☒ | QUARTERLY 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 | (I.R.S. Employer | |
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 | “CIO” “CIO.PrA” | New York Stock Exchange New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | ||||||
☐ | |||||||||
Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
3 | |||||||
3 | |||||||
3 | |||||||
4 | |||||||
5 | |||||||
6 | |||||||
March 31, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Real estate properties | ||||||||
Land | $ | 230,034 | $ | 230,034 | ||||
Building and improvement | 786,939 | 784,636 | ||||||
Tenant improvement | 97,474 | 94,218 | ||||||
Furniture, fixtures and equipment | 285 | 285 | ||||||
1,114,732 | 1,109,173 | |||||||
Accumulated depreciation | (111,177 | ) | (101,835 | ) | ||||
1,003,555 | 1,007,338 | |||||||
Cash and cash equivalents | 146,509 | 70,129 | ||||||
Restricted cash | 18,328 | 17,394 | ||||||
Rents receivable, net | 32,875 | 32,112 | ||||||
Deferred leasing costs, net | 14,249 | 12,393 | ||||||
Acquired lease intangibles assets, net | 62,104 | 67,533 | ||||||
Other assets | 16,054 | 17,061 | ||||||
Assets held for sale | 4,543 | 4,514 | ||||||
Total Assets | $ | 1,298,217 | $ | 1,228,474 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Debt | $ | 706,031 | $ | 607,250 | ||||
Accounts payable and accrued liabilities | 27,354 | 28,786 | ||||||
Deferred re nt | 5,298 | 6,593 | ||||||
Tenant rent deposits | 5,660 | 5,658 | ||||||
Acquired lease intangible liabilities, net | 7,604 | 8,194 | ||||||
Other liabilities | 19,711 | 22,794 | ||||||
Liabilities related to assets held for sale | 87 | 67 | ||||||
Total Liabilities | 771,745 | 679,342 | ||||||
Commitments and Contingencies (Note 9) | ||||||||
Equity: | ||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding | 112,000 | 112,000 | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 53,175,051 and 54,591,047 shares issued and outstanding | 531 | 545 | ||||||
Additional paid-in capital | 566,122 | 577,131 | ||||||
Accumulated deficit | (151,264 | ) | (142,383 | ) | ||||
Accumulated other comprehensive (loss)/ income | (2,026 | ) | 715 | |||||
Total Stockholders’ Equity | 525,363 | 548,008 | ||||||
Non-controlling interests in properties | 1,109 | 1,124 | ||||||
Total Equity | 526,472 | 549,132 | ||||||
Total Liabilities and Equity | $ | 1,298,217 | $ | 1,228,474 | ||||
Subsequent Events (Note 11) |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Rental and other revenues | $ | 40,122 | $ | 37,120 | ||||
Operating expenses: | ||||||||
Property operating expens es | 14,694 | 13,844 | ||||||
General and administrative | 2,783 | 2,299 | ||||||
Depreciation and amortization | 14,953 | 14,417 | ||||||
Total operating expenses | 32,430 | 30,560 | ||||||
Operating income | 7,692 | 6,560 | ||||||
Interest expense: | ||||||||
Contractual interest expense | (6,362 | ) | (7,143 | ) | ||||
Amortization of deferred financing costs and debt fair value | (324 | ) | (337 | ) | ||||
(6,686 | ) | (7,480 | ) | |||||
Net income/(loss) | 1,006 | (920 | ) | |||||
Less: | ||||||||
Net income attributable to non-controlling interests in properties | (182 | ) | (169 | ) | ||||
Net income/(loss) attributable to the Company | 824 | (1,089 | ) | |||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | ||||
Net loss attributable to common stockholders | $ | (1,031 | ) | $ | (2,944 | ) | ||
Net loss per common share: | ||||||||
Basic | $ | (0.02 | ) | $ | (0.07 | ) | ||
Diluted | $ | (0.02 | ) | $ | (0.07 | ) | ||
Weighted average common shares outstanding: | ||||||||
Basic | 54,458 | 39,565 | ||||||
Diluted | 54,458 | 39,565 | ||||||
Dividends distributions declared per common share | $ | 0.150 | $ | 0.235 | ||||
September 30, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Real estate properties | ||||||||
Land | $ | 230,034 | $ | 230,034 | ||||
Building and improvement | 790,981 | 784,636 | ||||||
Tenant improvement | 107,335 | 94,218 | ||||||
Furniture, fixtures and equipment | 285 | 285 | ||||||
1,128,635 | 1,109,173 | |||||||
Accumulated depreciation | (129,620 | ) | (101,835 | ) | ||||
999,015 | 1,007,338 | |||||||
Cash and cash equivalents | 38,399 | 70,129 | ||||||
Restricted cash | 17,962 | 17,394 | ||||||
Rents receivable, net | 34,756 | 32,112 | ||||||
Deferred leasing costs, net | 14,954 | 12,393 | ||||||
Acquired lease intangible assets, net | 51,552 | 67,533 | ||||||
Other assets | 16,174 | 17,061 | ||||||
Assets held for sale | — | 4,514 | ||||||
Total Assets | $ | 1,172,812 | $ | 1,228,474 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Debt | $ | 678,533 | $ | 607,250 | ||||
Accounts payable and accrued liabilities | 32,633 | 28,786 | ||||||
Deferred rent | 6,103 | 6,593 | ||||||
Tenant rent deposits | 5,418 | 5,658 | ||||||
Acquired lease intangible liabilities, net | 6,484 | 8,194 | ||||||
Other liabilities | 18,523 | 22,794 | ||||||
Liabilities related to assets held for sale | — | 67 | ||||||
Total Liabilities | 747,694 | 679,342 | ||||||
Commitments and Contingencies (Note 9) | ||||||||
