Form 10-Q

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¨ (Do not check if a smaller reporting company)

Smaller reporting company

0001193125-16-580217.txt : 20160505 0001193125-16-580217.hdr.sgml : 20160505 20160505172300 ACCESSION NUMBER: 0001193125-16-580217 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160505 DATE AS OF CHANGE: 20160505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: City Office REIT, Inc. CENTRAL INDEX KEY: 0001593222 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 981141883 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36409 FILM NUMBER: 161625066 BUSINESS ADDRESS: STREET 1: 1075 WEST GEORGIA STREET SUITE 2600 CITY: VANCOUVER STATE: A1 ZIP: V6E 3C9 BUSINESS PHONE: 1-604-806-3353 MAIL ADDRESS: STREET 1: 1075 WEST GEORGIA STREET SUITE 2600 CITY: VANCOUVER STATE: A1 ZIP: V6E 3C9 10-Q 1 d172276d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file no: 001-36409

CITY OFFICE REIT, INC.


Maryland		98-1141883
(State or other jurisdiction		(IRS Employer
of incorporation)		Identification No.)

1075 West Georgia Street

Suite 2010

Vancouver, BC

V6E 3C9

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (604) 806-3366

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ x No

The number of shares of Common Stock, $0.01 par value, of the registrant outstanding at May 4, 2016 was 21,209,472.

City Office REIT, Inc.

Quarterly Report on Form 10-Q

For the Quarter Ended March 31, 2016

Table of Contents


PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015	3

	Condensed Consolidated Statements of Operations for the Three months Ended March 31, 2016 and 2015	4

	Condensed Consolidated Statement of Changes in Equity as of March 31, 2016	5

	Condensed Consolidated Statements of Cash Flows for the Three months Ended March 31, 2016 and 2015	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25

Item 4.	Controls and Procedures	26

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	27

Item 1A.	Risk Factors	27

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3.	Defaults Upon Senior Securities	27

Item 4.	Mine Safety Disclosures	27

Item 5.	Other Information	27

Item 6.	Exhibits	27

Signatures		29

City Office REIT, Inc.

Condensed Consolidated Balance Sheets (Note 1)

(Unaudited)

(In thousands, except par value and share data)


	March 31, 2016		December 31, 2015
Assets
Real estate properties, cost
Land		$ 90,205		$ 90,205
Building and improvement		256,501		256,317
Tenant improvement		39,027		35,069
Furniture, fixtures and equipment		202		198

		385,935		381,789
Accumulated depreciation		(30,342)		(26,909)

		355,593		354,880

Cash and cash equivalents		8,198		8,138
Restricted cash		14,769		15,176
Rents receivable, net		15,804		14,382
Deferred leasing costs, net of accumulated amortization		5,228		5,074
Acquired lease intangibles assets, net		37,880		40,990
Prepaid expenses and other assets		1,586		1,567

Total Assets		$ 439,058		$ 440,207

Liabilities and Equity
Liabilities:
Debt		$ 345,117		$ 341,278
Accounts payable and accrued liabilities		13,182		8,745
Deferred rent		2,084		2,653
Tenant rent deposits		2,032		2,178
Acquired lease intangibles liability, net		2,143		2,292
Dividend distributions payable		5,701		3,663
Earn-out liability		1,900		5,678

Total Liabilities		372,159		366,487

Commitments and Contingencies (Note 9)
Equity:
Common stock, $0.01 par value, 100,000,000 shares authorized, 12,982,290 and 12,517,777 shares issued and outstanding		130		125
Additional paid-in capital		100,149		95,318
Accumulated deficit		(41,660)		(29,598)

Total Stockholders’ Equity		58,619		65,845
Operating Partnership unitholders’ non-controlling interests		9,001		8,550
Non-controlling interests in properties		(721)		(675)

Total Equity		66,899		73,720

Total Liabilities and Equity		$ 439,058		$ 440,207

Subsequent Events (Note 11)

The accompanying notes are an integral part of these condensed consolidated financial statements.

City Office REIT, Inc.

Condensed Consolidated Statements of Operations (Note 1)

(Unaudited)

(In thousands, except per share data)


	Three Months Ended March 31,
	2016		2015
Revenues:
Rental income	$	14,072	$	10,040
Expense reimbursement		1,782		891
Other		420		328

Total Revenues		16,274		11,259

Operating Expenses:
Property operating expenses		6,157		4,116
Acquisition costs		—		209
Stock based compensation		542		409
General and administrative		699		408
Base management fee		109		332
External advisor acquisition		7,044		—
Depreciation and amortization		6,551		4,406

Total Operating Expenses		21,102		9,880

Operating Income/(Loss)		(4,828)		1,379
Interest Expense:
Contractual interest expense		(3,740)		(2,009)
Amortization of deferred financing costs		(221)		(169)

		(3,961)		(2,178)

Net loss		(8,789)		(799)
Less:
Net income attributable to noncontrolling interests in properties		(69)		(121)
Net loss attributable to Operating Partnership unitholders’ noncontrolling interests		1,739		177

Net loss attributable to stockholders	$	(7,119)	$	(743)

Net loss per share:
Basic and diluted	$	(0.56)	$	(0.06)

Weighted average common shares outstanding:
Basic and diluted		12,764		12,279

Dividends/distributions declared per common share and unit	$	0.235	$	0.235

The accompanying notes are an integral part of these condensed consolidated financial statements.

City Office REIT, Inc.

Condensed Consolidated Statement of Changes in Equity (Note 1)

(Unaudited)

(In thousands)


	Number of shares of common stock		Common stock		Additional paid-in capital		Accumulated deficit		Total stockholders’ equity		Operating Partnership unitholders’ non-controlling interests		Non-controlling interests in properties		Total equity
Balance—December 31, 2015		12,518	$	125	$	95,318	$	(29,598)	$	65,845	$	8,550	$	(675)	$	73,720
Conversion of common units to shares		20		—		61		—		61		(61)		—		—
Restricted stock award grants		—		—		542		—		542		—		—		542
Internalization payment in shares		297		3		3,461		—		3,464		—		—		3,464
Earn out payment in shares		147		2		767		—		769		3,009		—		3,778
Dividend distributions declared		—		—		—		(4,943)		(4,943)		(758)		—		(5,701)
Distributions		—		—		—		—		—		—		(115)		(115)
Net loss		—		—		—		(7,119)		(7,119)		(1,739)		69		(8,789)

Balance—March 31, 2016		12,982	$	130	$	100,149	$	(41,660)	$	58,619	$	9,001	$	(721)	$	66,899

The accompanying notes are an integral part of these condensed consolidated financial statements.

City Office REIT, Inc.

Condensed Consolidated Statements of Cash Flows (Note 1)

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2016		2015
Cash Flows from Operating Activities:
Net loss	$	(8,789)	$	(799)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		6,551		4,406
Amortization of deferred financing costs		221		169
Amortization of above/below market leases		61		128
Increase in straight-line rent		(1,144)		(83)
Non-cash stock compensation		542		409
Internalization shares issued		3,464		—
Changes in non-cash working capital:
Rents receivable, net		(278)		(1,188)
Prepaid expenses and other assets		(17)		510
Accounts payable and accrued liabilities		4,437		(210)
Deferred rent		(569)		(686)
Tenant rent deposits		(146)		15

Net Cash Provided By Operating Activities		4,333		2,671

Cash Flows to Investing Activities:
Additions to real estate properties		(4,359)		(485)
Acquisition of real estate, net of cash assumed		—		(10,423)
Deferred leasing cost		(159)		(568)

Net Cash Used In Investing Activities		(4,518)		(11,476)

Cash Flows from Financing Activities:
Debt issuance and extinguishment costs		(104)		—
Proceeds from secured credit facility		4,000		—
Repayment of mortgage loans payable		(280)		(271)
Distributions to non-controlling interests in properties		(115)		(96)
Dividend distributions paid to stockholders and Operating Partnership unitholders		(3,663)		(3,571)
Change in restricted cash		407		1,866

Net Cash Provided By/(Used In) Financing Activities		245		(2,072)

Net Increase/(Decrease) in Cash and Cash Equivalents		60		(10,877)
Cash and Cash Equivalents, Beginning of Period		8,138		34,862

Cash and Cash Equivalents, End of Period	$	8,198	$	23,985

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	3,732	$	2,097
Earn-out payment in shares	$	3,778	$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

City Office REIT, Inc. and Predecessor

Notes to the Condensed Consolidated and Combined Financial Statements

1. Organization and Description of Business

City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’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 “Operating Partnership”), in exchange for common units in the Operating Partnership (“common units”). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”).

The Company’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’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners.

The Company has elected to be taxed and will continue to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”). 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.

On February 1, 2016, the Company closed on the previously announced management internalization (“the Internalization”). The Company had previously entered into a Stock Purchase Agreement (“Stock Purchase Agreement”) with certain stockholders of the Company’s external advisor, City Office Real Estate Management Inc. (the “Advisor”) pursuant to which the Company acquired all of the outstanding stock of the 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 million to the stockholders of the Advisor (the “Sellers”), which include the Company’s three executive officers and Samuel Belzberg, a director of the Company. In addition, the Company is required to make cash payments to the Sellers of up to $3.5 million if the Company’s fully diluted market capitalization reaches the following thresholds prior to December 31, 2016: $1 million upon the Company achieving a $200 million fully diluted market capitalization, an additional $1 million upon the Company achieving a $225 million fully diluted market capitalization and an additional $1.5 million upon the Company achieving a $250 million fully diluted market capitalization. As of April 5, 2016, the Company’s fully diluted market capitalization was $277.6 million. The Company accrued an additional $3.5 million in the first quarter of 2016 representing the payments to be made to the Sellers upon reaching these fully diluted market capitalizations, which, together with the initial payment and professional fees, resulted in a total cost of $7.0 million in the first quarter of 2016. The amount was recorded as an expense in the accompanying condensed 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, our Operating Partnership and the Advisor (“Advisory Agreement”) that eliminates the payment of acquisition fees by the Company to the Advisor. In addition, each of the executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately eleven additional current employees of the Advisor and its affiliates became employees of the Company.

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 “Administrative Services Agreement”) with Second City Capital II Corporation and Second City Real Estate II Corporation, related entities controlled by Sam Belzberg, a director of the Company. 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’s subsidiary will receive annual payments for these services under the Administrative Services Agreement as follows: first 12 months—$1.5 million, second 12 months—$1.15 million and third 12 months—$0.625 million, for a total of $3.275 million over the three-year term.

2. Summary of Significant Accounting Policies

Basis of Preparation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

New Accounting Pronouncements

In April 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company adopted ASU 2015-3 on January 1, 2016 and retrospectively reclassified $3.4 million of debt issuance costs as of December 31, 2015 from deferred financing costs, net.

In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 was adopted January 1, 2016. The impact, if any, of adopting ASU 2015-16 on the Company’s financial statements will depend on the nature of business combinations that occur.

In February 2016, the FASB issued ASU 2016-02, Leases. The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

3. Real Estate Investments

Acquisitions

During the three months ended March 31, 2016 and 2015, the Company, through the Operating Partnership, acquired the following property:


Property	Date Acquired	Percentage Owned
Logan Tower	February 2015		100%

The above acquisition has been accounted for as a business combination.

On February 4, 2015, the Company, through the Operating Partnership, acquired 100% of Logan Tower, a property in Denver, Colorado, for $10.4 million. The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed (in thousands):


	Logan Tower
Land	$	1,306
Buildings and improvements		7,844
Tenant improvements		353
Acquired intangible assets		1,274
Accounts payable and other liabilities		(48)
Lease intangible liabilities		(306)

Total consideration	$	10,423

The following table presents the unaudited revenues and income from continuing operations for Logan Tower on a pro forma basis as if the Company had completed the acquisition of the property as of January 1, 2015 (in thousands):


	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015
Total revenues as reported by City Office REIT, Inc.	$	16,274	$	11,259
Plus: Logan Tower		—		148

Pro forma total revenues	$	16,274	$	11,407

Total operating income as reported by the City Office REIT, Inc.	$	(4,828)	$	1,379
Plus: Logan Tower		—		(106)

Pro forma operating income	$	(4,828)	$	1,273

4. Lease Intangibles

Lease intangibles and the value of assumed lease obligations as of March 31, 2016 and December 31, 2015 were comprised as follows (in thousands):


March 31, 2016	Above Market Leases		In Place Leases		Leasing Commissions		Total		Below Market Leases		Below Market Ground Lease		Total
Cost	$	5,616	$	44,478	$	17,530	$	67,624	$	(2,928)	$	(138)	$	(3,066)
Accumulated amortization		(3,040)		(19,882)		(6,822)		(29,744)		898		25		923

	$	2,576	$	24,596	$	10,708	$	37,880	$	(2,030)	$	(113)	$	(2,143)


December 31, 2015	Above Market Leases		In Place Leases		Leasing Commissions		Total		Below Market Leases		Below Market Ground Lease		Total
Cost	$	5,616	$	44,478	$	17,530	$	67,624	$	(2,928)	$	(138)	$	(3,066)
Accumulated amortization		(2,830)		(17,641)		(6,163)		(26,634)		750		24		774

	$	2,786	$	26,837	$	11,367	$	40,990	$	(2,178)	$	(114)	$	(2,292)

The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands):


2016	$	8,234
2017		8,473
2018		5,469
2019		4,041
2020		3,218
Thereafter		6,302

	$	35,737

5. Debt

The following table summarizes the secured indebtedness as of March 31, 2016 and December 31, 2015 (in thousands):


Property	March 31, 2016		December 31, 2015		Interest Rate as of March 31, 2016		Maturity
Term Loan ⁽¹⁾	$	14,000	$	14,000		LIBOR+6.00%⁽²⁾	September 2016
Secured Credit Facility ⁽³⁾		54,000		50,000		LIBOR +2.75%⁽²⁾	June 2018
Washington Group Plaza ⁽⁴⁾		33,502		33,669		3.85	July 2018
AmberGlen Mortgage Loan ⁽⁵⁾		24,618		24,729		4.38	May 2019
Midland Life Insurance ⁽⁶⁾		95,000		95,000		4.34	May 2021
Lake Vista Pointe ⁽⁴⁾		18,460		18,460		4.28	August 2024
Florida Research Park ⁽⁴⁾⁽⁷⁾		17,000		17,000		4.44	December 2024
Plaza 25 ⁽⁴⁾⁽⁸⁾		17,000		17,000		4.10	July 2025
190 Office Center ⁽⁸⁾ ⁷⁾		41,250		41,250		4.79	October 2025
Intellicenter ⁽⁸⁾		33,562		33,563		4.65	October 2025

Total Principal	$	348,392	$	344,671
Deferred financing costs, net		(3,275)		(3,393)

Total	$	345,117	$	341,278

All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) and Term Loan (“Term Loan”) as explained in footnote 1 below.

(1)	The Company is required to maintain a maximum total leverage ratio of 65%, a minimum liquidity of $3 million and a debt service coverage ratio of no less than 1.60x.

(2)	As of March 31, 2016, the one month LIBOR rate was 0.40%

(3)

At March 31, 2016 the Secured Credit Facility had $75 million authorized and $54 million drawn. In addition, the Secured Credit Facility has an accordion feature that will permit the Company to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.60x. At March 31, 2016, the Secured Credit Facility is cross-collateralized by Central Fairwinds, Logan Tower, Superior Pointe and DTC Crossroads.

(4)	Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.

(5)	The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.

(6)

The mortgage loan is cross-collateralized by Corporate Parkway, Cherry Creek and City Center. The loan is interest only until June 2016, after which it is interest payable monthly plus principal based on 360 months of amortization. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021.

(7)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.

(8)	The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x and 1.20x respectively for each of Plaza 25, 190 Office Center and Intellicenter.

The scheduled principal repayments of debt as of March 31, 2016 are as follows (in thousands):


2016	$	15,756
2017		3,036
2018		89,160
2019		26,629
2020		3,917
Thereafter		209,894

Total	$	348,392

6. Fair Value of Financial Instruments

Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs – quoted prices in active markets for identical assets or liabilities

Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs – unobservable inputs

Earn-Out Liability

The fair value of the Central Fairwinds earn-out (note 9) was derived by making assumptions on the timing of the lease up of vacant space and the gross effective rents of those new leases and then applying an 8% discount rate to the resulting cash-flows to obtain a present value. The earn-out valuation assumes that approximately 1,500 square feet of additional leasing is completed between the date of the valuation and the end of the calculation period which would take the earn-out occupancy from 88% at March 31, 2016 to 89% by July 2016 and stabilized at that level thereafter. The net effective rent and incremental operating costs per square foot is assumed to be $14 and $3, respectively.

The estimated fair value of the earn-out liability decreased from $5.7 million at December 31, 2015 to $1.9 million at March 31, 2016 due to a $3.8 million payment in March 2016, satisfied through the issuance of common stock.

Level 3 sensitivity analysis:

The Company applies judgment in determining unobservable inputs used to calculate the fair value of Level 3 instruments. Level 3 instruments held by the Company include the earn-out. The unobservable inputs used in the valuation of the earn-out primarily include the net effective rent assumptions. A sensitivity analysis has been performed to determine the potential gain or loss by varying the significant unobservable inputs by increasing or decreasing them by 10%. The impact of applying these other reasonably possible inputs is a potential loss of $0.1 million and a potential gain of $0.1 million. This potential gain or loss would be recorded through profit and loss.

Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities

The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments.

Fair Value of Financial Instruments Not Carried at Fair Value

With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $293.2 million and $285.9 million as of March 31, 2016 and December 31, 2015, respectively. Although the Company has determined the majority of the inputs used to value its fixed rate debt fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its fixed rate debt utilize Level 3 inputs, such as estimates of current credit spreads. Accordingly, mortgage loans payable have been classified as Level 3 fair value measurements.

7. Related Party Transactions

Equity Transactions

Property Management Fees

Three of the Company’s properties (City Center, Central Fairwinds and AmberGlen) have engaged related parties to perform asset and property management services for a fee ranging from 3.0% to 3.5% of gross revenue. Management fees paid to the minority partners of these three properties totaled $0.1 million for each of the three months ended March 31, 2016 and 2015, respectively.

Advisory Fee

During the three month periods ended March 31, 2016, the Company incurred $0.1 million in advisory fees payable to the Advisor. Subsequent to the Internalization, such payments will no longer be made.

Earn-Out Payments

During the year ended December 31, 2015, the 70% and 80% earn-out occupancy and net operating income thresholds were met at the Central Fairwinds property. This triggered a payment of approximately $3.2 million to Second City which was made on August 6, 2015 and a second payment of approximately $3.8 million which was made on March 3, 2016.

8. Future Minimum Rent Schedule

Future minimum lease payments to be received as of March 31, 2016 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands):


2016	$	40,375
2017		52,508
2018		45,086
2019		38,941
2020		35,295
Thereafter		132,990

	$	345,195

The above minimum lease payments to be received do not include reimbursements from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases.

