☒ | 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 of incorporation or organization) | (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 Preferred Stock, $0.01 par value per share | “CIO” “CIO.PrA” | New York Stock Exchange New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
1 | ||||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
26 | ||||
26 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
28 | ||||
29 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||||
Real estate properties | ||||||||||||||||
Land | $ | 241,582 | $ | 204,289 | $ | 169,984 | $ | 204,289 | ||||||||
Building and improvement | 783,264 | 777,184 | 744,818 | 777,184 | ||||||||||||
Tenant improvement | 106,876 | 104,694 | 102,683 | 104,694 | ||||||||||||
Furniture, fixtures and equipment | 669 | 642 | 664 | 642 | ||||||||||||
1,132,391 | 1,086,809 | 1,018,149 | 1,086,809 | |||||||||||||
Accumulated depreciation | (149,087 | ) | (131,220 | ) | (149,901 | ) | (131,220 | ) | ||||||||
983,304 | 955,589 | 868,248 | 955,589 | |||||||||||||
Cash and cash equivalents | 13,394 | 25,305 | 17,697 | 25,305 | ||||||||||||
Restricted cash | 22,929 | 20,646 | 52,484 | 20,646 | ||||||||||||
Rents receivable, net | 32,448 | 32,968 | 29,221 | 32,968 | ||||||||||||
Deferred leasing costs, net | 20,253 | 16,829 | 18,415 | 16,829 | ||||||||||||
Acquired lease intangible assets, net | 37,363 | 44,143 | 30,183 | 44,143 | ||||||||||||
Other assets | 18,461 | 15,758 | 17,753 | 15,758 | ||||||||||||
Assets held for sale | 0 | 46,054 | 118,382 | 46,054 | ||||||||||||
Total Assets | $ | 1,128,152 | $ | 1,157,292 | $ | 1,152,383 | $ | 1,157,292 | ||||||||
Liabilities and Equity | ||||||||||||||||
Liabilities: | ||||||||||||||||
Debt | $ | 612,510 | $ | 677,242 | $ | 603,334 | $ | 677,242 | ||||||||
Accounts payable and accrued liabilities | 21,668 | 25,414 | 32,096 | 25,414 | ||||||||||||
Deferred rent | 10,208 | 7,295 | 10,460 | 7,295 | ||||||||||||
Tenant rent deposits | 5,921 | 4,801 | 5,542 | 4,801 | ||||||||||||
Acquired lease intangible liabilities, net | 5,352 | 6,035 | 3,868 | 6,035 | ||||||||||||
Other liabilities | 19,069 | 18,099 | 47,662 | 18,099 | ||||||||||||
Liabilities related to assets held for sale | 0 | 531 | 2,873 | 531 | ||||||||||||
Total Liabilities | 674,728 | 739,417 | 705,835 | 739,417 | ||||||||||||
Commitments and Contingencies (Note 9) | 0 | 0 | 0 | 0 | ||||||||||||
Equity: | ||||||||||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 112,000 | 112,000 | ||||||||||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized, 43,554,375 and 43,397,117 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 435 | 433 | ||||||||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 112,000 | 112,000 | ||||||||||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized, 43,554,375 and 43,397,117 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 435 | 433 | ||||||||||||||
Additional paid-in capital | 480,629 | 479,411 | 481,345 | 479,411 | ||||||||||||
Accumulated deficit | (139,358 | ) | (172,958 | ) | (146,930 | ) | (172,958 | ) | ||||||||
Accumulated other comprehensive loss | (1,191 | ) | (1,960 | ) | (1,063 | ) | (1,960 | ) | ||||||||
Total Stockholders’ Equity | 452,515 | 416,926 | 445,787 | 416,926 | ||||||||||||
Non-controlling interests in properties | 909 | 949 | 761 | 949 | ||||||||||||
Total Equity | 453,424 | 417,875 | 446,548 | 417,875 | ||||||||||||
Total Liabilities and Equity | $ | 1,128,152 | $ | 1,157,292 | $ | 1,152,383 | $ | 1,157,292 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Rental and other revenues | $ | 39,964 | $ | 39,617 | $ | 79,480 | $ | 79,739 | ||||||||
Operating expenses: | ||||||||||||||||
Property operating expenses | 14,179 | 14,084 | 28,297 | 28,780 | ||||||||||||
General and administrative | 3,068 | 2,697 | 5,868 | 5,480 | ||||||||||||
Depreciation and amortization | 14,954 | 15,080 | 29,369 | 30,032 | ||||||||||||
Total operating expenses | 32,201 | 31,861 | 63,534 | 64,292 | ||||||||||||
Operating income | 7,763 | 7,756 | 15,946 | 15,447 | ||||||||||||
Interest expense: | ||||||||||||||||
Contractual interest expense | (5,639 | ) | (6,792 | ) | (11,883 | ) | (13,153 | ) | ||||||||
Amortization of deferred financing costs and debt fair value | (272 | ) | (341 | ) | (602 | ) | (665 | ) | ||||||||