Equity: | ||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding | 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 | 433 | 545 | ||||||
Additional paid-in capital | 478,774 | 577,131 | ||||||
Accumulated deficit | (164,917 | ) | (142,383 | ) | ||||
Accumulated other comprehensive (loss)/income | (2,190 | ) | 715 | |||||
Total Stockholders’ Equity | 424,100 | 548,008 | ||||||
Non-controlling interests in properties | 1,018 | 1,124 | ||||||
Total Equity | 425,118 | 549,132 | ||||||
Total Liabilities and Equity | $ | 1,172,812 | $ | 1,228,474 | ||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income/(loss) | $ | 1,006 | $ | (920 | ) | |||
Other comprehensive loss: | ||||||||
Unrealized cash flow hedge loss | (2,690 | ) | — | |||||
Amounts reclassified to interest expense | (51 | ) | — | |||||
Other comprehensive loss | (2,741 | ) | — | |||||
Comprehensive loss | (1,735 | ) | (920 | ) | ||||
Less: | ||||||||
Comprehensive income attributable to non-controlling interests in properties | (182 | ) | (169 | ) | ||||
Comprehensive loss attributable to the Company | (1,917 | ) | (1,089 | ) | ||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | ||||
Comprehensive loss attributable to common stockholders | $ | (3,772 | ) | $ | (2,944 | ) | ||
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 (loss)/income | Total stockholders’ equity | Non- controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
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 | — | — | 35 | — | 599 | (79 | ) | — | 520 | — | 520 | |||||||||||||||||||||||||||||
Common stock repurchased | — | — | (1,451 | ) | (14 | ) | (11,608 | ) | — | — | (11,622 | ) | — | (11,622 | ) | |||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (7,771 | ) | — | (7,771 | ) | — | (7,771 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (200 | ) | (200 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 824 | — | 824 | 182 | 1,006 | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (2,741 | ) | (2,741 | ) | — | (2,741 | ) | |||||||||||||||||||||||||||
Balance—March 31, 2020 | 4,480 | $ | 112,000 | 53,175 | $ | 531 | $ | 566,122 | $ | (151,264 | ) | $ | (2,026 | ) | $ | 525,363 | $ | 1,109 | $ | 526,472 | ||||||||||||||||||||
Nu mber shares of preferred | Preferred stock | Number of shares o common | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive (loss)/income | Total stockholders’ equity | Non - controlling interests properties | Total equity | |||||||||||||||||||||||||||||||
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 | — | — | 92 | 1 | 302 | (83 | ) | — | 220 | — | 220 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (9,314 | ) | — | (9,314 | ) | — | (9,314 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 12 | 12 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (134 | ) | (134 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | (1,089 | ) | — | (1,089 | ) | 169 | (920 | ) | |||||||||||||||||||||||||||
Balance—March 31, 2019 | 4,480 | $ | 112,000 | 39,636 | $ | 396 | $ | 377,428 | $ | (104,449 | ) | $ | — | $ | 385,375 | $ | 1,011 | $ | 386,386 | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income/(loss) | $ | 1,006 | $ | (920 | ) | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 14,953 | 14,417 | ||||||
Amortization of deferred financing costs and debt fair value | 324 | 337 | ||||||
Amortization of above/below market leases | 14 | (27 | ) | |||||
Increase in straight-line rent/expense | (704 | ) | (1,454 | ) | ||||
Non-cash stock compensation | 569 | 444 | ||||||
Changes in non-cash working capital: | ||||||||
Rents receivable, net | (38 | ) | (225 | ) | ||||
Other assets | 190 | (1,710 | ) | |||||
Accounts payable and | (4,282 | ) | (7,506 | ) | ||||
Deferred rent | (1,295 | ) | (485 | ) | ||||
Tenant rent deposits | 2 | (45 | ) | |||||
Net Cash Provided By Operating Activities | 10,739 | 2,826 | ||||||
Cash Flows to Investing Activities: | ||||||||
Additions to real estate properties | (3,137 | ) | (2,292 | ) | ||||
Acquisition of real estate | — | (51,070 | ) | |||||
Net proceeds from sale of real estate | — | 17,426 | ||||||
Deferred leasing costs | (2,195 | ) | (811 | ) | ||||
Net Cash Used In Investing Activities | (5,332 | ) | (36,747 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Repurchases of common stock | (11,622 | ) | — | |||||
Debt issuance and extinguishment costs | — | (516 | ) | |||||
Proceeds from borrowings | 100,000 | 75,950 | ||||||
Repayment of borrowings | (1,541 | ) | (26,137 | ) | ||||
Shares withheld for payment of taxes on restricted stock unit vesting | (49 | ) | (224 | ) | ||||
Contributions from non-controlling interests in properties | 3 | 12 | ||||||
Distributions to non-controlling interests in properties | (200 | ) | (134 | ) | ||||
Dividend distributions paid to stockholders | (14,684 | ) | (11,148 | ) | ||||
