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 |
(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 | ||
|
“ “ |
|
Large accelerated filer | ☐ | ☒ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
1 |
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1 |
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1 |
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2 |
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3 |
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4 |
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6 |
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7 |
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17 |
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27 |
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27 |
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28 |
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28 |
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28 |
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28 |
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29 |
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29 |
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29 |
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29 |
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31 |
September 30, 2022 |
December 31, 2021 |
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Assets |
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Real estate properties |
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Land |
$ | $ | ||||||
Building and improvement |
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Tenant improvement |
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Furniture, fixtures and equipment |
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Accumulated depreciation |
( |
) | ( |
) | ||||
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Cash and cash equivalents |
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Restricted cash |
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Rents receivable, net |
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Deferred leasing costs, net |
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Acquired lease intangible assets, net |
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Other assets |
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Total Assets |
$ | $ | ||||||
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Liabilities and Equity |
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Liabilities: |
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Debt |
$ | $ | ||||||
Accounts payable and accrued liabilities |
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Deferred rent |
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Tenant rent deposits |
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Acquired lease intangible liabilities, net |
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Other liabilities |
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Total Liabilities |
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Commitments and Contingencies (Note 9) |
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Equity: |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive income/(loss) |
( |
) | ||||||
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Total Stockholders’ Equity |
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Non-controlling interests in properties |
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Total Equity |
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Total Liabilities and Equity |
$ | $ | ||||||
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2022 |
2021 |
2022 |
2021 |
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Rental and other revenues |
$ | $ | $ | $ | ||||||||||||
Operating expenses: |
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Property operating expenses |
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General and administrative |
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Depreciation and amortization |
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Total operating expenses |
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Operating income |
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Interest expense: |
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Contractual interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Amortization of deferred financing costs and debt fair value |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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( |
) | ( |
) | ( |
) | ( |
) | |||||||||
Net gain on sale of real estate property |
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Net income |
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Less: |
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Net income attributable to non-controlling interests in properties |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Net income attributable to the Company |
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Preferred stock distributions |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Net income/(loss) attributable to common stockholders |
$ | $ | ( |
) | $ | $ | ||||||||||
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Net income/(loss) per common share: |