(5,911 | ) | (7,133 | ) | (12,485 | ) | (13,818 | ) | |||||||||
Net gain on sale of real estate property | — | — | 47,400 | — | ||||||||||||
Net income | 1,852 | 623 | 50,861 | 1,629 | ||||||||||||
Less: | ||||||||||||||||
Net income attributable to non-controlling interests in properties | (190 | ) | (179 | ) | (382 | ) | (361 | ) | ||||||||
Net income attributable to the Company | 1,662 | 444 | 50,479 | 1,268 | ||||||||||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | (3,710 | ) | (3,710 | ) | ||||||||
Net (loss)/income attributable to common stockholders | $ | (193 | ) | $ | (1,411 | ) | $ | 46,769 | $ | (2,442 | ) | |||||
Net (loss)/income per common share: | ||||||||||||||||
Basic | $ | 0.00 | $ | (0.03 | ) | $ | 1.08 | $ | (0.05 | ) | ||||||
Diluted | $ | 0.00 | $ | (0.03 | ) | $ | 1.06 | $ | (0.05 | ) | ||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 43,482 | 47,542 | 43,440 | 50,993 | ||||||||||||
Diluted | 43,482 | 47,542 | 44,080 | 50,993 | ||||||||||||
Dividend distributions declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.30 | $ | 0.30 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Rental and other revenues | $ | 44,889 | $ | 41,261 | $ | 124,369 | $ | 121,000 | ||||||||
Operating expenses: | ||||||||||||||||
Property operating expenses | 15,180 | 14,886 | 43,477 | 43,666 | ||||||||||||
General and administrative | 7,900 | 2,546 | 13,768 | 8,025 | ||||||||||||
Depreciation and amortization | 14,648 | 15,189 | 44,017 | 45,222 | ||||||||||||
Total operating expenses | 37,728 | 32,621 | 101,262 | 96,913 | ||||||||||||
Operating income | 7,161 | 8,640 | 23,107 | 24,087 | ||||||||||||
Interest expense: | ||||||||||||||||
Contractual interest expense | (5,650 | ) | (6,620 | ) | (17,533 | ) | (19,773 | ) | ||||||||
Amortization of deferred financing costs and debt fair value | (267 | ) | (328 | ) | (869 | ) | (993 | ) | ||||||||
(5,917 | ) | (6,948 | ) | (18,402 | ) | (20,766 | ) | |||||||||
Net gain on sale of real estate property | — | 1,347 | 47,400 | 1,347 | ||||||||||||
Net income | 1,244 | 3,039 | 52,105 | 4,668 | ||||||||||||
Less: | ||||||||||||||||
Net income attributable to non-controlling interests in properties | (378 | ) | (153 | ) | (760 | ) | (514 | ) | ||||||||
Net income attributable to the Company | 866 | 2,886 | 51,345 | 4,154 | ||||||||||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | (5,565 | ) | (5,565 | ) | ||||||||
Net (loss)/income attributable to common stockholders | $ | (989 | ) | $ | 1,031 | $ | 45,780 | $ | (1,411 | ) | ||||||
Net (loss)/income per common share: | ||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.02 | $ | 1.05 | $ | (0.03 | ) | ||||||
Diluted | $ | (0.02 | ) | $ | 0.02 | $ | 1.04 | $ | (0.03 | ) | ||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 43,554 | 43,593 | 43,478 | 48,508 | ||||||||||||
Diluted | 43,554 | 44,014 | 44,091 | 48,508 | ||||||||||||
Dividend distributions declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.45 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net income | $ | 1,852 | $ | 623 | $ | 50,861 | $ | 1,629 | $ | 1,244 | $ | 3,039 | $ | 52,105 | $ | 4,668 | ||||||||||||||||
Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||
Unrealized cash flow hedge (loss)/gain | (47 | ) | (394 | ) | 480 | (3,084 | ) | (22 | ) | (7 | ) | 458 | (3,091 | ) | ||||||||||||||||||
Amounts reclassified to interest expense | 147 | 96 | 289 | 45 | 150 | 141 | 439 | 186 | ||||||||||||||||||||||||
Other comprehensive income/(loss) | 100 | (298 | ) | 769 | (3,039 | ) | 128 | 134 | 897 | (2,905 | ) | |||||||||||||||||||||
Comprehensive income/(loss) | 1,952 | 325 | 51,630 | (1,410 | ) | |||||||||||||||||||||||||||
Comprehensive income | 1,372 | 3,173 | 53,002 | 1,763 | ||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests in properties | (190 | ) | (179 | ) | (382 | ) | (361 | ) | (378 | ) | (153 | ) | (760 | ) | (514 | ) | ||||||||||||||||
Comprehensive income/(loss) attributable to the Company | $ | 1,762 | $ | 146 | $ | 51,248 | $ | (1,771 | ) | |||||||||||||||||||||||
Comprehensive income attributable to the Company | $ | 994 | $ | 3,020 | $ | 52,242 | $ | 1,249 | ||||||||||||||||||||||||