Net Cash Provided By Financing Activities | 71,907 | 37,803 | ||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 77,314 | 3,882 | ||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 87,523 | 33,145 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 164,837 | $ | 37,027 | ||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash and Cash Equivalents, End of Period | 146,509 | 15,314 | ||||||
Restricted Cash, End of Period | 18,328 | 21,713 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 164,837 | $ | 37,027 | ||||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Cash paid for interest | $ | 6,111 | $ | 6,679 | ||||
Purchase of additions in real estate properties included in accounts payable | $ | 2,587 | $ | 4,161 | ||||
Purchase of deferred leasing costs included in accounts payable | $ | 284 | $ | 192 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Rental and other revenues | $ | 41,261 | $ | 38,946 | $ | 121,000 | $ | 117,236 | ||||||||
Operating expenses: | ||||||||||||||||
Property operating expenses | 14,886 | 14,384 | 43,666 | 42,754 | ||||||||||||
General and administrative | 2,546 | 2,775 | 8,025 | 8,435 | ||||||||||||
Depreciation and amortization | 15,189 | 15,035 | 45,222 | 44,057 | ||||||||||||
Total operating expenses | 32,621 | 32,194 | 96,913 | 95,246 | ||||||||||||
Operating income | 8,640 | 6,752 | 24,087 | 21,990 | ||||||||||||
Interest expense: | ||||||||||||||||
Contractual interest expense | (6,620 | ) | (7,378 | ) | (19,773 | ) | (22,022 | ) | ||||||||
Amortization of deferred financing costs and debt fair value | (328 | ) | (321 | ) | (993 | ) | (992 | ) | ||||||||
(6,948 | ) | (7,699 | ) | (20,766 | ) | (23,014 | ) | |||||||||
Net gain on sale of real estate property | 1,347 | — | 1,347 | 478 | ||||||||||||
Net income/(loss) | 3,039 | (947 | ) | 4,668 | (546 | ) | ||||||||||
Less: | ||||||||||||||||
Net income attributable to non-controlling interests in properties | (153 | ) | (164 | ) | (514 | ) | (498 | ) | ||||||||
Net income/(loss) attributable to the Company | 2,886 | (1,111 | ) | 4,154 | (1,044 | ) | ||||||||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | (5,565 | ) | (5,565 | ) | ||||||||
Net income/(loss) attributable to common stockholders | $ | 1,031 | $ | (2,966 | ) | $ | (1,411 | ) | $ | (6,609 | ) | |||||
Net income/(loss) per common share: | ||||||||||||||||
Basic | $ | 0.02 | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.16 | ) | |||||
Diluted | $ | 0.02 | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.16 | ) | |||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 43,593 | 42,591 | 48,508 | 40,610 | ||||||||||||
Diluted | 44,014 | 42,591 | 48,508 | 40,610 | ||||||||||||
Dividend distributions declared per common share | $ | 0.150 | $ | 0.235 | $ | 0.450 | $ | 0.705 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income/(loss) | $ | 3,039 | $ | (947 | ) | $ | 4,668 | $ | (546 | ) | ||||||
Other comprehensive income/(loss): | ||||||||||||||||
Unrealized cash flow hedge (loss)/gain | (7 | ) | 279 | (3,091 | ) | 279 | ||||||||||
Amounts reclassified to interest expense | 141 | (32 | ) | 186 | (32 | ) | ||||||||||
Other comprehensive income/(loss) | 134 | 247 | (2,905 | ) | 247 | |||||||||||
Comprehensive income/(loss) | 3,173 | (700 | ) | 1,763 | (299 | ) | ||||||||||
Less: | ||||||||||||||||
Comprehensive income attributable to non-controlling interests in properties | (153 | ) | (164 | ) | (514 | ) | (498 | ) | ||||||||
Comprehensive income/(loss) attributable to the Company | 3,020 | (864 | ) | 1,249 | (797 | ) | ||||||||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | (5,565 | ) | (5,565 | ) | ||||||||
Comprehensive income/(loss) attributable to common stockholders | $ | 1,165 | $ | (2,719 | ) | $ | (4,316 | ) | $ | (6,362 | ) | |||||
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 (loss)/income | Total stockholders’ equity | Non- controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
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 | — | — | 35 | — | 599 | (79) | — | 520 | — | 520 | ||||||||||||||||||||||||||||||
Common stock repurchased | — | — | (1,451 | ) | (14 | ) | (11,608 | ) | — | — | (11,622 | ) | — | (11,622 | ) | |||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (7,771) | — | (7,771 | ) | — | (7,771 | ) | ||||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855) | — | (1,855 | ) | — | (1,855 | ) | ||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (200 | ) | (200 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 824 | — | 824 | 182 | 1,006 | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (2,741 | ) | (2,741 | ) | — | (2,741 | ) | |||||||||||||||||||||||||||
Balance—March 31, 2020 | 4,480 | $ | 112,000 | 53,175 | $ | 531 | $ | 566,122 | $ | (151,264) | $ | (2,026 | ) | $ | 525,363 | $ | 1,109 | $ | 526,472 | |||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 135 | 2 | 659 | (66 | ) | — | 595 | — | 595 | |||||||||||||||||||||||||||||
