☒ | 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 | |
of incorporation or organization) | Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of each Exchange on Which Registered | ||
Common Stock, $0.01 par value 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | “CIO” “CIO.PrA” | New York Stock Exchange New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
1 | ||||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
June 30, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Real estate properties | ||||||||
Land | $ | 200,686 | $ | 204,801 | ||||
Building and improvement | 1,230,702 | 1,244,177 | ||||||
Tenant improvement | 129,496 | 119,011 | ||||||
Furniture, fixtures and equipment | 664 | 664 | ||||||
1,561,548 | 1,568,653 | |||||||
Accumulated depreciation | (170,569 | ) | (157,356 | ) | ||||
1,390,979 | 1,411,297 | |||||||
Cash and cash equivalents | 26,352 | 21,321 | ||||||
Restricted cash | 43,044 | 20,945 | ||||||
Rents receivable, net | 37,501 | 30,415 | ||||||
Deferred leasing costs, net | 21,213 | 20,327 | ||||||
Acquired lease intangible assets, net | 61,762 | 68,925 | ||||||
Other assets | 30,526 | 28,283 | ||||||
Total Assets | $ | 1,611,377 | $ | 1,601,513 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Debt | $ | 654,366 | $ | 653,648 | ||||
Accounts payable and accrued liabilities | 33,136 | 27,101 | ||||||
Deferred rent | 10,089 | 11,600 | ||||||
Tenant rent deposits | 6,856 | 6,165 | ||||||
Acquired lease intangible liabilities, net | 10,042 | 10,872 | ||||||
Other liabilities | 20,895 | 21,532 | ||||||
Total Liabilities | 735,384 | 730,918 | ||||||
Commitments and Contingencies (Note 9) | 0 | 0 | ||||||
Equity: | ||||||||
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of June 30, 2022 and December 31, 2021 | 112,000 | 112,000 | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 43,330,831 and 43,554,375 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 433 | 435 | ||||||
Additional paid-in capital | 479,057 | 482,061 | ||||||
Retained earnings | 281,735 | 275,502 | ||||||
Accumulated other comprehensive income/(loss) | 1,885 | (382 | ) | |||||
Total Stockholders’ Equity | 875,110 | 869,616 | ||||||
Non-controlling interests in properties | 883 | 979 | ||||||
Total Equity | 875,993 | 870,595 | ||||||
Total Liabilities and Equity | $ | 1,611,377 | $ | 1,601,513 | ||||
Subsequent Events (Note 11) |
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Real estate properties | ||||||||
Land | $ | 200,686 | $ | 204,801 | ||||
Building and improvement | 1,228,976 | 1,244,177 | ||||||
Tenant improvement | 122,604 | 119,011 | ||||||
Furniture, fixtures and equipment | 664 | 664 | ||||||
1,552,930 | 1,568,653 | |||||||
Accumulated depreciation | (160,188 | ) | (157,356 | ) | ||||
1,392,742 | 1,411,297 | |||||||
Cash and cash equivalents | 26,742 | 21,321 | ||||||
Restricted cash | 20,903 | 20,945 | ||||||
Rents receivable, net | 35,466 | 30,415 | ||||||
Deferred leasing costs, net | 19,516 | 20,327 | ||||||
Acquired lease intangible assets, net | 65,285 | 68,925 | ||||||
Sales-type lease receivable | 42,599 | 0 | ||||||
Other assets | 28,930 | 28,283 | ||||||
Total Assets | $ | 1,632,183 | $ | 1,601,513 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Debt | $ | 662,462 | $ | 653,648 | ||||
Accounts payable and accrued liabilities | 33,423 | 27,101 | ||||||
Deferred rent | 11,164 | 11,600 | ||||||
Tenant rent deposits | 6,458 | 6,165 | ||||||
Acquired lease intangible liabilities, net | 10,463 | 10,872 | ||||||
Other liabilities | 21,086 | 21,532 | ||||||
Total Liabilities | 745,056 | 730,918 | ||||||
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 as of March 31, 2022 and December 31, 2021 | 112,000 | 112,000 | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 43,554,375 s hares issued and outstanding as of March 31, 2022 and December 31, 2021 | 435 | 435 | ||||||
Additional paid-in capital | 483,033 | 482,061 | ||||||
Retained earnings | 289,388 | 275,502 | ||||||
Accumulated other comprehensive income/(loss) | 1,372 | (382 | ) | |||||
Total Stockholders’ Equity | 886,228 | 869,616 | ||||||
Non-controlling interests in properties | 899 | 979 | ||||||
Total Equity | 887,127 | 870,595 | ||||||
Total Liabilities and Equity | $ | 1,632,183 | $ | 1,601,513 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Rental and other revenues | $ | 44,852 | $ | 39,516 | ||||
Operating expenses: | ||||||||
Property operating expenses | 16,489 | 14,118 | ||||||
