$CIO
City Office REIT, Inc.

2018 Q4 Form 10-K Financial Statement

#000119312519052955 Filed on February 27, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q2 2017 Q4
Revenue $34.17M $30.24M $31.18M
YoY Change 9.58% 20.19% 46.36%
Cost Of Revenue $13.25M $11.75M $11.91M
YoY Change 11.25% 10.12% 39.62%
Gross Profit $20.92M $18.49M $19.27M
YoY Change 8.56% 27.69% 50.78%
Gross Profit Margin 61.23% 61.15% 61.8%
Selling, General & Admin $2.340M $1.970M $1.560M
YoY Change 50.0% 23.13% -17.46%
% of Gross Profit 11.19% 10.65% 8.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.31M $11.78M $12.49M
YoY Change 22.58% 28.74% 33.58%
% of Gross Profit 73.18% 63.71% 64.82%
Operating Expenses $17.64M $25.49M $14.05M
YoY Change 25.55% 18.98% 25.11%
Operating Profit $3.280M $4.751M $5.220M
YoY Change -37.16% 27.1% 236.77%
Interest Expense -$6.460M $5.435M -$6.210M
YoY Change 4.03% 15.96% 41.78%
% of Operating Profit -196.95% 114.4% -118.97%
Other Income/Expense, Net
YoY Change
Pretax Income -$6.680M -$680.0K -$990.0K
YoY Change 574.75% -105.16% -68.97%
Income Tax
% Of Pretax Income
Net Earnings -$6.684M -$798.0K -$987.0K
YoY Change 577.2% -107.93% -69.09%
Net Earnings / Revenue -19.56% -2.64% -3.17%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$171.8K -$0.07 -$34.64K
COMMON SHARES
Basic Shares Outstanding 39.54M shares 36.13M shares 30.26M shares
Diluted Shares Outstanding 36.13M shares

Balance Sheet

Concept 2018 Q4 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.10M $14.70M $12.30M
YoY Change 30.89% -78.41% -10.22%
Cash & Equivalents $16.14M $14.66M $12.30M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $26.10M $22.35M $20.09M
Other Receivables
Total Short-Term Assets $42.20M $37.00M $32.40M
YoY Change 30.25% -57.42% 4.52%
LONG-TERM ASSETS
Property, Plant & Equipment $935.2M $772.5M $728.1M
YoY Change 28.44% 40.3% 32.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.80M $27.20M $68.90M
YoY Change -34.98% -59.82% 221.96%
Total Long-Term Assets $1.058B $870.3M $864.1M
YoY Change 22.47% 29.81% 37.05%
TOTAL ASSETS
Total Short-Term Assets $42.20M $37.00M $32.40M
Total Long-Term Assets $1.058B $870.3M $864.1M
Total Assets $1.100B $907.3M $896.5M
YoY Change 22.75% 19.8% 35.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.90M $15.90M $17.60M
YoY Change 47.16% 31.4% 35.38%
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 $25.90M $15.90M $17.60M
YoY Change 47.16% 31.4% 35.38%
LONG-TERM LIABILITIES
Long-Term Debt $645.4M $479.6M $489.5M
YoY Change 31.85% 16.66% 32.26%
Other Long-Term Liabilities $30.80M $25.60M $29.50M
YoY Change 4.41% 20.75% 31.7%
Total Long-Term Liabilities $676.2M $505.2M $519.0M
YoY Change 30.29% 16.86% 32.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.90M $15.90M $17.60M
Total Long-Term Liabilities $676.2M $505.2M $519.0M
Total Liabilities $702.1M $521.2M $536.7M
YoY Change 30.82% 17.27% 32.37%
SHAREHOLDERS EQUITY
Retained Earnings -$92.11M -$61.56M -$86.98M
YoY Change 5.9% -4.98% 62.25%
Common Stock $377.5M $335.4M $334.6M
YoY Change 12.83% 26.51% 70.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.4M $385.8M $359.6M
YoY Change
Total Liabilities & Shareholders Equity $1.100B $907.3M $896.5M
YoY Change 22.75% 19.8% 35.52%