Fifteen state government tenants currently have the exercisable right to terminate their lease if the state does not appropriate rent in its annual budgets. The Company has determined that the occurrence of the government tenant not appropriating the rent in its annual budget is a remote contingency and accordingly recognizes lease revenue on a straight-line basis over the respective lease term. These tenants represent approximately 19.6% of the Company’s total future minimum lease payments as of March 31, 2016.

9. Commitments and Contingencies

Earn-Out

As part of the Formation Transactions and contribution agreement with respect to the Central Fairwinds property, the Company is obligated to make additional payments to Second City (each, an “Earn-Out Payment”) for up to a five year period commencing on the initial IPO date of April 21, 2014. Earn-Out Payments are contingent on the property reaching certain specified occupancy levels through new leases to qualified tenants and exceeding a net operating income threshold, which grows annually. Second City is entitled to receive an Earn-Out Payment (net of the associated leasing costs and inclusive of leasing commissions and tenant improvements/allowances and free rent) as and when the occupancy of Central Fairwinds reaches each of 70%, 80% and 90% (each, an “Earn-Out Threshold”) based on the incremental cash flow generated by new leases and a 7.75% stabilized capitalization rate. The Company will make any additional Earn-Out Payment within 30 days of the end of the earn-out term based on new qualified leases entered into since the achievement of the last Earn-Out Threshold. Earn-Out Payments will be subject to a claw-back if a qualified tenant defaults in the payment of rent and is not replaced with another qualified tenant (see note 6).

Other

The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties.

Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties.

The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future.

The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2016 management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

10. Stockholders’ Equity

On February 1, 2016, the Company closed on the Internalization. Upon closing of the Internalization, the Company and Buyer Sub acquired all of the outstanding stock of the Advisor. Pursuant to the Stock Purchase Agreement, at closing, the Company issued 297,321 shares of its common stock to the Sellers. In addition, the Company recorded $3.5 million in the first quarter of 2016 in payments to the Sellers upon reaching certain fully diluted market capitalization thresholds.

Non-controlling Interests

Non-controlling interests in the Company represent common units of the Operating Partnership not held by the Company. Non-controlling interests consisted of 3,226,085 Operating Partnership common units and represented an approximately 19.6% interest in the Operating Partnership as of March 31, 2016. Operating Partnership units and shares of common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. 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 common units by issuing common stock on a one-for-one basis. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to its percentage ownership of common units.

During the three months ended March 31, 2016, 20,000 common units were converted to common stock.

Common Stock and Common Unit Distributions

On March 15, 2016, the Company’s board of directors declared a cash dividend distribution of $0.235 per share for the quarterly period ended March 31, 2016. The dividend was paid on April 19, 2016 to stockholders and common unitholders of record on April 5, 2016 for an aggregate of $4.9 million in dividends to stockholders and $0.8 million to common unitholders, totaling $5.7 million.

Restricted Stock Units

The Company has an equity incentive plan (“Equity Incentive Plan”) for certain officers, directors, advisors and personnel, and, with approval of the board of directors, for subsidiaries and their respective affiliates. The Equity Incentive Plan provides for grants of restricted common stock, restricted stock units, phantom shares, stock options, dividend equivalent rights and other equity-based awards (including LTIP Units), subject to the total number of shares available for issuance under the plan. The Equity Incentive Plan is administered by the compensation committee of the board of directors (the “plan administrator”).

The maximum number of shares of common stock that may be issued under the Equity Incentive Plan is 1,263,580 shares. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards.

During the three months ended March 31, 2016, 76,750 restricted stock units (“RSUs”) were granted to directors and non-executive employees with a fair value of $0.9 million. The awards will vest in three equal, annual installments on each of the first three anniversaries of the date of grant. For the three months ended March 31, 2016, the Company recognized net compensation expense of $0.5 million related to the RSUs.

A RSU award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the plan administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested RSUs. The plan administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the RSUs do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vest.

11. Subsequent Events

On April 5, 2016, the Company completed a public offering pursuant to which we sold 8,050,000 shares of our common stock to the public at a price of $11.40 per share, inclusive of the overallotment option. We raised $91.8 million in gross proceeds, resulting in net proceeds to us of approximately $86.7 million after deducting $5.1 million in underwriting discounts and other expenses related to the offering.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is based on, and should be read in conjunction with, the condensed, consolidated and combined financial statements and the related notes thereto of the City Office REIT, Inc. contained in this Quarterly Report on Form 10-Q.

As used in this section, unless the context otherwise requires, references to “we,” “our,” “us,” and “our company” refer to City Office REIT, Inc., a Maryland corporation, together with our consolidated subsidiaries, including City Office REIT Operating Partnership L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this section as our Operating Partnership, except where it is clear from the context that the term only means City Office REIT, Inc.

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report on Form 10-Q, including “Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition,” contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward looking statements by using words including “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar terms and phrases. These forward looking statements are subject to a number of known and unknown risks, uncertainties and other factors that are difficult to predict and which could cause our actual future results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. These risks, uncertainties and other factors include, among others:

•

our ability to hire and retain key personnel;

•

our expectations regarding our ability to achieve higher profitability and lowered expenses as a result of the internalization;

•

changes in the real estate industry and in performance of the financial markets;

•

competition in the leasing market;

•

the demand for and market acceptance of our properties for rental purposes;

•

the amount and growth of our expenses;

•

tenant financial difficulties and general economic conditions, including interest rates, as well as economic conditions in our geographic markets;

•

defaults or non-renewal of leases; risks associated with joint venture partners; the risks associated with the ownership and development of real property, including risks related to natural disasters;

•

risks associated with property acquisitions and dispositions, the failure to acquire or sell properties as and when anticipated;

•

the outcome of claims and litigation involving or affecting the Company;

•

the ability to satisfy conditions necessary to close pending transactions;

•

our failure to maintain our status as a real estate investment trust, or REIT; and

•

other factors described in our news releases and filings with the Securities and Exchange Commission (the “SEC”), including but not limited to those described in our Annual Report on Form 10-K for the year ended December 31, 2015 under the heading “Risk Factors” and in our subsequent reports filed with the SEC.

The forward looking statements included in this report are made only as of the date of this report, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.

Overview

Company

We were formed as a Maryland corporation on November 26, 2013. On April 21, 2014, we completed our initial public offering (“IPO”) of shares of common stock. We contributed the net proceeds of the IPO to our Operating Partnership in exchange for common units in our Operating Partnership. Both we and our Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”).

On February 1, 2016, the Company closed on the previously announced Internalization. The Company had previously entered into a Stock Purchase Agreement with certain stockholders of the Company’s external advisor, City Office Real Estate Management Inc. pursuant to which the Company acquired all of the outstanding stock of the 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 million to the Sellers, which include the Company’s three executive officers and Samuel Belzberg, a director of the Company. In addition, the Company is required to make cash payments to the Sellers of up to $3.5 million if the Company’s fully diluted market capitalization reaches the following thresholds prior to December 31, 2016: $1 million upon the Company achieving a $200 million fully diluted market capitalization, an additional $1 million upon the Company achieving a $225 million fully diluted market capitalization and an additional $1.5 million upon the Company achieving a $250 million fully diluted market capitalization. As of April 5, 2016, the Company’s fully diluted market capitalization was $277.6 million. The Company accrued an additional $3.5 million in the first quarter of 2016 representing the payments to be made to the Sellers upon reaching these fully diluted market capitalizations, which, together with the initial payment and professional fees, resulted in a total cost of $7.0 million in the first quarter of 2016. The amount was recorded as an expense in the accompanying condensed 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 that eliminates the payment of acquisition fees by the Company to the Advisor. In addition, each of the executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately eleven additional current employees of the Advisor and its affiliates became employees of the Company.

In connection with the closing of the transactions under the Stock Purchase Agreement, a subsidiary of the Company entered into an Administrative Services Agreement with Second City Capital II Corporation and Second City Real Estate II Corporation, related entities controlled by Sam Belzberg, a director of the Company. 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’s subsidiary will receive annual payments for these services under the Administrative Services Agreement as follows: first 12 months—$1.5 million, second 12 months—$1.15 million and third 12 months—$0.625 million, for a total of $3.275 million over the three-year term.

On February 2, 2016, we entered into a purchase and sale agreement (the “PSA”) to sell our Corporate Parkway property in Allentown, Pennsylvania for $44.5 million, exclusive of closing costs or working capital adjustments. Corporate Parkway is a 178,330 SF, Class A office campus that is currently 100% leased to the Dun & Bradstreet Corporation. The purchaser has made a $2.0 million deposit, subject to customary carve-outs, of which $100,000 was non-refundable as of March 31, 2016 and an additional $200,000 became non-refundable subsequent to quarter-end. The transaction is scheduled to close in the second quarter of 2016, although there can be no assurance that the transaction will close on the terms or timing we expect, if at all.

Indebtedness

For additional information regarding these mortgage loans and the Secured Credit Facility, please refer to “Liquidity and Capital Resources” below.

Revenue Base

As of March 31, 2016, we owned 14 properties comprised of 28 office buildings with a total of approximately 3.3 million square feet of net rentable area (“NRA”). As of March 31, 2016, our properties were approximately 87.3% leased.

Office Leases

Historically, most leases for our properties were on a full-service gross or net lease basis, and we expect to continue to use such leases in the future. A full-service gross lease generally has a base year expense “stop”, whereby we pay a stated amount of expenses as part of the rent payment while future increases (above the base year stop) in property operating expenses are billed to the tenant based on such tenant’s proportionate square footage in the property. The property operating expenses are reflected in operating expenses; however, only the increased property operating expenses above the base year stop recovered from tenants are reflected as tenant recoveries in our statements of operations. In a net lease, the tenant is typically responsible for all property taxes and operating expenses. As such, the base rent payment does not include any operating expenses, but rather all such expenses are billed to or paid by the tenant. The full amount of the expenses for this lease type is reflected in operating expenses, and the reimbursement is reflected in tenant recoveries. The tenants in the Corporate Parkway, Lake Vista Pointe, Florida Research Park and Superior Pointe properties have net leases. We are also a lessor for a fee simple ground lease at the AmberGlen property. All of our remaining leases are full-service gross leases.

Factors That May Influence Our Operating Results and Financial Condition

Business and Strategy

We focus on owning and acquiring office properties in our target markets. Our target markets generally possess what we believe are favorable economic growth trends, growing populations with above-average

employment growth forecasts, a large number of government offices, large international, national and regional employers across diversified industries, are generally low-cost centers for business operations, and exhibit favorable occupancy trends. We utilize our management’s market-specific knowledge and relationships as well as the expertise of local real estate operators and our investment partners to identify acquisition opportunities that we believe will offer cash flow stability and long-term value appreciation. Our target markets are attractive, among other reasons, because we believe that ownership is often concentrated among local real estate operators that typically do not benefit from the same access to capital as public REITs and there is a relatively low level of participation of large institutional investors. We believe that these factors result in attractive pricing levels and risk-adjusted returns.

Rental Revenue and Tenant Recoveries

The amount of net rental revenue generated by our properties will depend principally on our ability to maintain the occupancy rates of currently leased space and to lease currently available space and space that becomes available from lease terminations. As of March 31, 2016, our properties were approximately 87% leased. The amount of rental revenue generated also depends on our ability to maintain or increase rental rates at our properties. We believe that the average rental rates for our portfolio of properties are generally in-line or slightly below the current average quoted market rates. Negative trends in one or more of these factors could adversely affect our rental revenue in future periods. Future economic downturns or regional downturns affecting our markets or submarkets or downturns in our tenants’ industries that impair our ability to renew or re-let space and the ability of our tenants to fulfill their lease commitments, as in the case of tenant bankruptcies, could adversely affect our ability to maintain or increase rental rates at our properties. In addition, growth in rental revenue will also partially depend on our ability to acquire additional properties that meet our investment criteria.

Our Properties

As of March 31, 2016, we own fourteen office complexes comprised of 28 office buildings with a total of approximately 3.3 million square feet of NRA in the metropolitan areas of Boise (ID), Denver (CO), Portland (OR), Tampa (FL), Allentown (PA), Dallas (TX) and Orlando (FL). The following table presents an overview of our portfolio as of March 31, 2016 (properties listed by descending NRA by market).


Metropolitan Area	Property	Year Built/ Last Major Renovation⁽¹⁾	Economic Interest		NRA (000s Square Feet)		In Place Occupancy		In Place & Committed Occupancy⁽²⁾		Annualized Base Rent Per Square Foot		Annualized Gross Rent Per Square Foot⁽³⁾		Annualized Base Rent (000s)⁽⁴⁾		Largest Tenant by NRA
Denver, CO	Cherry Creek	1962 – 1980 /		100.0%		356		100.0%		100.0%	$	17.24	$	17.24	$	6,134	State of Colorado Department of Health

		2012

	Plaza 25	1981 /2006		100.0%		196		86.2%		89.1%	$	20.83	$	20.83	$	3,511	Recondo Technology, Inc

	DTC Crossroads	1999 / 2015		100.0%		191		89.7%		92.4%	$	24.64	$	24.64	$	4,217	ProBuild Holdings, Inc.

	Superior Pointe	2000		100.0%		149		89.8%		89.8%	$	15.03	$	26.03	$	2,011	KeyBank National Association

	Logan Tower	1983 / 2014		100.0%		70		98.8%		98.8%	$	18.94	$	18.94	$	1,310	State of Colorado Governor’s Energy

Boise, ID	Washington Group	1970 – 1982		100.0%		581		58.0%		83.4%	$	17.83	$	17.83	$	6,002	Idaho State Tax Commission

	Plaza	/ 2012

Dallas, TX	190 Office Center	2008		100.0%		303		97.8%		97.8%	$	22.84	$	22.84	$	6,763	United Healthcare Services, Inc.

	Lake Vista Pointe	2007		100.0%		163		100.0%		100.0%	$	14.00	$	20.50	$	2,287	Ally Financial Inc.

Tampa, FL	City Center	1984 / 2012		95.0%		241		100.0%		100.0%	$	23.64	$	23.64	$	5,698	Kobie Marketing, Inc.

	Intellicenter	2008		100.0%		204		100.0%		100.0%	$	21.84	$	21.84	$	4,444	H. Lee Moffitt Cancer Center

Portland, OR	AmberGlen	1984 / 2002		76.0%		353		76.3%		86.2%	$	16.00	$	17.32	$	4,316	Planar Systems, Inc.

Orlando, FL	Central Fairwinds	1982 / 2012		90.0%		170		88.2%		88.9%	$	25.71	$	25.71	$	3,844	Fairwinds Credit Union

	Florida Research Park	1999		100.0%		125		100.0%		100.0%	$	20.00	$	28.00	$	2,490	Kaplan, Inc.

Allentown, PA	Corporate Parkway	2006		100.0%		178		100.0%		100.0%	$	18.73	$	25.73	$	3,340	The Dun & Bradstreet Corporatoin

Total/Weighted Average:						3,278		87.3%		93.2%	$	19.70	$	21.50	$	56,367

(1)	We define major renovation as significant upgrades, alterations or additions to building common areas, interiors, exteriors and/or systems.

(2)	Includes both in place and committed tenants, which we define as tenants in occupancy as well as tenants that have executed binding leases for space undergoing improvement but are not yet in occupancy, as of March 31, 2016.

(3)

For Corporate Parkway, Lake Vista Pointe, Florida Research Park and Superior Pointe, the annualized base rent per square foot on a triple net basis was increased by $7.00, $6.50, $8.00 and $11.00 respectively, to estimate a gross equivalent base rent. AmberGlen has a net lease for one tenant which has been grossed-up by $6.50 on a pro rata basis.

(4)	Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended March 31, 2016 by (ii) 12.

(5)	The figures presented as totals may not sum to the data included in their respective columns due to rounding.

Operating Expenses

Our operating expenses generally consist of utilities, property and ad valorem taxes, insurance and site maintenance costs. Increases in these expenses over tenants’ base years (until the base year is reset at expiration) are generally passed along to tenants in our full-service gross leased properties and are generally paid in full by tenants in our net leased properties.

Conditions in Our Markets

Positive or negative changes in economic or other conditions in the markets we operate in, including state budgetary shortfalls, employment rates, natural hazards and other factors, may impact our overall performance.

Summary of Significant Accounting Policies

The interim consolidated financial statements follow the same policies and procedures as outlined in the audited consolidated financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Results of Operations

Comparison of Three Months Ended March 31, 2016 to Three Months Ended March 31, 2015

Revenue

Total Revenue. Revenue includes net rental income, including parking, signage and other income, as well as the recovery of operating costs and property taxes from tenants. Total revenues increased $5.0 million, or 45%, to $16.3 million for the three month period ended March 31, 2016 compared to $11.3 million in the corresponding period in 2015. $0.2 million of this increase was attributed to the acquisition of the Logan Tower property in February 2015, $0.8 million from the acquisition of Superior Pointe in June 2015, $1.1 million from the acquisition of DTC Crossroads in June 2015, $2.1 million from the acquisition of 190 Office Center in September 2015 and $1.3 million from the acquisition of Intellicenter in September 2015. City Center increased total revenues by $0.2 million due to the increased occupancy at the property over the prior year period. Offsetting these increases, Washington Group Plaza and AmberGlen decreased by $0.5 million and $0.2 million respectively due to the downtime associated with tenant improvement work for new tenants at each property replacing tenants who departed on December 31, 2015. Central Fairwinds, Corporate Parkway, Cherry Creek, Plaza 25, Lake Vista Pointe and Florida Research Park revenues were relatively unchanged in comparison to the prior year.

Rental Income. Rental income includes net rental income and income from a ground lease. Total rental income increased $4.0 million, or 40%, to $14.1 million for the three month period ended March 31, 2016 compared to $10.1 million for the three months ended March 31, 2015. The increase in rental income was primarily due to the acquisitions described above. The acquisitions of the Logan Tower, Superior Pointe, DTC Crossroads, 190 Office Center and Intellicenter properties contributed an additional $0.1 million, $0.5 million, $1.0 million, $1.8 million and $1.2 million in rental income, respectively, to the 2016 period rental income. City Center increased total rental income by $0.1 million due to the increased occupancy at the property over the prior year period. Offsetting these increases, Washington Group Plaza and AmberGlen decreased by $0.5 million and $0.2 million due to the tenant departures described above.

Expense Reimbursement. Total expense reimbursement increased $0.9 million, or 100%, to $1.8 million for the three month period ended March 31, 2016 compared to $0.9 million for the same period in 2015, primarily due to the acquisition of the Logan Tower, Superior Pointe, DTC Crossroads, 190 Center and Intellicenter properties described above.

