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CIO logoCity Office REIT, Inc.(CIO)Earnings, Financials & Key Ratios

CIO•NYSE•REIT / Real Estate
$6.99
$282M mkt cap·Price updated May 1, 2026
SectorReal EstateIndustryOffice REITsSub-IndustrySun Belt and Multi-Market Office REITs
AboutCity Office REIT, Inc. (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At September 30, 2020, CIO owned office complexes comprising 5.8 million square feet of net rentable area (NRA).Show more
  • Revenue$171M-4.5%
  • FFO$42M-30.9%
  • FFO/Share1.04-31.3%
  • FFO Payout56.34%+8.4%
  • FFO per Share1.04-31.3%
  • NOI Margin59.41%-2.5%
  • FFO Margin24.33%-27.7%
  • ROE-2.35%-589.2%
  • ROA-1.19%-585.7%
  • Debt/Assets44.45%+0.3%
  • Net Debt/EBITDA8.05+18.7%
  • Book Value/Share18.30-5.4%
Technical→

CIO Key Insights

City Office REIT, Inc. (CIO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 56.3%
  • ✓Trading near 52-week high
  • ✓Trading at only 0.4x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 0.1%
  • ✗Weak Piotroski F-Score: 2/9
  • ✗FFO declining 228.4% TTM

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CIO Price & Volume

City Office REIT, Inc. (CIO) stock price & volume — 10-year historical chart

Loading chart...

CIO Growth Metrics

City Office REIT, Inc. (CIO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years16.58%
5 Years1.83%
3 Years1.42%
TTM-5.61%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-1179.74%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-736.63%

Return on Capital

10 Years1.87%
5 Years2.25%
3 Years1.97%
Last Year1.48%

CIO Recent Earnings

City Office REIT, Inc. (CIO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 3/12 qtrs (27%)
Q1 2026Latest
Feb 19, 2026
EPS
$0.28
Est $0.12
+333.3%
Revenue
—
Est $43M
Q4 2025
Dec 25, 2025
EPS
$0.27
Est $0.12
+334.8%
Revenue
$37M
Est $43M
-13.6%
Q4 2025
Nov 7, 2025
EPS
$0.14
Est $0.10
-40.0%
Revenue
$37M
Est $43M
-12.5%
Q3 2025
Jul 31, 2025
EPS
$0.28
Est $0.10
+371.0%
Revenue
$42M
Est $43M
-1.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 19, 2026
$0.28vs $0.12+333.3%
—vs $43M
Q4 2025Dec 25, 2025
$0.27vs $0.12+334.8%
$37Mvs $43M-13.6%
Q4 2025Nov 7, 2025
$0.14vs $0.10-40.0%
$37Mvs $43M-12.5%
Q3 2025Jul 31, 2025
$0.28vs $0.10+371.0%
$42Mvs $43M-1.2%
Based on last 12 quarters of dataView full earnings history →

CIO Peer Comparison

City Office REIT, Inc. (CIO) competitors in Sun Belt and Multi-Market Office REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.06B8.45-12.61-0.93%-20.46%-5.7%1.52
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.08B23.2980.3111.27%4.27%1.07%1.23
PGRE logoPGREParamount Group, Inc.Direct Competitor1.46B6.60-31.431.97%-13.47%-2.39%0.92
HIW logoHIWHighwoods Properties, Inc.Direct Competitor2.85B25.8217.81-2.39%11.4%3.76%1.49
JBGS logoJBGSJBG SMITH PropertiesDirect Competitor932.3M15.80-7.56-8.9%-22.16%-6.47%1.52
BXP logoBXPBXP, Inc.Product Competitor9.5B59.8434.392.19%7.95%3.58%2.26
KRC logoKRCKilroy Realty CorporationProduct Competitor4.16B35.0915.13-2.02%24.81%4.91%0.86
VNO logoVNOVornado Realty TrustProduct Competitor5.94B31.567.511.27%43.99%11.77%1.16

Compare CIO vs Peers

City Office REIT, Inc. (CIO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PDM

Most directly comparable listed peer for CIO.

Scale Benchmark

vs CBRE

Larger-name benchmark to compare CIO against a more recognizable public peer.