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 | Total stockholders’ equity | Non-controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
Balance—December 31, 2020 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 479,411 | $ | (172,958 | ) | $ | (1,960 | ) | $ | 416,926 | $ | 949 | $ | 417,875 | ||||||||||||||||||||
Restricted stock award grants and vesting | — | — | — | — | 695 | (50 | ) | — | 645 | — | 645 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,510 | ) | — | (6,510 | ) | — | (6,510 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (220 | ) | (220 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 48,817 | — | 48,817 | 192 | 49,009 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 669 | 669 | — | 669 | ||||||||||||||||||||||||||||||
Balance—March 31, 2021 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 480,106 | $ | (132,556 | ) | $ | (1,291 | ) | $ | 458,692 | $ | 921 | $ | 459,613 | ||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 157 | 2 | 523 | (76 | ) | — | 449 | — | 449 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,533 | ) | — | (6,533 | ) | — | (6,533 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (204 | ) | (204 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,662 | — | 1,662 | 190 | 1,852 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 100 | 100 | — | 100 | ||||||||||||||||||||||||||||||
Balance—June 30, 2021 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 480,629 | $ | (139,358 | ) | $ | (1,191 | ) | $ | 452,515 | $ | 909 | $ | 453,424 | ||||||||||||||||||||
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 | 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 | 0 | 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 | ||||||||||||||||||||
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 | Total stockholders’ equity | Non-controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||
Balance—December 31, 2020 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 479,411 | $ | (172,958 | ) | $ | (1,960 | ) | $ | 416,926 | $ | 949 | $ | 417,875 | ||||||||||||||||||||
Restricted stock award grants and vesting | — | — | — | — | 695 | (50 | ) | — | 645 | — | 645 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,510 | ) | — | (6,510 | ) | — | (6,510 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (220 | ) | (220 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 48,817 | — | 48,817 | 192 | 49,009 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 669 | 669 | — | 669 | ||||||||||||||||||||||||||||||
Balance—March 31, 2021 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 480,106 | $ | (132,556 | ) | $ | (1,291 | ) | $ | 458,692 | $ | 921 | $ | 459,613 | ||||||||||||||||||||
Restricted stock award grants and vesting | — | — | 157 | 2 | 523 | (76 | ) | — | 449 | — | 449 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,533 | ) | — | (6,533 | ) | — | (6,533 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (204 | ) | (204 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,662 | — | 1,662 | 190 | 1,852 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 100 | 100 | — | 100 | ||||||||||||||||||||||||||||||
Balance—June 30, 2021 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 480,629 | $ | (139,358 | ) | $ | (1,191 | ) | $ | 452,515 | $ | 909 | $ | 453,424 | ||||||||||||||||||||
Restricted stock award grants and vesting | — | — | — | — | 716 | (50 | ) | — | 666 | — | 666 | |||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,533 | ) | — | (6,533 | ) | — | (6,533 | ) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | |||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 10 | 10 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (536 | ) | (536 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 866 | — | 866 | 378 | 1,244 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 128 | 128 | — | 128 | ||||||||||||||||||||||||||||||
Balance—September 30, 2021 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 481,345 | $ | (146,930 | ) | $ | (1,063 | ) | $ | 445,787 | $ | 761 | $ | 446,548 | ||||||||||||||||||||
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 | 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 | — | — | — | — | 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 | ||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income | $ | 50,861 | $ | 1,629 | $ | 52,105 | $ | 4,668 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 29,369 | 30,032 | 44,017 | 45,222 | ||||||||||||