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Basic |
$ | $ | ( |
) | $ | $ | ||||||||||
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Diluted |
$ | $ | ( |
) | $ | $ | ||||||||||
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Weighted average common shares outstanding: |
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Basic |
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Diluted |
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Dividend distributions declared per common share |
$ | $ | $ | $ | ||||||||||||
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Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
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Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income: |
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Unrealized cash flow hedge gain/(loss) |
( |
) | ||||||||||||||
Amounts reclassified to interest expense |
( |
) | ||||||||||||||
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Other comprehensive income |
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Comprehensive income |
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Less: |
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Comprehensive income attributable to non-controlling interests in properties |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Comprehensive income attributable to the Company |
$ | $ | $ | $ | ||||||||||||
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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 |
$ | $ | $ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||||||||||||
Restricted stock award grants and vesting |
— | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||
Common stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Contributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Distributions |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
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Balance—March 31, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
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Restricted stock award grants and vesting |
— | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||||
Common stock repurchased |
— | — | ( |
) | ( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||
Common stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Distributions |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
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Balance—June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
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Restricted stock award grants and vesting |
— | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||
Common stock repurchased |
— | — | ( |
) | ( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||
Common stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Contributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Distributions |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Balance—September 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
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|
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 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||||||||||
Restricted stock award grants and vesting |
— | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||
Common stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Distributions |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance—March 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||||||||||
Restricted stock award grants and vesting |
— | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||||
Common stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Contributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Distributions |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance—June 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||||||||||
Restricted stock award grants and vesting |
— | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||||||
Common stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Preferred stock dividend distribution declared |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Contributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Distributions |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance—September 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||||||||||
Nine Months Ended September 30, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Amortization of deferred financing costs and debt fair value |
||||||||
Amortization of above and below market leases |
||||||||
Straight-line rent/expense |
( |
) | ||||||
Non-cash stock compensation |
||||||||
Receipts from sales-type lease |
||||||||
Net gain on sale of real estate property |
( |
) | ( |
) | ||||
Changes in non-cash working capital: |
||||||||
Rents receivable, net |
( |
) | ||||||
Other assets |
( |
) | ( |
) | ||||
Accounts payable and accrued liabilities |
||||||||
Deferred rent |
( |
) | ||||||
Tenant rent deposits |
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|
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Net Cash Provided By Operating Activities |
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Cash Flows (to)/from Investing Activities: |
||||||||