Common stock repurchased | — | — | (8,799 | ) | (88 | ) | (77,961 | ) | — | — | (78,049 | ) | — | (78,049 | ) | |||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,649 | ) | — | (6,649 | ) | — | (6,649 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (184 | ) | (184 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 444 | — | 444 | 179 | 623 | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (298 | ) | (298 | ) | — | (298 | ) | |||||||||||||||||||||||||||
Balance—June 30, 2020 | 4,480 | $ | 112,000 | 44,511 | $ | 445 | $ | 488,820 | $ | (159,390) | $ | (2,324 | ) | $ | 439,551 | $ | 1,104 | $ | 440,655 | |||||||||||||||||||||
Restricted stock award grants and vesting | — | — | — | 0 | 636 | (49 | ) | — | 587 | — | 587 | |||||||||||||||||||||||||||||
Common stock repurchased | — | — | (1,114 | ) | (12 | ) | (10,682 | ) | — | — | (10,694 | ) | — | (10,694 | ) | |||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,509 | ) | — | (6,509 | ) | — | (6,509 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (239 | ) | (239 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 2,886 | — | 2,886 | 153 | 3,039 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 134 | 134 | — | 134 | ||||||||||||||||||||||||||||||
Balance—September 30, 2020 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 478,774 | $ | (164,917) | $ | (2,190) | $ | 424,100 | $ | 1,018 | $ | 425,118 | ||||||||||||||||||||||
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 (loss)/income | Total stockholders’ equity | Non- controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
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 | — | — | 92 | 1 | 302 | (83) | — | 220 | — | 220 | ||||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (9,314) | — | (9,314 | ) | — | (9,314 | ) | ||||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855) | — | (1,855 | ) | — | (1,855 | ) | ||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 12 | 12 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (134 | ) | (134 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | (1,089 | ) | — | (1,089 | ) | 169 | (920 | ) | |||||||||||||||||||||||||||
Balance—March 31, 2019 | 4,480 | $ | 112,000 | 39,636 | $ | 396 | $ | 377,428 | $ | (104,449) | $ | — | $ | 385,375 | $ | 1,011 | $ | 386,386 | ||||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 11 | — | 509 | (99 | ) | — | 410 | — | 410 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (9,318 | ) | — | (9,318 | ) | — | (9,318 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 10 | 10 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (156 | ) | (156 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,156 | — | 1,156 | 165 | 1,321 | ||||||||||||||||||||||||||||||
Balance—June 30, 2019 | 4,480 | $ | 112,000 | 39,647 | $ | 396 | $ | 377,937 | $ | (114,565) | $ | — | $ | 375,768 | $ | 1,030 | $ | 376,798 | ||||||||||||||||||||||
Restricted stock award grants and vesting | — | — | — | — | 527 | (95 | ) | — | 432 | — | 432 | |||||||||||||||||||||||||||||
Net proceeds from sale of common stock | — | — | 8,000 | 80 | 104,736 | — | — | 104,816 | — | 104,816 | ||||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (11,197 | ) | — | (11,197 | ) | — | (11,197 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 46 | 46 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (180 | ) | (180 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | (1,111 | ) | — | (1,111 | ) | 164 | (947 | ) | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 247 | 247 | — | 247 | ||||||||||||||||||||||||||||||
Balance—September 30, 2019 | 4,480 | $ | 112,000 | 47,647 | $ | 476 | $ | 483,200 | $ | (128,823) | $ | 247 | $ | 467,100 | $ | 1,060 | $ | 468,160 | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income/(loss) | $ | 4,668 | $ | (546 | ) | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 45,222 | 44,057 | ||||||
Amortization of deferred financing costs and debt fair value | 993 | 992 | ||||||
Amortization of above and below market leases | (70 | ) | (67 | ) | ||||
Straight-line rent/expense | (2,354 | ) | (4,591 | ) | ||||
Non-cash stock compensation | 1,745 | 1,310 | ||||||
Net gain on sale of real estate property | (1,347 | ) | (478 | ) | ||||
Changes in non-cash working capital: | ||||||||
Rents receivable, net | (235 | ) | (1,512 | ) | ||||
Other assets | (110 | ) | (337 | ) | ||||
Accounts payable and accrued liabilities | (151 | ) | (1,217 | ) | ||||
Deferred rent | (490 | ) | 73 | |||||
Tenant rent deposits | (240 | ) | (421 | ) | ||||
Net Cash Provided By Operating Activities | 47,631 | 37,263 | ||||||
Cash Flows to Investing Activities: | ||||||||
Additions to real estate properties | (17,105 | ) | (13,855 | ) | ||||
Acquisition of real estate | — | (108,358 | ) | |||||
Net proceeds from sale of real estate. | 6,340 | 33,941 | ||||||
Deferred leasing costs | (4,479 | ) | (2,474 | ) | ||||
Net Cash Used In Investing Activities | (15,244 | ) | (90,746 | ) | ||||
Cash Flows (to)/from Financing Activities: | ||||||||
Repurchases of common stock | (100,365 | ) | — | |||||
Proceeds from sale of common stock | — | 104,816 | ||||||
Debt issuance and extinguishment costs | — | (995 | ) | |||||
Proceeds from borrowings | 130,000 | 154,750 | ||||||