Peer Set

Compare Top 5

vs PDM, DEA, PGRE, HIW

CIO Income Statement

City Office REIT, Inc. (CIO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue72.46M106.49M129.48M156.3M160.84M164.04M180.49M179.1M171.13M163.79M
Revenue Growth %31.62%46.96%21.6%20.71%2.91%1.99%10.02%-0.77%-4.45%-5.61%
Property Operating Expenses28.3M42.89M49.87M57.32M58.31M58.01M67.74M70M69.46M64.64M
Net Operating Income (NOI)
44.16M▲ 0%
63.6M▲ 44.0%
79.61M▲ 25.2%
98.98M▲ 24.3%
102.53M▲ 3.6%
106.04M▲ 3.4%
112.75M▲ 6.3%
109.1M▼ 3.2%
101.67M▼ 6.8%
99.15M▲ 0%
NOI Margin %60.94%59.73%61.48%63.33%63.75%64.64%62.47%60.92%59.41%60.54%
Operating Expenses36.72M48.39M60.49M70.22M71.06M72.81M76.28M77.83M82.98M186.14M
G&A Expenses6.54M6.79M8.14M11.07M10.69M15.49M13.78M14.84M15.2M15.71M
EBITDA72.46M106.49M125.99M156.3M160.84M164.04M179.27M94.26M78M-30.32M
EBITDA Margin %100%100%97.3%100%100%100%99.33%52.63%45.58%-18.51%
Depreciation & Amortization72.76M91.27M110.36M127.54M129.37M130.81M144.02M62.99M59.32M56.67M
D&A / Revenue %100.41%85.71%85.23%81.6%80.43%79.74%79.79%35.17%34.67%34.6%
Operating Income
-297K▲ 0%
15.21M▲ 5222.9%
15.63M▲ 2.7%
28.76M▲ 84.0%
31.47M▲ 9.4%
33.23M▲ 5.6%
35.25M▲ 6.1%
31.27M▼ 11.3%
18.68M▼ 40.3%
-86.99M▲ 0%
Operating Margin %-0.41%14.29%12.07%18.4%19.57%20.26%19.53%17.46%10.92%-53.11%
Interest Expense00028.4M26.36M23.27M25.78M31.88M32.96M4M
Interest Coverage---1.01x1.19x1.43x1.37x0.98x0.57x-
Non-Operating Income-14.48M-12.66M-45.36M-2.09M-21K0-20.44M1.43M2.85M4.13M
Pretax Income
376K▲ 0%
9.16M▲ 2335.6%
38.67M▲ 322.2%
2.44M▼ 93.7%
5.13M▲ 110.0%
485.28M▲ 9361.5%
17.68M▼ 96.4%
-2.04M▼ 111.5%
-17.13M▼ 741.5%
-123.03M▲ 0%
Pretax Margin %0.52%8.6%29.86%1.56%3.19%295.83%9.8%-1.14%-10.01%-75.11%
Income Tax0000000000
Effective Tax Rate %0%0%0%0%0%0%0%0%0%0%
Net Income
-843K▲ 0%
5.76M▲ 782.8%
38.17M▲ 563.1%
-26.6M▼ 169.7%
-21.84M▲ 17.9%
484.39M▲ 2318.3%
25.2M▼ 94.8%
-2.68M▼ 110.6%
-17.68M▼ 559.2%
-123.41M▲ 0%
Net Margin %-1.16%5.41%29.48%-17.02%-13.58%295.29%13.96%-1.5%-10.33%-75.34%
Net Income Growth %87.21%782.8%563.1%-169.7%17.92%2318.33%-94.8%-110.64%-559.21%-1179.74%
Funds From Operations (FFO)
71.92M▲ 0%
97.03M▲ 34.9%
148.53M▲ 53.1%
100.94M▼ 32.0%
107.53M▲ 6.5%
615.21M▲ 472.1%
169.22M▼ 72.5%
60.3M▼ 64.4%
41.64M▼ 30.9%
-66.73M▲ 0%
FFO Margin %99.25%91.12%114.71%64.58%66.86%375.03%93.76%33.67%24.33%-40.74%
FFO Growth %378.38%34.92%53.08%-32.04%6.53%472.11%-72.49%-64.36%-30.95%-1056.18%
FFO per Share3.513.213.942.292.2813.943.951.511.04-1.65
FFO Payout Ratio %28.98%37.37%28.38%47.72%38.29%5.45%24.44%51.97%56.34%-35.25%
EPS (Diluted)
-0.04▲ 0%
-0.05▼ 21.4%
1.01▲ 2120.0%
-0.60▼ 159.4%
-0.46▲ 23.3%
10.80▲ 2447.8%
0.59▼ 94.5%
-0.25▼ 142.4%
-0.63▼ 152.0%
-3.06▲ 0%
EPS Growth %92.23%-21.36%2120%-159.41%23.33%2447.83%-94.54%-142.37%-152%-736.63%
EPS (Basic)-0.04-0.051.02-0.60-0.4610.970.60-0.25-0.63-
Diluted Shares Outstanding20.46M30.2M37.67M44M47.22M44.15M42.87M39.92M40.14M40.36M