General and administrative | 3,456 | 2,801 | ||||||
Depreciation and amortization | 15,815 | 14,415 | ||||||
Total operating expenses | 35,760 | 31,334 | ||||||
Operating income | 9,092 | 8,182 | ||||||
Interest expense: | ||||||||
Contractual interest expense | (5,747 | ) | (6,243 | ) | ||||
Amortization of deferred financing costs and debt fair value | (312 | ) | (330 | ) | ||||
(6,059 | ) | (6,573 | ) | |||||
Net gain on sale of real estate property | 21,658 | 47,400 | ||||||
Net income | 24,691 | 49,009 | ||||||
Less: | ||||||||
Net income attributable to non-controlling interests in properties | (171 | ) | (192 | ) | ||||
Net income attributable to the Company | 24,520 | 48,817 | ||||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | ||||
Net income attributable to common stockholders | $ | 22,665 | $ | 46,962 | ||||
Net income per common share: | ||||||||
Basic | $ | 0.52 | $ | 1.08 | ||||
Diluted | $ | 0.51 | $ | 1.07 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 43,554 | 43,397 | ||||||
Diluted | 44,406 | 44,043 | ||||||
Dividend distributions declared per common share | $ | 0.20 | $ | 0.15 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Rental and other revenues | $ | 45,498 | $ | 39,964 | $ | 90,350 | $ | 79,480 | ||||||||
Operating expenses: | ||||||||||||||||
Property operating expenses | 16,836 | 14,179 | 33,325 | 28,297 | ||||||||||||
General and administrative | 3,614 | 3,068 | 7,070 | 5,868 | ||||||||||||
Depreciation and amortization | 15,701 | 14,954 | 31,516 | 29,369 | ||||||||||||
Total operating expenses | 36,151 | 32,201 | 71,911 | 63,534 | ||||||||||||
Operating income | 9,347 | 7,763 | 18,439 | 15,946 | ||||||||||||
Interest expense: | ||||||||||||||||
Contractual interest expense | (5,982 | ) | (5,639 | ) | (11,729 | ) | (11,883 | ) | ||||||||
Amortization of deferred financing costs and debt fair value | (302 | ) | (272 | ) | (614 | ) | (602 | ) | ||||||||
(6,284 | ) | (5,911 | ) | (12,343 | ) | (12,485 | ) | |||||||||
Net gain on sale of real estate property | — | — | 21,658 | 47,400 | ||||||||||||
Net income | 3,063 | 1,852 | 27,754 | 50,861 | ||||||||||||
Less: | ||||||||||||||||
Net income attributable to non-controlling interests in properties | (164 | ) | (190 | ) | (335 | ) | (382 | ) | ||||||||
Net income attributable to the Company | 2,899 | 1,662 | 27,419 | 50,479 | ||||||||||||
Preferred stock distributions | (1,855 | ) | (1,855 | ) | (3,710 | ) | (3,710 | ) | ||||||||
Net income/(loss) attributable to common stockholders | $ | 1,044 | $ | (193 | ) | $ | 23,709 | $ | 46,769 | |||||||
Net income/(loss) per common share: | ||||||||||||||||
Basic | $ | 0.02 | $ | 0.00 | $ | 0.54 | $ | 1.08 | ||||||||
Diluted | $ | 0.02 | $ | 0.00 | $ | 0.53 | $ | 1.06 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 43,632 | 43,482 | 43,593 | 43,440 | ||||||||||||
Diluted | 44,482 | 43,482 | 44,445 | 44,080 | ||||||||||||
Dividend distributions declared per common share | $ | 0.20 | $ | 0.15 | $ | 0.40 | $ | 0.30 | ||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | 24,691 | $ | 49,009 | $ | 3,063 | $ | 1,852 | $ | 27,754 | $ | 50,861 | ||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Unrealized cash flow hedge gain | 1,614 | 527 | ||||||||||||||||||||||
Unrealized cash flow hedge gain/(loss) | 450 | (47 | ) | 2,064 | 480 | |||||||||||||||||||
Amounts reclassified to interest expense | 140 | 142 | 63 | 147 | 203 | 289 | ||||||||||||||||||
Other comprehensive income | 1,754 | 669 | 513 | 100 | 2,267 | 769 | ||||||||||||||||||
Comprehensive income | 26,445 | 49,678 | 3,576 | 1,952 | 30,021 | 51,630 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests in properties | (171 | ) | (192 | ) | (164 | ) | (190 | ) | (335 | ) | (382 | ) | ||||||||||||
Comprehensive income attributable to the Company | $ | 26,274 | $ | 49,486 | $ | 3,412 | $ | 1,762 | $ | 29,686 | $ | 51,248 | ||||||||||||