Repayment of borrowings | (59,707 | ) | (171,575 | ) | ||||
Shares withheld for payment of taxes on restricted stock unit vesting | (43 | ) | (246 | ) | ||||
Contributions from non-controlling interests in properties . | 3 | 68 | ||||||
Distributions to non-controlling interests in properties | (623 | ) | (470 | ) | ||||
Dividend distributions paid to stockholders | (32,814 | ) | (33,489 | ) | ||||
Net Cash (Used In)/Provided By Financing Activities | (63,549 | ) | 52,859 | |||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (31,162 | ) | (624 | ) | ||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 87,523 | 33,145 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 56,361 | $ | 32,521 | ||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash and Cash Equivalents, End of Period | 38,399 | 12,281 | ||||||
Restricted Cash, End of Period | 17,962 | 20,240 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 56,361 | $ | 32,521 | ||||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Cash paid for interest | $ | 19,681 | $ | 22,262 | ||||
Purchase of additions in real estate properties included in accounts payable | $ | 9,778 | $ | 2,264 | ||||
Purchase of deferred leasing costs included in accounts payable | $ | 797 | $ | 298 | ||||
Debt assumed on acquisition of real estate | $ | — | $ | 22,473 |
Property | Date Acquired | Percentage Owned | ||||||
7601 Tech | September 2019 | 100 | % | |||||
Cascade Station | June2019 | 100 | % | |||||
Canyon Park | February 2019 | 100 | % |
Canyon | ||||
Land | $ | 7,098 | ||
Buildings and improvements | 36,619 | |||
Tenant improvements | 1,797 | |||
Lease intangible assets | 8,109 | |||
Other assets | 10 | |||
Accounts payable and other liabilities | (1,266 | ) | ||
Lease intangible liabilities | (1,297 | ) | ||
Net assets acquired | $ | 51,070 | ||
Canyon Park | Cascade Station | 7601 Tech | Total Sept. 30, 2019 | |||||||||||||
Land | $ | 7,098 | $ | — | $ | 10,865 | $ | 17,963 | ||||||||
Building and improvement | 36,619 | 25,141 | 25,677 | 87,437 | ||||||||||||
Tenant improvement | 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 | ||||||||
Circle Point Land | March 31, 2020 | December 31, 2019 | ||||||
Real estate properties, net | $ | 4,543 | $ | 4,514 | ||||
Assets held for sale | $ | 4,543 | $ | 4,514 | ||||
Accounts payable, accrued expenses, deferred rent and tenant rent deposits | $ | (87 | ) | $ | (67 | ) | ||
Liabilities related to assets held for sale | $ | (87 | ) | $ | (67 | ) | ||
Circle Point Land | December 31, 2019 | |||
Real estate properties, net | $ | 4,514 | ||
Assets held for sale | $ | 4,514 | ||
Accounts payable, accrued expenses, deferred rent and tenant rent deposits | $ | (67 | ) | |
Liabilities related to assets held for sale | $ | (67 | ) | |
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
March 31, 2020 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Ground | Total | |||||||||||||||||||||
Cost | $ | 14,985 | $ | 87,320 | $ | 35,988 | $ | 138,293 | $ | (13,878 | ) | $ | (138 | ) | $ | (14,016 | ) | |||||||||||
Accumulated amortization | (7,051 | ) | (51,847 | ) | (17,291 | ) | (76,189 | ) | 6,371 | 41 | 6,412 | |||||||||||||||||
$ | 7,934 | $ | 35,473 | $ | 18,697 | $ | 62,104 | $ | (7,507 | ) | $ | (97 | ) | $ | (7,604 | ) | ||||||||||||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
September 30, 2020 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||
Cost | $ | 14,870 | $ | 87,163 | $ | 35,885 | $ | 137,918 | $ | (13,862 | ) | $ | (138 | ) | $ | (14,000 | ) | |||||||||||
Accumulated amortization | (7,972 | ) | (58,947 | ) | (19,447 | ) | (86,366 | ) | 7,473 | 43 | 7,516 | |||||||||||||||||
$ | 6,898 | $ | 28,216 | $ | 16,438 | $ | 51,552 | $ | (6,389 | ) | $ | (95 | ) | $ | (6,484 | ) | ||||||||||||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
December 31, 2019 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Ground | 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, 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 | ) | ||||||||||||
2020 | $ | 14,129 | ||
2021 | 15,894 | |||
2022 | 8,233 | |||
2023 | 5,359 | |||
2024 | 3,191 | |||
Thereafter | 7,694 | |||
$ | 54,500 | |||
2020 | $ | 4,702 | ||
2021 | 15,890 | |||
2022 | 8,229 | |||
2023 | 5,355 | |||
2024 | 3,077 | |||
Thereafter | 7,815 | |||
$ | 45,068 | |||
Property | March 31, 2020 | December 31, 2019 | Interest Rate as of March 31, 2020 (1) | Maturity | ||||||||||||
Unsecured Credit Facility (3)(4) | $ | 100,000 | $ | — | LIBOR +1.50 | % (2) | March 2022 | |||||||||
Term Loan (4) | 50,000 | 50,000 | LIBOR +1.40 | % (2) | September 2024 | |||||||||||
Midland Life Insurance (5) | 84,861 | 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 | 40,700 | 40,854 | 4.79 | October 2025 | ||||||||||||
Circle Point | 39,650 | 39,650 | 4.49 | September 2028 | ||||||||||||
SanTan | 33,903 | 34,053 | 4.56 | March 2027 | ||||||||||||
Intellicenter | 32,839 | 32,971 | 4.65 | October 2025 | ||||||||||||
The Quad | 30,600 | 30,600 | 4.20 | September 2028 | ||||||||||||