Additions to real estate properties |
( |
) | ( |
) | ||||
Acquisition of real estate |
( |
) | ||||||
Net proceeds from sale of real estate |
||||||||
Deferred leasing costs |
( |
) | ( |
) | ||||
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Net Cash (Used In)/Provided By Investing Activities |
( |
) | ||||||
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Cash Flows to Financing Activities: |
||||||||
Proceeds from borrowings |
||||||||
Repayment of borrowings |
( |
) | ( |
) | ||||
Dividend distributions paid to stockholders |
( |
) | ( |
) | ||||
Repurchases of common stock |
( |
) | ||||||
Distributions to non-controlling interests in properties |
( |
) | ( |
) | ||||
Shares withheld for payment of taxes on restricted stock unit vesting |
( |
) | ( |
) | ||||
Contributions from non-controlling interests in properties |
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Net Cash Used In Financing Activities |
( |
) | ( |
) | ||||
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Net (Decrease)/ Increase in Cash, Cash Equivalents and Restricted Cash |
( |
) | ||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period |
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Cash, Cash Equivalents and Restricted Cash, End of Period |
$ | $ | ||||||
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Reconciliation of Cash, Cash Equivalents and Restricted Cash: |
||||||||
Cash and Cash Equivalents, End of Period |
||||||||
Restricted Cash, End of Period |
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Cash, Cash Equivalents and Restricted Cash, End of Period |
$ | $ | ||||||
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Supplemental Disclosures of Cash Flow Information: |
||||||||
Cash paid for interest |
$ | $ | ||||||
Purchase of additions in real estate properties included in accounts payable |
$ | $ | ||||||
Purchase of deferred leasing costs included in accounts payable |
$ | $ |
Property |
Date Acquired |
Percentage Owned |
||||||
5910 Pacific Center and 9985 Pacific Heights |
% |
5910 Pacific Center and 9985 Pacific Heights |
||||
Land |
$ | |||
Building and improvement |
||||
Tenant improvement |
||||
Lease intangible assets |
||||
Other assets |
||||
Accounts payable and other liabilities |
( |
) | ||
Lease intangible liabilities |
( |
) | ||
|
|
|||
Net assets acquired |
$ | |||
|
|
Lease Intangible Assets |
Lease Intangible Liabilities |
|||||||||||||||||||||||||||
September 30, 2022 |
Above Market Leases |
In Place Leases |
Leasing Commissions |
Total |
Below Market Leases |
Below Market Ground Lease |
Total |
|||||||||||||||||||||
Cost |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||||||||
Accumulated amortization |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
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|||||||||||||||
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||
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| ||||||||||||||||||||||
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 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||||||||
Accumulated amortization |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
|
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|||||||||||||||
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||
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2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
|
|
|||
$ | ||||
|
|
Property |
September 30, 2022 |
December 31, 2021 |
Interest Rate as of September 30, 2022 (1) |
Maturity |
||||||||||||
Unsecured Credit Facility (3)(4) |
$ | $ | % (2) |
|
| |||||||||||
Term Loan (3) |
% (2) |
|
| |||||||||||||
Mission City |
% | |
| |||||||||||||
Canyon Park (5) |
% | |
| |||||||||||||
Circle Point |
% | |
| |||||||||||||
190 Office Center |
% | |
| |||||||||||||
SanTan |
% | |
| |||||||||||||
Intellicenter |
% | |
| |||||||||||||
The Quad |
% | |
| |||||||||||||
FRP Collection |
% | |
|
Property |
September 30, 2022 |
December 31, 2021 |
Interest Rate as of September 30, 2022 (1) |
Maturity | ||||||||||
2525 McKinnon |
% |
|||||||||||||
Greenwood Blvd |
% | |||||||||||||
Cascade Station |
% | |||||||||||||
5090 N. 40 th St |
% | |||||||||||||
AmberGlen |
% | |||||||||||||
Central Fairwinds |
% | |||||||||||||
FRP Ingenuity Drive (6) |
% | |||||||||||||
Carillon Point |
% | |||||||||||||
Lake Vista Pointe ( 7 ) |
— | — | ||||||||||||
Total Principal |
||||||||||||||
Deferred financing costs, net |
( |
) | ( |
) | ||||||||||
Unamortized fair value adjustments |
||||||||||||||
Total |
$ | $ | ||||||||||||
(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 September 30, 2022, the one-month LIBOR rate was |
(3) | In September 2019, the Company entered into a five-year $ 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 $ |
(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 basis points or (ii) the yield on the five year “on the run” treasury reported by Bloomberg market data service plus basis points. |
(6) |
As of September 30, 2022, the Debt Service Coverage Ratio (“DSCR”) covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep’ event that will begin in Q4 2022 where excess funds will be held in escrow to fund future tenant improvement expenses of current vacant space. |
(7) |
In June 2022, the loan balance of $ |
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
$ | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Fixed payments |
$ | $ | $ | $ | ||||||||||||
Variable payments |
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$ | $ | $ | $ | |||||||||||||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
$ | ||||
September 30, 2022 |
December 31, 2021 |
|||||||
Right-of-use |
$ | $ | ||||||
Lease liability – operating leases |
$ | $ | ||||||
Right-of-use |
$ | $ | ||||||
Lease liability – financing leases |
$ | $ |
Operating Leases |
Financing Leases |
|||||||
2022 |
$ | $ | ||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
Thereafter |
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|
|
|
|||||
Total future minimum lease payments |
||||||||
Discount |
( |
) | ( |
) | ||||
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|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Number of RSUs |
Number of Performance RSUs |
|||||||
Outstanding at December 31, 2021 |
||||||||
Granted |
||||||||
Issuance of dividend equivalents |
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|
|||||
Outstanding at March 31, 2022 |
||||||||
Issuance of dividend equivalents |
||||||||
Vested |
( |
) | ||||||
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|
|
|||||
Outstanding at June 30, 2022 |
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Issuance of dividend equivalents |
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|
|
|||||
Outstanding at September 30, 2022 |
Number of RSUs |
Number of Performance RSUs |
|||||||
Outstanding at December 31, 2020 |
||||||||
Granted |
||||||||
Issuance of dividend equivalents |
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|
|
|
|
|||||
Outstanding at March 31, 2021 |
||||||||
Issuance of dividend equivalents |
||||||||
Vested |
( |
) | ||||||
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|
|
|||||
Outstanding at June 30, 2021 |
||||||||
Issuance of dividend equivalents |
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|
|||||
Outstanding at September 30, 2021 |
Units Granted |
Fair Value (in thousands) |
Weighted Average Grant Fair Value Per Share |
||||||||||||||
RSUs |
Performance RSUs |
|||||||||||||||
2022 |
$ | $ | ||||||||||||||
2021 |
RSUs |
Performance RSUs |
Total |
||||||||||
2022 |
$ |
$ |
$ |
|||||||||
2021 |
RSUs |
Performance RSUs |
Total |
||||||||||
2022 |
$ |
$ |
$ |
|||||||||
2021 |
• | adverse economic or real estate developments in the office sector or the markets in which we operate; |
• | increased interest rates, any resulting increase in financing or operating costs and the impact of inflation; |
• | changes in local, regional, national and international economic conditions, including as a result of the ongoing coronavirus disease (“COVID-19”) pandemic; |
• | requests from tenants for rent deferrals, rent abatement or relief from other contractual obligations, or a failure to pay rent, as a result of changes in business behavior stemming from the ongoing COVID-19 pandemic or the availability of government assistance programs; |
• | our inability to compete effectively; |
• | our inability to collect rent from tenants or renew tenants’ leases on attractive terms if at all; |
• | demand for and market acceptance of our properties for rental purposes, including as a result of near-term market fluctuations or long-term trends that result in an overall decrease in the demand for office space; |
• | defaults on or non-renewal of leases by tenants, including as a result of the ongoing COVID-19 pandemic; |
• | decreased rental rates or increased vacancy rates, including as a result of the ongoing COVID-19 pandemic; |
• | our failure to obtain necessary financing or access the capital markets on favorable terms or at all; |
• | changes in the availability of acquisition opportunities; |
• | availability of qualified personnel; |
• | our inability to successfully complete real estate acquisitions or dispositions on the terms and timing we expect, or at all; |
• | our failure to successfully operate acquired properties and operations; |
• | changes in our business, financing or investment strategy or the markets in which we operate; |
• | our failure to generate sufficient cash flows to service our outstanding indebtedness; |
• | environmental uncertainties and risks related to adverse weather conditions and natural disasters; |
• | our failure to maintain our qualification as a REIT for U.S. federal income tax purposes; |
• | government approvals, actions and initiatives, including the need for compliance with environmental requirements, vaccine mandates or actions in response to the COVID-19 pandemic; |
• | outcome of claims and litigation involving or affecting us; |
• | financial market fluctuations; |
• | changes in real estate, taxation and zoning laws and other legislation and government activity and changes to real property tax rates and the taxation of REITs in general; and |
• | other factors described in our news releases and filings with the SEC, including but not limited to those described in our Annual Report on Form 10-K for the year ended December 31, 2021 under the sections captioned “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” and in our subsequent reports filed with the SEC. |
• | business leaders may generally become more reticent to make large capital allocation decisions, such as entry into a new lease, given the uncertain economic environment; |