Number of shares of preferred stock | Preferred stock | Number of shares of common stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss)/income | Total stockholders’ equity | Non-controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares of preferred stock | Preferred stock | Number of shares of common stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss)/income | Total stockholders’ equity | Non-controlling interests in properties | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance—December 31, 2021 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 482,061 | $ | 275,502 | $ | (382 | ) | $ | 869,616 | $ | 979 | $ | 870,595 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 482,061 | $ | 275,502 | $ | (382 | ) | $ | 869,616 | $ | 979 | $ | 870,595 | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock award grants and vesting | — | — | — | — | 972 | (68 | ) | — | 904 | — | 904 | — | — | — | — | 972 | (68 | ) | — | 904 | — | 904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (8,711 | ) | — | (8,711 | ) | — | (8,711 | ) | — | — | — | — | — | (8,711 | ) | — | (8,711 | ) | — | (8,711 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | — | 3 | 3 | — | — | — | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (254 | ) | (254 | ) | — | — | — | — | — | — | — | — | (254 | ) | (254 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 24,520 | — | 24,520 | 171 | 24,691 | — | — | — | — | — | 24,520 | — | 24,520 | 171 | 24,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 1,754 | 1,754 | — | 1,754 | — | — | — | — | — | — | 1,754 | 1,754 | — | 1,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance—March 31, 2022 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 483,033 | $ | 289,388 | $ | 1,372 | $ | 886,228 | $ | 899 | $ | 887,127 | 4,480 | $ | 112,000 | 43,554 | $ | 435 | $ | 483,033 | $ | 289,388 | $ | 1,372 | $ | 886,228 | $ | 899 | $ | 887,127 | ||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 171 | 2 | 1,020 | (117 | ) | — | 905 | — | 905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | — | — | (395 | ) | (4 | ) | (4,996 | ) | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividend distribution declared | — | — | — | — | — | (6,510 | ) | — | (6,510 | ) | — | (6,510 | ) | — | — | — | — | — | (8,580 | ) | — | (8,580 | ) | — | (8,580 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend distribution declared | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | — | — | — | — | — | (1,855 | ) | — | (1,855 | ) | — | (1,855 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | (220 | ) | (220 | ) | — | — | — | — | — | — | — | — | (180 | ) | (180 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 48,817 | — | 48,817 | 192 | 49,009 | — | — | — | — | — | 2,899 | — | 2,899 | 164 | 3,063 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 669 | 669 | — | 669 | — | — | — | — | — | — | 513 | 513 | — | 513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance—March 31, 2021 | 4,480 | $ | 112,000 | 43,397 | $ | 433 | $ | 480,106 | $ | (132,556 | ) | $ | (1,291 | ) | $ | 458,692 | $ | 921 | $ | 459,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance—June 30, 2022 | 4,480 | $ | 112,000 | 43,330 | $ | 433 | $ | 479,057 | $ | 281,735 | $ | 1,885 | $ | 875,110 | $ | 883 | $ | 875,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 27,754 | $ | 50,861 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 31,516 | 29,369 | ||||||
Amortization of deferred financing costs and debt fair value | 614 | 602 | ||||||
Amortization of above and below market leases | 80 | 301 | ||||||
Straight-line rent/expense | (4,356 | ) | 85 | |||||
Non-cash stock compensation | 1,895 | 1,310 | ||||||
Receipts from sales-type lease | 43,549 | — | ||||||
Net gain on sale of real estate property | (21,658 | ) | (47,400 | ) | ||||
Changes in non-cash working capital: | ||||||||
Rents receivable, net | (4,109 | ) | 635 | |||||
Other assets | (764 | ) | (1,048 | ) | ||||
Accounts payable and accrued liabilities | 1,268 | (2,757 | ) | |||||
Deferred rent | (1,511 | ) | 2,850 | |||||
Tenant rent deposits | 691 | 877 | ||||||
Net Cash Provided By Operating Activities | 74,969 | 35,685 | ||||||
Cash Flows (to)/from Investing Activities: | ||||||||
Additions to real estate properties | (16,462 | ) | (9,499 | ) | ||||
Acquisition of real estate | — | (43,256 | ) | |||||
Net proceeds from sale of real estate | — | 93,303 | ||||||
Deferred leasing costs | (4,786 | ) | (3,131 | ) | ||||
Net Cash (Used In)/Provided By Investing Activities | (21,248 | ) | 37,417 | |||||
Cash Flows to Financing Activities: | ||||||||
Proceeds from borrowings | 31,000 | 98,000 | ||||||
Repayment of borrowings | (30,941 | ) | (163,363 | ) | ||||
Dividend distributions paid to stockholders | (21,132 | ) | (16,729 | ) | ||||
Repurchases of common stock | (5,000 | ) | — | |||||
Distributions to non-controlling interests in properties | (434 | ) | (424 | ) | ||||
Shares withheld for payment of taxes on restricted stock unit vesting | (87 | ) | (216 | ) | ||||
