$CIO
City Office REIT, Inc.

2016 Q4 Form 10-K Financial Statement

#000119312518065516 Filed on March 01, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $21.30M $18.79M $16.09M
YoY Change 21.44% 28.56% 38.32%
Cost Of Revenue $8.530M $7.390M $6.240M
YoY Change 22.21% 26.54% 40.22%
Gross Profit $12.78M $11.41M $9.860M
YoY Change 20.91% 30.1% 37.33%
Gross Profit Margin 59.99% 60.72% 61.27%
Selling, General & Admin $1.890M $1.750M $1.540M
YoY Change 42.11% 63.55% 54.0%
% of Gross Profit 14.79% 15.34% 15.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.350M $7.760M $6.520M
YoY Change 36.9% 31.75% 45.21%
% of Gross Profit 73.16% 68.01% 66.13%
Operating Expenses $11.23M $17.15M $14.39M
YoY Change 37.62% 17.44% 32.82%
Operating Profit $1.550M $1.639M $1.705M
YoY Change -35.68% 16290.0% 112.59%
Interest Expense -$4.380M $3.521M $3.389M
YoY Change 6.05% 17.6% 48.12%
% of Operating Profit -282.58% 214.83% 198.77%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.190M -$1.880M $14.25M
YoY Change 77.22% -36.91% -781.82%
Income Tax
% Of Pretax Income
Net Earnings -$3.193M -$1.944M $11.53M
YoY Change 77.59% -22.21% -741.1%
Net Earnings / Revenue -14.99% -10.35% 71.63%
Basic Earnings Per Share -$0.08 $0.56
Diluted Earnings Per Share -$135.2K -$0.08 $0.48
COMMON SHARES
Basic Shares Outstanding 24.38M shares 23.88M shares 20.73M shares
Diluted Shares Outstanding 23.88M shares 24.24M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.70M $12.00M $7.700M
YoY Change 69.14% 14.29% -31.86%
Cash & Equivalents $13.70M $12.02M $7.656M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $17.26M $14.03M $14.53M
Other Receivables
Total Short-Term Assets $31.00M $26.00M $22.20M
YoY Change 37.78% 12.07% -3.06%
LONG-TERM ASSETS
Property, Plant & Equipment $550.3M $398.6M $355.3M
YoY Change 55.06% 11.81% 30.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.40M $21.60M $57.50M
YoY Change 5.42% -16.6% 226.7%
Total Long-Term Assets $630.5M $461.4M $453.9M
YoY Change 50.94% 7.78% 40.01%
TOTAL ASSETS
Total Short-Term Assets $31.00M $26.00M $22.20M
Total Long-Term Assets $630.5M $461.4M $453.9M
Total Assets $661.5M $487.4M $476.1M
YoY Change 50.27% 8.0% 37.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.00M $11.30M $10.00M
YoY Change 49.43% 6.6% 35.14%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.00M $11.30M $10.00M
YoY Change 49.43% 6.6% 35.14%
LONG-TERM LIABILITIES
Long-Term Debt $370.1M $302.8M $289.8M
YoY Change 8.44% -12.21% 20.2%
Other Long-Term Liabilities $22.40M $16.80M $13.60M
YoY Change 35.76% -1.18% -18.56%
Total Long-Term Liabilities $392.5M $319.6M $303.4M
YoY Change 9.7% -11.69% 17.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.00M $11.30M $10.00M
Total Long-Term Liabilities $392.5M $319.6M $303.4M
Total Liabilities $405.4M $330.8M $313.4M
YoY Change 10.63% -11.19% 18.18%
SHAREHOLDERS EQUITY
Retained Earnings -$53.61M -$42.80M -$35.12M
YoY Change 81.12% 70.48% 78.62%
Common Stock $195.8M $199.0M $187.8M
YoY Change 105.16% 109.65% 103.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.2M $156.2M $152.6M
YoY Change
Total Liabilities & Shareholders Equity $661.5M $487.4M $476.1M
YoY Change 50.27% 8.0% 37.17%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income -$3.193M -$1.944M $11.53M
YoY Change 77.59% -22.21% -741.1%
Depreciation, Depletion And Amortization $9.350M $7.760M $6.520M
YoY Change 36.9% 31.75% 45.21%
Cash From Operating Activities $6.360M $11.18M -$2.720M
YoY Change 276.33% 62.5% -193.15%
INVESTING ACTIVITIES
Capital Expenditures -$175.4M $42.60M -$27.49M
YoY Change 8671.5% -143.01% -54.4%
Acquisitions
YoY Change
Other Investing Activities -$1.100M -$280.0K $42.45M
YoY Change 214.29% -33.33% -2357.98%
Cash From Investing Activities -$176.5M -$50.69M $14.96M
YoY Change 7411.91% -49.03% -124.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 171.9M 43.88M -12.79M
YoY Change -10091.28% -52.2% -127.46%
NET CHANGE
Cash From Operating Activities 6.360M 11.18M -2.720M
Cash From Investing Activities -176.5M -50.69M 14.96M
Cash From Financing Activities 171.9M 43.88M -12.79M
Net Change In Cash 1.680M 4.370M -550.0K
YoY Change -170.59% -660.26% -95.67%
FREE CASH FLOW
Cash From Operating Activities $6.360M $11.18M -$2.720M
Capital Expenditures -$175.4M $42.60M -$27.49M
Free Cash Flow $181.8M -$31.42M $24.77M
YoY Change 4826.56% -129.66% -60.81%

Facts In Submission

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CY2017Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Other Liabilities
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndOtherLiabilities
1943000
CY2017Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Lease Intangible Liabilities
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLeaseIntangibleLiabilities
6051000
CY2017Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
249299000
CY2017Q4 cio Assets Held For Sale Not Part Of Disposal Group Net
AssetsHeldForSaleNotPartOfDisposalGroupNet
27322000
CY2017Q1 cio Payments For Earn Out
PaymentsForEarnOut
2400000
CY2015 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
349000