Other. Other revenue includes parking, signage and other miscellaneous income. Total other revenues increased $0.1 million, or 28%, to $0.4 million compared to $0.3 million for the same period in 2015. Nominal other income was generated by City Center, Central Fairwinds, Plaza 25, Logan Tower and DTC Crossroads with the largest contribution from City Center parking income.

Operating Expenses

Total Operating Expenses. Total operating expenses consist of property operating expenses, as well as acquisition costs, base management fees, stock-based compensation, external advisor acquisition costs, general and administrative expenses and depreciation and amortization. Total operating expenses increased by $11.2 million, or 114%, to $21.1 million for the three month period ended March 31, 2016, from $9.9 million for the same period in 2015, primarily due to the external advisor acquisition costs of $7.0 million which occurred on February 1, 2016 and the property acquisitions described above. Total operating expenses increased by $0.8 million, $0.9 million, $1.5 million, $0.8 million, respectively, from the acquisition of Superior Pointe in June 2015, the acquisition of DTC Crossroads in June 2015, the acquisition of 190 Office Center in September 2015 and the acquisition of Intellicenter

in September 2015. City Center, AmberGlen, Central Fairwinds, Corporate Parkway, Washington Group Plaza, Cherry Creek, Plaza 25, Lake Vista Pointe, Florida Research Park and Logan Tower operating expenses were relatively unchanged in comparison to the prior year period. The remaining increase relates to slight increases in stock-based compensation, base management fees and general and administrative expenses related to our growth over the prior year.

Property Operating Expenses. Property operating expenses are comprised mainly of building common area and maintenance expenses, insurance, property taxes, property management fees, as well as certain expenses that are not recoverable from tenants, the majority of which are related to costs necessary to maintain the appearance and marketability of vacant space. In the normal course of business, property expenses fluctuate and are impacted by various factors including, but not limited to, occupancy levels, weather, utility costs, repairs, maintenance and re-leasing costs. Property operating expenses increased $2.0 million, or 50%, to $6.2 million for the three month period ended March 31, 2015 from $4.1 million for the same period in 2015. The increase in property operating expenses was primarily due to the acquisitions described above. The acquisition of the Superior Pointe, DTC Crossroads, 190 Office Center and Intellicenter properties contributed an additional $0.3 million, $0.5 million, $0.7 million, and $0.4 million, in additional property operating expenses, respectively.

Acquisition Costs. Acquisition costs were nil for the three month period ended March 31, 2016 compared to $0.2 million in the prior year. The acquisition costs in the 2015 period are related to the Logan Tower acquisition in the prior year.

Base Management Fee. Base Management Fee decreased $0.2 million, or 67%, to $0.1 million for the three month period ended March 31, 2016 compared to $0.3 million for the three months ended March 31, 2015 representing the fee paid to our Advisor. Effective February 1, 2016, with the acquisition of the external advisor, no base management fees will be paid going forward.

Stock-Based Compensation. Stock-based compensation increased $0.1 million, or 32%, to $0.5 million for the three month period ended March 31, 2016 compared to $0.4 million for the three month period ended March 31, 2015. The increase is a result of the additional grants authorized by the Compensation Committee of our Board of Directors during one of its 2015 meetings.

General and Administrative. General and administrative expenses increased $0.3 million, or 72%, to $0.7 million for the three month period ended March 31, 2016 compared to the same period in 2015. The increase is primarily attributable to payroll and other costs which the external advisor paid prior to February 1, 2016 and which the Company will pay going forward following the acquisition of the external advisor.

Depreciation and Amortization. Depreciation and amortization increased $2.1 million, or 49%, to $6.5 million for the three month period ended March 31, 2016 compared to $4.4 million for the same period in 2015, primarily due to the addition of the Logan Tower, Superior Pointe, DTC Crossroads, 190 Office Center and Intellicenter properties.

Other Expense (Income)

Interest Expense, Net. Interest expense increased $1.8 million, or 82%, to $4.0 million for the three month period ended March 31, 2016, compared to $2.2 million for the corresponding period in 2015. The increase was primarily due to interest expense related to acquisitions. Interest expense for the 190 Office Center and IntelliCenter property level debt was $0.5 million, and $0.4 million respectively in 2016, and the interest expense on the secured line of credit increased by $0.7 million over the same period in 2015.

Cash Flows

Comparison of Period Ended March 31, 2016 to Period Ended March 31, 2015

Cash and cash equivalents were $8.2 million and $24.0 million as of March 31, 2016 and March 31, 2015, respectively.

Cash flow from operating activities. Net cash provided by operating activities increased by $1.6 million to $4.3 million for the three months ended March 31, 2016 compared to $2.7 million for the same period in 2015. The increase was primarily attributable to the external advisor acquisition costs of $3.5 million paid in 2016 which were offset by an increase in operating cash flows from new acquisitions.

Cash flow to investing activities. Net cash used in investing activities decreased by $7.0 million to $4.5 million for the three months ended March 31, 2016 compared to $11.5 million for the same period in 2015. The decrease was primarily the result of no acquisitions activity in the first quarter of 2016. The $4.5 million incurred in 2016 primarily due to the tenant improvement work being incurred at Washington Group Plaza and AmberGlen related to the two signed leases at those properties replacing tenants who vacated their premises at December 31, 2015. Logan Tower was acquired during the same period in 2015.

Cash flow from financing activities. Net cash provided by financing activities increased by $2.3 million to $0.2 million source of cash for the three months ended March 31, 2016 compared to $2.1 million use of cash for the same period in 2015. Cash flow from financing activities increased primarily due to an increase in borrowings from the Secured Credit Facility in 2016.

Liquidity and Capital Resources

Analysis of Liquidity and Capital Resources

We had approximately $8.2 million of cash and cash equivalents and $14.8 million of restricted cash as of March 31, 2016. In addition, we had drawn $54 million from the Secured Credit Facility.

On April 5, 2016, we completed a public offering pursuant to which we sold 8,050,000 shares of our common stock to the public at a price of $11.40 per share, inclusive of the overallotment option. We raised $91.8 million in gross proceeds, resulting in net proceeds to us of approximately $86.7 million after deducting $5.1 million in underwriting discounts and other expenses relating to the offering.

Our short-term liquidity requirements primarily consist of operating expenses and other expenditures associated with our properties, distributions to our limited partners and distributions to our stockholders required to qualify for REIT status, capital expenditures and, potentially, acquisitions. We expect to meet our short-term liquidity requirements through net cash provided by operations, reserves established from existing cash and borrowings under our Secured Credit Facility.

Our long-term liquidity needs consist primarily of funds necessary for the repayment of debt at maturity, property acquisitions and non-recurring capital improvements. We expect to meet our long-term liquidity requirements with net cash from operations, long-term secured and unsecured indebtedness and the issuance of equity and debt securities. We also may fund property acquisitions and non-recurring capital improvements using our Secured Credit Facility pending longer term financing.

We believe we have access to multiple sources of capital to fund our long-term liquidity requirements, including the incurrence of additional debt and the issuance of additional equity securities. However, we cannot assure you that this is or will continue to be the case. Our ability to incur additional debt is dependent on a number of factors, including our degree of leverage, the value of our unencumbered assets and borrowing restrictions that may be imposed by lenders. Our ability to access the equity capital markets is dependent on a number of factors as well, including general market conditions for REITs and market perceptions about us.

Consolidated Indebtedness as of March 31, 2016

As of March 31, 2016, we had approximately $348.4 million of outstanding consolidated indebtedness, 80.5% of which is fixed rate debt. The following table sets forth information as of March 31, 2016 with respect to our outstanding indebtedness (in thousands).


Debt	March 31, 2016		Interest Rate as of March 31, 2016		Maturity Date
Term Loan ⁽¹⁾	$	14,000		LIBOR⁽²⁾ +6.00%		September 2016
Secured Credit Facility ⁽³⁾		54,000		LIBOR⁽²⁾ +2.75%		June 2018
Washington Group Plaza⁽⁴⁾		33,502		3.85		July 2018
AmberGlen Mortgage Loan⁽⁵⁾		24,618		4.38		May 2019
Midland Life Insurance ⁽⁶⁾		95,000		4.34		May 2021
Lake Vista Pointe ⁽⁴⁾		18,460		4.28		August 2024
Florida Research Park⁽⁴⁾⁽⁷⁾		17,000		4.44		December 2024
Plaza 25^{(4) (8)}		17,000		4.10		July 2025
190 Office Center ⁽⁸⁾		41,250		4.79		October 2025
Intellicenter⁽⁸⁾		33,562		4.65		October 2025

Total	$	348,392

(1)

We are required to maintain a maximum total leverage ratio of 65%, a minimum liquidity of $3 million and a debt service coverage ratio of no less than 1.60x.

(2)

As of March 31, 2016, the one month LIBOR rate was 0.40%.

(3)

At March 31, 2016 the Secured Credit Facility had $75 million authorized and $54 million drawn. In addition, the Secured Credit Facility has an accordion feature that will permit us to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires us to maintain a fixed charge coverage ratio of no less than 1.60x. At March 31, 2016, the Secured Credit Facility is cross-collateralized by Central Fairwinds, Logan Tower, Superior Pointe and DTC Crossroads.

(4)

Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.

(5)

We are required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.

(6)

(7)

We are required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.

(8)

We are required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x and 1.20x respectively for each of Plaza 25, 190 Office Center and Intellicenter.

Contractual Obligations and Other Long-Term Liabilities

The following table provides information with respect to our commitments as of March 31, 2016, including any guaranteed or minimum commitments under contractual obligations. The table does not reflect available debt extension options.


	Payments Due by Period (in thousands)
Contractual Obligation	Total		2016		2017-2018		2019-2020		More than 5 years
Principal payments on debt	$	348,392	$	15,756	$	92,196	$	30,546	$	209,894
Interest payments		78,880		9,303		23,794		19,646		26,137
Tenant-related commitments⁽¹⁾		8,727		7,568		131		1,014		14

Total	$	435,999	$	32,627	$	116,121	$	51,206	$	236,045

(1)

Consists principally of commitments for tenant improvements.

Off-Balance Sheet Arrangements

As of March 31, 2016, we did not have any off-balance sheet arrangements.

Inflation

Substantially all of our office leases provide for real estate tax and operating expense escalations. In addition, most of the leases provide for fixed annual rent increases. We believe that inflationary increases may be at least partially offset by these contractual rent increases and expense escalations.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. We have used, and will use, derivative financial instruments to manage or hedge interest rate risks related to borrowings. We do not use derivatives for trading or speculative purposes and only enter into contracts with major financial institutions based upon their credit rating and other factors. We have entered, and we will only enter into, contracts with major financial institutions based on their credit rating and other factors. As of March 31, 2016 and December 31, 2015, our Company did not have any outstanding derivatives.

As of March 31, 2016, approximately $280.4 million, or 80.5%, of our debt had fixed interest rates and approximately $68.0 million, or 19.5%, had variable interest rates. The variable rate indebtedness relates to borrowings under the Secured Credit Facility and the Term Loan.

The variable rate component of our consolidated indebtedness is LIBOR-based. Assuming no increase in the amount of our variable rate debt as of March 31, 2016, if LIBOR were to increase by 100 basis points, the increase in interest expense on our variable rate debt would decrease our future earnings and cash flows by approximately $0.7 million annually. If LIBOR were to decrease by 100 basis points, interest expense on our variable rate debt would decrease by approximately $0.7 million annually.

The primary market risk to which we are exposed is interest rate risk. Our primary interest rate exposure is LIBOR. We primarily use fixed interest rate financing to manage our exposure to fluctuations in interest rates.

Interest risk amounts are our management’s estimates based on our Company’s capital structure and were determined by considering the effect of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur in that environment nor the change to the capital structure as a result of the Internalization. We may take actions to further mitigate our exposure to changes in interest rates. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our Company’s financial structure.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the rules and regulations of the SEC and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We have carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, regarding the effectiveness of our disclosure controls and procedures as of March 31, 2016, the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer have concluded, as of March 31, 2016, that our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in reports filed or submitted under the Exchange Act (i) is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow for timely decisions regarding required disclosure.

Management’s Report on Internal Control Over Financial Reporting

There have been no changes to our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We and our subsidiaries are, from time to time, parties to litigation arising from the ordinary course of their business. Our management does not believe that any such litigation will materially affect our financial position or operations.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibit Number		Description
3.1		Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed with the Commission on May 23, 2014).

3.2		Articles Supplementary (incorporated by reference to Exhibit 3.1.1 of the Company’s Current Report on Form 8-K filed with the Commission on March 25, 2015).

3.3		Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 of the Company’s Quarterly Report on Form 10-Q filed with the Commission on May 23, 2014).

3.4		First Amendment to Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed with the Commission on March 25, 2015).

4.1		Certificate of Common Stock of City Office REIT, Inc. (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-11/A filed with the Commission on February 18, 2014).

10.1		Purchase and Sale Agreement by and between SCCP Central Valley Limited Partnership and Gulf Islamic Investments LLC, dated February 2, 2016. †

10.2		Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Commission on March 9, 2016).

31.1		Certification by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002. †

31.2		Certification by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002. †

32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. †


32.2		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. †

101.INS		INSTANCE DOCUMENT*

101.SCH		SCHEMA DOCUMENT*

101.CAL		CALCULATION LINKBASE DOCUMENT*

101.LAB		LABELS LINKBASE DOCUMENT*

101.PRE		PRESENTATION LINKBASE DOCUMENT*

101.DEF		DEFINITION LINKBASE DOCUMENT*

†	Filed herewith.

Submitted electronically herewith. Attached as Exhibit 101 to this report are the following documents formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated and Combined Statements of Income; (iii) Consolidated and Combined Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated and Combined Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CITY OFFICE REIT, INC.


Date: May 5, 2016

	By:	/s/ James Farrar
		James Farrar

		Chief Executive Officer


Date: May 5, 2016

	By:	/s/ Anthony Maretic
		Anthony Maretic

		Chief Financial Officer

EX-10.1 2 d172276dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

PURCHASE AND SALE AGREEMENT

BY AND BETWEEN

SCCP CENTRAL VALLEY LIMITED PARTNERSHIP

as Seller

and

GULF ISLAMIC INVESTMENTS LLC

as Purchaser

3501 Corporate Parkway

Center Valley, Pennsylvania

PURCHASE AND SALE AGREEMENT

This PURCHASE AND SALE AGREEMENT (this “Agreement”), is made and entered into this 2nd day of February, 2016 (the “Effective Date”) by and between SCCP CENTRAL VALLEY LIMITED PARTNERSHIP, a Delaware limited partnership (“Seller”), and GULF ISLAMIC INVESTMENTS LLC, an Abu Dhabi limited liability company (“Purchaser”).

ARTICLE I.

SALE AND PURCHASE OF THE PROPERTY

1.01 Agreement to Sell and Convey. Seller hereby agrees to sell and convey to Purchaser, and Purchaser hereby agrees to purchase from Seller, subject to the terms and conditions hereinafter set forth, (a) the land lying and being situated in Lehigh County, Pennsylvania which is described on Exhibit “A” attached hereto and made a part hereof for all purposes, together with all right, title and interest of Seller in and to all rights, easements and rights-of-way appurtenant thereto (collectively, the “Land”), (b) all of the buildings and improvements located on the Land (collectively, the “Improvements”), (c) all of Seller’s rights as landlord under that certain Lease by and between Rosewood Real Estate Enterprises, L.L.C., a New Jersey limited liability company (“Original Landlord”), and Dun & Bradstreet, Inc., a Delaware corporation (“Original Tenant”) dated as of January 31, 2006, as amended by that certain Amendment to Lease dated December 14, 2006 made by and between Rosewood Real Estate Enterprises, LP, a Delaware limited partnership (“First Intermediate Landlord”), the successor-in-interest to Original Landlord, and Original Tenant, and as further amended by that certain Second Amendment to Lease dated as of May, 2013 made by and between GE Commercial Finance Business Property Corporation, a Delaware corporation (“Second Intermediate Landlord”), the successor-in-interest to the First Intermediate Landlord, and Original Tenant and as further amended by that certain Third Amendment to Lease dated May 22, 2015 by and between Seller as the successor-in-interest to all right, title, and interest of Second Intermediate Landlord and The Dun & Bradstreet Corporation, a Delaware corporation, successor in interest to Dun & Bradstreet, Inc. (“Tenant”) covering the Land and the Improvements (as amended and assigned, the “Lease”), (d) all of Seller’s right, title and interest, if any, in and to all fixtures, equipment and other personal property owned by Seller and located on the Land (the “Tangible Property”), and (e) to the extent transferrable without the consent of any third party, all of Seller’s rights, title and interest, if any, in and to all unexpired warranties, permits, licenses, certificates of occupancy and other intangible items of personal property in effect with respect to the Land or the Improvements (the “Intangible Property;” the Tangible Property and the Intangible Property are collectively called the “Personal Property”). The Land, the Improvements, the Lease, and the Personal Property are collectively called the “Property.”

1.02 Purchase Price.

a. Subject to Section 1.02(b) below, the purchase price (the “Purchase Price”) to be paid by Purchaser for the Property shall be FORTY-FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($44,500,000.00). The Purchase Price shall be paid by delivery of immediately available funds to Benchmark Title, LLC, 2000 McKinney Ave., 4^th Floor, Dallas, Texas 75201, Attn: Ben Gibbins (the “Title Company”) on or before the Closing Date.

b. The Purchase Price may be increased as described in this Section 1.02(b). Not later than the Business Day (as hereafter defined) immediately preceding the Closing Date, Purchaser shall deliver to Seller evidence reasonably acceptable to Seller of the initial interest rate to be paid by Purchaser on the indebtedness incurred by Purchaser to acquire the Property (the “Profit Rate”) (with such indebtedness herein referred to as the “Acquisition Loan”). If the Profit Rate is less than 5.05% per annum, the Purchase Price shall be increased by an amount determined by (i) subtracting the Profit Rate from 5.05, (ii) dividing the result thereof by .01, and (iii) multiplying the result thereof by $44,000.00. By way of example only, if the Profit Rate is 5.00%, then the Purchase Price will be increased by $220,000.00 (5.05 – 5.00 = .05 ÷ .01 = 5 x $44,000.00 = $220,000.00). In no event shall the Purchase Price be increased by more than $440,000.00 pursuant to this Section 1.02(b).

c. Notwithstanding anything to the contrary in this Section 1.02, if Purchaser has not entered into, closed and received a disbursement of all or a portion of the proceeds from the Acquisition Loan (the “Acquisition Loan Closing”) on or prior to the Closing Date, then at Closing, Purchaser shall deliver to the Title Company the amount of $440,000.00 to be held in escrow (the “Price Adjustment Escrow”). The Price Adjustment Escrow shall be held and distributed in accordance with the terms of a separate escrow agreement (the “Price Adjustment Escrow Agreement”) to be entered into at Closing by and among Seller, Purchaser and the Title Company, the terms of which shall include, without limitation, the following: (i) within three (3) Business Days after the Acquisition Loan Closing, Purchaser shall deliver written notice to Seller and the Title Company of the Profit Rate payable under the Acquisition Loan, and (ii) within three (3) Business Days after receipt of such notice, the Title Company shall disburse to Seller from the Price Adjustment Escrow the amount payable to Seller under Section 1.02(b) (if any), and any remaining funds in the Price Adjustment Escrow shall be disbursed to Purchaser, and (iii) if the Acquisition Loan Closing has not occurred on or before the date that is eighteen (18) months after the Closing Date, then the entire Price Adjustment Escrow shall be disbursed to Purchaser.