Contributions from non-controlling interests in properties | 3 | 2 | ||||||
Net Cash Used In Financing Activities | (26,591 | ) | (82,730 | ) | ||||
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 27,130 | (9,628 | ) | |||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 42,266 | 45,951 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 69,396 | $ | 36,323 | ||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash and Cash Equivalents, End of Period | 26,352 | 13,394 | ||||||
Restricted Cash, End of Period | 43,044 | 22,929 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 69,396 | $ | 36,323 | ||||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Cash paid for interest | $ | 10,850 | $ | 11,955 | ||||
Purchase of additions in real estate properties included in accounts payable | $ | 10,301 | $ | 4,233 | ||||
Purchase of deferred leasing costs included in accounts payable | $ | 2,926 | $ | 2,164 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 24,691 | $ | 49,009 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 15,815 | 14,415 | ||||||
Amortization of deferred financing costs and debt fair value | 312 | 330 | ||||||
Amortization of above and below market leases | 63 | 105 | ||||||
Straight-line rent/expense | (2,050 | ) | (61 | ) | ||||
Non-cash stock compensation | 904 | 645 | ||||||
Net gain on sale of real estate property | (21,658 | ) | (47,400 | ) | ||||
Changes in non-cash working capital: | ||||||||
Rents receivable, net | (3,844 | ) | 1,014 | |||||
Other assets | 534 | (531 | ) | |||||
Accounts payable and accrued liabilities | 35 | (1,807 | ) | |||||
Deferred rent | (436 | ) | (47 | ) | ||||
Tenant rent deposits | 293 | (148 | ) | |||||
Net Cash Provided By Operating Activities | 14,659 | 15,524 | ||||||
Cash Flows (to)/from Investing Activities: | ||||||||
Additions to real estate properties | (6,476 | ) | (6,248 | ) | ||||
Net proceeds from sale of real estate | 1,000 | 93,303 | ||||||
Deferred leasing costs | (1,423 | ) | (1,934 | ) | ||||
Net Cash (Used in)/Provided By Investing Activities | (6,899 | ) | 85,121 | |||||
Cash Flows to Financing Activities: | ||||||||
Proceeds from borrowings | 14,000 | 45,000 | ||||||
Repayment of borrowings | (5,564 | ) | (149,826 | ) | ||||
Dividend distributions paid to stockholders | (10,566 | ) | (8,365 | ) | ||||
Distributions to non-controlling interests in properties | (254 | ) | (220 | ) | ||||
Contributions from non-controlling interests in properties | 3 | 0 | ||||||
Net Cash Used In Financing Activities | (2,381 | ) | (113,411 | ) | ||||
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 5,379 | (12,766 | ) | |||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 42,266 | 45,951 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 47,645 | $ | 33,185 | ||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash and Cash Equivalents, End of Period | 26,742 | 14,890 | ||||||
Restricted Cash, End of Period | 20,903 | 18,295 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 47,645 | $ | 33,185 | ||||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Cash paid for interest | $ | 5,374 | $ | 6,322 | ||||
Purchase of additions in real estate properties included in accounts payable | $ | 10,465 | $ | 4,145 | ||||
Purchase of deferred leasing costs included in accounts payable | $ | 3,627 | $ | 493 |
Property | Date Acquired | Percentage Owned | ||||||
5910 Pacific Center and 9985 Pacific Heights | May 2021 | 100 | % |
5910 Pacific Center and 9985 Pacific Heights | ||||
Land | $ | 37,294 | ||
Building and improvement | 2,979 | |||
Tenant improvement | 917 | |||
Lease intangible assets | 2,469 | |||
Other assets | 19 | |||
Accounts payable and other liabilities | (319 | ) | ||
Lease intangible liabilities | (103 | ) | ||
Net assets acquired | $ | 43,256 | ||
Lease Intangible Assets | Lease Intangible Liabilities | Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | $ | 19,674 | $ | 88,406 | $ | 37,916 | $ | 145,996 | $ | (16,721 | ) | $ | (138 | ) | $ | (16,859 | ) | $ | 19,488 | $ | 84,897 | $ | 37,591 | $ | 141,976 | $ | (16,605 | ) | $ | (138 | ) | $ | (16,743 | ) | ||||||||||||||||||||||
Accumulated amortization | (8,627 | ) | (53,773 | ) | (18,311 | ) | (80,711 | ) | 6,347 | 49 | 6,396 | (8,877 | ) | (52,350 | ) | (18,987 | ) | (80,214 | ) | 6,651 | 50 | 6,701 | ||||||||||||||||||||||||||||||||||