• | our capital costs have increased due to higher interest rates and credit spreads, and private market debt financing is significantly more challenging to arrange; and |
• | retaining and attracting new tenants has become increasingly challenging due to potential business layoffs, downsizing and industry slowdowns. |
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 | 43.7 | % | $ | 27.99 | $ | 27.99 | $ | 3,324 | |||||||||||||||
SanTan | 100.0 | % | 267 | 46.3 | % | $ | 31.60 | $ | 31.60 | $ | 3,899 | |||||||||||||||
5090 N. 40 th St |
100.0 | % | 176 | 96.1 | % | $ | 31.93 | $ | 31.93 | $ | 5,386 | |||||||||||||||
Camelback Square | 100.0 | % | 172 | 77.9 | % | $ | 33.87 | $ | 33.87 | $ | 4,533 | |||||||||||||||
The Quad | 100.0 | % | 163 | 100.0 | % | $ | 31.45 | $ | 31.76 | $ | 5,126 | |||||||||||||||
Papago Tech | 100.0 | % | 163 | 86.1 | % | $ | 23.57 | $ | 23.57 | $ | 3,302 | |||||||||||||||
Tampa, FL (17.5%) |
Park Tower | 94.8 | % | 479 | 88.6 | % | $ | 27.45 | $ | 27.45 | $ | 11,643 | ||||||||||||||
City Center | 95.0 | % | 245 | 89.4 | % | $ | 27.24 | $ | 27.24 | $ | 5,956 | |||||||||||||||
Intellicenter | 100.0 | % | 204 | 100.0 | % | $ | 25.64 | $ | 25.64 | $ | 5,219 | |||||||||||||||
Carillon Point | 100.0 | % | 124 | 100.0 | % | $ | 30.07 | $ | 30.07 | $ | 3,734 | |||||||||||||||
Denver, CO |
Denver Tech | 100.0 | % | 381 | 93.2 | % | $ | 24.10 | $ | 28.21 | $ | 8,465 | ||||||||||||||
Circle Point | 100.0 | % | 272 | 82.6 | % | $ | 19.51 | $ | 33.38 | $ | 4,383 | |||||||||||||||
Superior Pointe | 100.0 | % | 152 | 93.2 | % | $ | 18.78 | $ | 31.78 | $ | 2,667 | |||||||||||||||
Orlando, FL (12.0%) |
Florida Research Park | 96.5 | % | 393 | 82.2 | % | $ | 25.56 | $ | 27.48 | $ | 8,184 | ||||||||||||||
Central Fairwinds | 97.0 | % | 168 | 94.6 | % | $ | 27.57 | $ | 27.57 | $ | 4,387 | |||||||||||||||
Greenwood Blvd | 100.0 | % | 155 | 100.0 | % | $ | 24.25 | $ | 24.25 | $ | 3,760 | |||||||||||||||
Dallas, TX (9.8%) |
190 Office Center | 100.0 | % | 303 | 75.5 | % | $ | 27.11 | $ | 27.11 | $ | 6,210 | ||||||||||||||
The Terraces | 100.0 | % | 173 | 99.0 | % | $ | 38.45 | $ | 58.45 | $ | 6,569 | |||||||||||||||
2525 McKinnon | 100.0 | % | 111 | 94.8 | % | $ | 29.98 | $ | 48.98 | $ | 3,165 | |||||||||||||||
Raleigh, NC |
Bloc 83 | 100.0 | % | 495 | 79.8 | % | $ | 37.32 | $ | 37.41 | $ | 14,752 | ||||||||||||||
Portland, OR (5.5%) |
AmberGlen | 76.0 | % | 203 | 98.4 | % | $ | 23.55 | $ | 26.45 | $ | 4,695 | ||||||||||||||
Cascade Station | 100.0 | % | 128 | 100.0 | % | $ | 28.82 | $ | 30.73 | $ | 3,691 | |||||||||||||||
San Diego, CA (4.7%) |
Mission City | 100.0 | % | 281 | 86.8 | % | $ | 38.40 | $ | 38.40 | $ | 9,374 | ||||||||||||||
Seattle, WA (3.5%) |
Canyon Park | 100.0 | % | 207 | 100.0 | % | $ | 23.17 | $ | 27.17 | $ | 4,791 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total / Weighted Average – September 30, 2022 |
|
5,994 |
85.8 |
% |
$ |
28.40 |
$ |
31.29 |
$ |
145,767 |
||||||||||||||||
|
|
|
|
(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 September 30, 2022 by (ii) 12. |
Payments Due by Period |
||||||||||||||||||||
Contractual Obligations |
Total |
2022 |
2023-2024 |
2025-2026 |
More than 5 years |
|||||||||||||||
Principal payments on mortgage loans |
$ | 680,089 | $ | 1,623 | $ | 156,630 | $ | 281,533 | $ | 240,303 | ||||||||||
Interest payments (1) |
98,121 | 6,942 | 52,207 | 31,161 | 7,811 | |||||||||||||||
Tenant-related commitments |
18,026 | 17,138 | 888 | — | — | |||||||||||||||
Lease obligations |
37,324 | 92 | 1,625 | 1,510 | 34,097 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 833,560 | $ | 25,795 | $ | 211,350 | $ | 314,204 | $ | 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 September 30, 2022. Contracted interest on the Term Loan was calculated based on the Interest Rate Swap rate fixing the LIBOR component of the borrowing rate to approximately 1.27%. |
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) |
||||||||||||
July 1 – 31, 2022 |
1,624,589 | $ | 13.06 | 1,624,589 | $ | 23,787 | ||||||||||
August 1 – 31, 2022 |
927,285 | 12.95 | 927,285 | 11,781 | ||||||||||||
September 1 – 30, 2022 |
1,060,190 | 11.11 | 1,060,190 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
3,612,064 | $ | 12.46 | 3,612,064 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
(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. In September 2022, the Company completed the full August 2020 share repurchase plan. |
(2) | Represents approximate dollar value of shares that could have been purchased under the plans in effect at the end of the month. |
101.INS | INSTANCE DOCUMENT* | |
101.SCH | SCHEMA DOCUMENT* | |
101.CAL | CALCULATION LINKBASE DOCUMENT* | |
101.LAB | LABELS LINKBASE DOCUMENT* | |
101.PRE | PRESENTATION LINKBASE DOCUMENT* | |
101.DEF | DEFINITION LINKBASE DOCUMENT* | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)* | |
† | Filed 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. |
Date: November 7, 2022 | ||||||
By: | /s/ James Farrar | |||||
James Farrar | ||||||
Chief Executive Officer and Director (Principal Executive Officer) | ||||||
Date: November 7, 2022 | ||||||
By: | /s/ Anthony Maretic | |||||
Anthony Maretic | ||||||
Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer) |