Amortization of deferred financing costs and debt fair value | 602 | 665 | 869 | 993 | ||||||||||||
Amortization of above and below market leases | 301 | (47 | ) | 281 | (70 | ) | ||||||||||
Straight-line rent/expense | 85 | (1,002 | ) | 428 | (2,354 | ) | ||||||||||
Non-cash stock compensation | 1,310 | 1,157 | 1,976 | 1,745 | ||||||||||||
Net gain on sale of real estate property | (47,400 | ) | — | (47,400 | ) | (1,347 | ) | |||||||||
Changes in non-cash working capital: | ||||||||||||||||
Rents receivable, net | 635 | 6 | 635 | (235 | ) | |||||||||||
Other assets | (1,048 | ) | (673 | ) | (560 | ) | (110 | ) | ||||||||
Accounts payable and accrued liabilities | (2,757 | ) | (567 | ) | 8,558 | (151 | ) | |||||||||
Deferred rent | 2,850 | 436 | 3,468 | (490 | ) | |||||||||||
Tenant rent deposits | 877 | (300 | ) | 1,354 | (240 | ) | ||||||||||
Net Cash Provided By Operating Activities | 35,685 | 31,336 | 65,731 | 47,631 | ||||||||||||
Cash Flows from/(to) Investing Activities: | ||||||||||||||||
Additions to real estate properties | (9,499 | ) | (15,140 | ) | (12,431 | ) | (17,105 | ) | ||||||||
Acquisition of real estate. | (43,256 | ) | — | |||||||||||||
Net proceeds from sale of real estate. | 93,303 | — | ||||||||||||||
Acquisition of real estate | (43,256 | ) | — | |||||||||||||
Net proceeds from sale of real estate | 122,103 | 6,340 | ||||||||||||||
Deferred leasing costs | (3,131 | ) | (3,056 | ) | (6,830 | ) | (4,479 | ) | ||||||||
Net Cash Provided By/(Used In) Investing Activities | 37,417 | (18,196 | ) | 59,586 | (15,244 | ) | ||||||||||
Cash Flows to Financing Activities: | ||||||||||||||||
Proceeds from borrowings | 98,000 | 130,000 | 106,000 | 130,000 | ||||||||||||
Repayment of borrowings | (163,363 | ) | (33,116 | ) | (180,806 | ) | (59,707 | ) | ||||||||
Dividend distributions paid to stockholder s | (16,729 | ) | (24,310 | ) | ||||||||||||
Dividend distributions paid to stockholders | (25,117 | ) | (32,814 | ) | ||||||||||||
Distributions to non-controlling interests in properties | (424 | ) | (384 | ) | (960 | ) | (623 | ) | ||||||||
Shares withheld for payment of taxes on restricted stock unit vesting | (216 | ) | (42 | ) | (216 | ) | (43 | ) | ||||||||
Contributions from non-controlling interests in properties . | 2 | 3 | ||||||||||||||
Repurchases of common stoc k | — | (89,671 | ) | |||||||||||||
Contributions from non-controlling interests in properties | 12 | 3 | ||||||||||||||
Repurchases of common stock | — | (100,365 | ) | |||||||||||||
Net Cash Used In Financing Activities | (82,730 | ) | (17,520 | ) | (101,087 | ) | (63,549 | ) | ||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (9,628 | ) | (4,380 | ) | ||||||||||||
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 24,230 | (31,162 | ) | |||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 45,951 | 87,523 | 45,951 | 87,523 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 36,323 | $ | 83,143 | $ | 70,181 | $ | 56,361 | ||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||||||||||
Cash and Cash Equivalents, End of Period | 13,394 | 67,039 | 17,697 | 38,399 | ||||||||||||
Restricted Cash, End of Period | 22,929 | 16,104 | 52,484 | 17,962 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 36,323 | $ | 83,143 | $ | 70,181 | $ | 56,361 | ||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||
Cash paid for interest | $ | 11,955 | $ | 13,393 | $ | 17,568 | $ | 19,681 | ||||||||
Purchase of additions in real estate properties included in accounts payable | $ | 4,233 | $ | 6,487 | $ | 4,804 | $ | 9,778 | ||||||||
Purchase of deferred leasing costs included in accounts payable | $ | 2,164 | $ | 550 | $ | 1,351 | $ | 797 |
Property | Date Acquired | Percentage Owned | ||||||
5910 Pacific Center and 9985 Pacific Heights (1) | May 2021 | 100 | % |
(1) | 5910 Pacific Center and 9985 Pacific Heights have been added to the existing Sorrento Mesa portfolio of properties (collectively “Sorrento Mesa”). |
5910 Pacific Center and 9985 Pacific Heights | 5910 Pacific Center and 9985 Pacific Heights | |||||||
Land | $ | 37,294 | $ | 37,294 | ||||