$ | 11,047 | $ | 34,633 | $ | 19,605 | $ | 65,285 | $ | (10,374 | ) | $ | (89 | ) | $ | (10,463 | ) | $ | 10,611 | $ | 32,547 | $ | 18,604 | $ | 61,762 | $ | (9,954 | ) | $ | (88 | ) | $ | (10,042 | ) | |||||||||||||||||||||||
Lease Intangible Assets | Lease Intangible Liabilities | |||||||||||||||||||||||||||
December 31, 2021 | Above Market Leases | In Place Leases | Leasing Commissions | Total | Below Market Leases | Below Market Ground Lease | Total | |||||||||||||||||||||
Cost | $ | 21,147 | $ | 93,761 | $ | 39,345 | $ | 154,253 | $ | (16,743 | ) | $ | (138 | ) | $ | (16,881 | ) | |||||||||||
Accumulated amortization | (9,627 | ) | (56,987 | ) | (18,714 | ) | (85,328 | ) | 5,961 | 48 | 6,009 | |||||||||||||||||
$ | 11,520 | $ | 36,774 | $ | 20,631 | $ | 68,925 | $ | (10,782 | ) | $ | (90 | ) | $ | (10,872 | ) | ||||||||||||
2022 | $ | 8,291 | ||
2023 | 9,066 | |||
2024 | 6,758 | |||
2025 | 6,500 | |||
2026 | 6,461 | |||
Thereafter | 17,746 | |||
$ | 54,822 | |||
2022 | $ | 5,283 | ||
2023 | 9,028 | |||
2024 | 6,695 | |||
2025 | 6,507 | |||
2026 | 6,461 | |||
Thereafter | 17,746 | |||
$ | 51,720 | |||
Property | March 31, 2022 | December 31, 2021 | Interest Rate as of March 31, 2022 (1) | Maturity | June 30, 2022 | December 31, 2021 | Interest Rate as of June 30, 2022 (1) | Maturity | ||||||||||||||||||||||
Unsecured Credit Facility (3)(4) | $ | 152,000 | $ | 142,000 | LIBOR +1.25 | % (2) | November 2025 | $ | 162,000 | $ | 142,000 | LIBOR +1.30 | % (2) | November 2025 | ||||||||||||||||
Term Loan (3) | 50,000 | 50,000 | LIBOR +1.25 | % (2) | September 2024 | 50,000 | 50,000 | LIBOR +1.25 | % (2) | September 2024 | ||||||||||||||||||||
Mission City | 47,000 | 47,000 | 3.78 | % | November 2027 | 47,000 | 47,000 | 3.78 | % | November 2027 | ||||||||||||||||||||
Canyon Park (5) | 40,207 | 40,381 | 4.30 | % | March 2027 | 40,031 | 40,381 | 4.30 | % | March 2027 | ||||||||||||||||||||
Circle Point | 39,650 | 39,650 | 4.49 | % | September 2028 | 39,650 | 39,650 | 4.49 | % | September 2028 | ||||||||||||||||||||
190 Office Center | 39,406 | 39,581 | 4.79 | % | October 2025 | 39,239 | 39,581 | 4.79 | % | October 2025 | ||||||||||||||||||||
SanTan | 32,643 | 32,807 | 4.56 | % | March 2027 | 32,477 | 32,807 | 4.56 | % | March 2027 | ||||||||||||||||||||
Intellicenter | 31,734 | 31,883 | 4.65 | % | October 2025 | 31,591 | 31,883 | 4.65 | % | October 2025 | ||||||||||||||||||||
The Quad | 30,600 | 30,600 | 4.20 | % | September 2028 | 30,600 | 30,600 | 4.20 | % | September 2028 | ||||||||||||||||||||
FRP Collection | 27,350 | 27,535 | 3.10 | % | September 2023 | 27,162 | 27,535 | 3.10 | % | September 2023 | ||||||||||||||||||||
2525 McKinnon | 27,000 | 27,000 | 4.24 | % | April 2027 | 27,000 | 27,000 | 4.24 | % | April 2027 | ||||||||||||||||||||
Greenwood Blvd | 21,790 | 21,920 | 3.15 | % | December 2025 | 21,660 | 21,920 | 3.15 | % | December 2025 | ||||||||||||||||||||
Cascade Station | 21,482 | 21,581 | 4.55 | % | May 2024 | 21,387 | 21,581 | 4.55 | % | May 2024 | ||||||||||||||||||||
5090 N. 40 th St | 21,129 | 21,233 | 3.92 | % | January 2027 | 21,024 | 21,233 | 3.92 | % | January 2027 | ||||||||||||||||||||
AmberGlen | 20,000 | 20,000 | 3.69 | % | May 2027 | 20,000 | 20,000 | 3.69 | % | May 2027 | ||||||||||||||||||||
Lake Vista Pointe | 16,926 | 17,018 | 4.28 | % | August 2024 | |||||||||||||||||||||||||
Central Fairwinds | 16,600 | 16,707 | 3.15 | % | June 2024 | |||||||||||||||||||||||||
FRP Ingenuity Drive | 16,383 | 16,457 | 4.44 | % | December 2024 | |||||||||||||||||||||||||
Carillon Point | 15,083 | 15,185 | 3.10 | % | October 2023 | |||||||||||||||||||||||||
Total Principal | 666,983 | 658,538 | ||||||||||||||||||||||||||||
Deferred financing costs, net | (4,818 | ) | (5,223 | ) | ||||||||||||||||||||||||||
Unamortized fair value adjustments | 297 | 333 | ||||||||||||||||||||||||||||
Total | $ | 662,462 | $ | 653,648 | ||||||||||||||||||||||||||
Property | June 30, 2022 | December 31, 2021 | Interest Rate as of June 30, 2022 (1) | Maturity | ||||||||||
Central Fairwinds | 16,491 | 16,707 | 3.15 | % | June 2024 | |||||||||
FRP Ingenuity Drive | 16,312 | 16,457 | 4.44 | % | December 2024 | |||||||||
Carillon Point | 14,981 | 15,185 | 3.10 | % | October 2023 | |||||||||
Lake Vista Pointe (6) | — | 17,018 | — | — | ||||||||||
Total Principal | 658,605 | 658,538 | ||||||||||||
Deferred financing costs, net | (4,501 | ) | (5,223 | ) | ||||||||||
Unamortized fair value adjustments | 262 | 333 | ||||||||||||
Total | $ | 654,366 | $ | 653,648 | ||||||||||