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3070405 shares
CY2015 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
746000
CY2015 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2959000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-26724000
CY2015 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.940
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
21624000
CY2015 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
20420000
CY2015 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.53
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
14497000
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3728000
CY2015 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
440000
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2988000
CY2015 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-16000
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4506000
CY2015 us-gaap Straight Line Rent
StraightLineRent
1895000
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1907000
CY2015 us-gaap Tenant Reimbursements
TenantReimbursements
5808000
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12409000 shares
CY2015 cio External Advisor Acquisition Costs
ExternalAdvisorAcquisitionCosts
492000
CY2015 cio Payments To Develop Real Estate Assets Included In Accounts Payable
PaymentsToDevelopRealEstateAssetsIncludedInAccountsPayable
1289000
CY2015 cio Stock Issued During Period Value Earn Out
StockIssuedDuringPeriodValueEarnOut
3163000
CY2015 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
648000
CY2015 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
3217000
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
4083000
CY2015 us-gaap Interest Expense
InterestExpense
11353000
CY2015 us-gaap Interest Expense Debt
InterestExpenseDebt
10607000
CY2015 us-gaap Interest Paid
InterestPaid
10030000
CY2015 us-gaap Management Fee Expense
ManagementFeeExpense
1302000
CY2015 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
421000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-175471000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14163000
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6591000
CY2015 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
-1576000
CY2015 us-gaap Operating Expenses
OperatingExpenses
50525000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
134584000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-6591000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
4527000
CY2015 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
48009000
CY2015 us-gaap Other Income
OtherIncome
1235000
CY2015 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
166788000
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
14404000
CY2015 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
5466000
CY2015 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1239000
CY2015 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
421000
CY2015 us-gaap Profit Loss
ProfitLoss
-7667000
CY2015 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
105813000
CY2015 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
51600000
CY2015 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1600000
CY2015 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1082000
CY2015 us-gaap Revenues
Revenues
55052000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
1907000
CY2015 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
500000
CY2015 cio Change In Fair Value Of Earn Out And Contingent Consideration
ChangeInFairValueOfEarnOutAndContingentConsideration
-841000
CY2015 cio Change In Fair Value Of Earnout
ChangeInFairValueOfEarnout
841000
CY2015 cio Payments For Earn Out In Common Stock
PaymentsForEarnOutInCommonStock
3163000
CY2017 dei Amendment Flag
AmendmentFlag
false
CY2017 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1452000
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2017 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2000000
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company places its temporary cash investments in high credit financial institutions. However, a portion of temporary cash investments may exceed FDIC insured levels from time to time. The Company has never experienced any losses related to these balances.</p> </div>
CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1402000
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.940
CY2017 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
41594000
CY2017 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
42886000
CY2017 us-gaap Dividends Preferred Stock
DividendsPreferredStock
7906000
CY2017 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
7400000
CY2017 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2017 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2017 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
CY2017 dei Document Type
DocumentType
10-K
CY2017 us-gaap Dividends Common Stock
DividendsCommonStock
31148000
CY2017 dei Document Period End Date
DocumentPeriodEndDate
2017-12-31
CY2017 dei Entity Registrant Name
EntityRegistrantName
City Office REIT, Inc.