Building and improvement | 2,979 | 2,979 | ||||||
Tenant improvement | 917 | 917 | ||||||
Lease intangible assets | 2,469 | 2,469 | ||||||
Other assets | 19 | 19 | ||||||
Accounts payable and other liabilities | (319 | ) | (319 | ) | ||||
Lease intangible liabilities | (103 | ) | (103 | ) | ||||
Net assets acquired | $ | 43,256 | $ | 43,256 | ||||
Sorrento Mesa | North Disposition | South Disposition | Total | |||||||||
Real estate properties, net | $ | 77,870 | $ | 30,717 | $ | 108,587 | ||||||
Deferred leasing costs, net | 3,308 | — | 3,308 | |||||||||
Acquired lease intangible assets, net | 2,225 | 1,268 | 3,493 | |||||||||
Rents receivable, prepaid expenses and other assets | 2,977 | 17 | 2,994 | |||||||||
Assets held for sale | $ | 86,380 | $ | 32,002 | $ | 118,382 | ||||||
Acquired lease intangible liabilities, net | $ | (1,005 | ) | $ | — | $ | (1,005 | ) | ||||
Accounts payable, accrued expenses, deferred rent and tenant rent deposits | (1,502 | ) | (366 | ) | (1,868 | ) | ||||||
Liabilities related to assets held for sale | $ | (2,507 | ) | $ | (366 | ) | $ | (2,873 | ) | |||
Cherry Creek | December 31, 2020 | December 31, 2020 | ||||||
Real estate properties, net | $ | 40,849 | $ | 40,849 | ||||
Deferred leasing costs, net | 150 | 150 | ||||||
Acquired lease intangible assets, net | 2,256 | 2,256 | ||||||
Rents receivable, prepaid expenses and other assets | 2,799 | 2,799 | ||||||
Assets held for sale | $ | 46,054 | $ | 46,054 | ||||
Accounts payable, accrued expenses, deferred rent and tenant rent deposits | $ | (531) | $ | (531 | ) | |||
Liabilities related to assets held for sale | $ | (531) | $ | (531 | ) | |||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
September 30, 2021 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||
Cost | $ | 14,135 | $ | 71,416 | $ | 27,847 | $ | 113,398 | $ | (9,641 | ) | $ | (138 | ) | $ | (9,779 | ) | |||||||||||
Accumulated amortization | (9,240 | ) | (55,820 | ) | (18,155 | ) | (83,215 | ) | 5,864 | 47 | 5,911 | |||||||||||||||||
$ | 4,895 | $ | 15,596 | $ | 9,692 | $ | 30,183 | $ | (3,777 | ) | $ | (91 | ) | $ | (3,868 | ) | ||||||||||||
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 | |||||||||||||||||||||
Cost | $ | 14,894 | $ | 80,259 | $ | 30,284 | $ | 125,437 | $ | (13,093 | ) | $ | (138 | ) | $ | (13,231 | ) | |||||||||||
Accumulated amortization | (8,497 | ) | (55,636 | ) | (17,161 | ) | (81,294 | ) | 7,152 | 44 | 7,196 | |||||||||||||||||
$ | 6,397 | $ | 24,623 | $ | 13,123 | $ | 44,143 | $ | (5,941 | ) | $ | (94 | ) | $ | (6,035 | ) | ||||||||||||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
June 30, 2021 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||
Cost | $ | 14,489 | $ | 79,885 | $ | 30,097 | $ | 124,471 | $ | (13,184 | ) | $ | (138 | ) | $ | (13,322 | ) | |||||||||||
Accumulated amortization | (8,930 | ) | (59,541 | ) | (18,637 | ) | (87,108 | ) | 7,924 | 46 | 7,970 | |||||||||||||||||
$ | 5,559 | $ | 20,344 | $ | 11,460 | $ | 37,363 | $ | (5,260 | ) | $ | (92 | ) | $ | (5,352 | ) | ||||||||||||
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 | |||||||||||||||||||||
Cost | $ | 14,894 | $ | 80,259 | $ | 30,284 | $ | 125,437 | $ | (13,093 | ) | $ | (138 | ) | $ | (13,231 | ) | |||||||||||
Accumulated amortization | (8,497 | ) | (55,636 | ) | (17,161 | ) | (81,294 | ) | 7,152 | 44 | 7,196 | |||||||||||||||||
$ | 6,397 | $ | 24,623 | $ | 13,123 | $ | 44,143 | $ | (5,941 | ) | $ | (94 | ) | $ | (6,035 | ) | ||||||||||||
2021 | $ | 6,112 | ||
2022 | 8,941 | |||
2023 | 5,914 | |||
2024 | 3,118 | |||
2025 | 2,720 | |||
Thereafter | 5,206 | |||
$ | 32,011 | |||
2021 | $ | 2,381 | ||
2022 | 7,699 | |||
2023 | 5,281 | |||
2024 | 2,994 | |||
2025 | 2,751 | |||
Thereafter | 5,209 | |||
$ | 26,315 | |||
Property | June 30, 2021 | December 31, 2020 | Interest Rate as of June 30, 2021 (1) | Maturity | September 30, 2021 | December 31, 2020 | Interest Rate as of September 30, 2021 (1) | Maturity | ||||||||||||||||||||||||
Unsecured Credit Facility (2)(3) | $ | 96,000 | $ | 75,000 | LIBOR +1.40 | % (4) | March 2022 | $ | 88,000 | $ | 75,000 | LIBOR +1.40 | % (4) | March 2022 | ||||||||||||||||||
Term Loan (3) | 50,000 | 50,000 | LIBOR +1.25 | % (4) | September 2024 | 50,000 | 50,000 | LIBOR +1.25 | % (4) | September 2024 | ||||||||||||||||||||||