1.03 Earnest Money Deposit. For the purpose of securing the performance of Purchaser under this Agreement, within two (2) Business Days (as hereafter defined) following the Effective Date, Purchaser shall deliver to the Title Company, an earnest money deposit in the amount of Two Million and No/100 Dollars ($2,000,000.00) (the “Escrow Deposit”). The Escrow Deposit shall be invested by the Title Company in a non-interest bearing account. The Escrow Deposit shall be held and disbursed by the Title Company in accordance with the terms of this Agreement. At the Closing, upon written approval from Purchaser, the Escrow Deposit shall be transferred to the Title Company and applied to the Purchase Price. If Purchaser does not deliver the Escrow Deposit to the Title Company within two (2) Business Days after the Effective Date, Seller shall have the right to terminate this Agreement by written notice delivered to Purchaser and upon any such termination this Agreement shall be of no further force or effect.

1.04 Inspection Period.

a. Purchaser shall have until March 2, 2016 (the “Inspection Period”) within which to make all inspections and investigations desired by Purchaser with respect to the Property. If, within the Inspection Period, Purchaser determines that it does not desire to purchase the Property for any reason or no reason, Purchaser shall have the right to terminate this Agreement by written notice delivered to Seller in accordance with Section 7.02 hereof at any time prior to 5:00 p.m. Eastern Standard Time (“EST”) on the final day of the Inspection Period and upon any such termination, the Escrow Deposit shall be immediately returned to Purchaser and this Agreement shall be of no further force and effect, except for the obligations that expressly survive the termination of this Agreement. If Purchaser fails to deliver written notice of the termination of this Agreement to Seller prior to 5:00 p.m. EST on the final day of the Inspection Period, then Purchaser shall have no further right to terminate this Agreement pursuant to this Section 1.04(a). If this Agreement terminates for any reason other than Seller’s default hereunder, Purchaser shall promptly return and/or deliver to Seller all Property Information (as hereinafter defined) and copies thereof. Additionally, if this Agreement terminates for any reason other than Seller’s default, Purchaser shall deliver to Seller copies of all third party reports, investigations and studies, other than economic analyses (collectively, the “Reports”) prepared for Purchaser in connection with its due diligence review of the Property. The Reports shall be delivered to Seller without any representation or warranty as to the completeness or accuracy of the Reports. Purchaser’s obligation to deliver the Property Information and the Reports to Seller shall survive any termination of this Agreement.

b. Purchaser and its agents and representatives shall be entitled to enter upon the Property for customary non-intrusive and non-invasive inspections, testing and examinations prior to the Closing upon reasonable prior notice to Seller and subject to the rights of Tenant under the Lease. Purchaser must obtain Seller’s prior written approval of the scope and method of any environmental testing or investigation and for any inspection which would alter the physical condition of the Property, prior to Purchaser’s commencement of such inspections, testing or examination. Prior to entry upon the Property, Purchaser shall obtain and deliver to Seller a certificate of insurance naming Seller and Tenant as additional insured parties, designating the Property as the applicable location, and evidencing liability insurance coverage with combined single limits of not less than $2,000,000.00. Purchaser shall not interfere with Tenant in connection with any such entry onto the Property; provided, however, Purchaser shall not be liable for any preexisting conditions. Purchaser agrees to indemnify Seller and to hold and defend Seller harmless from and against any and all claims, demands, causes of action, damages, liabilities, costs and expenses including, without limitation, attorney fees and court costs, which are asserted against, suffered or incurred by Seller as a result of any inspection, testing or examination of the Property by Purchaser, provided, Seller shall only be entitled to actual damages and shall not be entitled to any consequential, punitive or other damages unless such consequential, punitive or other damages are payable to a third party. Purchaser further agrees that it shall be solely responsible for any and all costs associated with the inspections described in this Section 1.04(b) and agrees to immediately discharge any liens that are filed against the Property as a result of such inspections. Immediately following each such inspection, Purchaser shall restore the Property to the same condition as existed prior to such inspections. The obligations of Purchaser under this Section 1.04(b) shall survive the Closing and any termination of this Agreement.

c. PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED IN AND LIMITED BY SECTION 4.01 BELOW AND THE DEED (AS DEFINED IN SECTION 3.02 BELOW), SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, EITHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, SUITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO ANY IMPROVEMENTS ON THE PROPERTY, (G)THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, (H) COMPLIANCE WITH ANY ENVIRONMENTAL LAWS (HEREINAFTER DEFINED) OR PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING THE EXISTENCE IN, ON OR BENEATH THE LAND OF HAZARDOUS MATERIALS (HEREINAFTER DEFINED), (I) THE PROPERTY INFORMATION (HEREINAFTER DEFINED), OR (J) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY. ADDITIONALLY, NO PERSON ACTING ON BEHALF OF SELLER IS AUTHORIZED TO MAKE, AND BY PURCHASER’S EXECUTION HEREOF, PURCHASER ACKNOWLEDGES THAT NO PERSON HAS MADE ANY REPRESENTATION, AGREEMENT, STATEMENT, WARRANTY, GUARANTY OR PROMISE REGARDING THE PROPERTY OR THE TRANSACTION CONTEMPLATED HEREIN, EXCEPT AS EXPRESSLY PROVIDED IN AND LIMITED BY SECTION 4.01 BELOW; AND NO SUCH REPRESENTATION, WARRANTY, AGREEMENT, GUARANTY, STATEMENT OR PROMISE, IF ANY, MADE BY ANY PERSON ACTING ON BEHALF OF SELLER SHALL BE VALID OR BINDING UPON SELLER, EXCEPT AS EXPRESSLY PROVIDED IN AND LIMITED BY SECTION 4.01 BELOW AND AS CONTAINED IN THE DEED. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. BY ITS ACCEPTANCE OF THE DEED AT THE CLOSING, PURCHASER SHALL, WITHOUT THE EXECUTION OF ANY ADDITIONAL DOCUMENT, WAIVE AND RELEASE ALL OBJECTIONS, SUITS, CAUSES OF ACTION, DAMAGES, LIABILITIES, LOSSES, DEMANDS, PROCEEDINGS, EXPENSES AND CLAIMS AGAINST SELLER (INCLUDING, BUT NOT LIMITED TO, ANY RIGHT OR CLAIM OF CONTRIBUTION) ARISING FROM OR RELATED TO THE PROPERTY OR TO ANY HAZARDOUS MATERIALS IN, ON OR BENEATH THE LAND. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT ANY INFORMATION PROVIDED OR TO BE

PROVIDED WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATIONS AS TO THE ACCURACY, TRUTHFULNESS OR COMPLETENESS OF SUCH INFORMATION, EXCEPT AS EXPRESSLY PROVIDED IN AND LIMITED BY SECTION 4.01 BELOW. EXCEPT AS EXPRESSLY PROVIDED IN AND LIMITED BY SECTION 4.01 BELOW AND THE DEED, SELLER IS NOT LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENT, REPRESENTATION OR INFORMATION PERTAINING TO THE PROPERTY, OR THE OPERATION THEREOF, FURNISHED BY ANY REAL ESTATE BROKER, CONTRACTOR, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN “AS IS, WHERE IS” CONDITION AND BASIS WITH ALL FAULTS, EXCEPT AS EXPRESSLY PROVIDED IN AND LIMITED BY SECTION 4.01 BELOW AND THE DEED. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE FOR THE PROPERTY HAS BEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. PURCHASER HEREBY AGREES TO INDEMNIFY, PROTECT, DEFEND, SAVE AND HOLD HARMLESS SELLER FROM AND AGAINST ANY AND ALL DEBTS, DUTIES, OBLIGATIONS, LIABILITIES, SUITS, CLAIMS, DEMANDS, CAUSES OF ACTION, DAMAGES, LOSSES, FEES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND EXPENSES AND COURT COSTS) ARISING FROM AND AFTER CLOSING IN CONNECTION WITH OR ARISING OUT OF PURCHASER’S ACQUISITION, OWNERSHIP, LEASING, USE, OPERATION, MAINTENANCE OR MANAGEMENT OF THE PROPERTY. THE PROVISIONS OF THIS SECTION 1.04(C) SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION 1.04(C) ARE AN IMPORTANT BASIS OF THE BARGAIN INDUCING SELLER TO CONVEY THE PROPERTY.

For the purposes of this Agreement, “Environmental Law” means any State, Federal or local law, code, ordinance or other legal requirement in effect at the Closing Date pertaining to (a) the protection of health, safety, and the indoor or outdoor environment, (b) the conservation, management, protection or use of natural resources and wildlife, (c) the protection or use of source water and groundwater, (d) the management, manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, release, threatened release, abatement, removal, remediation or handling of, or exposure to, any Hazardous Material, or (e) pollution (including any release to air, land, surface water, and groundwater); and includes, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 USC §§ 9601 et seq., Solid Waste Disposal Act, as amended by the Resource Conservation Act of 1976 and Hazardous and Solid Waste Amendments of 1984, 42 USC §§ 6901 et seq., Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, 33 USC §§ 1251 et seq., Clean Air Act of 1966, as amended, 42 USC §§ 7401 et seq., Toxic Substances Control Act of 1976, 15 USC §§ 2601 et seq., Hazardous Materials Transportation Act, 49 USC App. §§ 1801, Occupational Safety and Health Act of 1970, as amended, 29 USC §§ 651 et seq., Oil Pollution Act of 1990, 33 USC §§ 2701 et seq., Emergency Planning and Community Right-to-Know Act

of 1986, 42 USC App. §§ 11001 et seq., National Environmental Policy Act of 1969, 42 USC §§ 4321 et seq., Safe Drinking Water Act of 1974, as amended by 42 USC §§ 300(f) et seq., and any similar, implementing or successor law, any amendment, rule, regulation, order or directive, issued thereunder.

For the purposes of this Agreement, “Hazardous Material” means any hazardous or toxic substance as defined in or regulated by any Environmental Law in effect at the pertinent date or dates.

d. Notwithstanding anything contained herein to the contrary, if Purchaser elects to terminate this Agreement for any reason and is entitled to receive a refund of the Escrow Deposit pursuant to the terms hereof, the Title Company shall first disburse to Seller the sum of one hundred dollars ($100.00) as independent consideration for Seller’s performance under this Agreement, which sum shall be retained by Seller in all instances.

e. On or before the Effective Date, Seller shall deliver to Purchaser or make available to Purchaser for review at the Property (to the extent in Seller’s possession or otherwise obtainable by Seller without material cost) the following items (the “Property Information”):

(i)

A copy of the Lease (including all amendments thereto) and material Tenant correspondence;

(ii)

Copies of service contracts affecting the Property to which Seller is a party, if any;

(iii)

The most recent survey of the Land and the Improvements, if any (the “Survey”);

(iv)

Copy of the most recently issued owner’s title insurance policy;

(v)

Copies of the most recently obtained Phase I and Phase II (if applicable) environmental reports;

(vi)

Copies of the Tenant’s current certificates of insurance;

(vi)

Copies of all certificates of occupancy;

(vii)

As-built plans and specifications for the Property;

(viii)

Copy of the current and/or most recent paid property tax bills for the Property (and any such bills that are not yet due and payable) and the current notice of any proposed new assessment for the Property;

(ix)

A list and copies of all unexpired warranties affecting the Property;

(x)

An inventory list of all furniture, fixtures and equipment (if any) owned or leased by Seller in connection with the Property; and

(xi)

A summary and copies of the pleadings relating to all currently pending or threatened claims or legal proceedings against Seller and/or the Property.

Seller shall not be obligated to deliver or make available any Property Information to Purchaser that has been provided to Purchaser prior to the Effective Date. At Seller’s option, all or parts of the Property Information may be delivered to Purchaser in electronic format.

ARTICLE II.

SURVEY AND TITLE COMMITMENT; PERMITTED EXCEPTIONS

2.01 Preliminary Title Report. Within ten (10) days after the Effective Date, Seller shall cause the Title Company to issue and deliver to Purchaser a title commitment issued by the Title Company as agent for Old Republic National Title Insurance Company (the “Title Insurer”) covering the Land and accompanied by copies of all recorded documents listed on such title commitment (collectively, the “Title Commitment”). Purchaser shall deliver written notice to Seller and the Title Company (such notice being called the “Objection Notice”) on or before 5:00 p.m. EST on the date that is ten (10) days after Purchaser receives the later of the Title Commitment and the Updated Survey (as hereinafter defined) (the “Title Objection Deadline”) if the condition of title to the Land as set forth in the Title Commitment and the Updated Survey is not satisfactory. In the event Purchaser states in the Objection Notice that the condition of title to the Land is not satisfactory, Seller may (but shall not be obligated), at Seller’s sole cost and expense, undertake to eliminate or modify all unacceptable matters described in the Objection Notice to the reasonable satisfaction of Purchaser. In the event Seller has not satisfied such objections within ten (10) days after its receipt of the Objection Notice (such ten (10) day period being called the “Cure Period”), Purchaser may, at its option and as its sole remedy, either (a) accept the Land subject to the objections raised by Purchaser, without an adjustment in the Purchase Price, in which event such objections shall be deemed to be waived for all purposes, or (b) terminate this Agreement by written notice delivered to the Title Company and Seller prior to the later of (i) 5:00 p.m. EST on the date which is three (3) days after the final day of the Cure Period, or (ii) the final day of the Inspection Period, in which event the Escrow Deposit shall be promptly returned to Purchaser by the Title Company and this Agreement shall be of no further force or effect. If Purchaser shall fail to deliver the Objection Notice prior to the Title Objection Deadline, Purchaser shall be conclusively deemed to have approved the condition of the title to the Land as set forth in the Title Commitment and the Updated Survey, and all matters set forth therein shall be included within the Permitted Exceptions (as hereinafter defined). In the event the Title Company amends or updates the Title Commitment after the expiration of the Cure Period to add new exceptions to coverage thereunder (any such amendment or update being called a “Title Update”), Purchaser shall have the right to deliver the Objection Notice with respect to such new exception or exceptions to Seller within three (3) Business Days following its receipt of such Title Update. Should Purchaser fail to notify Seller in writing of its objection to any exception first disclosed in a Title Update within such three (3) Business Day period, Purchaser shall be deemed to have approved such additional exception. In the event Seller fails to satisfy any such objection within ten (10) days after its receipt of the Objection Notice with respect to any Title Update (such ten (10) day period being called the “Supplemental Cure Period”), Purchaser may, at its option, and as its sole and exclusive remedy either (x) accept the

Land subject to the objections raised by Purchaser, without an adjustment in the Purchase Price, in which such objections shall be deemed to have been waived for all purposes or (y) terminate this Agreement by written notice delivered to the Title Company and Seller prior to the later of (1) expiration of the Inspection Period and (2) 5:00 p.m. EST on the date which is three (3) days after the final day of the Supplemental Cure Period, in which event the Escrow Deposit shall be promptly returned to Purchaser by the Title Company and this Agreement shall be of no further force or effect.

2.02 Update to Survey. Seller shall obtain an updated ALTA survey prepared by Bock & Clark that references the Title Commitment (the “Updated Survey”) and deliver a copy thereof to Purchaser. The cost of such update shall be paid by Purchaser.

2.03 Permitted Exceptions. Seller’s interest in the Land shall be assigned to Purchaser subject to any and all matters of record, and the easements, exceptions, restrictions and other encumbrances described in the Title Commitment and all matters on the Updated Survey and any and all matters that would be shown by an accurate survey of the Land and which remain upon the expiration of the Cure Period. Such matters of record, easements, exceptions, restrictions, encumbrances, leases and other matters are collectively called the “Permitted Exceptions.” The Permitted Exceptions will not include any mortgage or any other monetary encumbrance or lien created by, under or through Seller, and any such matters shall be discharged by Seller at or prior to the Closing, regardless of whether Purchaser objects to such matters. Seller shall not be required to discharge any lien encumbering the Land as the result of any act or omission of Tenant.

ARTICLE III.

CLOSING

3.01 Closing Date. The consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place in the offices of the Title Company, prior to 3:00 p.m. EST on March 14, 2016 (“Closing Date”).

3.02 Seller’s Obligations at Closing. At the Closing, Seller shall do the following:

a. Execute, acknowledge, and deliver to the Title Company a special warranty deed (the “Deed”) in the form of the deed attached hereto as Exhibit “B” and made a part hereof for all purposes, conveying the Land and the Improvements to Purchaser, subject only to the Permitted Exceptions.

b. Execute, acknowledge and deliver to the Title Company a bill of sale and assignment of the Lease (the “Assignment”) in the form as attached hereto as Exhibit “C” and made a part hereof for all purposes. Notwithstanding the foregoing, Seller shall terminate, effective as of Closing, all property management and leasing agreements affecting the Property to which Seller is a party, if any.

c. Execute and deliver to the Title Company a certification of non-foreign status of Seller pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended.

d. Execute and deliver the Price Adjustment Escrow Agreement (if applicable).

e. Execute and deliver to the Title Company a closing statement and a customary affidavit of debts, liens and parties in possession in a form reasonably acceptable to Seller and Title Company to remove the standard exceptions from an owner’s title insurance policy which are capable of being removed by such an affidavit.

f. Deliver such organizational and authority documents of Seller as the Title Company may reasonably require in connection with the Closing.

g. Cause to be furnished and delivered to Purchaser an ALTA owner policy of title insurance issued by the Title Insurer or a proforma policy or marked commitment from the Title Company on behalf of the Title Insurer to deliver same (the “Policy”) insuring a fee simple title to the Land in Purchaser in a face amount equal to the Purchase Price and containing no exceptions other than the Permitted Exceptions.

h. If required by the Lease or by applicable law, Seller shall execute and deliver to the Title Company a notice advising Tenant of the sale of the Property.

3.03 Purchaser’s Obligations at Closing. Contemporaneously with the performance by Seller of its obligations set forth in Section 3.02 above, Purchaser shall do the following at the Closing:

a. Pay to Seller (or cause the Title Company to pay to Seller) the Purchase Price as provided in Section 1.02 above.

b. Execute and deliver the Assignment to the Title Company.

c. Execute and deliver the Price Adjustment Escrow Agreement (if applicable).

d. Deliver such organizational and authority documents of Purchaser as the Title Company may reasonably require in connection with the Closing.

e. Execute and deliver such other documents as the Title Company may reasonably require in connection with the Closing including, without limitation, a closing statement.

