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

CIO•NYSE•REIT / Real Estate
Price updated May 28, 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%

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 224.8% TTM

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

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CIO Price & Volume

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

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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-1160.5%

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
Metric
Actual
Est
EPS
$0.28+333.3%
$0.12
Rev
—
$43M
Q4 2025
Dec 25, 2025
Metric
Actual
Est
EPS
$0.27+334.8%
$0.12
Rev
$37M-13.6%
$43M
Q4 2025
Nov 7, 2025
Metric
Actual
Est
EPS
$0.14-40.0%
$0.10
Rev
$37M-12.5%
$43M
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$0.28+371.0%
$0.10
Rev
$42M-1.2%
$43M
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.12B8.94-13.34-0.93%-20.46%-5.7%1.52
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.07B23.1679.8611.27%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 Competitor3.23B29.2820.19-2.39%11.4%3.76%1.49
JBGS logoJBGSJBG SMITH PropertiesDirect Competitor835.53M14.16-6.78-8.9%-22.16%-6.47%1.52
BXP logoBXPBXP, Inc.Product Competitor10.27B64.7037.182.19%7.95%3.58%2.26
KRC logoKRCKilroy Realty CorporationProduct Competitor4.36B36.8115.87-2.02%24.81%4.91%0.86
VNO logoVNOVornado Realty TrustProduct Competitor7.11B37.819.001.27%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
MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue
72.46M106.49M129.48M156.3M160.84M164.04M180.49M179.1M171.13M163.79M
Revenue Growth %
31.62%46.96%21.6%20.71%2.91%1.99%10.02%-0.77%-4.45%-5.61%
Property Operating Expenses
28.3M42.89M49.87M57.32M58.31M58.01M67.74M70M69.46M64.64M
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 Expenses
36.72M48.39M60.49M70.22M71.06M72.81M76.28M77.83M82.98M186.14M
G&A Expenses
6.54M6.79M8.14M11.07M10.69M15.49M13.78M14.84M15.2M15.71M
EBITDA
72.46M106.49M125.99M156.3M160.84M164.04M179.27M94.26M78M-30.32M
EBITDA Margin %
100%100%97.3%100%100%100%99.33%52.63%45.58%-18.51%
Depreciation & Amortization
72.76M91.27M110.36M127.54M129.37M130.81M144.02M62.99M59.32M56.67M
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 Expense
00028.4M26.36M23.27M25.78M31.88M32.96M4M
Interest Coverage
---1.09x1.19x1.43x1.69x0.94x0.48x-
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%
-121.14M▲ 0%
Pretax Margin %
0.52%8.6%29.86%1.56%3.19%295.83%9.8%-1.14%-10.01%-73.96%
Income Tax
0000000000
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%
-121.55M▲ 0%
Net Margin %
-1.16%5.41%29.48%-17.02%-13.58%295.29%13.96%-1.5%-10.33%-74.21%
Net Income Growth %
87.21%782.8%563.1%-169.7%17.92%2318.33%-94.8%-110.64%-559.21%-1160.5%
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%
-64.88M▲ 0%
FFO Margin %
99.25%91.12%114.71%64.58%66.86%375.03%93.76%33.67%24.33%-39.61%
FFO Growth %
378.38%34.92%53.08%-32.04%6.53%472.11%-72.49%-64.36%-30.95%-1040.81%
FFO per Share
3.513.213.942.292.2813.943.951.511.04-1.61
FFO Payout Ratio %
28.98%37.37%28.38%47.72%38.29%5.45%24.44%51.97%56.34%-36.26%
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%
-3.01▲ 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 Outstanding
20.46M30.2M37.67M44M47.22M44.15M42.87M39.92M40.14M40.36M