(1) | All interest rates are fixed interest rates with the exception of the Unsecured Credit Facility (the “Unsecured Credit Facility”) and the Term Loan (as defined herein), as explained in footnotes 3 and 4 below. |
(2) | As of one-month LIBOR rate was |
(3) | 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 rate 30-day LIBOR payments. |
(4) | In March 2018, the Company entered into the Credit Agreement for the Unsecured Credit Facility that provides for commitments of up to million, subject to customary terms and conditions. On November 16, 2021, the Company entered into anAmended and Restated Credit Agreement for the Unsecured Credit Facility that provides for commitments of up to June 30 , 2022, the Unsecured Credit Facility had a a mortgage lender. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. |
(5) | The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus 450 basis |
(6) | In June 2022, the loan balance of $ 16.8 |
2022 | $ | 4,872 | $ | 3,141 | ||||
2023 | 48,539 | 48,149 | ||||||
2024 | 124,736 | 108,479 | ||||||
2025 | 243,997 | 253,997 | ||||||
2026 | 4,536 | 4,536 | ||||||
Thereafter | 240,303 | 240,303 | ||||||
$ | 666,983 | $ | 658,605 | |||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Fixed payments | $ | 38,320 | $ | 33,551 | ||||
Variable payments | 6,440 | 5,907 | ||||||
$ | 44,760 | $ | 39,458 | |||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Fixed payments | $ | 38,309 | $ | 34,311 | $ | 76,628 | $ | 67,862 | ||||||||
Variable payments | 6,180 | 5,629 | 12,620 | 11,536 | ||||||||||||
$ | 44,489 | $ | 39,940 | $ | 89,248 | $ | 79,398 | |||||||||
202 2 | $ | 93,735 | ||
202 3 | 110,288 | |||
202 4 | 96,648 | |||
202 5 | 84,993 | |||
202 6 | 76,983 | |||
Thereafter | 221,120 | |||
$ | 683,767 | |||
2022 | $ | 63,397 | ||
2023 | 117,160 | |||
2024 | 104,445 | |||
2025 | 92,922 | |||
2026 | 84,779 | |||
Thereafter | 252,335 | |||
$ | 715,038 | |||
March 31, 2022 | December 31, 2021 | |||||||
Right-of-use | $ | 13,983 | $ | 14,114 | ||||
Lease liability – operating leases | $ | 9,082 | $ | 9,160 | ||||
Right-of-use | $ | 10,243 | $ | 10,308 | ||||
Lease liability – financing leases | $ | 1,438 | $ | 1,425 |
June 30, 2022 | December 31, 2021 | |||||||
Right-of-use | $ | 13,858 | $ | 14,114 | ||||
Lease liability – operating leases | $ | 9,009 | $ | 9,160 | ||||
Right-of-use | $ | 10,180 | $ | 10,308 | ||||
Lease liability – financing leases | $ | 1,450 | $ | 1,425 |
Operating Leases | Financing Leases | |||||||
2022 | $ | 496 | $ | 25 | ||||
2023 | 836 | 12 | ||||||
2024 | 770 | 7 | ||||||
2025 | 770 | 8 | ||||||
2026 | 724 | 8 | ||||||
Thereafter | 27,151 | 6,946 | ||||||
Total future minimum lease payments | 30,747 | 7,006 | ||||||
Discount | (21,665 | ) | (5,568 | ) | ||||
Total | $ | 9,082 | $ | 1,438 | ||||
Operating Leases | Financing Leases | |||||||
2022 | $ | 290 | $ | 17 | ||||
2023 | 836 | 12 | ||||||
2024 | 770 | 7 | ||||||
2025 | 770 | 8 | ||||||
2026 | 724 | 8 | ||||||
Thereafter | 27,151 | 6,946 | ||||||
Total future minimum lease payments | 30,541 | 6,998 | ||||||
Discount | (21,532 | ) | (5,548 | ) | ||||
Total | $ | 9,009 | $ | 1,450 | ||||
Number of RSUs | Number of Performance RSUs | |||||||
Outstanding at December 31, 2021 | 342,159 | 217,500 | ||||||
Granted | 237,986 | 90,000 | ||||||
Issuance of dividend equivalents | 3,902 | 0 | ||||||
Vested | 0 | 0 | ||||||
Forfeited | 0 | 0 | ||||||
Outstanding at March 31, 2022 | 584,047 | 307,500 |
Number of RSUs | Number of Performance RSUs | |||||||
Outstanding at December 31, 2021 | 342,159 | 217,500 | ||||||
Granted | 237,986 | 90,000 | ||||||
Issuance of dividend equivalents | 3,902 | — | ||||||
Vested | — | — | ||||||
Forfeited | — | — | ||||||
Outstanding at March 31, 2022 | 584,047 | 307,500 | ||||||
Granted | — | — | ||||||
Issuance of dividend equivalents | 7,451 | — | ||||||
Vested | (177,812 | ) | — | |||||
Forfeited | — | — | ||||||
Outstanding at June 30, 2022 | 413,686 | 307,500 |
Number of RSUs | Number of Performance RSUs | |||||||
Outstanding at December 31, 2020 | 332,435 | 97,500 | ||||||
Granted | 169,500 | 120,000 | ||||||
Issuance of dividend equivalents | 5,139 | 0 | ||||||
Vested | 0 | 0 | ||||||
Forfeited | 0 | 0 | ||||||
Outstanding at March 31, 2021 | 507,074 | 217,500 |
Number of RSUs | Number of Performance RSUs | |||||||
Outstanding at December 31, 2020 | 332,435 | 97,500 | ||||||
Granted | 169,500 | 120,000 | ||||||
Issuance of dividend equivalents | 5,139 | — | ||||||
Vested | — | — | ||||||
Forfeited | — | — | ||||||