Cashflow Statement

Concept 2018 Q4 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income -$6.684M -$798.0K -$987.0K
YoY Change 577.2% -107.93% -69.09%
Depreciation, Depletion And Amortization $15.31M $11.78M $12.49M
YoY Change 22.58% 28.74% 33.58%
Cash From Operating Activities $12.11M $9.550M $11.07M
YoY Change 9.39% 6.35% 74.06%
INVESTING ACTIVITIES
Capital Expenditures -$99.85M -$61.86M -$35.06M
YoY Change 184.8% 2661.61% -80.01%
Acquisitions
YoY Change
Other Investing Activities -$830.0K -$990.0K -$230.0K
YoY Change 260.87% -106.33% -79.09%
Cash From Investing Activities -$100.7M -$62.85M -$35.29M
YoY Change 185.29% -568.68% -80.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 87.88M 47.00M 15.29M
YoY Change 474.75% -1482.35% -91.1%
NET CHANGE
Cash From Operating Activities 12.11M 9.550M 11.07M
Cash From Investing Activities -100.7M -62.85M -35.29M
Cash From Financing Activities 87.88M 47.00M 15.29M
Net Change In Cash -690.0K -6.300M -8.930M
YoY Change -92.27% -133.18% -631.55%
FREE CASH FLOW
Cash From Operating Activities $12.11M $9.550M $11.07M
Capital Expenditures -$99.85M -$61.86M -$35.06M
Free Cash Flow $112.0M $71.41M $46.13M
YoY Change 142.71% 536.45% -74.62%