3.04 Closing Costs. Seller shall pay (i) one-half of all state, county and local taxes payable in connection with the transfer of the Property (collectively, the “Transfer Taxes”), and (ii) one-half of the escrow fees (if applicable). Purchaser shall pay (a) the costs of recording the Deed, (b) all title insurance costs (except the costs to cure any title objections in accordance with Article II hereof), (c) one-half of the Transfer Taxes, (d) one-half of the escrow fees, and (e) any costs required to update, revise or recertify the Survey. Except as provided in Section 7.11 below, Seller and Purchaser shall each pay their own legal fees in connection with this Agreement.

3.05 Conditions to Purchaser’s Obligations. Purchaser’s obligation to purchase the Property under this Agreement is subject to the satisfaction of each of the following conditions, any of which may be waived in whole or in part only in writing by Purchaser at or prior to the Closing Date:

a. Seller shall have delivered to the Title Company the items described in Section 3.02 above and shall otherwise have performed its obligations under Section 3.02 above.

b. There shall be no material breach of any of Seller’s representations and warranties set forth in Section 4.01 below as of the Closing Date.

c. Seller shall have obtained and delivered to Purchaser not less than three (3) Business Days prior to Closing an estoppel certificate executed by Tenant (the “Tenant Estoppel”) pursuant to the Lease, in the form reasonably acceptable to Purchaser or the specified form attached to or described in the Lease (if applicable), containing content reasonably acceptable to Purchaser and dated within thirty (30) days of the Closing Date. Purchaser shall have the right to reject Tenant Estoppel if (1) all blanks in the Tenant Estoppel are not completed, (2) all exhibits are not completed and attached, as applicable, or (3) it discloses (i) any material discrepancy from Seller’s representations made in Section 4.01 hereof or the Property Information provided to Purchaser, (ii) any Lease amendment, assignment or subletting that was not previously provided by Seller to Purchaser and which is not reasonably acceptable to Purchaser, (iii) any option or right to acquire the Property that has not been waived, or (iv) any adverse claim or landlord default is disclosed therein.

d. If the Property is subject to restrictive covenants or a similar agreement, Seller shall have delivered to Purchaser an estoppel certificate from the declarant or owners’ association governing the Property (the “Declaration Estoppel Certificate”) dated not earlier than 30 days prior to Closing, stating that, all dues, assessments and other charges are paid current (and stating the date through which such charges are paid), that all declarant or association approvals necessary for the development of the Property have been given, and that to such association’s knowledge, there are no defaults by the owner of the Property, and that the improvements comply with all covenants, conditions, restrictions and requirements of the recorded declaration.

If any of the conditions set forth in this Section 3.05 are not satisfied as of the Closing Date, and such condition remains unsatisfied for a period of five (5) days after Purchaser delivers written notice thereof to Seller, Purchaser shall have the right, as its sole and exclusive remedy, to terminate this Agreement and upon any such termination, the Escrow Deposit shall be refunded to Purchaser.

3.06 Conditions to Seller’s Obligations. Seller’s obligation to sell the Property under this Agreement is subject to the satisfaction of each of the following conditions, any of which may be waived in whole or in part only in writing by Seller at or prior to the Closing Date:

a. Purchaser shall have delivered to the Title Company the items described in Section 3.03 above and shall otherwise have performed its obligations under Section 3.03 above.

b. There shall be no material breach of any of Purchaser’s representations and warranties or covenants set forth in Section 4.02 below as of the Closing Date.

If any of the foregoing conditions set forth in this Section 3.06 is not satisfied as of the Closing Date, and such condition remains unsatisfied for a period of five (5) days after Seller delivers written notice thereof to Purchaser, Seller shall have the right, as its sole and exclusive remedy, to terminate this Agreement and upon any such termination, the Escrow Deposit shall be paid to Seller.

3.07 Prorations. The following items shall be prorated between Seller and Purchaser (with Purchaser deemed to be holding title as of the Closing Date):

a. All rent and other charges payable or to be reimbursed to the Landlord under the Lease for the month in which the Closing occurs which has been collected by Seller as of the Closing Date shall be prorated between Seller and Purchaser as of 12:01 a.m. EST on the Closing Date. All rents and other charges due under the Lease for the month in which the Closing occurs which have not been collected by Seller pursuant to the Lease as of the Closing Date shall not be prorated, provided, the proration of rent for the month in which Closing occurs shall be calculated on the full amount of the Fixed Rent (as defined in the Lease) and shall not account for any abatement provided under the Lease. Following the Closing, Purchaser will use reasonable efforts to collect any rents and other charges under the Lease which are due to Seller for the period before the Closing Date, but Purchaser shall not be obligated to spend any money or take legal action to collect any such amounts. In the event Purchaser collects rents or other charges after the Closing which were delinquent or due to Seller as of the Closing Date, then Purchaser shall retain the amount, if any, owing to Purchaser for the period following the Closing Date and promptly remit the balance thereof to Seller.

b. This Section 3.07 shall survive the Closing.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES AND COVENANTS

4.01 Representations and Warranties of Seller. Seller hereby represents and warrants to Purchaser, both as of the Effective Date and as of the Closing Date, as follows:

a. Seller has all requisite power and authority, and has taken all actions required by its organizational documents to authorize it to execute and deliver this Agreement. The individual executing this Agreement and any other documents and instruments executed by Seller pursuant hereto has the legal power, right, and actual authority to bind Seller to the terms and conditions hereof and thereof.

b. Seller is not a “foreign person” as that term is defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

c. Except for amendments delivered to Purchaser as part of the Property Information, the Lease has not been modified, and to Seller’s actual knowledge, the Lease is in full force and effect. Seller has not notified Tenant that Tenant is in default, Seller has not received any notice from Tenant that Seller is in default under the Lease, Seller has no actual knowledge of any existing or uncured default, or any claim of default, under the Lease. There are no rental, lease or other commissions now or hereafter payable to any person or entity with respect to the current term of the Lease. Seller has completed and paid for all tenant improvements and paid all tenant improvement allowances required by the Lease for the current term of the Lease. From and after Closing, Purchaser in its capacity as the landlord under the Lease will not have any further obligation to pay Tenant for any tenant improvements and tenant improvement allowances required by the Lease for the current term of the Lease. There is no unrecorded right, agreement, lease, option, right of first refusal or any other similar document, pursuant to which Seller grants a third party the right to purchase, transfer, lease or occupy all or any portion of the Property, except for this Agreement and the Lease.

d. There are no actions, suits or proceedings pending or, to the actual knowledge of Seller, threatened against Seller or the Property.

e. Seller has not received written notice of (i) any condemnation action which is pending or being contemplated with respect to the Property or any portion thereof, (ii) or any taxes or assessments levied against the Property other than ad valorem taxes and assessments.

f. Seller has not received any written notice from any governmental authority of any uncured violation of any zoning, building, fire, environmental or health code or any other statute, ordinance, rule, regulation or order applicable to the Property, or any part thereof, that will not have been corrected prior to Closing.

g. As used herein, Seller’s actual knowledge is limited to the current actual knowledge of the officer of Seller’s general partner who executes this Agreement. Such officer is the officer of Seller’s general partner with the best knowledge of the matters described in this Section 4.01. Such officer shall have no personal liability under this Agreement.

h. All representations and warranties of Seller and Purchaser hereunder shall survive the Closing for a period of one hundred eighty (180) days after the Closing Date; provided, however, that any claim based upon any alleged breach thereof must be asserted in writing within one hundred eighty (180) days after the Closing Date and no claim asserted after the date which is one hundred eighty (180) days after the Closing Date shall be valid or enforceable. The covenants set forth in Section 4.03 below shall not survive the Closing. No claim for a breach of any representation or warranty of Seller shall be actionable or payable: (i) if the breach in question results from or is based on a condition, state of facts or other matter of which Purchaser had knowledge prior to the Closing; and (ii) unless both written notice containing a description of the specific nature of such breach shall have been given by Purchaser to Seller prior to the date that is one hundred eighty (180) days after the Closing Date, and an action shall have been commenced by Purchaser against Seller to recover damages for such breach prior to the date that is two hundred forty (240) days after the Closing Date. In addition, the liability of Seller for a breach of any representation or warranty of Seller shall be limited to the actual damages suffered by Purchaser that were proximately caused by such breach, and the aggregate liability of Seller for any and all such breaches shall be limited to FOUR HUNDRED

FORTY-FIVE THOUSAND AND NO/100 DOLLARS ($445,000.00). PURCHASER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY RIGHT TO RECOVER FROM SELLER PURSUANT TO THIS SECTION (A) ANY DAMAGES OTHER THAN ACTUAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ANY PUNITIVE OR CONSEQUENTIAL DAMAGES), AND (B) ANY ACTUAL DAMAGES IN EXCESS OF FOUR HUNDRED FORTY-FIVE THOUSAND AND NO/100 DOLLARS ($445,000.00).

4.02 Representations and Warranties of Purchaser. Purchaser represents and warrants to Seller, both as of the Effective Date and as of the Closing Date, as follows:

a. Purchaser has all requisite power and authority, and has taken all actions required by its organizational documents to authorize it to execute and deliver this Agreement. The individual executing this Agreement and any other documents and instruments executed by Purchaser pursuant hereto has the legal power, right, and actual authority to bind Purchaser to the terms and conditions hereof and thereof.

4.03 Covenants and Agreements of Seller. Seller covenants and agrees with Purchaser that from the Effective Date until the Closing Date:

a. Seller shall perform its obligations under the Lease.

b. Seller shall promptly notify Purchaser of any litigation, arbitration, administrative hearing or condemnation proceeding before any court or governmental agency concerning or affecting the Property of which Seller receives written notice.

c. Seller will not amend the Lease, or enter into any service contract which cannot be terminated upon not more than thirty (30) days prior written notice, without in each case the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed.

d. At or before Closing, Seller will pay Tenant the full amount of the unapplied Abatement Allowance (as defined in the Lease) in order to cause Tenant to resume the payment of full monthly installments of Fixed Rent (as defined in the Lease) in accordance with the terms of the Lease, effective as of the Closing Date.

ARTICLE V.

CONDEMNATION

5.01 Casualty. If prior to the Closing, any fire or casualty damage to the Property occurs and such damage entitles Tenant to terminate the Lease, Purchaser shall have the right to terminate this Agreement by written notice delivered to Seller and upon such termination, the Escrow Deposit shall be delivered to Purchaser. If Purchaser does not elect to terminate this Agreement, or in the event of fire or casualty damage does not give Tenant the right to terminate the Lease, then the Closing shall take place as provided in this Agreement without any offset against or deduction from the Purchase Price, provided, there shall be credited to Purchaser against the Purchase Price the amount of any insurance deductible or other limitation on

insurance proceeds to the extent payable by the landlord under the Lease, and, to the extent Seller maintains fire and casualty insurance covering the Property (as opposed to Tenant maintaining such coverage), Seller shall assign to Purchaser at the Closing all of its rights to receive insurance proceeds payable with respect to such damage, including, without limitation, any insurance proceeds payable under policies maintained by Tenant (other than rental loss insurance proceeds applicable to the period prior to the Closing). Purchaser and Seller agree that the Uniform Vendor-Purchaser Risk of Loss Act shall not apply to this Agreement.

5.02 Condemnation. Seller shall deliver to Purchaser written notice of any pending, proposed or threatened taking or condemnation of all or any portion of the Land of which Seller receives notice prior to the Closing. If prior to the Closing, any taking or condemnation of all or any material portion of the Land is proposed or threatened, or if Seller or Purchaser receive notice that any such taking or condemnation is pending, and if such proposed or threatened taking would permit Tenant to terminate the Lease, then in such event, Purchaser shall have the right to terminate this Agreement by written notice delivered to Seller within ten (10) days after Purchaser receives notice of such pending, proposed or threatened taking or condemnation and upon such termination, the Escrow Deposit shall be refunded to Purchaser. If Purchaser does not elect to terminate this Agreement, then the Closing shall take place as provided in this Agreement without any offset against, or deduction from, the Purchase Price and there shall be assigned to Purchaser at the Closing all right, title and interest of Seller in and to all condemnation proceeds which may be paid or payable with respect to the Land.

ARTICLE VI.

PROVISIONS WITH RESPECT TO DEFAULT

6.01 Default by Seller. In the event Seller fails to consummate the Closing for any reason, except for a default by Purchaser, Purchaser may, at its election and as its sole and exclusive remedy, either (a) terminate this Agreement and receive a refund of the Escrow Deposit from the Title Company, together with a reimbursement payable by Seller to Purchaser for Purchaser’s actual out-of-pocket costs incurred in connection with the transaction contemplated herein in an amount not to exceed $100,000, or (b) bring an action to enforce specific performance of this Agreement against Seller, provided that such action is commenced within sixty (60) days after the Closing Date. Except as provided in Section 7.11 below, Purchaser specifically waives all other rights and remedies, including, without limitation, the right to recover actual, punitive, speculative, consequential or other damages and the right to file any lien, notice, petition, memorandum, lis pendens or other instrument in the real estate records of the appropriate county or otherwise.

6.02 Default by Purchaser. In the event Purchaser fails to perform any of its obligations hereunder or fails to purchase the Property for any reason, except for a default by Seller as provided in Section 6.01 above or as otherwise expressly permitted in accordance with the terms of this Agreement (including, without limitation, Section 1.04), Seller may, at its election and as its sole and exclusive remedy (except as provided in Section 7.11 below), terminate this Agreement and receive the Escrow Deposit from the Title Company as liquidated damages. The parties have agreed that Seller’s actual damages, in the event of Purchaser’s failure to close in breach of this Agreement, would be extremely difficult or impracticable to determine.

Therefore, the parties acknowledge that the Escrow Deposit has been agreed upon, after negotiation, as the parties’ reasonable estimate of Seller’s damages. The provisions of this Section 6.02 shall not limit or affect any of Purchaser’s indemnities as provided in other Sections of this Agreement.

ARTICLE VII.

MISCELLANEOUS

7.01 Brokerage and Advisor Fees and Commissions. Each party represents and warrants to the other that such party has not dealt with a real estate agent or broker in connection with the negotiation of this Agreement except CBRE, Inc., located at 1200 Liberty Ridge Drive, Suite 230, Wayne, PA 19087 (“Broker”). If the Closing occurs, Seller shall pay Broker a commission in accordance with a separate agreement between Seller and Broker. At Closing, Purchaser shall pay an advisory fee to Property Income Advisors, Inc. in accordance with the terms of a separate agreement. If any other claims for brokerage commissions or fees are ever made against Seller or Purchaser in connection with this transaction, all such claims shall be handled and paid by the party whose commitments form the basis of such claims. Seller and Purchaser each agree to indemnify and hold harmless the other from and against any and all such claims or demands with respect to any brokerage fees or agents’ commissions or other compensation asserted by any person, firm, or corporation in connection with this Agreement or the transactions contemplated herein insofar as any such claim or demand is based upon a contract or commitment of the indemnifying party. This Section 7.01 shall survive the Closing and any termination of this Agreement.

7.02 Notices. All notices, demands and requests which may be given or which are required to be given by either party to the other, and any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective either (a) on the date personally delivered to the address indicated herein, as evidenced by written receipt therefor, whether or not actually received by the person to whom addressed; (b) intentionally omitted; (c) upon confirmed transmission, if delivered by electronic transmission, addressed to the intended recipient at the email address hereinafter provided; or (d) one (1) Business Day following the day deposited into the custody of a nationally recognized overnight delivery service such as Fed Ex for overnight next day delivery, addressed to such party at the address specified herein.


If to Seller:		SCCP Central Valley Limited Partnership
		Suite 2600-1075 West Georgia Street
		Vancouver, BC V6E 3C9
		Attn: Jamie Farrar
		Email: jfarrar@cityofficereit.com


with a copy to:		Gardere Wynne Sewell LLP
		3000 Thanksgiving Tower
		1601 Elm Street
		Dallas, Texas 75201
		Attn: George C. Dunlap, Jr.
		Email: gdunlap@gardere.com

If to Purchaser:		Property Income Advisors, Inc.
		16870 West Bernardo Drive, Suite 400
		San Diego, California 92127
		Attn: Scott A. Sweeney
		Telephone: (858) 451-8125
		E-mail: ssweeney@propincadv.com

with a copy to:		Ann Banta Kustoff, Esq.
		Sheley, Hall & Williams, P.C.
		303 Peachtree Street NE, Suite 4440
		Atlanta, Georgia 30308
		Telephone: (404) 880-1394
		E-mail: akustoff@sheleyhall.com

and:		Gulf Islamic Investments, LLC
		3^rd Floor Al Neem Tower
		Sheikh Khalifa Street
		Abu Dhabi – UAE
		P.O. Box 109248
		Attn: Pankaj Gupta, CEO
		Email: pgupta@gii.ae
		Fax: 971 4 3253709

Any party hereto may, at any time by giving five (5) days’ written notice to the other party hereto, designate any other address in substitution of the foregoing address to which such notice shall be given.

7.03 Entire Agreement; Modification. This Agreement embodies and constitutes the entire understanding among the parties with respect to the transactions contemplated herein, and all prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged into this Agreement. Neither this Agreement nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.

7.04 Headings. Descriptive headings are for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement.

7.05 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns, provided that except as hereafter provided, no assignment shall be made by either party without the prior written consent of the other party.

7.06 Time of Essence. Time is of the essence of this Agreement and of each covenant and agreement that is to be performed at a particular time or within a particular period of time. However, if the final date of any period which is set out in any provision of this Agreement or the Closing Date falls on a Saturday, Sunday or legal holiday under the laws of the United States or the Commonwealth of Pennsylvania, then the time of such period or the Closing Date, as the case may be, shall be extended to the next date which is not a Saturday, Sunday or legal holiday, and for the purpose of this Agreement, the term “Business Day” shall mean any day which is not a Saturday, Sunday or legal holiday under the laws of the United States or the Commonwealth of Pennsylvania.

7.07 Multiple Counterparts; Facsimile Signatures. This Agreement may be executed in a number of identical counterparts, each of which for all purposes is deemed an original, and all of which constitute collectively one agreement, but in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart. Signatures to this Agreement may be transmitted via facsimile or scanned and e-mailed, and delivery thereby shall be deemed sufficient for all purposes to the same extent as would be delivery of an original signature.

7.08 Assignment by Purchaser. Purchaser shall not have the right to assign this Agreement without the prior written consent of Seller. Notwithstanding the foregoing, Purchaser shall be entitled to assign this Agreement to Gulf Islamic Investments or an entity advised by, controlled by, or under common control with Gulf Islamic Investments.