CY2017 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2017 dei Entity Central Index Key
EntityCentralIndexKey
0001593222
CY2017 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-11-26
CY2017 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4943000
CY2017 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2017 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2017 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
12116000
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6792000
CY2017 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
324000
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
670000
CY2017 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
655000
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1647000
CY2017 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-349000
CY2017 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
4289000
CY2017 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
6765000
CY2017 us-gaap Interest Expense
InterestExpense
20173000
CY2017 us-gaap Interest Expense Debt
InterestExpenseDebt
18721000
CY2017 us-gaap Interest Paid
InterestPaid
18408000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-244784000
CY2017 us-gaap Operating Expenses
OperatingExpenses
91272000
CY2017 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
206829000
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Organization and Description of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> City Office REIT, Inc. (the &#x201C;Company&#x201D;) was organized in the state of Maryland on November&#xA0;26, 2013. On April&#xA0;21, 2014, the Company completed its initial public offering (&#x201C;IPO&#x201D;) of shares of the Company&#x2019;s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the &#x201C;Operating Partnership&#x201D;), in exchange for common units of limited partnership interest in the Operating Partnership (&#x201C;common units&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company&#x2019;s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company&#x2019;s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership&#x2019;s partnership agreement to manage and conduct the Operating Partnership&#x2019;s business, subject to limited approval and voting rights of the limited partners.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (&#x201C;REIT&#x201D;) under the Internal Revenue Code of 1986, as amended (the &#x201C;Code&#x201D;). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and any applicable alternative minimum tax.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> On February&#xA0;1, 2016, the Company closed on the previously announced management internalization (&#x201C;the Internalization&#x201D;). The Company had previously entered into a Stock Purchase Agreement (&#x201C;Stock Purchase Agreement&#x201D;) with certain stockholders of the Company&#x2019;s former external advisor, City Office Real Estate Management Inc. (the &#x201C;Former Advisor&#x201D;), pursuant to which the Company acquired all of the outstanding stock of the Former Advisor. Pursuant to this Stock Purchase Agreement, at closing, the Company issued 297,321 shares of its common stock with a fair market value of $3.5&#xA0;million to the stockholders of the Former Advisor (the &#x201C;Sellers&#x201D;). The Company paid an additional $3.5&#xA0;million in cash in the first quarter of 2016 representing payments to be made to the Sellers upon reaching certain fully diluted market capitalization thresholds prior to December&#xA0;31, 2016, which, together with the initial payment, resulted in a total cost of $7.0&#xA0;million in the year ended December&#xA0;31, 2016. The amount was recorded as an expense in the consolidated statements of operations as it represented the cost of terminating the relationship. In connection with the closing of the Internalization, the Company entered into an amendment to the Advisory Agreement between the Company, the Operating Partnership and the Former Advisor (&#x201C;Advisory Agreement&#x201D;) that eliminates the payment of acquisition fees by the Company to the Former Advisor. In addition, each of the Company&#x2019;s executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately eleven additional former employees of the Former Advisor and its affiliates became employees of the Company.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In connection with the closing of the transactions under the Stock Purchase Agreement, a subsidiary of the Company entered into an Administrative Services Agreement (the &#x201C;Administrative Services Agreement&#x201D;) with Second City Capital II Corporation and Second City Real Estate II Corporation (&#x201C;Second City&#x201D;). The Administrative Services Agreement has a three year term and pursuant to the agreement, the Company will provide various administrative services and support to the related entities managing the Second City funds. The Company&#x2019;s subsidiary will receive annual payments for these services under the Administrative Services Agreement as follows: first 12 months&#x2014;$1.5&#xA0;million, second 12 months&#x2014;$1.15&#xA0;million and third 12 months&#x2014;$0.625&#xA0;million, for a total of $3.275&#xA0;million over the three-year term.</p> </div>
CY2017 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
36553000
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1655000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
5756000
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
15215000
CY2017 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