FRP Collection | 28,795 | 28,969 | 3.10 | September 2023 | ||||||||||||
2525 McKinnon | 27,000 | 27,000 | 4.24 | April 2027 |
Property | September 30, 2020 | December 31, 2019 | Interest Rate as of September 30, 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) | 83,983 | 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 | 40,396 | 40,854 | 4.79 | % | October 2025 | |||||||||||
Circle Point | 39,650 | 39,650 | 4.49 | % | September 2028 | |||||||||||
SanTan | 33,599 | 34,053 | 4.56 | % | March 2027 | |||||||||||
Intellicenter | 32,579 | 32,971 | 4.65 | % | October 2025 | |||||||||||
The Quad | 30,600 | 30,600 | 4.20 | % | September 2028 | |||||||||||
FRP Collection | 28,442 | 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 | 22,043 | 22,304 | 4.55 | % | May 2024 | |||||||||||
5090 N 40 th St | 21,740 | 22,000 | 3.92 | % | January 2027 | |||||||||||
AmberGlen | 20,000 | 20,000 | 3.69 | % | May 2027 | |||||||||||
Lake Vista Pointe | 17,461 | 17,717 | 4.28 | % | August 2024 | |||||||||||
Central Fairwinds | 17,230 | 17,534 | 3.15 | % | June 2024 | |||||||||||
FRP Ingenuity Drive | 16,804 | 17,000 | 4.44 | % | December 2024 | |||||||||||
Carillon Point | 15,683 | 15,972 | 3.10 | % | October 2023 | |||||||||||
Total Principal | 682,585 | 612,292 | ||||||||||||||
Deferred financing costs, net | (4,563 | ) | (5,660 | ) | ||||||||||||
Unamortized fair value adjustments | 511 | 618 | ||||||||||||||
Total | $ | 678,533 | $ | 607,250 | ||||||||||||
Property | March 31, 2020 | December 31, 2019 | Interest Rate as of March 31, 2020 (1) | Maturity | ||||||||||||
Greenwood Blvd | 22,425 | 22,425 | 3.15 | December 2025 | ||||||||||||
Cascade Station | 22,216 | 22,304 | 4.55 | May 2024 | ||||||||||||
5090 N 40 th St | 21,936 | 22,000 | 3.92 | January 2027 | ||||||||||||
AmberGlen | 20,000 | 20,000 | 3.69 | May 2027 | ||||||||||||
Lake Vista Pointe | 17,632 | 17,717 | 4.28 | August 2024 | ||||||||||||
Central Fairwinds | 17,433 | 17,534 | 3.15 | June 2024 | ||||||||||||
FRP Ingenuity Drive | 16,934 | 17,000 | 4.44 | December 2024 | ||||||||||||
Carillon Point | 15,877 | 15,972 | 3.10 | October 2023 | ||||||||||||
Total Principal | 710,751 | 612,292 | ||||||||||||||
Deferred financing costs, net | (5,302 | ) | (5,660 | ) | ||||||||||||
Unamortized fair value adjustments | 582 | 618 | ||||||||||||||
Total | $ | 706,031 | $ | 607,250 |
(1) | All interest rates are fixed interest rates with the exception of the and 4 below. |
(2) | As of |
(3) | In March 2018, the Company entered into the Credit Agreementfor the Unsecured Credit Facility that provides for commitments of up to $250 million, which includes an accordion feature that allows the Company to borrow up to $500 million, subject to customary terms and conditions. The Unsecured Credit Facility matures inMarch and may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility bear interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. |
(4) | In September 2019, the Company entered into a five-year $50 million Term Loan (the “Term Loan”) increasing its authorized borrowings under the Unsecured Credit Facility from $250 million to $300 million. Borrowings under the Term Loan bear interest at a rate equal to the LIBOR rate plus a margin between 125 to 215 basis points depending upon the Company’s consolidated leverage ratio. In conjunction with the Term Loan, the Company also entered into a five-year interest rate swap for a notional amount of $50 million (the “Interest Rate Swap”). Pursuant to the Interest Rate Swap, the Company will pay a fixed rate of approximately 1.27% of the notional amount annually, payable monthly, and receive floating rate30-day LIBOR payments. |
(5) | The mortgage loan is cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). |
(6) | 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, 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. |
2020 | $ | 4,738 | ||
2021 | 89,355 | |||
2022 | 106,529 | |||
2023 | 48,529 | |||
2024 | 124,725 | |||
Thereafter | 336,875 | |||
$ | 710,751 | |||
2020 | $ | 1,571 | ||
2021 | 89,356 | |||
2022 | 81,529 | |||
2023 | 48,529 | |||
2024 | 124,725 | |||
Thereafter | 336,875 | |||
$ | 682,585 | |||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Fixed payments | $ | 34,092 | $ | 32,199 | ||||
Variable payments | 6,016 | 4,880 | ||||||
$ | 40,108 | $ | 37,079 | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Fixed payments | $ | 35,071 | $ | 33,495 | $ | 103,070 | $ | 98,555 | ||||||||
Variable payments | 6,151 | 5,441 | 17,864 | 15,967 | ||||||||||||
$ | 41,222 | $ | 38,936 | $ | 120,934 | $ | 114,522 | |||||||||
2020 | $ | 90,339 | ||
2021 | 113,927 | |||
2022 | 95,518 | |||
2023 | 77,243 | |||
2024 | 57,558 | |||
Thereafter | 115,327 | |||
$ | 549,912 | |||
2020 | $ | 30,755 | ||
2021 | 122,511 | |||
2022 | 104,734 | |||
2023 | 86,989 | |||
2024 | 67,752 | |||
Thereafter | 175,205 | |||
$ | 587,946 | |||
As of March 31, 2020 | As of December 31, 2019 | |||||||