7.09 Prohibition on Recording Agreements. Purchaser agrees that neither this Agreement, a copy of this Agreement, nor any instrument describing or referring to this Agreement shall ever be filed of record in and in the event Purchaser records this Agreement, a copy of this Agreement or any instrument describing or referring to this Agreement, Seller, at Seller’s option, may terminate this Agreement and receive immediate payment of the Escrow Deposit.

7.10 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

7.11 Attorneys’ Fees. Should either party hereto institute any action or proceeding in court to enforce this Agreement, the prevailing party in any such action or proceeding shall be entitled to receive from the non-prevailing party all reasonable attorneys’ fees and court costs in connection with such action or proceeding

7.12 Reporting Person. The Title Company is hereby designated as the “Reporting Person” pursuant to Section 6045 of the Internal Revenue Code and the Regulations promulgated thereunder.

7.13 Construction. The parties acknowledge and agree that the parties and their counsel have reviewed this Agreement and this Agreement will not be presumptively interpreted against either party.

7.14 Severability. If any provision of this Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the invalid, illegal, or unenforceable provision will not affect any other provisions, and this Agreement will be construed as if the invalid, illegal, or unenforceable provision is severed and deleted from this Agreement.

7.15 Gender; Number. Unless the context requires otherwise, all pronouns used in this Agreement will be construed to include the other genders, whether used in the masculine, feminine or neuter gender. Words in the singular number will be construed to include the plural, and words in the plural will be construed to include the singular.

7.16 Confidentiality. Purchaser shall keep confidential the existence and the terms of this Agreement, except as to their employees, consultants, attorneys, accountants, and other agents that may be involved in conducting the due diligence related to the transactions contemplated by this Agreement. Purchaser and its representatives shall hold in strictest confidence all data and information obtained with respect to Seller or its business, whether obtained before or after the execution and delivery of this Agreement, and shall not disclose the same to others; provided, however, that it is understood and agreed that (i) Purchaser may disclose such data and information to the employees, consultants, accountants, and attorneys of Purchaser provided that Purchaser advises such persons of the confidential nature of such information and in all events Purchaser shall be responsible for its employees, consultants, accountants and attorneys’ obligation to keep confidential the data and information provided to them pursuant to this Agreement, and (ii) Purchaser’s obligation to keep such information confidential shall terminate as of the earlier to occur of the Closing or the expiration of twelve (12) months after the date Purchaser terminates this Agreement, except that such period shall equal three (3) years for any customer information and data. Purchaser, its employees, agents, consultants, accountants, mortgage brokers, and lenders and attorneys shall use Seller’s confidential information only for purposes of evaluating whether to consummate the transactions contemplated by this Agreement, and for no other purposes. In the event of a breach or threatened breach by Purchaser or its agents or representatives of this Section 7.16, Seller shall be entitled to an injunction restraining Purchaser or its agents or representatives from disclosing, in whole or in part, such confidential information. Nothing herein shall be construed as prohibiting Seller from pursuing any other available remedy at law or in equity for such breach or threatened breach. The provisions of this Section 7.16 shall survive the termination of this Agreement.

7.17 Watch List. In the event that Purchaser, any assignee of Purchaser, Purchaser’s lender, or the source of any of Purchaser’s equity for the consummation of this Agreement is the exact same individual or entity as appears on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control of the United States Department of the Treasury prior to Closing, Seller may, by written notice given to Purchaser at or before the Closing, terminate this Agreement. If Seller elects to terminate this Agreement, pursuant to this Section 7.17, the Escrow Deposit shall be promptly paid to Seller by the Title Company and neither party shall have any further rights or obligations hereunder, except for the obligations that expressly survive the termination of this Agreement, all of which shall survive the Closing or, if the purchase and sale contemplated hereunder is not consummated, any termination of this Agreement.

7.18 Waiver of Jury Trial. PURCHASER AND SELLER UNCONDITIONALLY WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY DEALINGS BETWEEN PURCHASER AND SELLER RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN PURCHASER AND SELLER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

7.19 Effective Date. The Effective Date shall be the last date Seller or Purchaser executes this Agreement as provided in the dates below their respective signature hereto.

7.20 Tenant Allowances. Seller waives any right to receive payment or repayment for any unused tenant improvement or other inducement allowance provided to Tenant under the Lease. This Section 7.20 shall survive Closing.

[Signatures on following page]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.


SELLER:

SCCP CENTRAL VALLEY LIMITED PARTNERSHIP,
a Delaware limited partnership

By:		SCCP Central Valley GP Corp.,
		a Delaware corporation,
		its general partner

		By: /s/ James Farrar
		Print: James Farrar
		Its: President

Date of Execution: February 2, 2016

PURCHASER:

GULF ISLAMIC INVESTMENTS LLC,
an Abu Dhabi limited liability company

By: /s/ Pankaj Gupta
Print: Pankaj Gupta
Its: Chief Executive Officer - UAE

Date of Execution: February 2, 2016

By: /s/Mohammed Alhassan
Print: Mohammed Alhassan
Its: Chief Executive Officer - GCC

Date of Execution: February 2, 2016

JOINDER OF THE TITLE COMPANY

The Title Company hereby acknowledges receipt of the Escrow Deposit and a copy of this Agreement and agrees to hold and disburse the Escrow Deposit in accordance with the provisions of this Agreement. It is expressly acknowledged and agreed to by the Title Company that in no event shall the joinder, consent, agreement or signature of the Title Company be necessary or required in connection with any amendment, modification or termination of this Agreement. The Title Company is hereby directed to complete the Effective Date on page 1 of this Agreement in accordance with Section 7.19 of this Agreement.

BENCHMARK TITLE, LLC

By: /s/ Allison Davis

Print: Allison Davis

Its: Escrow Assistant

Date: February 3, 2016

EXHIBIT “A”

Property Description

The land referred to is situated in Upper Saucon Township, County of Lehigh, Commonwealth of Pennsylvania, and is further described as follows:

ALL those certain lots, situated in Upper Saucon Township, Lehigh County, Pennsylvania, known as Lot 13 and Lot 14, as shown on the plan known as “Subdivision of Lots for “Area B” of Phase 1, Stage 1 Land Development and Major Subdivision of Stabler Corporate Center”, recorded in Lehigh County Map Book Volume 38 Page 93, as shown below:

ALL THAT CERTAIN tract or parcel of real property located in Upper Saucon Township, Lehigh County, Pennsylvania, more particularly described as follows:

LOT 13 - Surveyor’s Description

ALL THAT CERTAIN tract, piece or parcel of land situate, lying and being in the Township of Upper Saucon, County of Lehigh and Commonwealth of Pennsylvania, bounded and described as follows, to wit:

BEGINNING at a point on the south side of Corporate Parkway and the corner of Lot 12; thence along the aforesaid road and around a curve to the right, having a radius of 811.33 feet, delta of 28° 09’ 16” and an arc length of 398.68 feet to a point, the corner of Lot 14; thence along Lot 14 South 31° 00’ 00” East, 878.61 feet to a point on the northern right of way line of Center Valley Parkway, and also being the corner of Lot 14; thence along the aforesaid road South 37° 00’ 17” West, 300.00 feet to a point, also being the corner of Liberty Property Trust and also the center line of drainage easement, having a width of 20.00 feet; thence in the center line of said easement and along Liberty Property Trust (Lot 11) the following courses and distances:

1. North 65° 48’ 47” West, 28.27 feet to a point

2. South 89° 51’ 33” West, 37.61 feet to a point

3. North 73° 09’ 22” West, 43.00 feet to a point

4. North 57° 40’ 53” West, 44.72 feet to a point

5. North 42° 24’ 48” West, 33.37 feet to a point

6. North 31° 51’ 11” West, 104.80 feet to a point, the corner of Lots 11 and 12

7. North 31° 51’ 11” West, 728.96 feet to a point, the place of beginning

CONTAINING 8.43 acres, more or less.

BEING a part of the subdivision plan known as Phase 1, Stage 1 Land Development and Major Subdivision Plan as recorded in the Recorder of Deeds Office for Lehigh County in Volume 29 Page 13, dated May 3, 1990.

BEING a part of the First Amended Phase 1, Stage 1 Land Development and Major Subdivision Plan as recorded in the Office of the Recorder of Deeds of Lehigh County, Pennsylvania in Map Book Volume 32 Page 57, dated September 14, 1994.

ALSO BEING Lot 13 of Subdivision of Lots “Area B” of Phase 1, Stage 1 Land Development and Major Subdivision of Stabler Corporate Center as recorded in the Recorder of Deeds Office for Lehigh County in Volume 38 Page 93.

Exhibit “A”

LOT 14 - Surveyor’s Description

ALL THAT CERTAIN tract, piece or parcel of land situate, lying and being in the Township of Upper Saucon, County of Lehigh and Commonwealth of Pennsylvania, bounded and described as follows, to wit:

BEGINNING at a point on the south side of Corporate Parkway and the corner of Lot 13; thence along the aforesaid road and around a curve to the right, having a radius of 811.33 feet, delta of 16° 56’ 45” and an arc length of 239.96 feet to a concrete monument; thence continuing along the same North 88° 32’ East, 200.00 feet to a found concrete monument and also the corner of Lot 15; thence along Lot 15 the following courses and distances:

1. South 15° 37’ 11” East, 99.35 feet to a point

2. South 32° 49’ 15” East, 501.32 feet to a point on the north side of Center Valley Parkway and also the corner of Lot 15;

thence along the right of way line of Center Valley Parkway the following courses and distances:

1. South 53° 35’ 55” West, 191.38 feet to a found iron pin

2. South 37° 00’ 17” West, 211.58 feet to a point, said point also being the corner of Lot 13;

thence along Lot 13 North 31° West, 878.61 feet to a point on the south side of Corporate Parkway, the point and place of beginning.

CONTAINING 6.45 acres, more or less.

ALSO BEING Lot 14 of Subdivision of Lots “Area B” of Phase 1, Stage 1 Land Development and Major Subdivision of Stabler Corporate Center as recorded in the Recorder of Deeds Office for Lehigh County in Volume 38 Page 93.

LOTS 13 AND 14 TOGETHER ARE ALSO DESCRIBED AS:

ALL THAT CERTAIN tract, piece or parcel of land situate, lying and being in the Township of Upper Saucon, County of Lehigh and Commonwealth of Pennsylvania, bounded and described as follows, to wit:

North 88° 32’ 00” East, 200.00 feet to a concrete monument and also the corner of Lot 15; thence along Lot 15 the following courses and distances:

1. South 15° 37’ 11” East, 99.35 feet to a point;

2. South 32° 49’ 15” East, 501.32 feet to a point on the north side of Center Valley Parkway and also the corner of Lot 15; thence along the right of way line of Center Valley Parkway the following courses and distances:

1. South 53° 35’ 55” West, 191.38 feet to an iron pin;

2. South 37° 00’ 17” West, 511.58 feet to a point, said point also being the corner of Lot 11; thence along Lot 11 the following courses and distances:

Exhibit “A”

1. North 65° 48’ 47” West, 28.27 feet to a point;

2. South 89° 51’ 33” West, 37.61 feet to a point;

3. North 73° 09’ 22” West, 43.00 feet to a point;

4. North 57° 40’ 53” West, 44.72 feet to a point;

5. North 42° 24’ 48” West, 33.37 feet to a point;

6. North 31° 51’ 11” West, 104.80 feet to a point, the corner of Lots 11 and 12; thence along Lot 12

North 31°51’11” West, 728.96 feet to a point, the place of beginning.

CONTAINING 14.88 acres, more or less.

ALSO BEING Lots 13 and 14 of Subdivision of Lots “Area B” of Phase 1, Stage 1 Land Development and Major Subdivision of Stabler Corporate Center as recorded in the Recorder of Deeds Office for Lehigh County in Volume 38 Page 93.

BEING THE SAME premises which GE Commercial Finance Business Property Corporation, a Delaware corporation, by Deed dated May 1, 2013 but effective May 17, 2013 and recorded May 20, 2013 in the Office of the Recorder of Deeds in and for Lehigh County, Pennsylvania in Instrument Number 2013018606, granted and conveyed unto SCCP Central Valley Limited Partnership, formerly known as Pembroke Central Valley LP, a Delaware limited partnership, in fee.

Exhibit “A”

EXHIBIT “B”


This document was prepared by:


After Recording Return to:

Parcel ID Number:

Special Warranty Deed

This Special Warranty Deed, made this day of , 20

BETWEEN , a(n) (the “Grantor”) of the one part, and , a(n) (the “Grantee”), of the other part.

WITNESSETH, that in consideration of Ten and 00/100 Dollars ($10.00), in hand paid, the receipt of which is hereby acknowledged, Grantor does hereby grant and convey unto the said Grantee and Grantee’s heirs and assigns, the land, situated, lying and being in the County of in the Commonwealth of Pennsylvania, which is more particularly described on Exhibit “A” attached hereto and made a part hereof, together with (i) all and singular, all of Grantor’s right, title and interest, if any, in and to any and all rights, benefits, privileges, easements, tenements, and appurtenances thereon and pertaining thereto, including all of Grantor’s right, title and interest, if any, in and to any adjacent streets, roads, alleys, easements and rights-of-way, (ii) any and all improvements and buildings located on such real property (said real property, together with such rights, appurtenances and interests, improvements and buildings being collectively called the “Property”), subject to, however, all taxes, assessments, liens, easements, encumbrances, restrictions and any and all matters of record, including, without limitation, the exceptions set forth in Exhibit “B” attached hereto and made a part hereof (said exceptions being called the “Permitted Exceptions”).

To Have and to Hold, the Property unto Grantee and its assigns in fee simple, subject to the Permitted Exceptions.

AND Grantor does hereby covenant, grant and agree that Grantor is lawfully seized of the Property in fee simple; that Grantor has good right and lawful authority to sell and convey the

Exhibit “B”

Property; that Grantor hereby warrants the title to the Property and will forever defend the same against the lawful claims and demands of Grantor and of all persons lawfully claiming the same or any part thereof by, through or under Grantor, but not otherwise, and subject to the Permitted Exceptions.

IN WITNESS WHEREOF, Grantor has caused these presents to be duly executed, the day and year first above written.

SEALED AND DELIVERED,

In the Presence of:


	GRANTOR: SCCP CENTRAL VALLEY LIMITED PARTNERSHIP, a Delaware limited partnership
_________________________________ Witness:

_________________________________ Witness:	By:	SCCP Central Valley GP Corp., a Delaware corporation, its general partner

		By:
		Name:
		Title:

State of

County of

On this the day of , 20 , before me a notary public, the undersigned officer, personally appeared , of , known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument acknowledged that he executed the same for the purposes therein contained, on behalf of said .

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

Notary Public

Exhibit “B”

ON BEHALF OF GRANTEE:

I hereby certify that the current address of Grantee is:

By:

Name:

Title:

Exhibits to be attached

Exhibit “B”

EXHIBIT “C”

Bill of Sale

BILL OF SALE AND ASSIGNMENT OF LEASE

THIS INSTRUMENT (this “Agreement”) is executed and delivered as of the day of , 20 (the “Effective Date”), by and between , a(n) (“Seller”), and , a(n) (“Purchaser”), covering the real property described in Exhibit “A” attached hereto (the “Real Property”).

1. Sale of Personalty. For good and valuable consideration, Seller hereby sells, transfers, sets over and conveys to Purchaser the following:

(a) Tangible Personalty. All of Seller’s right, title and interest, if any, in and to the fixtures, equipment, machines, apparatus and tangible personal property of every nature and description owned by Seller, if any, located in or on the Real Property; and

(b) Intangible Personalty. To the extent transferable without the consent of third parties, all of Seller’s right, title and interest, if any, in and to the intangible property that is owned by Seller and appurtenant to the ownership, operation, and use of the Real Property.

2. Assignment of Lease. For good and valuable consideration, Seller hereby assigns, transfers, sets over and conveys to Purchaser, and Purchaser hereby accepts and assumes the following:

(a) Lease. All of the Seller’s right, title and interest in and to the agreement dated , 201__, by and between Seller and , as amended by (as amended, the “Lease”) covering the Real Property and Purchaser hereby (i) assumes all of Seller’s obligations under the Lease as of the Effective Date and (ii) releases Seller (and any guarantor of Seller’s obligations under the Lease) from any and all liabilities and obligations under the Lease arising from and after the Effective Date.

3. Purchase and Sale Agreement. The rights, titles and interests conveyed pursuant to this Agreement are subject to the terms, provisions and agreements set forth in Section 1.04(c) of that certain Agreement of Purchase and Sale, dated , 20__, made and entered into by and between Seller and Purchaser, as the same may have been amended, modified and/or assigned.

4. Counterparts. This instrument may be executed in any number of identical counterparts, all of which shall together constitute a single original.

[Signatures on following page]

Exhibit “C”

IN WITNESS WHEREOF, the undersigned have caused this Bill of Sale and Assignment of Lease to be executed as of the date written above.

