City Office REIT, Inc.

CIK:0001593222|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Rental and other revenues	$ 37,275	$ 42,371	$ 121,876	$ 129,207
Operating expenses:
Property operating expenses	15,615	17,783	48,201	53,020
General and administrative	3,780	3,790	11,835	11,321
Depreciation and amortization	10,573	14,642	41,762	44,440
Impairment of real estate	0	0	102,229	0
Merger and transaction-related costs	3,093	0	3,093	0
Total operating expenses	33,061	36,215	207,120	108,781
Operating income/(loss)	4,214	6,156	(85,244)	20,426
Interest expense:
Contractual interest expense	(6,836)	(8,274)	(23,452)	(24,502)
Amortization of deferred financing costs and debt fair value	(776)	(369)	(1,510)	(1,030)
Interest expense, net	(7,612)	(8,643)	(24,962)	(25,532)
Net loss on disposition of real estate property	(378)	0	(378)	(1,462)
Net loss	(3,776)	(2,487)	(110,584)	(6,568)
Net income attributable to non-controlling interests in properties	(38)	(152)	(266)	(412)
Net loss attributable to the Company	(3,814)	(2,639)	(110,850)	(6,980)
Preferred stock distributions	(1,855)	(1,855)	(5,565)	(5,565)
Net loss attributable to common stockholders	$ (5,669)	$ (4,494)	$ (116,415)	$ (12,545)
Net loss per common share:
Basic	$ (0.14)	$ (0.11)	$ (2.89)	$ (0.31)
Diluted	$ (0.14)	$ (0.11)	$ (2.89)	$ (0.31)
Weighted average common shares outstanding:
Basic	40,363	40,154	40,343	40,135
Diluted	40,363	40,154	40,343	40,135
Dividend distributions declared per common share	$ 0	$ 0.1	$ 0.2	$ 0.3

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Cash Flows from Operating Activities:
Net loss	$ (3,776)	$ (1,499)	$ (2,487)	$ (454)	$ (110,584)	$ (6,568)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,573		14,642		41,762	44,440
Amortization of deferred financing costs and debt fair value	776		369		1,510	1,030
Amortization of above and below market leases					75	(97)
Straight-line rent/expense					(513)	(40)
Non-cash stock compensation					2,601	3,238
Net loss on disposition of real estate property	378		0		378	1,462
Impairment of real estate	0		0		102,229	0
Changes in non-cash working capital:
Rents receivable, net					(601)	471
Other assets					899	178
Accounts payable and accrued liabilities					2,535	5,966
Deferred rent					16	(449)
Tenant rent deposits					(1,598)	349
Net Cash Provided By Operating Activities					38,709	49,980
Cash Flows from/(to) Investing Activities:
Additions to real estate properties					(24,681)	(21,300)
Net proceeds from sale of real estate property					267,977	0
Reduction of cash on disposition of real estate property					0	(2,477)
Deferred leasing costs					(7,537)	(5,980)
Net Cash Provided By/(Used In) Investing Activities					235,759	(29,757)
Cash Flows to Financing Activities:
Debt issuance and extinguishment costs					(678)	(576)
Proceeds from borrowings					8,500	59,000
Repayment of borrowings					(258,044)	(60,075)
Dividend distributions paid to stockholders					(17,652)	(17,590)
Distributions to non-controlling interests in properties					(591)	(795)
Shares withheld for payment of taxes on restricted stock unit vesting					(753)	(1,072)
Contributions from non-controlling interests in properties					73	522
Net Cash Used In Financing Activities					(269,145)	(20,586)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash					5,323	(363)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		$ 33,959		$ 43,392	33,959	43,392	$ 43,392
Cash, Cash Equivalents and Restricted Cash, End of Period	39,282		43,029		39,282	43,029	33,959
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	21,347		25,911		21,347	25,911	18,886
Restricted Cash, End of Period	17,935		17,118		17,935	17,118
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 39,282		$ 43,029		39,282	43,029	$ 33,959
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest					25,600	25,642
Purchase of additions in real estate properties included in accounts payable					4,074	11,237
Purchase of deferred leasing costs included in accounts payable					$ 1,671	$ 1,998

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Real estate properties
Land	$ 146,309	$ 190,372
Building and improvement	839,998	1,169,793
Tenant improvement	121,483	163,569
Furniture, fixtures and equipment	236	1,368
Real estate properties, gross	1,108,026	1,525,102
Accumulated depreciation	(207,015)	(251,956)
Real estate properties, net	901,011	1,273,146
Cash and cash equivalents	21,347	18,886
Restricted cash	17,935	15,073
Rents receivable, net	40,904	52,311
Deferred leasing costs, net	22,154	25,291
Acquired lease intangible assets, net	23,873	34,631
Other assets	4,225	23,744
Assets held for sale	35,784	12,588
Total Assets	1,067,233	1,455,670
Liabilities:
Debt	398,359	646,972
Accounts payable and accrued liabilities	29,008	34,535
Deferred rent	6,896	7,010
Tenant rent deposits	5,143	7,257
Acquired lease intangible liabilities, net	3,844	6,301
Other liabilities	5,396	16,879
Liabilities related to assets held for sale	8,134	2,176
Total Liabilities	456,780	721,130
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 September 30, 2025 and December 31, 2024	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,363,640 and 40,154,055 shares issued and outstanding as of September 30, 2025 and December 31, 2024	403	401
Additional paid-in capital	444,355	442,329
Retained earnings	55,172	179,838
Accumulated other comprehensive loss	(1,880)	(713)
Total Stockholders' Equity	610,050	733,855
Non-controlling interests in properties	403	685
Total Equity	610,453	734,540
Total Liabilities and Equity	$ 1,067,233	$ 1,455,670