Right-of-use asset – operating leases | $ | 13,031 | $ | 13,130 | ||||
Lease liability – operating leases | $ | 7,985 | $ | 8,033 | ||||
Right-of-use asset – financing leases | $ | 73 | $ | 79 | ||||
Lease liability – financing leases | $ | 73 | $ | 79 |
September 30, 2020 | December 31, 2019 | |||||||
Right-of-use | $ | 12,838 | $ | 13,130 | ||||
Lease liability – operating leases | $ | 7,908 | $ | 8,033 | ||||
Right-of-use | $ | 61 | $ | 79 | ||||
Lease liability – financing leases | $ | 61 | $ | 79 |
Operating Leases | Financing Leases | |||||||
2020 | $ | 364 | $ | 20 | ||||
2021 | 817 | 27 | ||||||
2022 | 798 | 27 | ||||||
2023 | 663 | 4 | ||||||
2024 | 597 | — | ||||||
Thereafter | 26,680 | — | ||||||
Total future minimum lease payments | 29,919 | 78 | ||||||
Discount | (21,934 | ) | (5 | ) | ||||
Total | $ | 7,985 | $ | 73 | ||||
Operating Leases | Financing Leases | |||||||
2020 | $ | 45 | $ | 7 | ||||
2021 | 817 | 27 | ||||||
2022 | 798 | 27 | ||||||
2023 | 663 | 4 | ||||||
2024 | 597 | 0 | ||||||
Thereafter | 26,680 | 0 | ||||||
Total future minimum lease payments | 29,600 | 65 | ||||||
Discount | (21,692 | ) | (4 | ) | ||||
Total | $ | 7,908 | $ | 61 | ||||
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 | 87.0 | % | $ | 27.44 | $ | 27.44 | $ | 6,491 | ||||||||||||||
SanTan | 100.0 | % | 267 | 91.7 | % | $ | 28.11 | $ | 28.11 | $ | 6,868 | |||||||||||||||
5090 N 40 th St | 100.0 | % | 174 | 94.6 | % | $ | 28.58 | $ | 28.58 | $ | 4,714 | |||||||||||||||
Camelback Square | 100.0 | % | 174 | 78.8 | % | $ | 31.25 | $ | 31.25 | $ | 4,284 | |||||||||||||||
The Quad | 100.0 | % | 163 | 100.0 | % | $ | 29.20 | $ | 29.51 | $ | 4,759 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 90.9 | % | $ | 22.46 | $ | 22.46 | $ | 3,322 | |||||||||||||||
Denver, CO (19.9%) | Cherry Creek | 100.0 | % | 356 | 100.0 | % | $ | 18.59 | $ | 19.31 | $ | 6,612 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 94.3 | % | $ | 17.88 | $ | 31.76 | $ | 4,583 | |||||||||||||||
Denver Tech (3) | 100.0 | % | 381 | 78.0 | % | $ | 22.96 | $ | 27.02 | $ | 6,591 | |||||||||||||||
Superior Pointe | 100.0 | % | 151 | 96.5 | % | $ | 18.08 | $ | 30.55 | $ | 2,641 | |||||||||||||||
Tampa, FL (17.9%) | Park Tower | 94.8 | % | 471 | 89.8 | % | $ | 25.58 | $ | 25.58 | $ | 10,820 | ||||||||||||||
City Center | 95.0 | % | 242 | 93.1 | % | $ | 25.83 | $ | 25.83 | $ | 5,814 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 23.99 | $ | 23.99 | $ | 4,881 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 28.36 | $ | 28.36 | $ | 3,522 | |||||||||||||||
Orlando, FL (12.4%) | Florida Research Park (4) | 96.6 | % | 397 | 96.9 | % | $ | 23.93 | $ | 27.39 | $ | 9,171 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 93.7 | % | $ | 25.10 | $ | 25.10 | $ | 3,956 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 23.25 | $ | 23.25 | $ | 3,605 | |||||||||||||||
San Diego, CA (10.0%) | Sorrento Mesa | 100.0 | % | 296 | 85.3 | % | $ | 25.77 | $ | 33.77 | $ | 6,507 | ||||||||||||||
Mission City | 100.0 | % | 286 | 91.6 | % | $ | 35.43 | $ | 35.43 | $ | 9,276 | |||||||||||||||
Dallas, TX (9.9%) | 190 Office Center | 100.0 | % | 303 | 81.2 | % | $ | 25.55 | $ | 25.55 | $ | 6,288 | ||||||||||||||
Lake Vista Pointe | 100.0 | % | 163 | 100.0 | % | $ | 16.00 | $ | 25.00 | $ | 2,613 | |||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 88.5 | % | $ | 28.23 | $ | 45.23 | $ | 2,782 | |||||||||||||||
Portland, OR (5.6%) | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 21.78 | $ | 24.32 | $ | 4,342 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 100.0 | % | $ | 26.69 | $ | 28.06 | $ | 3,403 | |||||||||||||||
Seattle, WA (3.5%) | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 21.84 | $ | 29.84 | $ | 4,515 | ||||||||||||||
Total / Weighted Average – March 31, 2020 (5) | 5,831 | 92.2 | % | $ | 24.66 | $ | 27.58 | $ | 132,360 | |||||||||||||||||
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 | Pima Center | 100.0 | % | 272 | 85.0 | % | $ | 27.58 | $ | 27.58 | $ | 6,371 | ||||||||||||||
SanTan | 100.0 | % | 267 | 93.1 | % | $ | 28.75 | $ | 28.75 | $ | 7,133 | |||||||||||||||
5090 N 40 th St | 100.0 | % | 175 | 95.8 | % | $ | 29.79 | $ | 29.79 | $ | 4,998 | |||||||||||||||
Camelback Square | 100.0 | % | 174 | 79.8 | % | $ | 29.50 | $ | 29.50 | $ | 4,098 | |||||||||||||||
The Quad | 100.0 | % | 163 | 100.0 | % | $ | 30.11 | $ | 30.43 | $ | 4,909 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 90.9 | % | $ | 22.63 | $ | 22.63 | $ | 3,347 | |||||||||||||||
Denver, CO | Cherry Creek | 100.0 | % | 356 | 100.0 | % | $ | 18.95 | $ | 19.67 | $ | 6,740 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 94.3 | % | $ | 18.16 | $ | 32.16 | $ | 4,658 | |||||||||||||||
Denver Tech (3) | 100.0 | % | 381 | 93.7 | % | $ | 23.02 | $ | 27.08 | $ | 8,213 | |||||||||||||||
Superior Pointe | 100.0 | % | 151 | 94.6 | % | $ | 18.16 | $ | 30.62 | $ | 2,600 | |||||||||||||||
Tampa, FL | Park Tower | 94.8 | % | 471 | 88.3 | % | $ | 26.47 | $ | 26.47 | $ | 11,015 | ||||||||||||||