Outstanding at March 31, 2021 | 507,074 | 217,500 | ||||||
Granted | — | — | ||||||
Issuance of dividend equivalents | 6,884 | — | ||||||
Vested | (177,038 | ) | — | |||||
Forfeited | — | — | ||||||
Outstanding at June 30, 2021 | 336,920 | 217,500 |
Units Granted | Fair Value (in thousands) | Weighted Average Grant Fair Value Per Share | ||||||||||||||
RSUs | Performance RSUs | |||||||||||||||
2021 | 169,500 | 120,000 | $ | 2,808 | $ | 9.70 | ||||||||||
2022 | 237,986 | 90,000 | 5,753 | 17.54 |
RSUs | Performance RSUs | Total | RSUs | Performance RSUs | Total | |||||||||||||||||||
2021 | $ | 462 | $ | 182 | $ | 644 | $ | 457 | $ | 208 | $ | 665 | ||||||||||||
2022 | 599 | 305 | 904 | 652 | 340 | 992 |
RSUs | Performance RSUs | Total | ||||||||||
2021 | $ | 920 | $ | 391 | $ | 1,311 | ||||||
2022 | 1,251 | 645 | 1,896 |
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 | 71.7 | % | $ | 28.62 | $ | 28.62 | $ | 5,580 | ||||||||||||||
SanTan | 100.0 | % | 267 | 96.5 | % | $ | 29.77 | $ | 29.77 | $ | 7,660 | |||||||||||||||
5090 N. 40 th St | 100.0 | % | 176 | 91.1 | % | $ | 30.86 | $ | 30.86 | $ | 4,937 | |||||||||||||||
Camelback Square | 100.0 | % | 172 | 82.5 | % | $ | 32.86 | $ | 32.86 | $ | 4,654 | |||||||||||||||
The Quad | 100.0 | % | 163 | 97.4 | % | $ | 30.81 | $ | 31.13 | $ | 4,891 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 97.4 | % | $ | 23.68 | $ | 23.68 | $ | 3,754 | |||||||||||||||
Tampa, FL | Park Tower | 94.8 | % | 472 | 72.9 | % | $ | 26.69 | $ | 26.69 | $ | 9,195 | ||||||||||||||
City Center | 95.0 | % | 244 | 80.7 | % | $ | 28.01 | $ | 28.01 | $ | 5,521 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 25.09 | $ | 25.09 | $ | 5,105 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 29.52 | $ | 29.52 | $ | 3,666 | |||||||||||||||
Denver, CO | Denver Tech | 100.0 | % | 381 | 93.2 | % | $ | 23.77 | $ | 27.88 | $ | 8,347 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 75.4 | % | $ | 19.32 | $ | 33.18 | $ | 3,964 | |||||||||||||||
Superior Pointe | 100.0 | % | 152 | 86.9 | % | $ | 18.80 | $ | 31.80 | $ | 2,478 | |||||||||||||||
Orlando, FL | Florida Research Park | 96.6 | % | 397 | 79.9 | % | $ | 25.27 | $ | 27.22 | $ | 7,932 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 91.4 | % | $ | 27.10 | $ | 27.10 | $ | 4,167 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 24.25 | $ | 24.25 | $ | 3,760 | |||||||||||||||
Dallas, TX | 190 Office Center | 100.0 | % | 303 | 76.1 | % | $ | 27.12 | $ | 27.12 | $ | 6,260 | ||||||||||||||
The Terraces | 100.0 | % | 173 | 95.9 | % | $ | 37.75 | $ | 57.75 | $ | 6,249 | |||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 93.0 | % | $ | 29.16 | $ | 48.16 | $ | 3,019 | |||||||||||||||
Portland, OR | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 23.32 | $ | 26.22 | $ | 4,648 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 100.0 | % | $ | 28.40 | $ | 30.32 | $ | 3,638 | |||||||||||||||
San Diego, CA | Mission City | 100.0 | % | 281 | 86.5 | % | $ | 37.70 | $ | 37.70 | $ | 9,173 | ||||||||||||||
Seattle, WA | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 23.17 | $ | 27.17 | $ | 4,791 | ||||||||||||||
Total / Weighted Average – Excluding Acquisitions in Lease-Up (3) | 5,188 | 87.5 | % | $ | 27.24 | $ | 30.24 | $ | 123,389 | |||||||||||||||||
Raleigh, NC (8.0%) | Bloc 83 | 100.0 | % | 495 | 62.3 | % | $ | 36.32 | $ | 37.08 | $ | 11,191 | ||||||||||||||
Phoenix, AZ (5.0%) | Block 23 | 100.0 | % | 307 | 87.0 | % | $ | 29.25 | $ | 31.69 | $ | 7,818 | ||||||||||||||
Total / Weighted Average – Excluding Sales-Type Lease | 5,990 | 85.4 | % | $ | 27.89 | $ | 30.73 | $ | 142,398 | |||||||||||||||||
Dallas, TX (2.7%) | Lake Vista Pointe (4) | 100.0 | % | 163 | 100.0 | % | $ | 17.00 | $ | 26.00 | $ | 2,777 | ||||||||||||||
Total / Weighted Average – March 31, 2022 | 6,153 | 85.7 | % | $ | 27.56 | $ | 30.58 | $ | 145,175 | |||||||||||||||||
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 | Block 23 | 100.0 | % | 307 | 94.0 | % | $ | 29.63 | $ | 31.88 | $ | 8,552 | ||||||||||||||
Pima Center | 100.0 | % | 272 | 63.9 | % | $ | 28.63 | $ | 28.63 | $ | 4,976 | |||||||||||||||
SanTan | 100.0 | % | 267 | 96.5 | % | $ | 30.10 | $ | 30.10 | $ | 7,746 | |||||||||||||||
5090 N. 40 th St | 100.0 | % | 176 | 95.4 | % | $ | 31.88 | $ | 31.88 | $ | 5,335 | |||||||||||||||
Camelback Square | 100.0 | % | 172 | 69.9 | % | $ | 33.56 | $ | 33.56 | $ | 4,026 | |||||||||||||||