SELLER:

a(n)

By:_________________________________________

Name:_______________________________________

Title:________________________________________

PURCHASER:

____________________________________________,

a(n)__________________________________________

By:__________________________________________

Name:________________________________________

Title:_________________________________________

Exhibits to be attached

Exhibit “C”

EX-31.1 3 d172276dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION

I, James Farrar, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of City Office REIT, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 5, 2016


		/s/ James Farrar
		James Farrar
		Chief Executive Officer and Director (Principal Executive Officer)

EX-31.2 4 d172276dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION

I, Anthony Maretic, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of City Office REIT, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 5, 2016


		/s/Anthony Maretic
		Anthony Maretic
		Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer)

EX-32.1 5 d172276dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of City Office REIT, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, James Farrar, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James Farrar

James Farrar

Chief Executive Officer and Director

(Principal Executive Officer)

May 5, 2016

This written statement is being furnished to the Securities and Exchange Commission as an exhibit to the Report. A signed original of this written statement required by Section 906 has been provided to City Office REIT, Inc. and will be retained by City Office REIT, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 d172276dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of City Office REIT, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Anthony Maretic, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Anthony Maretic

Anthony Maretic

Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer)

May 5, 2016

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2015-02 Q1

4333000

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The scheduled principal repayments of debt as of March 31, 2016 are as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 15,756    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,036    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 89,160    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,629    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,917    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 209,894    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">       348,392    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

2016-04-05

2016

false

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="84%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 8,234    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,473    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,469    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4,041    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,218    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 6,302    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">       35,737    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 10pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 10pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 5. Debt <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table summarizes the secured indebtedness as of March 31, 2016 and December 31, 2015 (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="53%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> Property </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Interest Rate as of March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">Maturity</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Term Loan (1) </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">14,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">14,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right">   LIBOR+6.00%(2)</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> September 2016</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Secured Credit Facility (3) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> LIBOR +2.75%(2)</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">June 2018</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Washington Group Plaza (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,502 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,669 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3.85       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> July 2018</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> AmberGlen Mortgage Loan (5) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,618 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,729 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.38       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> May 2019</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Midland Life Insurance (6) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">95,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">95,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.34       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> May 2021</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Lake Vista Pointe (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,460 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,460 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.28       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> August 2024</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Florida Research Park (4)(7) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.44       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> December 2024</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Plaza 25 (4)(8) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.10       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> July 2025</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 190 Office Center (8) 7) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,250 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,250 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.79       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> October 2025</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Intellicenter (8) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,562 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,563 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.65       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> October 2025</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total Principal </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">     348,392 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">     344,671 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Deferred financing costs, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,275) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,393) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">345,117 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">341,278 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 10pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) and Term Loan (“Term Loan”) as explained in footnote 1 below. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">The Company is required to maintain a maximum total leverage ratio of 65%, a minimum liquidity of $3 million and a debt service coverage ratio of no less than 1.60x.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">As of March 31, 2016, the one month LIBOR rate was 0.40%</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(3)</td> <td valign="top" align="left">At March 31, 2016 the Secured Credit Facility had $75 million authorized and $54 million drawn. In addition, the Secured Credit Facility has an accordion feature that will permit the Company to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.60x. At March 31, 2016, the Secured Credit Facility is cross-collateralized by Central Fairwinds, Logan Tower, Superior Pointe and DTC Crossroads.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(4)</td> <td valign="top" align="left">Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(5)</td> <td valign="top" align="left">The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(6)</td> <td valign="top" align="left">The mortgage loan is cross-collateralized by Corporate Parkway, Cherry Creek and City Center. The loan is interest only until June 2016, after which it is interest payable monthly plus principal based on 360 months of amortization. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(7)</td> <td valign="top" align="left">The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(8)</td> <td valign="top" align="left">The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x and 1.20x respectively for each of Plaza 25, 190 Office Center and Intellicenter.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The scheduled principal repayments of debt as of March 31, 2016 are as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 15,756    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,036    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 89,160    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 26,629    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,917    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 209,894    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">       348,392    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

-0.56

10-Q 0001593222 2013-11-26

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 6%; -webkit-text-stroke-width: 0px"> During the three months ended March 31, 2016 and 2015, the Company, through the Operating Partnership, acquired the following property: <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="96%"></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> Property </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">      Date Acquired     </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">       Percentage Owned      </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Logan Tower </td> <td valign="bottom">  </td> <td valign="bottom" align="center">February 2015</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 100%     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 6%; -webkit-text-stroke-width: 0px">   </div>

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table summarizes the secured indebtedness as of March 31, 2016 and December 31, 2015 (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="53%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> Property </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Interest Rate as of March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">Maturity</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Term Loan (1) </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">14,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">14,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right">   LIBOR+6.00%(2)</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> September 2016</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Secured Credit Facility (3) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> LIBOR +2.75%(2)</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">June 2018</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Washington Group Plaza (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,502 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,669 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3.85       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> July 2018</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> AmberGlen Mortgage Loan (5) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,618 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,729 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.38       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> May 2019</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Midland Life Insurance (6) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">95,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">95,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.34       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> May 2021</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Lake Vista Pointe (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,460 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,460 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.28       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> August 2024</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Florida Research Park (4)(7) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.44       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> December 2024</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Plaza 25 (4)(8) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,000 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.10       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> July 2025</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 190 Office Center (8) 7) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,250 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,250 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.79       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> October 2025</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Intellicenter (8) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,562 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,563 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4.65       </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> October 2025</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total Principal </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">     348,392 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">     344,671 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Deferred financing costs, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,275) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,393) </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">345,117 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">341,278 </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 10pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) and Term Loan (“Term Loan”) as explained in footnote 1 below. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">The Company is required to maintain a maximum total leverage ratio of 65%, a minimum liquidity of $3 million and a debt service coverage ratio of no less than 1.60x.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">As of March 31, 2016, the one month LIBOR rate was 0.40%</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(3)</td> <td valign="top" align="left">At March 31, 2016 the Secured Credit Facility had $75 million authorized and $54 million drawn. In addition, the Secured Credit Facility has an accordion feature that will permit the Company to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.60x. At March 31, 2016, the Secured Credit Facility is cross-collateralized by Central Fairwinds, Logan Tower, Superior Pointe and DTC Crossroads.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(4)</td> <td valign="top" align="left">Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(5)</td> <td valign="top" align="left">The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(6)</td> <td valign="top" align="left">The mortgage loan is cross-collateralized by Corporate Parkway, Cherry Creek and City Center. The loan is interest only until June 2016, after which it is interest payable monthly plus principal based on 360 months of amortization. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(7)</td> <td valign="top" align="left">The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">(8)</td> <td valign="top" align="left">The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x and 1.20x respectively for each of Plaza 25, 190 Office Center and Intellicenter.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

Accelerated Filer

<div> Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. </div>

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Lease intangibles and the value of assumed lease obligations as of March 31, 2016 and December 31, 2015 were comprised as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="79%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> March 31, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Above     Market     Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">     In Place     Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Leasing    Commissions   </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">         Total        </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below     Market     Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below Market     Ground     Lease</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">5,616  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">44,478  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">17,530  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">67,624  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,928)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(138)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(3,066)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,040)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,882)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,822)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,744)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">898  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">923  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,576  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">24,596  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">10,708  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">37,880  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,030)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(113)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,143)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> December 31, 2015 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Above Market Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">In Place Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Leasing Commissions</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below Market Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below Market Ground Lease</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">5,616  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">44,478  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">17,530  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">67,624  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,928)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(138)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(3,066)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,830)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,641)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,163)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(26,634)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">750  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">774  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,786  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">26,837  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">11,367  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">40,990  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,178)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(114)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,292)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

20000

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 30pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 4. Lease Intangibles <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Lease intangibles and the value of assumed lease obligations as of March 31, 2016 and December 31, 2015 were comprised as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="79%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> March 31, 2016 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Above     Market     Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">     In Place     Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Leasing    Commissions   </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">         Total        </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below     Market     Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below Market     Ground     Lease</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">5,616  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">44,478  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">17,530  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">67,624  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,928)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(138)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(3,066)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,040)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,882)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,822)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,744)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">898  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">923  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,576  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">24,596  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">10,708  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">37,880  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,030)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(113)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,143)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap"> December 31, 2015 </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Above Market Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">In Place Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Leasing Commissions</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below Market Leases</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Below Market Ground Lease</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">5,616  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">44,478  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">17,530  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">67,624  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,928)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(138)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(3,066)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,830)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,641)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,163)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(26,634)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">750  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">774  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">2,786  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">26,837  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">11,367  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">40,990  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,178)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(114)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(2,292)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="84%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 8,234    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 8,473    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 5,469    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 4,041    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 3,218    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 6,302    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">       35,737    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 10pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

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 common units by issuing common stock on a one-for-one basis.

0.08

0.235

--12-31 City Office REIT, Inc.

2014-04-21

2016-03-15

2016-03-31

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Future minimum lease payments to be received as of March 31, 2016 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 40,375    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 52,508    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 45,086    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 38,941    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 35,295    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 132,990    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">       345,195    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   </div>

CIO

2016-04-19

12764000

420000

-7119000

16274000

3732000

542000

-8789000

3663000

14072000

-4828000

159000

104000

278000

-407000

280000

100000

1782000

16274000

1144000

115000

17000

4359000

-4828000

542000

61000

-569000

60000

21102000

3961000

-4518000

245000

109000

100000

4437000

699000

4000000

221000

3740000

115000

-1739000

6551000

6157000

5701000

14 0.88 3 3778000 1263580 -146000 0.10 7044000 69000 3778000 3464000 3464000

2016-02-01

3500000

2018-06-26

2018-06 2019-06-26

76750

900000

0.65 P5Y

0.035

0.030

0.80 0.90 0.70

500000

2021-05-06

2021-05 P360M 2016-09 2024-08 P360M 2019-05 2018-07 P360M 2024-12 P360M 2025-07 P360M 2025-10 2025-10 The Company will make any additional Earn-Out Payment within 30 days of the end of the earn-out term based on new qualified leases entered into since the achievement of the last Earn-Out Threshold. 0.0775

Fee ranging from 3.0% to 3.5% of gross revenue

100000

69000

115000

20000

147000 2000 297000 3000

-7119000

4943000

542000

61000

767000 3461000

542000

-7119000

61000

4943000

769000 3464000

-1739000

-61000

758000

3009000

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 6%; -webkit-text-stroke-width: 0px"> The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="83%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">      Logan Tower     </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Land </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 1,306     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 7,844     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Tenant improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 353     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Acquired intangible assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> 1,274     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Accounts payable and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(48)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Lease intangible liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right"> (306)    </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total consideration </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right"> 10,423     </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 24pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px">   </div>

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 24pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table presents the unaudited revenues and income from continuing operations for Logan Tower on a pro forma basis as if the Company had completed the acquisition of the property as of January 1, 2015 (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="94%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Three Months     Ended March 31,     2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">     Three Months         Ended March 31,     2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total revenues as reported by City Office REIT, Inc. </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">16,274  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">11,259  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Plus: Logan Tower </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">148  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Pro forma total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">16,274  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">11,407  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Total operating income as reported by the City Office REIT, Inc. </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(4,828)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,379  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Plus: Logan Tower </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(106)  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Pro forma operating income </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">(4,828)  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> $</td> <td valign="bottom" align="right">1,273  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	CIO
Entity Registrant Name	City Office REIT, Inc.
Entity Central Index Key	0001593222
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,209,472

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate properties, cost
Land	$ 90,205	$ 90,205
Building and improvement	256,501	256,317
Tenant improvement	39,027	35,069
Furniture, fixtures and equipment	202	198
Real estate properties, gross	385,935	381,789
Accumulated depreciation	(30,342)	(26,909)
Real estate properties, net	355,593	354,880
Cash and cash equivalents	8,198	8,138
Restricted cash	14,769	15,176
Rents receivable, net	15,804	14,382
Deferred leasing costs, net of accumulated amortization	5,228	5,074
Acquired lease intangibles assets, net	37,880	40,990
Prepaid expenses and other assets	1,586	1,567
Total Assets	439,058	440,207
Liabilities:
Debt	345,117	341,278
Accounts payable and accrued liabilities	13,182	8,745
Deferred rent	2,084	2,653
Tenant rent deposits	2,032	2,178
Acquired lease intangibles liability, net	2,143	2,292
Dividend distributions payable	5,701	3,663
Earn-out liability	1,900	5,678
Total Liabilities	$ 372,159	$ 366,487
Commitments and Contingencies (Note 9)
Equity:
Common stock, $0.01 par value, 100,000,000 shares authorized, 12,982,290 and 12,517,777 shares issued and outstanding	$ 130	$ 125
Additional paid-in capital	100,149	95,318
Accumulated deficit	(41,660)	(29,598)
Total Stockholders' Equity	58,619	65,845
Operating Partnership unitholders' non-controlling interests	9,001	8,550
Non-controlling interests in properties	(721)	(675)
Total Equity	66,899	73,720
Total Liabilities and Equity	$ 439,058	$ 440,207

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	12,982,290	12,517,777
Common stock, shares outstanding	12,982,290	12,517,777

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Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income	$ 14,072	$ 10,040
Expense reimbursement	1,782	891
Other	420	328
Total Revenues	16,274	11,259
Operating Expenses:
Property operating expenses	6,157	4,116
Acquisition costs		209
Stock based compensation	542	409
General and administrative	699	408
Base management fee	109	332
External advisor acquisition	7,044
Depreciation and amortization	6,551	4,406
Total Operating Expenses	21,102	9,880
Operating Income/(Loss)	(4,828)	1,379
Interest Expense:
Contractual interest expense	(3,740)	(2,009)
Amortization of deferred financing costs	(221)	(169)
Interest expense, net	(3,961)	(2,178)
Net loss	(8,789)	(799)
Less: Net income attributable to noncontrolling interests in properties	(69)	(121)
Less: Net loss attributable to Operating Partnership unitholders' noncontrolling interests	1,739	177
Net loss attributable to stockholders	$ (7,119)	$ (743)
Net loss per share:
Basic and diluted	$ (0.56)	$ (0.06)
Weighted average common shares outstanding:
Basic and diluted	12,764	12,279
Dividends/distributions declared per common share and unit	$ 0.235	$ 0.235

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Condensed Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Parent [Member]	Operating Partnership Unitholders' Non-controlling Interests [Member]	Non-controlling Interests in Properties [Member]
Beginning balance at Dec. 31, 2015	$ 73,720	$ 125	$ 95,318	$ (29,598)	$ 65,845	$ 8,550	$ (675)
Beginning balance, shares at Dec. 31, 2015	12,517,777	12,518,000
Conversion of common units to shares, values			61		61	(61)
Conversion of common units to shares, shares	20,000	20,000
Restricted stock award grants, values	$ 542		542		542
Internalization payment in shares, values	3,464	$ 3	3,461		3,464
Internalization payment in shares, shares		297,000
Earn out payment in shares, values	3,778	$ 2	767		769	3,009
Earn out payment in shares, shares		147,000
Dividend distributions declared	(5,701)			(4,943)	(4,943)	(758)
Distributions	(115)						(115)
Net loss	(8,789)			(7,119)	(7,119)	(1,739)	69
Ending balance at Mar. 31, 2016	$ 66,899	$ 130	$ 100,149	$ (41,660)	$ 58,619	$ 9,001	$ (721)
Ending balance, shares at Mar. 31, 2016	12,982,290	12,982,000

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net loss	$ (8,789)	$ (799)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,551	4,406
Amortization of deferred financing costs	221	169
Amortization of above/below market leases	61	128
Increase in straight-line rent	(1,144)	(83)
Non-cash stock compensation	542	409
Internalization shares issued	3,464
Changes in non-cash working capital:
Rents receivable, net	(278)	(1,188)
Prepaid expenses and other assets	(17)	510
Accounts payable and accrued liabilities	4,437	(210)
Deferred rent	(569)	(686)
Tenant rent deposits	(146)	15
Net Cash Provided By Operating Activities	4,333	2,671
Cash Flows to Investing Activities:
Additions to real estate properties	(4,359)	(485)
Acquisition of real estate, net of cash assumed		(10,423)
Deferred leasing cost	(159)	(568)
Net Cash Used In Investing Activities	(4,518)	(11,476)
Cash Flows from Financing Activities:
Debt issuance and extinguishment costs	(104)
Proceeds from secured credit facility	4,000
Repayment of mortgage loans payable	(280)	(271)
Distributions to non-controlling interests in properties	(115)	(96)
Dividend distributions paid to stockholders and Operating Partnership unitholders	(3,663)	(3,571)
Change in restricted cash	407	1,866
Net Cash Provided By/(Used In) Financing Activities	245	(2,072)
Net Increase/(Decrease) in Cash and Cash Equivalents	60	(10,877)
Cash and Cash Equivalents, Beginning of Period	8,138	34,862
Cash and Cash Equivalents, End of Period	8,198	23,985
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	3,732	$ 2,097
Earn-out payment in shares	$ 3,778

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Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’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 “Operating Partnership”), in exchange for common units in the Operating Partnership (“common units”). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”). The Company’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’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. The Company has elected to be taxed and will continue to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”). 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. On February 1, 2016, the Company closed on the previously announced management internalization (“the Internalization”). The Company had previously entered into a Stock Purchase Agreement (“Stock Purchase Agreement”) with certain stockholders of the Company’s external advisor, City Office Real Estate Management Inc. (the “Advisor”) pursuant to which the Company acquired all of the outstanding stock of the 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 million to the stockholders of the Advisor (the “Sellers”), which include the Company’s three executive officers and Samuel Belzberg, a director of the Company. In addition, the Company is required to make cash payments to the Sellers of up to $3.5 million if the Company’s fully diluted market capitalization reaches the following thresholds prior to December 31, 2016: $1 million upon the Company achieving a $200 million fully diluted market capitalization, an additional $1 million upon the Company achieving a $225 million fully diluted market capitalization and an additional $1.5 million upon the Company achieving a $250 million fully diluted market capitalization. As of April 5, 2016, the Company’s fully diluted market capitalization was $277.6 million. The Company accrued an additional $3.5 million in the first quarter of 2016 representing the payments to be made to the Sellers upon reaching these fully diluted market capitalizations, which, together with the initial payment and professional fees, resulted in a total cost of $7.0 million in the first quarter of 2016. The amount was recorded as an expense in the accompanying condensed 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, our Operating Partnership and the Advisor (“Advisory Agreement”) that eliminates the payment of acquisition fees by the Company to the Advisor. In addition, each of the executive officers entered into an employment agreement with the Company and became employees of the Company, and, at the same time, approximately eleven additional current employees of the Advisor and its affiliates became employees of the Company. 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 “Administrative Services Agreement”) with Second City Capital II Corporation and Second City Real Estate II Corporation, related entities controlled by Sam Belzberg, a director of the Company. 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’s subsidiary will receive annual payments for these services under the Administrative Services Agreement as follows: first 12 months—$1.5 million, second 12 months—$1.15 million and third 12 months—$0.625 million, for a total of $3.275 million over the three-year term.

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Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies *Basis of Preparation and Summary of Significant Accounting Policies* The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. *New Accounting Pronouncements* In April 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company adopted ASU 2015-3 on January 1, 2016 and retrospectively reclassified $3.4 million of debt issuance costs as of December 31, 2015 from deferred financing costs, net. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 was adopted January 1, 2016. The impact, if any, of adopting ASU 2015-16 on the Company’s financial statements will depend on the nature of business combinations that occur. In February 2016, the FASB issued ASU 2016-02, Leases. The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

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Real Estate Investments

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Real Estate Investments

3. Real Estate Investments

Acquisitions

During the three months ended March 31, 2016 and 2015, the Company, through the Operating Partnership, acquired the following property:


Property	Date Acquired	Percentage Owned
Logan Tower	February 2015		100%

The above acquisition has been accounted for as a business combination.