City Center | 95.0 | % | 242 | 90.3 | % | $ | 26.26 | $ | 26.26 | $ | 5,748 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 24.53 | $ | 24.53 | $ | 4,993 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 28.77 | $ | 28.77 | $ | 3,572 | |||||||||||||||
Orlando, FL | Florida Research Park (4) | 96.6 | % | 397 | 98.5 | % | $ | 23.44 | $ | 26.87 | $ | 9,147 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 90.5 | % | $ | 26.20 | $ | 26.20 | $ | 3,990 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 23.25 | $ | 23.25 | $ | 3,605 | |||||||||||||||
San Diego, CA | Sorrento Mesa | 100.0 | % | 296 | 85.3 | % | $ | 26.02 | $ | 34.02 | $ | 6,570 | ||||||||||||||
Mission City | 100.0 | % | 281 | 91.1 | % | $ | 36.35 | $ | 36.35 | $ | 9,316 | |||||||||||||||
Dallas, TX | 190 Office Center | 100.0 | % | 303 | 81.2 | % | $ | 25.65 | $ | 25.65 | $ | 6,313 | ||||||||||||||
Lake Vista Pointe | 100.0 | % | 163 | 100.0 | % | $ | 16.50 | $ | 25.50 | $ | 2,695 | |||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 91.6 | % | $ | 28.60 | $ | 45.60 | $ | 2,918 | |||||||||||||||
Portland, OR | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 22.01 | $ | 24.55 | $ | 4,388 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 100.0 | % | $ | 27.12 | $ | 28.49 | $ | 3,457 | |||||||||||||||
Seattle, WA | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 21.84 | $ | 29.84 | $ | 4,515 | ||||||||||||||
Total / Weighted Average – September 30, 2020 (5) | 5,827 | 93.1 | % | $ | 24.95 | $ | 27.91 | $ | 135,309 | |||||||||||||||||
(1) | Annualized gross rent per square foot includes adjustment for estimated expense reimbursements of triple net leases for the year ended |
(2) | Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended |
(3) | Denver Tech is comprised of 7601 Tech |
(4) | Florida Research Park is comprised of FRP Collection and FRP Ingenuity Drive. |
(5) | Averages weighted based on the property’s NRA, adjusted for occupancy. |
Payments Due by Period (in thousands) | ||||||||||||||||||||
Contractual Obligations | Total | 2020 | 2021-2022 | 2023-2024 | More than 5 years | |||||||||||||||
Principal payments on mortgage loans | $ | 710,751 | $ | 4,738 | $ | 195,884 | $ | 173,254 | $ | 336,875 | ||||||||||
Interest payments (1) | 134,628 | 20,302 | 45,789 | 37,089 | 31,448 | |||||||||||||||
Tenant-related commitments | 12,530 | 11,904 | 626 | — | — | |||||||||||||||
Lease obligations | 29,997 | 384 | 1,669 | 1,264 | 26,680 | |||||||||||||||
Total | $ | 887,906 | $ | 37,328 | $ | 243,968 | $ | 211,607 | $ | 395,003 | ||||||||||
Payments Due by Period | ||||||||||||||||||||
Contractual Obligations | Total | 2020 | 2021-2022 | 2023-2024 | More than 5 years | |||||||||||||||
Principal payments on mortgage loans | $ | 682,585 | $ | 1,571 | $ | 170,885 | $ | 173,254 | $ | 336,875 | ||||||||||
Interest payments (1) | 119,184 | 6,425 | 44,222 | 37,089 | 31,448 | |||||||||||||||
Tenant-related commitments | 7,467 | 2,310 | 5,157 | — | — | |||||||||||||||
Lease obligations | 29,665 | 52 | 1,669 | 1,264 | 26,680 | |||||||||||||||
Total | $ | 838,901 | $ | 10,358 | $ | 221,933 | $ | 211,607 | $ | 395,003 | ||||||||||
(1) | Contracted interest on the floating rate borrowings under our Unsecured Credit Facility was calculated based on the balance and interest rate at |
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 Plan | Approximate Dollar Value of Shares of Common Stock that May Yet Be Purchased Under the Share Repurchase Plan (1) (thousands) | ||||||||||||
January 1 – 31, 2020 | — | $ | — | — | $ | — | (2) | |||||||||
February 1 – 29, 2020 | — | — | — | — | (2) | |||||||||||
March 1 – 31, 2020 | 1,451,249 | 7.99 | 1,451,249 | 88,406 | ||||||||||||
Total | 1,451,249 | $ | 7.99 | 1,451,249 | $ | 88,406 | ||||||||||
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) | ||||||||||||
July 1 – 31, 2020 | 1,114,196 | $ | 9.58 | 1,114,196 | $ | — | ||||||||||
August 1 – 31, 2020 | — | — | — | 50,000 | ||||||||||||
September 1 – 30, 2020 | — | — | — | 50,000 | ||||||||||||
Total | 1,114,196 | $ | 9.58 | 1,114,196 | $ | 50,000 | ||||||||||
(1) | Represents approximate dollar value of shares that could have been purchased under the |
Exhibit Number | Description | |||
3.1 | ||||
3.2 | ||||
4.1 | ||||
4.2 | ||||
31.1 | ||||
31.2 | ||||
32.1 | ||||
32.2 | ||||
101.INS | INSTANCE DOCUMENT* | |||
101.SCH | SCHEMA DOCUMENT* | |||
101.CAL | ||||
101.LAB | LABELS LINKBASE DOCUMENT* | |||
101.PRE | PRESENTATION LINKBASE DOCUMENT* | |||
101.DEF | ||||
104 | ||||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)* | ||||
† | Filed herewith. | |||
* | ||||
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 Income; (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements. | ||||
By: | /s/ James Farrar | ||
James Farrar | |||
Chief Executive Officer and Director | |||
(Principal Executive Officer) |
By: | /s/ Anthony Maretic | |||
Anthony Maretic | ||||
Chief Financial Officer, Secretary and Treasurer | ||||
(Principal Financial Officer and Principal Accounting Officer) |