The Quad | 100.0 | % | 163 | 100.0 | % | $ | 31.15 | $ | 31.46 | $ | 5,078 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 86.1 | % | $ | 23.39 | $ | 23.39 | $ | 3,277 | |||||||||||||||
Tampa, FL | Park Tower | 94.8 | % | 478 | 86.4 | % | $ | 27.27 | $ | 27.27 | $ | 11,253 | ||||||||||||||
City Center | 95.0 | % | 245 | 85.0 | % | $ | 27.84 | $ | 27.84 | $ | 5,791 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 25.64 | $ | 25.64 | $ | 5,219 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 29.52 | $ | 29.52 | $ | 3,666 | |||||||||||||||
Denver, CO | Denver Tech | 100.0 | % | 381 | 93.2 | % | $ | 23.98 | $ | 28.08 | $ | 8,425 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 75.4 | % | $ | 19.42 | $ | 33.28 | $ | 3,984 | |||||||||||||||
Superior Pointe | 100.0 | % | 152 | 91.3 | % | $ | 18.77 | $ | 31.77 | $ | 2,609 | |||||||||||||||
Orlando, FL | Florida Research Park | 96.5 | % | 393 | 80.7 | % | $ | 25.37 | $ | 27.34 | $ | 7,973 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 94.6 | % | $ | 27.26 | $ | 27.26 | $ | 4,337 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 24.25 | $ | 24.25 | $ | 3,760 | |||||||||||||||
Dallas, TX | 190 Office Center | 100.0 | % | 303 | 75.5 | % | $ | 27.11 | $ | 27.11 | $ | 6,210 | ||||||||||||||
The Terraces | 100.0 | % | 173 | 95.9 | % | $ | 37.99 | $ | 57.99 | $ | 6,290 | |||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 93.0 | % | $ | 27.05 | $ | 46.05 | $ | 2,801 | |||||||||||||||
Portland, OR | AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 23.55 | $ | 26.45 | $ | 4,695 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 100.0 | % | $ | 28.77 | $ | 30.68 | $ | 3,685 | |||||||||||||||
San Diego, CA | Mission City | 100.0 | % | 281 | 88.0 | % | $ | 38.24 | $ | 38.24 | $ | 9,466 | ||||||||||||||
Seattle, WA | Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 23.17 | $ | 27.17 | $ | 4,791 | ||||||||||||||
Total / Weighted Average – Excluding Acquisitions in Lease-Up (3) | 5,498 | 88.6 | % | $ | 27.54 | $ | 30.49 | $ | 133,945 | |||||||||||||||||
Raleigh, NC (8.3%) | Bloc 83 | 100.0 | % | 495 | 68.3 | % | $ | 37.03 | $ | 37.12 | $ | 12,527 | ||||||||||||||
Total / Weighted Average – June 30, 2022 | 5,993 | 86.9 | % | $ | 28.16 | $ | 30.92 | $ | 146,472 | |||||||||||||||||
(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) | Averages weighted based on the property’s NRA, adjusted for occupancy. Including contracted leases, occupancy was |
Payments Due by Period | Payments Due by Period | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | 2022 | 2023-2024 | 2025-2026 | More than 5 years | Total | 2022 | 2023-2024 | 2025-2026 | More than 5 years | ||||||||||||||||||||||||||||||
Principal payments on mortgage loans | $ | 666,983 | $ | 4,872 | $ | 173,275 | $ | 248,533 | $ | 240,303 | $ | 658,605 | $ | 3,141 | $ | 156,628 | $ | 258,533 | $ | 240,303 | ||||||||||||||||||||
Interest payments (1) | 93,139 | 17,220 | 42,109 | 25,999 | 7,811 | 94,099 | 12,307 | 45,770 | 28,211 | 7,811 | ||||||||||||||||||||||||||||||
Tenant-related commitments | 24,606 | 24,606 | — | — | — | 23,620 | 23,620 | — | — | — | ||||||||||||||||||||||||||||||
Lease obligations | 37,753 | 521 | 1,625 | 1,510 | 34,097 | 37,539 | 307 | 1,625 | 1,510 | 34,097 | ||||||||||||||||||||||||||||||
Total | $ | 822,481 | $ | 47,219 | $ | 217,009 | $ | 276,042 | $ | 282,211 | $ | 813,863 | $ | 39,375 | $ | 204,023 | $ | 288,254 | $ | 282,211 | ||||||||||||||||||||
(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 (1) | ||||||||||||||||
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 (2) (thousands) | ||||||||||||
April 1 – 30, 2022 | — | $ | — | — | $ | 50,000 | ||||||||||
May 1 – 31, 2022 | — | — | — | 50,000 | ||||||||||||
June 1 – 30, 2022 | 394,833 | 12.64 | 394,833 | 45,008 | ||||||||||||
Total | 394,833 | $ | 12.64 | 394,833 | $ | 45,008 | ||||||||||
(1) | The share repurchase plan was announced on August 5, 2020, approving the Company to repurchase an aggregate amount of $50 million of its outstanding shares of common stock. The share repurchase plan does not have an expiration date. |
(2) | Represents approximate dollar value of shares that could have been purchased under the plans in effect at the end of the month. |
Date: | ||||||
By: | /s/ James Farrar | |||||
James Farrar | ||||||
Chief Executive Officer and Director (Principal Executive Officer) | ||||||
Date: | ||||||
By: | /s/ Anthony Maretic | |||||
Anthony Maretic | ||||||
Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer) |