CIO Balance Sheet

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

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets
661.49M896.49M1.1B1.23B1.16B1.6B1.57B1.51B1.46B1.07B
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 Assets
5.42M7.79M945.57M1.04B975.44M1.45B1.43B1.36B1.32B0
PP&E (Net)
550.32M728.07M935.16M13.13M12.74M14.11M12.94M12.56M00
Investment Securities
-1000K-1000K-1000K700K-1000K-1000K1000K1000K00
Total Current Assets
49.53M95.54M79.36M124.15M124.97M72.68M88.69M96.85M98.86M62.25M
Cash & Equivalents
13.7M12.3M16.14M70.13M25.3M21.32M28.19M30.08M18.89M21.35M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
15.95M61.14M34.38M21.91M66.7M20.95M16.07M13.31M27.66M0
Intangible Assets
56.21M65.09M75.5M67.53M44.14M68.92M55.44M42.43M34.63M23.87M
Total Liabilities
405.44M536.66M702.05M679.34M739.42M730.92M771.26M738.74M721.13M456.78M
Total Debt
370.06M489.51M645.35M607.25M677.24M653.65M890.6M669.51M646.97M401.9M
Net Debt
356.35M477.21M629.22M537.12M651.94M632.33M862.41M639.43M628.09M380.55M
Long-Term Debt
317.56M489.51M645.35M607.25M602.24M653.65M690.1M561.84M391.97M254.87M
Short-Term Borrowings
3.85M04.8M075M0200.5M107.67M255M145.44M
Capital Lease Obligations
4.3M8.65M8.89M8.19M6.04M22.81M0658K07.32M
Total Current Liabilities
26.05M34.98M43.25M35.45M108.24M38.7M44.9M137.4M305.98M182.65M
Accounts Payable
12.98M17.61M25.89M28.79M25.41M27.1M00029.01M
Deferred Revenue
5.56M4.22M5.33M6.59M7.29M11.6M9.15M014.27M0
Other Liabilities
54.9M3.52M-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 Equity
254.2M359.62M397.41M548.01M416.93M869.62M802.83M772.23M733.86M610.05M
Minority Interest
1.86M208K964K1.12M949K979K343K402K685K403K
Common Stock
244K360K395K545K433K435K397K399K401K403K
Additional Paid-in Capital
195.57M334.24M377.13M577.13M479.41M482.06M436.16M438.87M442.33M444.36M
Retained Earnings
-53.61M-86.98M-92.11M-142.38M-172.96M275.5M251.54M221.21M179.84M55.17M
Preferred Stock
112M112M112M112M112M112M112M112M112M112M
Return on Assets (ROA)
-0.15%0.74%3.82%-2.28%-1.83%35.12%1.59%-0.17%-1.19%-9.2%
Return on Equity (ROE)
-0.51%1.87%10.07%-5.62%-4.52%75.19%3.01%-0.34%-2.35%-18.09%
Debt / Assets
55.94%54.6%58.65%49.43%58.52%40.81%56.57%44.3%44.45%37.66%
Debt / Equity
1.45x1.36x1.62x1.11x1.62x0.75x1.11x0.87x0.88x0.66x
Net Debt / EBITDA
4.92x4.48x4.99x3.44x4.05x3.85x4.81x6.78x8.05x-12.55x
Book Value per Share
12.5211.9210.5812.488.8519.7218.7419.3518.3015.12

CIO Cash Flow Statement

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

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations
19.15M36.55M42.19M49.5M59.92M73.22M106.68M57.22M58.86M47.59M
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%29.06%
Net Income
-843K5.76M38.17M2.44M5.13M485.28M16.99M-2.04M-17.13M-121.55M
Depreciation & Amortization
30.48M41.26M52.17M59.16M60.37M57.32M62.57M62.99M59.32M35.5M
Stock-Based Compensation
2.44M1.67M1.42M1.74M2.33M2.64M3.88M4.09M4.32M2.84M
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 Investments
42.98M16.99M84.84M46.36M6.34M641M46.88M000
Other Investing
41.45M14.19M-197.31M-112K-52K-286K-47.05M-41.34M-40.29M225.22M
Cash from Financing
203.43M212.11M153.25M86.8M-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 Repurchases
0000-100.36M-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 Effect
15.18M000000000
Cash at Beginning
8.14M29.65M35.01M33.15M87.52M45.95M42.27M44.26M43.39M34.5M
Cash at End
29.65M35.01M33.15M87.52M45.95M42.27M44.26M43.39M33.96M39.28M
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 Share
3.513.213.942.292.2813.943.951.511.04-1.61
FFO Payout Ratio
28.98%37.37%28.38%47.72%38.29%5.45%24.44%51.97%56.34%-36.26%
NOI Margin
60.94%59.73%61.48%63.33%63.75%64.64%62.47%60.92%59.41%60.54%
Net Debt / EBITDA
4.92x4.48x4.99x3.44x4.05x3.85x4.81x6.78x8.05x-12.55x
Debt / Assets
55.94%54.6%58.65%49.43%58.52%40.81%56.57%44.3%44.45%37.66%
Interest Coverage
---1.09x1.19x1.43x1.69x0.94x0.48x-
Book Value / Share
12.5211.9210.5812.488.8519.7218.7419.3518.315.12
Revenue Growth
31.62%46.96%21.6%20.71%2.91%1.99%10.02%-0.77%-4.45%-5.61%
Related:CIO Dividend History·CIO Revenue History·CIO Price History·CIO P/E History·CIO Financial Ratios·CIO Institutional Holders

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 $121.5M 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 $-64.9M 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.

What if you invested $1,000 in CIO back in 2011?

Total return calculator · dividends reinvested · 15+ years of data

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How much would $100/month in CIO be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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