||||
Corporate | 275,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 672,720 | $ | 193,524 | $ | 1,189,420 | $ | 158,759 | $ | 193,524 | $ | 1,348,179 | $ | 1,541,703 | $ | 218,628 | ||||||||||||||||||||||||
(1) | The aggregate cost for federal tax purposes as of December 31, |
(2) | Encumbrances of |
(3) |
2020 | 2019 | 2018 | ||||||||||
Real Estate Properties | ||||||||||||
Balance, beginning of year | $ | 1,109,173 | $ | 1,005,647 | $ | 776,301 | ||||||
Acquisitions | — | 113,134 | 225,476 | |||||||||
Dispositions | (1,993 | ) | (27,585 | ) | (5,715 | ) | ||||||
Capital improvements | 27,503 | 22,491 | 30,378 | |||||||||
Assets held for sale | (47,874 | ) | (4,514 | ) | (20,793 | ) | ||||||
Balance, end of year | $ | 1,086,809 | $ | 1,109,173 | $ | 1,005,647 | ||||||
Accumulated Depreciation | ||||||||||||
Balance, beginning of year | $ | 101,835 | $ | 70,484 | $ | 48,234 | ||||||
Depreciation | 38,372 | 35,531 | 29,196 | |||||||||
Dispositions | (1,962 | ) | (4,180 | ) | (2,301 | ) | ||||||
Depreciation on assets held for sale | (7,025 | ) | — | (4,645 | ) | |||||||
Balance, end of year | $ | 131,220 | $ | 101,835 | $ | 70,484 | ||||||
2023 | 2022 | 2021 | ||||||||||
Real Estate Properties | ||||||||||||
Balance, beginning of year | $ | 1,554,591 | $ | 1,568,653 | $ | 1,086,809 | ||||||
Acquisitions | — | — | 587,403 | |||||||||
Dispositions and Impairments | (39,333 | ) | (58,735 | ) | (121,602 | ) | ||||||
Capital improvements | 26,445 | 44,673 | 16,043 | |||||||||
Balance, end of year | $ | 1,541,703 | $ | 1,554,591 | $ | 1,568,653 | ||||||
Accumulated Depreciation | ||||||||||||
Balance, beginning of year | $ | 175,720 | $ | 157,356 | $ | 131,220 | ||||||
Depreciation | 47,266 | 46,654 | 39,106 | |||||||||
Dispositions and Impairments | (4,358 | ) | (28,290 | ) | (12,970 | ) | ||||||
Balance, end of year | $ | 218,628 | $ | 175,720 | $ | 157,356 | ||||||
Exhibit Number | Description | |
1.1 | ||
1.2 | ||
1.3 | ||
1.4 | ||
1.5 | ||
1.6 | ||
1.7 | ||
3.1 | ||
3.2 | ||
4.1 | ||
4.2 | ||
4.3 | ||
10.1 |
Exhibit Number | Description | |
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 | ||
10.10 | ||
10.11 | ||
10.12 | Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on March 9, 2016).* | |
Exhibit Number | Description | |
10.27 | Amended and Restated Renewal Promissory Note, dated as of August 16, 2023, by and among CIO Research Commons, LLC, CIO Technology Point I & II, LLC and CIO University Tech, LLC, each and collectively as borrower, and BankUnited, N.A. (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Commission on August 18, 2023). | |
21.1 | ||
23.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
97 | ||
101.INS | INSTANCE DOCUMENT** | |
101.SCH | SCHEMA DOCUMENT** | |
101.CAL | CALCULATION LINKBASE DOCUMENT** | |
101.LAB | LABELS LINKBASE DOCUMENT** | |
101.PRE | PRESENTATION LINKBASE DOCUMENT** | |
101.DEF | DEFINITION LINKBASE DOCUMENT** | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)* |
† | Filed |
* | Compensatory Plan or arrangement |
** | Submitted electronically herewith. Attached as Exhibit 101 to this report are the following documents formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Comprehensive (Loss)/Income; (iv) Consolidated Statements of Equity; |
CITY OFFICE REIT, INC. | ||||||
Date: February | By: | /s/ James Farrar | ||||
James Farrar | ||||||
Chief Executive Officer and Director |
Name | Title | Date | ||
/s/ James Farrar James Farrar | Chief Executive Officer and Director (Principal Executive Officer) | February | ||
/s/ Anthony Maretic Anthony Maretic | Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer) | February | ||
/s/ John Sweet John Sweet | Independent Director, Chairman of Board of Directors | February 22, 2024 | ||
/s/ Mark Murski Mark Murski | Independent Director | February 22, 2024 | ||
/s/ Michael Mazan Michael Mazan | Independent Director | February 22, 2024 | ||
/s/ John McLernon John McLernon | Independent Director | February | ||
/s/ Sabah Mirza Sabah Mirza | Independent Director | February |