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4564000
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RetainedEarningsAccumulatedDeficit
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CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
17007000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1263580 shares
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
398377000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
397413000
CY2018Q4 us-gaap Tenant Improvements
TenantImprovements
77426000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
37443000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings And Improvements
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements
173276000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Tenant Improvements
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTenantImprovements
14757000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
34081000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Prepaid Expense And Other Assets
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPrepaidExpenseAndOtherAssets
160000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Other Liabilities
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndOtherLiabilities
2610000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Lease Intangible Liabilities
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLeaseIntangibleLiabilities
2593000
CY2018Q4 cio Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
AcquisitionsOtherThanThroughBusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
254514000
CY2018Q4 cio Finite Lived Intangible Assets Amortization Expected To Be Recognized Net
FiniteLivedIntangibleAssetsAmortizationExpectedToBeRecognizedNet
66614000
CY2018Q4 cio Real Estate Companies Investment In Real Estate And Accumulated Depreciation Cost Capitalized Subsequent To Acquisition Improvements And Impairments
RealEstateCompaniesInvestmentInRealEstateAndAccumulatedDepreciationCostCapitalizedSubsequentToAcquisitionImprovementsAndImpairments
51387000
CY2017 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-337000
CY2017 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1452000
CY2017 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2000000
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5363000
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.940
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 Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2017 us-gaap Dividends Preferred Stock
DividendsPreferredStock
7906000
CY2017 us-gaap Dividends Common Stock
DividendsCommonStock
31148000
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
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 Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
4289000
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
670000
CY2017 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
324000
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1647000
CY2017 us-gaap Interest Expense
InterestExpense
20173000
CY2017 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-349000
CY2017 us-gaap Interest Expense Debt
InterestExpenseDebt
18721000
CY2017 us-gaap Interest Paid Net
InterestPaidNet
18408000
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1655000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-243298000
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
212108000
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4943000
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
36553000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
5756000
CY2017 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
92357000
CY2017 us-gaap Operating Expenses
OperatingExpenses
91272000
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
15215000
CY2017 us-gaap Other Income
OtherIncome
2966000
CY2017 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
249299000
CY2017 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7411000
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
36256000
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Type
DocumentType
10-K
CY2017 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
4943000
CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
3202000
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
136941000
CY2017 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8189000
CY2017 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06625 pure
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
18479000
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
245000000
CY2017 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
27772000
CY2017 us-gaap Profit Loss
ProfitLoss
9158000
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 us-gaap Real Estate Improvements
RealEstateImprovements
10804000
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
228214000
CY2017 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11164000
CY2017 us-gaap Revenues
Revenues
106487000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
1671000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
136941000
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
22424000
CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1671000
CY2017 us-gaap Straight Line Rent
StraightLineRent
2820000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30198000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30198000 shares
CY2017 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
3402000
CY2017 cio Change In Fair Value Of Earn Out And Contingent Consideration
ChangeInFairValueOfEarnOutAndContingentConsideration
2400000
CY2017 cio Real Estate Accumulated Depreciation Assets Held For Sale
RealEstateAccumulatedDepreciationAssetsHeldForSale
5868000
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 Increase Decrease In Tenant Rent Deposits
IncreaseDecreaseInTenantRentDeposits
655000
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-182000
CY2018 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1621000
CY2018 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
1139000
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 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>
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1869000
CY2018 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.940
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 us-gaap Depreciation And Amortization
DepreciationAndAmortization
52352000
CY2018 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
49872000
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001593222
CY2018 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-11-26
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 us-gaap Dividends Preferred Stock
DividendsPreferredStock
7420000
CY2018 dei Entity Registrant Name
EntityRegistrantName
City Office REIT, Inc.
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Small Business
EntitySmallBusiness
false
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 us-gaap Dividends Common Stock
DividendsCommonStock
35567000
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2018 dei Entity Ex Transition Period
EntityExTransitionPeriod
true
CY2018 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2018 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
46980000
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8137000
CY2018 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
4048000
CY2018 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
3497000
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-910000
CY2018 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-834000
CY2018 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1602000
CY2018 us-gaap Interest Expense
InterestExpense
23937000
CY2018 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
353000
CY2018 us-gaap Interest Expense Debt
InterestExpenseDebt
22316000
CY2018 us-gaap Interest Paid Net
InterestPaidNet
22131000
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
30748000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-197309000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
153253000
CY2018 us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
297000
CY2018 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
527000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
42187000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
38168000
CY2018 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
110076000
CY2018 us-gaap Operating Expenses
OperatingExpenses
113858000
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
15626000
CY2018 us-gaap Operations Commenced Date1
OperationsCommencedDate1
2014-04-21
CY2018 us-gaap Other Income
OtherIncome
3502000
CY2018 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
254514000
CY2018 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7420000
CY2018 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
42158000