Mission City | 47,000 | 47,000 | 3.78 | % | November 2027 | 47,000 | 47,000 | 3.78 | % | November 2027 | ||||||||||||||||||||||
Canyon Park (5) | 40,782 | 40,950 | 4.30 | % | March 2027 | 40,612 | 40,950 | 4.30 | % | March 2027 | ||||||||||||||||||||||
190 Office Center | 39,910 | 40,236 | 4.79 | % | October 2025 | 39,749 | 40,236 | 4.79 | % | October 2025 | ||||||||||||||||||||||
Circle Point | 39,650 | 39,650 | 4.49 | % | September 2028 | 39,650 | 39,650 | 4.49 | % | September 2028 | ||||||||||||||||||||||
SanTan | 33,129 | 33,444 | 4.56 | % | March 2027 | 33,022 | 33,444 | 4.56 | % | March 2027 | ||||||||||||||||||||||
Intellicenter | 32,164 | 32,442 | 4.65 | % | October 2025 | 32,026 | 32,442 | 4.65 | % | October 2025 | ||||||||||||||||||||||
The Quad | 30,600 | 30,600 | 4.20 | % | September 2028 | 30,600 | 30,600 | 4.20 | % | September 2028 | ||||||||||||||||||||||
FRP Collection | 27,901 | 28,263 | 3.10 | % | September 2023 | 27,719 | 28,263 | 3.10 | % | September 2023 | ||||||||||||||||||||||
2525 McKinnon | 27,000 | 27,000 | 4.24 | % | April 2027 | 27,000 | 27,000 | 4.24 | % | April 2027 | ||||||||||||||||||||||
Greenwood Blvd | 22,175 | 22,425 | 3.15 | % | December 2025 | 22,048 | 22,425 | 3.15 | % | December 2025 | ||||||||||||||||||||||
Cascade Station | 21,767 | 21,952 | 4.55 | % | May 2024 | 21,676 | 21,952 | 4.55 | % | May 2024 | ||||||||||||||||||||||
5090 N. 40th St | 21,439 | 21,640 | 3.92 | % | January 2027 | 21,337 | 21,640 | 3.92 | % | January 2027 | ||||||||||||||||||||||
AmberGlen | 20,000 | 20,000 | 3.69 | % | May 2027 | 20,000 | 20,000 | 3.69 | % | May 2027 | ||||||||||||||||||||||
Lake Vista Pointe | 17,198 | 17,375 | 4.28 | % | August 2024 | 17,108 | 17,375 | 4.28 | % | August 2024 | ||||||||||||||||||||||
Central Fairwinds | 16,918 | 17,127 | 3.15 | % | June 2024 | 16,813 | 17,127 | 3.15 | % | June 2024 | ||||||||||||||||||||||
FRP Ingenuity Drive | 16,597 | 16,736 | 4.44 | % | December 2024 | 16,528 | 16,736 | 4.44 | % | December 2024 | ||||||||||||||||||||||
Carillon Point | 15,387 | 15,585 | 3.10 | % | October 2023 | 15,286 | 15,585 | 3.10 | % | October 2023 | ||||||||||||||||||||||
Midland Life Insurance (6) | — | 83,537 | — | — | — | 83,537 | — | — | ||||||||||||||||||||||||
Total Principal | 615,617 | 680,962 | 606,174 | 680,962 | ||||||||||||||||||||||||||||
Deferred financing costs, net | (3,511 | ) | (4,195 | ) | (3,209 | ) | (4,195 | ) | ||||||||||||||||||||||||
Unamortized fair value adjustments | 404 | 475 | 369 | 475 | ||||||||||||||||||||||||||||
Total | $ | 612,510 | $ | 677,242 | $ | 603,334 | $ | 677,242 | ||||||||||||||||||||||||
(1) | All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (the “Unsecured Credit Facility”) and the Term Loan (the “Term Loan”), as explained in footnotes 2 and 3 below. |
(2) | 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 in March 2022 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. As of a $4.2 million |
(3) | In September 2019, the Company entered into a five-year $50 million 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 rate 30-day LIBOR payments. |
(4) | As of one-month LIBOR rate was |
(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, 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) | The mortgage loan was cross-collateralized by Cherry Creek, City Center and 7595 Tech (formerly “DTC Crossroads”). In February 2021, the loan balance of $83.5 million was repaid in full. |
2021 | $ | 2,967 | $ | 1,524 | ||||
2022 | 102,539 | 94,539 | ||||||
2023 | 48,539 | 48,539 | ||||||
2024 | 124,736 | 124,736 | ||||||
2025 | 91,997 | 91,997 | ||||||
Thereafter | 244,839 | 244,839 | ||||||
$ | 615,617 | $ | 606,174 | |||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Fixed payments | $ | 34,311 | $ | 33,907 | $ | 67,862 | $ | 67,999 | ||||||||
Variable payments | 5,629 | 5,697 | 11,536 | 11,713 | ||||||||||||
$ | 39,940 | $ | 39,604 | $ | 79,398 | $ | 79,712 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Fixed payments | $ | 38,963 | $ | 35,071 | $ | 106,825 | $ | 103,070 | ||||||||
Variable payments | 5,868 | 6,151 | 17,404 | 17,864 | ||||||||||||
$ | 44,831 | $ | 41,222 | $ | 124,229 | $ | 120,934 | |||||||||
2021 | $ | 61,009 | $ | 29,967 | ||||