92357000
CY2017 us-gaap Operations Commenced Date1
OperationsCommencedDate1
2014-04-21
CY2017 us-gaap Other Income
OtherIncome
2966000
CY2017 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
249299000
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
36256000
CY2017 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8189000
CY2017 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
7800000
CY2017 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06625 pure
CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1716000
CY2017 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
4943000
CY2017 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7411000
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
136941000
CY2017 us-gaap Profit Loss
ProfitLoss
9158000
CY2017 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
166340000
CY2017 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
226000000
CY2017 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
16993000
CY2017 us-gaap Real Estate Improvements
RealEstateImprovements
10804000
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
228214000
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
245000000
CY2017 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
27772000
CY2017 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
7374000
CY2017 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
11683000
CY2017 cio Common Stock Issued During Period Value New Issues
CommonStockIssuedDuringPeriodValueNewIssues
136941000
CY2017 us-gaap Revenues
Revenues
106487000
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
22424000
CY2017 cio Real Estate Accumulated Depreciation Assets Held For Sale
RealEstateAccumulatedDepreciationAssetsHeldForSale
5868000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
1671000
CY2017 us-gaap Straight Line Rent
StraightLineRent
2820000
CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1671000
CY2017 us-gaap Tenant Reimbursements
TenantReimbursements
11164000
CY2017 dei Trading Symbol
TradingSymbol
CIO
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30198000 shares
CY2017 us-gaap Units Of Partnership Interest Description
UnitsOfPartnershipInterestDescription
Beginning on or after the date which is 12 months after the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will have the right, subject to the terms and conditions set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the common units held by such limited partner or assignee in exchange for a cash amount per common unit equal to the value of one share of common stock, determined in accordance with and subject to adjustment under the partnership agreement. The Company has the sole option at its discretion to redeem the tendered common units by issuing common stock on a one-for-one basis.
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. Significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of impairment of long-lived assets and the useful lives of long-lived assets. These estimates and assumptions are based on our best estimates and judgment. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. Actual results could differ materially from those estimates.</p> </div>
CY2017 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
0 shares
CY2017 cio Aggregate Cash Distributions Paid
AggregateCashDistributionsPaid
28400000
CY2017 cio Payments For Earn Out
PaymentsForEarnOut
2400000
CY2017 cio Aggregate Cash Distributions Payable
AggregateCashDistributionsPayable
8500000
CY2017 cio Payments Of Deferred Leasing Costs Included In Accounts Payable
PaymentsOfDeferredLeasingCostsIncludedInAccountsPayable
815000
CY2017 cio Payments To Develop Real Estate Assets Included In Accounts Payable
PaymentsToDevelopRealEstateAssetsIncludedInAccountsPayable
2616000
CY2017 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
3402000
CY2017 cio Redemption Of Common Units For Common Stock Shares
RedemptionOfCommonUnitsForCommonStockShares
40000 shares
CY2017 cio Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfShares
1263580 shares
CY2017 cio Reit Annual Taxable Income Distribution Requirement Percentage
ReitAnnualTaxableIncomeDistributionRequirementPercentage
0.90 pure
CY2017 cio Change In Fair Value Of Earn Out And Contingent Consideration
ChangeInFairValueOfEarnOutAndContingentConsideration
2400000
CY2017 cio Aggregate Cash Distribution Declared
AggregateCashDistributionDeclared
29800000
CY2016 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
299000
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
40001 shares
CY2016 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
957000
CY2016 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
692000
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5565000
CY2016 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.940
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
30178000
CY2016 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
28305000
CY2016 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1781000
CY2016 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2016 us-gaap Dividends Common Stock
DividendsCommonStock
22916000
CY2016 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
15934000
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6429000
CY2016 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2743000
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3135000
CY2016 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-338000
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4331000
CY2016 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