CIO Balance Sheet

City Office REIT, Inc. (CIO) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets661.49M896.49M1.1B1.23B1.16B1.6B1.57B1.51B1.46B1.07B
Asset Growth %49.12%35.52%22.75%11.64%-5.79%38.38%-1.69%-4.01%-3.69%-46.22%
Real Estate & Other Assets5.42M7.79M945.57M1.04B975.44M1.45B1.43B1.36B1.32B0
PP&E (Net)550.32M728.07M935.16M13.13M12.74M14.11M12.94M12.56M00
Investment Securities-1000K-1000K-1000K700K-1000K-1000K1000K1000K00
Total Current Assets49.53M95.54M79.36M124.15M124.97M72.68M88.69M96.85M98.86M62.25M
Cash & Equivalents13.7M12.3M16.14M70.13M25.3M21.32M28.19M30.08M18.89M21.35M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets15.95M61.14M34.38M21.91M66.7M20.95M16.07M13.31M27.66M0
Intangible Assets56.21M65.09M75.5M67.53M44.14M68.92M55.44M42.43M34.63M23.87M
Total Liabilities405.44M536.66M702.05M679.34M739.42M730.92M771.26M738.74M721.13M456.78M
Total Debt370.06M489.51M645.35M607.25M677.24M653.65M890.6M669.51M646.97M401.9M
Net Debt356.35M477.21M629.22M537.12M651.94M632.33M862.41M639.43M628.09M380.55M
Long-Term Debt317.56M489.51M645.35M607.25M602.24M653.65M690.1M561.84M391.97M254.87M
Short-Term Borrowings3.85M04.8M075M0200.5M107.67M255M145.44M
Capital Lease Obligations4.3M8.65M8.89M8.19M6.04M22.81M9.15M19.37M03.25M
Total Current Liabilities26.05M34.98M43.25M35.45M108.24M38.7M44.9M137.4M305.98M182.65M
Accounts Payable12.98M17.61M25.89M28.79M25.41M27.1M00029.01M
Deferred Revenue5.56M4.22M5.33M6.59M7.29M11.6M9.15M014.27M0
Other Liabilities54.9M3.52M-5.33M28.45M97.9M27.36M36.27M39.51M23.18M17.74M
Total Equity
256.06M▲ 0%
359.83M▲ 40.5%
398.38M▲ 10.7%
549.13M▲ 37.8%
417.88M▼ 23.9%
870.6M▲ 108.3%
803.17M▼ 7.7%
772.63M▼ 3.8%
734.54M▼ 4.9%
610.45M▲ 0%
Equity Growth %247.34%40.53%10.71%37.84%-23.9%108.34%-7.74%-3.8%-4.93%-47.55%
Shareholders Equity254.2M359.62M397.41M548.01M416.93M869.62M802.83M772.23M733.86M610.05M
Minority Interest1.86M208K964K1.12M949K979K343K402K685K403K
Common Stock244K360K395K545K433K435K397K399K401K403K
Additional Paid-in Capital195.57M334.24M377.13M577.13M479.41M482.06M436.16M438.87M442.33M444.36M
Retained Earnings-53.61M-86.98M-92.11M-142.38M-172.96M275.5M251.54M221.21M179.84M55.17M
Preferred Stock112M112M112M112M112M112M112M112M112M112M
Return on Assets (ROA)-0.15%0.74%3.82%-2.28%-1.83%35.12%1.59%-0.17%-1.19%-11.56%
Return on Equity (ROE)-0.51%1.87%10.07%-5.62%-4.52%75.19%3.01%-0.34%-2.35%-20.22%
Debt / Assets55.94%54.6%58.65%49.43%58.52%40.81%56.57%44.3%44.45%37.66%
Debt / Equity1.45x1.36x1.62x1.11x1.62x0.75x1.11x0.87x0.88x0.88x
Net Debt / EBITDA4.92x4.48x4.99x3.44x4.05x3.85x4.81x6.78x8.05x8.05x
Book Value per Share12.5211.9210.5812.488.8519.7218.7419.3518.3015.12