2022 | 108,545 | 111,708 | ||||||
2023 | 88,167 | 92,205 | ||||||
2024 | 68,482 | 72,917 | ||||||
2025 | 55,089 | 59,773 | ||||||
Thereafter | 160,172 | 182,296 | ||||||
$ | 541,464 | $ | 548,866 | |||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Right-of-use | $ | 14,362 | $ | 12,739 | $ | 14,238 | $ | 12,739 | ||||||||
Lease liability – operating leases | $ | 9,447 | $ | 7,719 | $ | 9,374 | $ | 7,719 | ||||||||
Right-of-use | $ | 43 | $ | 55 | $ | 37 | $ | 55 | ||||||||
Lease liability – financing leases | $ | 43 | $ | 55 | $ | 37 | $ | 55 |
Operating Leases | Financing Leases | Operating Leases | Financing Leases | |||||||||||||
2021 | $ | 301 | $ | 14 | $ | 89 | $ | 7 | ||||||||
2022 | 971 | 27 | 971 | 27 | ||||||||||||
2023 | 836 | 4 | 836 | 4 | ||||||||||||
2024 | 770 | 0 | 770 | — | ||||||||||||
2025 | 770 | 0 | 770 | — | ||||||||||||
Thereafter | 27,875 | 0 | 27,875 | — | ||||||||||||
Total future minimum lease payments | 31,523 | 45 | 31,311 | 38 | ||||||||||||
Discount | (22,076 | ) | (2 | ) | (21,937 | ) | (1 | ) | ||||||||
Total | $ | 9,447 | $ | 43 | $ | 9,374 | $ | 37 | ||||||||
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) | 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 (21.8% of NRA) | Pima Center | 100.0 | % | 272 | 67.9 | % | $ | 27.87 | $ | 27.87 | $ | 5,145 | Pima Center | 100.0 | % | 272 | 67.9 | % | $ | 28.21 | $ | 28.21 | $ | 5,208 | ||||||||||||||||||||||||||||
SanTan | 100.0 | % | 267 | 97.5 | % | $ | 29.68 | $ | 29.68 | $ | 7,713 | SanTan | 100.0 | % | 267 | 97.5 | % | $ | 29.70 | $ | 29.70 | $ | 7,718 | |||||||||||||||||||||||||||||
5090 N 40 th St | 100.0 | % | 175 | 90.5 | % | $ | 30.27 | $ | 30.27 | $ | 4,799 | 5090 N 40 th St | 100.0 | % | 175 | 91.1 | % | $ | 30.33 | $ | 30.33 | $ | 4,842 | |||||||||||||||||||||||||||||
Camelback Square | 100.0 | % | 174 | 77.3 | % | $ | 32.19 | $ | 32.19 | $ | 4,332 | Camelback Square | 100.0 | % | 172 | 78.4 | % | $ | 32.19 | $ | 32.19 | $ | 4,332 | |||||||||||||||||||||||||||||
The Quad | 100.0 | % | 163 | 100.0 | % | $ | 30.37 | $ | 30.68 | $ | 4,950 | The Quad | 100.0 | % | 163 | 100.0 | % | $ | 30.61 | $ | 30.93 | $ | 4,990 | |||||||||||||||||||||||||||||
Papago Tech | 100.0 | % | 163 | 96.3 | % | $ | 23.29 | $ | 23.29 | $ | 3,650 | Papago Tech | 100.0 | % | 163 | 96.3 | % | $ | 23.45 | $ | 23.45 | $ | 3,675 | |||||||||||||||||||||||||||||
Tampa, FL | Park Tower | 94.8 | % | 470 | 87.4 | % | $ | 27.16 | $ | 27.16 | $ | 11,155 | Park Tower | 94.8 | % | 472 | 74.5 | % | $ | 26.42 | $ | 26.42 | $ | 9,295 | ||||||||||||||||||||||||||||
City Center | 95.0 | % | 243 | 93.0 | % | $ | 27.03 | $ | 27.03 | $ | 6,102 | City Center | 95.0 | % | 243 | �� | 89.3 | % | $ | 27.18 | $ | 27.18 | $ | 5,892 | ||||||||||||||||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 25.09 | $ | 25.09 | $ | 5,105 | Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 25.09 | $ | 25.09 | $ | 5,105 | |||||||||||||||||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 29.39 | $ | 29.39 | $ | 3,650 | Carillon Point | 100.0 | % | 124 | 88.0 | % | $ | 29.29 | $ | 29.29 | $ | 3,203 | |||||||||||||||||||||||||||||
Denver, CO | Denver Tech (3) | 100.0 | % | 383 | 93.8 | % | $ | 23.41 | $ | 27.52 | $ | 8,349 | Denver Tech (3) | 100.0 | % | 383 | 93.8 | % | $ | 23.52 | $ | 27.64 | $ | 8,388 | ||||||||||||||||||||||||||||
Circle Point | 100.0 | % | 272 | 81.6 | % | $ | 18.75 | $ | 32.62 | $ | 4,162 | Circle Point | 100.0 | % | 272 | 83.6 | % | $ | 18.77 | $ | 32.64 | $ | 4,266 | |||||||||||||||||||||||||||||
Superior Pointe | 100.0 | % | 152 | 94.0 | % | $ | 18.18 | $ | 31.18 | $ | 2,592 | Superior Pointe | 100.0 | % | 152 | 94.0 | % | $ | 18.18 | $ | 31.18 | $ | 2,592 | |||||||||||||||||||||||||||||
Orlando, FL | Florida Research Park (4) | 96.6 | % | 397 | 95.2 | % | $ | 23.96 | $ | 27.45 | $ | 9,026 | Florida Research Park (4) | 96.6 | % | 397 | 91.5 | % | $ | 24.00 | $ | 27.57 | $ | 8,679 | ||||||||||||||||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 90.5 | % | $ | 26.36 | $ | 26.36 | $ | 4,012 | Central Fairwinds | 97.0 | % | 168 | 88.7 | % | $ | 25.72 | $ | 25.72 | $ | 3,838 | |||||||||||||||||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 23.75 | $ | 23.75 | $ | 3,682 | Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 23.75 | $ | 23.75 | $ | 3,682 | |||||||||||||||||||||||||||||