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
87000
CY2018 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1140000
CY2018 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2963000
CY2018 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
527000
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
42902000
CY2018 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
297000
CY2018 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
23586000
CY2018 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06625 pure
CY2018 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
95749000
CY2018 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
303000000
CY2018 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
84839000
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
189000000
CY2018 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
52820000
CY2018 us-gaap Profit Loss
ProfitLoss
38669000
CY2018 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
2301000
CY2018 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
5715000
CY2018 us-gaap Real Estate Improvements
RealEstateImprovements
30378000
CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
225476000
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
15906000
CY2018 us-gaap Revenues
Revenues
129484000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
1416000
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
42902000
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
29196000
CY2018 dei Trading Symbol
TradingSymbol
CIO
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1330000
CY2018 us-gaap Straight Line Rent
StraightLineRent
4703000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37670000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37321000 shares
CY2018 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>
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
349000 shares
CY2018 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
501000
CY2018 cio Real Estate Accumulated Depreciation Assets Held For Sale
RealEstateAccumulatedDepreciationAssetsHeldForSale
4645000
CY2018 cio Payments Of Deferred Leasing Costs Included In Accounts Payable
PaymentsOfDeferredLeasingCostsIncludedInAccountsPayable
654000
CY2018 cio Payments To Develop Real Estate Assets Included In Accounts Payable
PaymentsToDevelopRealEstateAssetsIncludedInAccountsPayable
6791000
CY2018 cio Increase Decrease In Tenant Rent Deposits
IncreaseDecreaseInTenantRentDeposits
196000
CY2018 cio Reit Annual Taxable Income Distribution Requirement Percentage
ReitAnnualTaxableIncomeDistributionRequirementPercentage
0.90 pure
CY2016 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
299000
CY2016 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
957000
CY2016 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
692000
CY2016 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6337000
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 Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2016 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1781000
CY2016 us-gaap Dividends Common Stock
DividendsCommonStock
22916000
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
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GainsLossesOnSalesOfInvestmentRealEstate
15934000
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6429000
CY2016 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
2074000
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3135000
CY2016 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2743000
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4331000
CY2016 us-gaap Interest Expense
InterestExpense
14761000
CY2016 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
587000
CY2016 us-gaap Interest Expense Debt
InterestExpenseDebt
13804000
CY2016 us-gaap Interest Paid Net
InterestPaidNet
13621000
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NetIncomeLossAvailableToCommonStockholdersBasic
-2624000
CY2016 us-gaap Management Fee Expense
ManagementFeeExpense
109000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
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-216235000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
203425000
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NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
2525000
CY2016 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
865000
CY2016 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
455000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19147000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-843000
CY2016 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
63702000
CY2016 us-gaap Operating Expenses
OperatingExpenses
72758000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-297000
CY2016 us-gaap Other Income
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1619000
CY2016 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
248957000
CY2016 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1781000
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
20841000
CY2016 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2955000
CY2016 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
455000
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
86785000
CY2016 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2525000
CY2016 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8729000
CY2016 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
108127000
CY2016 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
47938000
CY2016 us-gaap Proceeds From Lines Of Credit
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95500000
CY2016 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
43525000
CY2016 us-gaap Repayments Of Lines Of Credit
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93000000
CY2016 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
20199000
CY2016 us-gaap Profit Loss
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376000
CY2016 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7140000
CY2016 us-gaap Revenues
Revenues
72461000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
2436000
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
86785000
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StockIssuedDuringPeriodValueRestrictedStockAwardGross
2436000
CY2016 us-gaap Straight Line Rent
StraightLineRent
3751000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20460000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20460000 shares
CY2016 cio Net Income Loss Attributable To Noncontrolling Interest In Properties
NetIncomeLossAttributableToNoncontrollingInterestInProperties
354000
CY2016 cio Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
108127000
CY2016 cio Payments For Earn Out In Common Stock
PaymentsForEarnOutInCommonStock
3778000
CY2016 cio Change In Fair Value Of Earnout
ChangeInFairValueOfEarnout
500000
CY2016 cio Change In Fair Value Of Earn Out And Contingent Consideration
ChangeInFairValueOfEarnOutAndContingentConsideration
-500000
CY2016 cio External Advisor Acquisition Costs
ExternalAdvisorAcquisitionCosts
7045000
CY2016 cio Internalization Shares Issued
InternalizationSharesIssued
3464000
CY2016 cio Stock Issued During Period Value Internalization Shares
StockIssuedDuringPeriodValueInternalizationShares
3464000
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 Increase Decrease In Tenant Rent Deposits
IncreaseDecreaseInTenantRentDeposits
-338000
CY2016 cio Stock Issued During Period Value Earn Out
StockIssuedDuringPeriodValueEarnOut
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
CY2017Q1 us-gaap Revenues
Revenues
25399000
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.25
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
45208000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
47198000
CY2018Q1 us-gaap Revenues
Revenues
31534000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.27
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8208000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
13167000
CY2017Q2 us-gaap Revenues
Revenues
25157000
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2653000
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-684000
CY2018Q2 us-gaap Revenues
Revenues
30236000
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
CY2018Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2018Q3 us-gaap Revenues
Revenues
33547000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3151000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
-1161000
CY2018Q4 us-gaap Profit Loss
ProfitLoss
-6684000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
-987000
CY2017Q4 us-gaap Revenues
Revenues
31181000
CY2018Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.235
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
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8656000
CY2018Q4 us-gaap Revenues
Revenues
34167000

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