587000
CY2016 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
2074000
CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
772000
CY2016 us-gaap Interest Expense
InterestExpense
14761000
CY2016 us-gaap Interest Expense Debt
InterestExpenseDebt
13804000
CY2016 us-gaap Interest Paid
InterestPaid
13621000
CY2016 us-gaap Management Fee Expense
ManagementFeeExpense
109000
CY2016 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
455000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-216776000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
19147000
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2624000
CY2016 us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
2525000
CY2016 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
865000
CY2016 us-gaap Operating Expenses
OperatingExpenses
72758000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
203194000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-843000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-297000
CY2016 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
63702000
CY2016 us-gaap Other Income
OtherIncome
1619000
CY2017Q1 us-gaap Revenues
Revenues
25399000
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
86785000
CY2016 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2525000
CY2016 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2414000
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
20841000
CY2016 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8729000
CY2016 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06625 pure
CY2016 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
455000
CY2016 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1781000
CY2016 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
108127000
CY2016 us-gaap Profit Loss
ProfitLoss
376000
CY2016 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
47938000
CY2016 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
95500000
CY2016 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
42984000
CY2016 us-gaap Real Estate Improvements
RealEstateImprovements
8729000
CY2016 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
223167000
CY2016 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
93000000
CY2016 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
20199000
CY2016 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
18035000
CY2016 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
24309000
CY2016 us-gaap Revenues
Revenues
72461000
CY2016 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
30178000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
2436000
CY2016 us-gaap Straight Line Rent
StraightLineRent
3751000
CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
2436000
CY2016 us-gaap Tenant Reimbursements
TenantReimbursements
7140000
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20460000 shares
CY2016 cio External Advisor Acquisition Costs
ExternalAdvisorAcquisitionCosts
7045000
CY2016 cio Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
108127000
CY2016 cio Payments For Earn Out
PaymentsForEarnOut
3800000
CY2016 cio Internalization Shares Issued
InternalizationSharesIssued
3464000
CY2016 cio Stock Issued During Period Value Internalization Shares
StockIssuedDuringPeriodValueInternalizationShares
3464000
CY2016 cio Common Stock Issued During Period Value New Issues
CommonStockIssuedDuringPeriodValueNewIssues
86785000
CY2016 cio Payments Of Deferred Leasing Costs Included In Accounts Payable
PaymentsOfDeferredLeasingCostsIncludedInAccountsPayable
19000
CY2016 cio Payments To Develop Real Estate Assets Included In Accounts Payable
PaymentsToDevelopRealEstateAssetsIncludedInAccountsPayable
1565000
CY2016 cio Stock Issued During Period Value Earn Out
StockIssuedDuringPeriodValueEarnOut
3778000
CY2016 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
354000
CY2016 cio Change In Fair Value Of Earn Out And Contingent Consideration
ChangeInFairValueOfEarnOutAndContingentConsideration
-500000
CY2016 cio Change In Fair Value Of Earnout
ChangeInFairValueOfEarnout
500000
CY2016 cio Payments For Earn Out In Common Stock
PaymentsForEarnOutInCommonStock
3778000
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3313000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-1299000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8208000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.27
CY2017Q2 us-gaap Profit Loss
ProfitLoss
13167000
CY2017Q2 us-gaap Revenues
Revenues
25157000
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7121000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11522000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
14244000
CY2016Q2 us-gaap Revenues
Revenues
16092000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-8793000
CY2016Q1 us-gaap Revenues
Revenues
16274000
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.56
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1945000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-1882000
CY2016Q3 us-gaap Revenues
Revenues
18791000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3630000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-1723000
CY2017Q3 us-gaap Revenues
Revenues
24750000
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5080000
CY2016Q4 us-gaap Profit Loss
ProfitLoss
-3193000
CY2016Q4 us-gaap Revenues
Revenues
21304000
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2920000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
-987000
CY2017Q4 us-gaap Revenues
Revenues
31181000

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