CIO Cash Flow Statement

City Office REIT, Inc. (CIO) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations19.15M36.55M42.19M49.5M59.92M73.22M106.68M57.22M58.86M58.86M
Operating CF Growth %35.19%90.91%15.41%17.33%21.06%22.19%45.69%-46.36%2.87%-68.4%
Operating CF / Revenue %26.42%34.33%32.58%31.67%37.26%44.64%59.11%31.95%34.4%35.94%
Net Income-843K5.76M38.17M2.44M5.13M485.28M16.99M-2.04M-17.13M-123.41M
Depreciation & Amortization30.48M41.26M52.17M59.16M60.37M57.32M62.57M62.99M59.32M35.5M
Stock-Based Compensation2.44M1.67M1.42M1.74M2.33M2.64M3.88M4.09M4.32M2.84M
Other Non-Cash Items-10.49M-10.46M-48.15M-3.94M-2.08M1.11M29.27M-5.21M10.68M105.16M
Working Capital Changes-4.33M-1.65M-1.6M-6.5M-4.48M3.52M-6.03M-2.62M1.67M-195K
Cash from Investing-216.24M-243.3M-197.31M-81.92M-27.8M-17.38M-47.05M-41.34M-40.29M225.22M
Acquisitions (Net)-246.43M0-843K112K52K286K170K000
Purchase of Investments-9.5M-264.25M-278.1M-124.36M-26.35M-650.19M-37.48M000
Sale of Investments1000K1000K1000K1000K1000K1000K1000K000
Other Investing41.45M14.19M-197.31M-112K-52K-286K-47.05M-41.34M-40.29M225.22M
Cash from Financing203.43M212.11M153.25M86.8M-73.69M-59.53M-57.63M-16.75M-28.01M-276.56M
Dividends Paid-20.84M-36.26M-42.16M-48.16M-41.18M-33.51M-41.37M-31.34M-23.46M-23.52M
Common Dividends-20.84M-36.26M-42.16M-48.16M-41.18M-33.51M-41.37M-31.34M-23.46M-23.52M
Debt Issuance (Net)1000K1000K1000K-1000K1000K-1000K1000K1000K-1000K-2M
Share Repurchases0000-100.36M-216K-50.08M-1.64M0-31K
Other Financing-885K-8.14M-4.42M-2.32M-819K-1.07M-1.41M-2.93M-1.99M-1.5M
Net Change in Cash
21.51M▲ 0%
5.36M▼ 75.1%
-1.87M▼ 134.8%
54.38M▲ 3009.5%
-41.57M▼ 176.5%
-3.69M▲ 91.1%
2M▲ 154.2%
-870K▼ 143.6%
-9.43M▼ 984.3%
-3.75M▲ 0%
Exchange Rate Effect1000K000000000
Cash at Beginning8.14M29.65M35.01M33.15M87.52M45.95M42.27M44.26M43.39M34.5M
Cash at End29.65M35.01M33.15M87.52M45.95M42.27M44.26M43.39M33.96M39.28M
Free Cash Flow
-238.54M▲ 0%
-220.94M▲ 7.4%
38.14M▲ 117.3%
45.57M▲ 19.5%
52.13M▲ 14.4%
65.03M▲ 24.7%
97.11M▲ 49.3%
57.22M▼ 41.1%
58.86M▲ 2.9%
47.59M▲ 0%
FCF Growth %-50.89%7.38%117.26%19.49%14.39%24.74%49.33%-41.08%2.87%-17.52%
FCF / Revenue %-329.2%-207.48%29.45%29.16%32.41%39.64%53.81%31.95%34.4%29.06%

CIO Key Ratios

City Office REIT, Inc. (CIO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
FFO per Share3.513.213.942.292.2813.943.951.511.04-1.65
FFO Payout Ratio28.98%37.37%28.38%47.72%38.29%5.45%24.44%51.97%56.34%-35.25%
NOI Margin60.94%59.73%61.48%63.33%63.75%64.64%62.47%60.92%59.41%60.54%
Net Debt / EBITDA4.92x4.48x4.99x3.44x4.05x3.85x4.81x6.78x8.05x8.05x
Debt / Assets55.94%54.6%58.65%49.43%58.52%40.81%56.57%44.3%44.45%37.66%
Interest Coverage---1.01x1.19x1.43x1.37x0.98x0.57x-
Book Value / Share12.5211.9210.5812.488.8519.7218.7419.3518.315.12
Revenue Growth31.62%46.96%21.6%20.71%2.91%1.99%10.02%-0.77%-4.45%-5.61%

CIO SEC Filings & Documents

City Office REIT, Inc. (CIO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jan 9, 2026·SEC

Material company update

Dec 4, 2025·SEC

Material company update

Nov 25, 2025·SEC

10-K Annual Reports

3
FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

FY 2023

Feb 23, 2023·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 7, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 2, 2025·SEC

CIO Frequently Asked Questions

City Office REIT, Inc. (CIO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

City Office REIT, Inc. (CIO) reported $163.8M in revenue for fiscal year 2024. This represents a 1685% increase from $9.2M in 2011.

City Office REIT, Inc. (CIO) saw revenue decline by 4.5% over the past year.

City Office REIT, Inc. (CIO) reported a net loss of $123.4M for fiscal year 2024.

Dividend & Returns

Yes, City Office REIT, Inc. (CIO) pays a dividend with a yield of 8.36%. This makes it attractive for income-focused investors.

City Office REIT, Inc. (CIO) has a return on equity (ROE) of -2.3%. Negative ROE indicates the company is unprofitable.

Industry Metrics

City Office REIT, Inc. (CIO) generated Funds From Operations (FFO) of $-66.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

City Office REIT, Inc. (CIO) offers a 8.36% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More CIO

City Office REIT, Inc. (CIO) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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