Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 70

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 70
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 bears interest at a rate equal to the daily-simple SOFR rate plus a margin of 325 basis points. The Company also entered into a five-year interest rate swap agreement, effectively fixing the SOFR component of the borrowing rate of the loan at 4.43%. 

 47

 (8)In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. On June 27, 2024, the Company entered into a loan modification and extension agreement for FRP Ingenuity Drive, which among other things, included a principal repayment of $1.6 million and extended the term for an additional two years to December 2026 with a one-year extension option. Under the terms of the agreement the ‘cash-sweep period’ will continue through the maturity of the loan. As of December 31, 2024 and December 31, 2023, total restricted cash for the property was $3.6 million and $3.2 million, respectively. Contractual Obligations and Other Long-Term Liabilities The following table provides information with respect to our commitments as of December 31, 2024, including any guaranteed or minimum commitments under contractual obligations. The table does not reflect available debt extension options.  

     Payments Due by Period (in thousands)

     Contractual Obligations
      
     Total

     2025

     2026-2027

     2028-2029

     More than5 years

     Principal payments on mortgage loans
      
     $
     649,514

     $
     309,806

     $
     220,633

     $
     119,075

     $
     —

     Interest payments (1)

     61,519

     31,361

     24,520

     5,638

     —

     Tenant-related commitments

     11,931

     11,931

     —

     —

     —

     Lease obligations

     35,487

     659

     1,327

     1,191

     32,310

     Total
      
     $
     758,451

     $
     353,757

     $
     246,480

     $
     125,904

     $
     32,310

     (