San Diego, CA | Sorrento Mesa (5) | 100.0 | % | 400 | 83.5 | % | $ | 33.30 | $ | 38.60 | $ | 11,112 | ||||||||||||||||||||||||||||||||||||||||
Mission City | 100.0 | % | 281 | 75.8 | % | $ | 37.28 | $ | 37.28 | $ | 7,951 | |||||||||||||||||||||||||||||||||||||||||
Dallas, TX | 190 Office Center | 100.0 | % | 303 | 76.1 | % | $ | 26.63 | $ | 26.63 | $ | 6,146 | 190 Office Center | 100.0 | % | 303 | 76.1 | % | $ | 26.63 | $ | 26.63 | $ | 6,146 | ||||||||||||||||||||||||||||
Lake Vista Pointe | 100.0 | % | 163 | 100.0 | % | $ | 17.00 | $ | 26.00 | $ | 2,777 | Lake Vista Pointe | 100.0 | % | 163 | 100.0 | % | $ | 17.00 | $ | 26.00 | $ | 2,777 | |||||||||||||||||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 91.6 | % | $ | 29.28 | $ | 48.28 | $ | 2,987 | 2525 McKinnon | 100.0 | % | 111 | 91.6 | % | $ | 29.32 | $ | 48.32 | $ | 2,992 | |||||||||||||||||||||||||||||
Portland, OR | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 22.66 | $ | 25.20 | $ | 4,517 | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 22.66 | $ | 25.20 | $ | 4,517 | ||||||||||||||||||||||||||||
Cascade Station | 100.0 | % | 128 | 95.5 | % | $ | 27.80 | $ | 29.81 | $ | 3,385 | Cascade Station | 100.0 | % | 128 | 95.5 | % | $ | 27.85 | $ | 29.86 | $ | 3,391 | |||||||||||||||||||||||||||||
San Diego, CA (5.0%) | Mission City | 100.0 | % | 281 | 88.1 | % | $ | 37.46 | $ | 37.46 | $ | 9,284 | ||||||||||||||||||||||||||||||||||||||||
Seattle, WA | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 22.49 | $ | 27.49 | $ | 4,650 | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 22.49 | $ | 27.49 | $ | 4,650 | ||||||||||||||||||||||||||||
Total / Weighted Average – June 30, 2021 (6) | 5,578 | 89.7 | % | $ | 26.40 | $ | 29.35 | $ | 131,949 | |||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average – Excluding Assets Held For Sale (5) | Total / Weighted Average – Excluding Assets Held For Sale (5) | 5,178 | 89.0 | % | $ | 25.94 | $ | 28.77 | $ | 119,462 | ||||||||||||||||||||||||||||||||||||||||||
San Diego, CA (7.2%) | Sorrento Mesa (6) | 100.0 | % | 400 | 84.7 | % | $ | 31.50 | $ | 36.74 | $ | 10,678 | ||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average – September 30, 2021 (5) | Total / Weighted Average – September 30, 2021 (5) | 5,578 | 88.7 | % | $ | 26.32 | $ | 29.31 | $ | 130,140 | ||||||||||||||||||||||||||||||||||||||||||
(1) | Annualized gross rent per square foot includes adjustment for estimated expense reimbursements of triple net leases. |
(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 and 7595 Tech (formerly “DTC Crossroads”). |
(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. |
(6) | Sorrento Mesa includes 5910 Pacific Center and 9985 Pacific Heights, which were acquired during the second quarter of 2021. |
Payments Due by Period (in thousands) | Payments Due by Period | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | 2021 | 2022-2023 | 2024-2025 | More than 5 years | Total | 2021 | 2022-2023 | 2024-2025 | More than 5 years | ||||||||||||||||||||||||||||||
Principal payments on mortgage loans | $ | 615,617 | $ | 2,967 | $ | 151,078 | $ | 216,733 | $ | 244,839 | $ | 606,174 | $ | 1,524 | $ | 143,078 | $ | 216,733 | $ | 244,839 | ||||||||||||||||||||
Interest payments (1) | 100,122 | 11,011 | 40,538 | 30,751 | 17,822 | 94,531 | 5,455 | 40,503 | 30,751 | 17,822 | ||||||||||||||||||||||||||||||
Tenant-related commitments | 20,196 | 19,984 | 212 | — | — | 24,147 | 19,930 | 4,217 | — | — | ||||||||||||||||||||||||||||||
Lease obligations | 31,568 | 315 | 1,838 | 1,540 | 27,875 | 31,349 | 96 | 1,838 | 1,540 | 27,875 | ||||||||||||||||||||||||||||||
Total | $ | 767,503 | $ | 34,277 | $ | 193,666 | $ | 249,024 | $ | 290,536 | $ | 756,201 | $ | 27,005 | $ | 189,636 | $ | 249,024 | $ | 290,536 | ||||||||||||||||||||
(1) | Contracted interest on the floating rate borrowings under our Unsecured Credit Facility was calculated based on the balance and interest rate at |
By: | /s/ James Farrar | |||||
James Farrar | ||||||
Chief Executive Officer and Director (Principal Executive Officer) |
Date: November 3, 2021 | ||||||
By: | /s/ Anthony Maretic | |||||
Anthony Maretic | ||||||
Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer) |