	Logan Tower
Land	$	1,306
Buildings and improvements		7,844
Tenant improvements		353
Acquired intangible assets		1,274
Accounts payable and other liabilities		(48)
Lease intangible liabilities		(306)

Total consideration	$	10,423


	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015
Total revenues as reported by City Office REIT, Inc.	$	16,274	$	11,259
Plus: Logan Tower		—		148

Pro forma total revenues	$	16,274	$	11,407

Total operating income as reported by the City Office REIT, Inc.	$	(4,828)	$	1,379
Plus: Logan Tower		—		(106)

Pro forma operating income	$	(4,828)	$	1,273

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Lease Intangibles

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Lease Intangibles

4. Lease Intangibles

Lease intangibles and the value of assumed lease obligations as of March 31, 2016 and December 31, 2015 were comprised as follows (in thousands):


March 31, 2016	Above Market Leases		In Place Leases		Leasing Commissions		Total		Below Market Leases		Below Market Ground Lease		Total
Cost	$	5,616	$	44,478	$	17,530	$	67,624	$	(2,928)	$	(138)	$	(3,066)
Accumulated amortization		(3,040)		(19,882)		(6,822)		(29,744)		898		25		923

	$	2,576	$	24,596	$	10,708	$	37,880	$	(2,030)	$	(113)	$	(2,143)


December 31, 2015	Above Market Leases		In Place Leases		Leasing Commissions		Total		Below Market Leases		Below Market Ground Lease		Total
Cost	$	5,616	$	44,478	$	17,530	$	67,624	$	(2,928)	$	(138)	$	(3,066)
Accumulated amortization		(2,830)		(17,641)		(6,163)		(26,634)		750		24		774

	$	2,786	$	26,837	$	11,367	$	40,990	$	(2,178)	$	(114)	$	(2,292)

The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands):


2016	$	8,234
2017		8,473
2018		5,469
2019		4,041
2020		3,218
Thereafter		6,302

	$	35,737

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Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

5. Debt

The following table summarizes the secured indebtedness as of March 31, 2016 and December 31, 2015 (in thousands):


Property	March 31, 2016		December 31, 2015		Interest Rate as of March 31, 2016		Maturity
Term Loan ⁽¹⁾	$	14,000	$	14,000		LIBOR+6.00%⁽²⁾	September 2016
Secured Credit Facility ⁽³⁾		54,000		50,000		LIBOR +2.75%⁽²⁾	June 2018
Washington Group Plaza ⁽⁴⁾		33,502		33,669		3.85	July 2018
AmberGlen Mortgage Loan ⁽⁵⁾		24,618		24,729		4.38	May 2019
Midland Life Insurance ⁽⁶⁾		95,000		95,000		4.34	May 2021
Lake Vista Pointe ⁽⁴⁾		18,460		18,460		4.28	August 2024
Florida Research Park ⁽⁴⁾⁽⁷⁾		17,000		17,000		4.44	December 2024
Plaza 25 ⁽⁴⁾⁽⁸⁾		17,000		17,000		4.10	July 2025
190 Office Center ⁽⁸⁾ ⁷⁾		41,250		41,250		4.79	October 2025
Intellicenter ⁽⁸⁾		33,562		33,563		4.65	October 2025

Total Principal	$	348,392	$	344,671
Deferred financing costs, net		(3,275)		(3,393)

Total	$	345,117	$	341,278

All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) and Term Loan (“Term Loan”) as explained in footnote 1 below.

(1)	The Company is required to maintain a maximum total leverage ratio of 65%, a minimum liquidity of $3 million and a debt service coverage ratio of no less than 1.60x.

(2)	As of March 31, 2016, the one month LIBOR rate was 0.40%

(3)

(4)	Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.

(5)	The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.

(6)

(7)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.

(8)	The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x and 1.20x respectively for each of Plaza 25, 190 Office Center and Intellicenter.

The scheduled principal repayments of debt as of March 31, 2016 are as follows (in thousands):


2016	$	15,756
2017		3,036
2018		89,160
2019		26,629
2020		3,917
Thereafter		209,894

Total	$	348,392

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Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs Earn-Out Liability The fair value of the Central Fairwinds earn-out (note 9) was derived by making assumptions on the timing of the lease up of vacant space and the gross effective rents of those new leases and then applying an 8% discount rate to the resulting cash-flows to obtain a present value. The earn-out valuation assumes that approximately 1,500 square feet of additional leasing is completed between the date of the valuation and the end of the calculation period which would take the earn-out occupancy from 88% at March 31, 2016 to 89% by July 2016 and stabilized at that level thereafter. The net effective rent and incremental operating costs per square foot is assumed to be $14 and $3, respectively. The estimated fair value of the earn-out liability decreased from $5.7 million at December 31, 2015 to $1.9 million at March 31, 2016 due to a $3.8 million payment in March 2016, satisfied through the issuance of common stock. Level 3 sensitivity analysis: The Company applies judgment in determining unobservable inputs used to calculate the fair value of Level 3 instruments. Level 3 instruments held by the Company include the earn-out. The unobservable inputs used in the valuation of the earn-out primarily include the net effective rent assumptions. A sensitivity analysis has been performed to determine the potential gain or loss by varying the significant unobservable inputs by increasing or decreasing them by 10%. The impact of applying these other reasonably possible inputs is a potential loss of $0.1 million and a potential gain of $0.1 million. This potential gain or loss would be recorded through profit and loss. Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $293.2 million and $285.9 million as of March 31, 2016 and December 31, 2015, respectively. Although the Company has determined the majority of the inputs used to value its fixed rate debt fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its fixed rate debt utilize Level 3 inputs, such as estimates of current credit spreads. Accordingly, mortgage loans payable have been classified as Level 3 fair value measurements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions *Equity Transactions* On February 1, 2016, the Company closed on the previously announced Internalization. The Company had previously entered into a Stock Purchase Agreement with certain stockholders of the Company’s Advisor pursuant to which the Company acquired all of the outstanding stock of the Advisor (see Note 1). *Property Management Fees* Three of the Company’s properties (City Center, Central Fairwinds and AmberGlen) have engaged related parties to perform asset and property management services for a fee ranging from 3.0% to 3.5% of gross revenue. Management fees paid to the minority partners of these three properties totaled $0.1 million for each of the three months ended March 31, 2016 and 2015, respectively. *Advisory Fee* During the three month periods ended March 31, 2016, the Company incurred $0.1 million in advisory fees payable to the Advisor. Subsequent to the Internalization, such payments will no longer be made. *Earn-Out Payments* During the year ended December 31, 2015, the 70% and 80% earn-out occupancy and net operating income thresholds were met at the Central Fairwinds property. This triggered a payment of approximately $3.2 million to Second City which was made on August 6, 2015 and a second payment of approximately $3.8 million which was made on March 3, 2016. The estimated fair value of the earn-out liability decreased from $5.7 million at December 31, 2015 to $1.9 million at March 31, 2016 due to a $3.8 million payment in March 2016, satisfied through the issuance of common stock and Operating Partnership units.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

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Future Minimum Rent Schedule

3 Months Ended

Mar. 31, 2016

Leases [Abstract]

Future Minimum Rent Schedule

8. Future Minimum Rent Schedule

Future minimum lease payments to be received as of March 31, 2016 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands):


2016	$	40,375
2017		52,508
2018		45,086
2019		38,941
2020		35,295
Thereafter		132,990

	$	345,195

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Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies *Earn-Out* As part of the Formation Transactions and contribution agreement with respect to the Central Fairwinds property, the Company is obligated to make additional payments to Second City (each, an “Earn-Out Payment”) for up to a five year period commencing on the initial IPO date of April 21, 2014. Earn-Out Payments are contingent on the property reaching certain specified occupancy levels through new leases to qualified tenants and exceeding a net operating income threshold, which grows annually. Second City is entitled to receive an Earn-Out Payment (net of the associated leasing costs and inclusive of leasing commissions and tenant improvements/allowances and free rent) as and when the occupancy of Central Fairwinds reaches each of 70%, 80% and 90% (each, an “Earn-Out Threshold”) based on the incremental cash flow generated by new leases and a 7.75% stabilized capitalization rate. The Company will make any additional Earn-Out Payment within 30 days of the end of the earn-out term based on new qualified leases entered into since the achievement of the last Earn-Out Threshold. Earn-Out Payments will be subject to a claw-back if a qualified tenant defaults in the payment of rent and is not replaced with another qualified tenant (see note 6). *Other* The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of March 31, 2016 management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations.

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Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity On February 1, 2016, the Company closed on the Internalization. Upon closing of the Internalization, the Company and Buyer Sub acquired all of the outstanding stock of the Advisor. Pursuant to the Stock Purchase Agreement, at closing, the Company issued 297,321 shares of its common stock to the Sellers. In addition, the Company recorded $3.5 million in the first quarter of 2016 in payments to the Sellers upon reaching certain fully diluted market capitalization thresholds. *Non-controlling Interests* Non-controlling interests in the Company represent common units of the Operating Partnership not held by the Company. Non-controlling interests consisted of 3,226,085 Operating Partnership common units and represented an approximately 19.6% interest in the Operating Partnership as of March 31, 2016. Operating Partnership units and shares of common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. 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 common units by issuing common stock on a one-for-one basis. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to its percentage ownership of common units. During the three months ended March 31, 2016, 20,000 common units were converted to common stock. Common Stock and Common Unit Distributions On March 15, 2016, the Company’s board of directors declared a cash dividend distribution of $0.235 per share for the quarterly period ended March 31, 2016. The dividend was paid on April 19, 2016 to stockholders and common unitholders of record on April 5, 2016 for an aggregate of $4.9 million in dividends to stockholders and $0.8 million to common unitholders, totaling $5.7 million. Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for certain officers, directors, advisors and personnel, and, with approval of the board of directors, for subsidiaries and their respective affiliates. The Equity Incentive Plan provides for grants of restricted common stock, restricted stock units, phantom shares, stock options, dividend equivalent rights and other equity-based awards (including LTIP Units), subject to the total number of shares available for issuance under the plan. The Equity Incentive Plan is administered by the compensation committee of the board of directors (the “plan administrator”). The maximum number of shares of common stock that may be issued under the Equity Incentive Plan is 1,263,580 shares. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. During the three months ended March 31, 2016, 76,750 restricted stock units (“RSUs”) were granted to directors and non-executive employees with a fair value of $0.9 million. The awards will vest in three equal, annual installments on each of the first three anniversaries of the date of grant. For the three months ended March 31, 2016, the Company recognized net compensation expense of $0.5 million related to the RSUs. A RSU award represents the right to receive shares of the Company’s common stock in the future, after the applicable vesting criteria, determined by the plan administrator, has been satisfied. The holder of an award of RSU has no rights as a stockholder until shares of common stock are issued in settlement of vested RSUs. The plan administrator may provide for a grant of dividend equivalent rights in connection with the grant of RSU; provided, however, that if the RSUs do not vest solely upon satisfaction of continued employment or service, any payment in respect to the related dividend equivalent rights will be held by the Company and paid when, and only to the extent that, the related RSU vest.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

XML 29 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On April 5, 2016, the Company completed a public offering pursuant to which we sold 8,050,000 shares of our common stock to the public at a price of $11.40 per share, inclusive of the overallotment option. We raised $91.8 million in gross proceeds, resulting in net proceeds to us of approximately $86.7 million after deducting $5.1 million in underwriting discounts and other expenses related to the offering.

XML 30 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Preparation and Summary of Significant Accounting Policies	*Basis of Preparation and Summary of Significant Accounting Policies* The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
New Accounting Pronouncements	*New Accounting Pronouncements* In April 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company adopted ASU 2015-3 on January 1, 2016 and retrospectively reclassified $3.4 million of debt issuance costs as of December 31, 2015 from deferred financing costs, net. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 was adopted January 1, 2016. The impact, if any, of adopting ASU 2015-16 on the Company’s financial statements will depend on the nature of business combinations that occur. In February 2016, the FASB issued ASU 2016-02, Leases. The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new leases standard on its consolidated financial statements.

XML 31 R19.htm IDEA: XBRL DOCUMENT

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Acquired Properties through Operating Partnership

During the three months ended March 31, 2016 and 2015, the Company, through the Operating Partnership, acquired the following property:


Property	Date Acquired	Percentage Owned
Logan Tower	February 2015		100%

Logan Tower [Member]

Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed

The following table summarizes the Company’s allocation of the purchase price of assets acquired and liabilities assumed (in thousands):


	Logan Tower
Land	$	1,306
Buildings and improvements		7,844
Tenant improvements		353
Acquired intangible assets		1,274
Accounts payable and other liabilities		(48)
Lease intangible liabilities		(306)

Total consideration	$	10,423

Schedule of Business Acquisition Pro Forma Results of Operations


	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015
Total revenues as reported by City Office REIT, Inc.	$	16,274	$	11,259
Plus: Logan Tower		—		148

Pro forma total revenues	$	16,274	$	11,407

Total operating income as reported by the City Office REIT, Inc.	$	(4,828)	$	1,379
Plus: Logan Tower		—		(106)

Pro forma operating income	$	(4,828)	$	1,273

XML 32 R20.htm IDEA: XBRL DOCUMENT

Lease Intangibles (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Lease Intangibles and Value of Assumed Lease Obligations

Lease intangibles and the value of assumed lease obligations as of March 31, 2016 and December 31, 2015 were comprised as follows (in thousands):


March 31, 2016	Above Market Leases		In Place Leases		Leasing Commissions		Total		Below Market Leases		Below Market Ground Lease		Total
Cost	$	5,616	$	44,478	$	17,530	$	67,624	$	(2,928)	$	(138)	$	(3,066)
Accumulated amortization		(3,040)		(19,882)		(6,822)		(29,744)		898		25		923

	$	2,576	$	24,596	$	10,708	$	37,880	$	(2,030)	$	(113)	$	(2,143)


December 31, 2015	Above Market Leases		In Place Leases		Leasing Commissions		Total		Below Market Leases		Below Market Ground Lease		Total
Cost	$	5,616	$	44,478	$	17,530	$	67,624	$	(2,928)	$	(138)	$	(3,066)
Accumulated amortization		(2,830)		(17,641)		(6,163)		(26,634)		750		24		774

	$	2,786	$	26,837	$	11,367	$	40,990	$	(2,178)	$	(114)	$	(2,292)

Estimated Aggregate Amortization Expense for Lease Intangibles

The estimated aggregate amortization expense for lease intangibles for the five succeeding years and in the aggregate are as follows (in thousands):


2016	$	8,234
2017		8,473
2018		5,469
2019		4,041
2020		3,218
Thereafter		6,302

	$	35,737

XML 33 R21.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Summary of Secured Indebtedness

The following table summarizes the secured indebtedness as of March 31, 2016 and December 31, 2015 (in thousands):


Property	March 31, 2016		December 31, 2015		Interest Rate as of March 31, 2016		Maturity
Term Loan ⁽¹⁾	$	14,000	$	14,000		LIBOR+6.00%⁽²⁾	September 2016
Secured Credit Facility ⁽³⁾		54,000		50,000		LIBOR +2.75%⁽²⁾	June 2018
Washington Group Plaza ⁽⁴⁾		33,502		33,669		3.85	July 2018
AmberGlen Mortgage Loan ⁽⁵⁾		24,618		24,729		4.38	May 2019
Midland Life Insurance ⁽⁶⁾		95,000		95,000		4.34	May 2021
Lake Vista Pointe ⁽⁴⁾		18,460		18,460		4.28	August 2024
Florida Research Park ⁽⁴⁾⁽⁷⁾		17,000		17,000		4.44	December 2024
Plaza 25 ⁽⁴⁾⁽⁸⁾		17,000		17,000		4.10	July 2025
190 Office Center ⁽⁸⁾ ⁷⁾		41,250		41,250		4.79	October 2025
Intellicenter ⁽⁸⁾		33,562		33,563		4.65	October 2025

Total Principal	$	348,392	$	344,671
Deferred financing costs, net		(3,275)		(3,393)

Total	$	345,117	$	341,278

All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) and Term Loan (“Term Loan”) as explained in footnote 1 below.

(1)	The Company is required to maintain a maximum total leverage ratio of 65%, a minimum liquidity of $3 million and a debt service coverage ratio of no less than 1.60x.

(2)	As of March 31, 2016, the one month LIBOR rate was 0.40%

(3)

(4)	Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.

(5)	The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.

(6)

(7)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.

(8)	The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x and 1.20x respectively for each of Plaza 25, 190 Office Center and Intellicenter.

Schedule of Principal Repayments of Debt

The scheduled principal repayments of debt as of March 31, 2016 are as follows (in thousands):


2016	$	15,756
2017		3,036
2018		89,160
2019		26,629
2020		3,917
Thereafter		209,894

Total	$	348,392

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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+ Details

XML 34 R22.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule (Tables)

3 Months Ended

Mar. 31, 2016

Leases [Abstract]

Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases

Future minimum lease payments to be received as of March 31, 2016 under noncancellable operating leases for the next five years and thereafter are as follows (in thousands):


2016	$	40,375
2017		52,508
2018		45,086
2019		38,941
2020		35,295
Thereafter		132,990

	$	345,195

XML 35 R23.htm IDEA: XBRL DOCUMENT

Organization and Description of Business - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Feb. 01, 2016	Mar. 31, 2016	Apr. 05, 2016
Business Description And Basis Of Presentation [Line Items]
Company formation date		Nov. 26, 2013
Operation commencement date		Apr. 21, 2014
Total cost of business acquisition		$ 7,044
Subsequent Event [Member]
Business Description And Basis Of Presentation [Line Items]
Diluted market capitalization			$ 277,600
External Advisor, City Office Real Estate Management, Inc [Member] \| Thresholds Payment Condition 1 [Member]
Business Description And Basis Of Presentation [Line Items]
Additional cash payment for business acquisition	$ 1,000
Diluted market capitalization	200,000
External Advisor, City Office Real Estate Management, Inc [Member] \| Thresholds Payment Condition 2 [Member]
Business Description And Basis Of Presentation [Line Items]
Additional cash payment for business acquisition	1,000
Diluted market capitalization	225,000
External Advisor, City Office Real Estate Management, Inc [Member] \| Thresholds Payment Condition 3 [Member]
Business Description And Basis Of Presentation [Line Items]
Additional cash payment for business acquisition	1,500
Diluted market capitalization	$ 250,000
External Advisor, City Office Real Estate Management, Inc [Member] \| Stock Purchase Agreement [Member]
Business Description And Basis Of Presentation [Line Items]
Common stock acquired, shares issued	297,321
Common stock, fair market value	$ 3,500
Additional cash payment for business acquisition	3,500	$ 3,500
Second City Funds [Member] \| Administrative Services Agreement [Member]
Business Description And Basis Of Presentation [Line Items]
Annual payment receivable for services	$ 3,275
Administrative service agreement, term	3 years
Second City Funds [Member] \| Administrative Services Agreement [Member] \| First 12 months [Member]
Business Description And Basis Of Presentation [Line Items]
Annual payment receivable for services	$ 1,500
Second City Funds [Member] \| Administrative Services Agreement [Member] \| Second 12 months [Member]
Business Description And Basis Of Presentation [Line Items]
Annual payment receivable for services	1,150
Second City Funds [Member] \| Administrative Services Agreement [Member] \| Third 12 months [Member]
Business Description And Basis Of Presentation [Line Items]
Annual payment receivable for services	$ 625

XML 36 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	Dec. 31, 2015 USD ($)
ASU 2015-3 [Member]
Summary Of Significant Accounting Policies [Line Items]
Retrospective reclassification of debt issuance costs from deferred financing costs, net	$ 3.4

XML 37 R25.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Acquired Properties through Operating Partnership (Detail) - Logan Tower [Member]	3 Months Ended
	Mar. 31, 2015	Feb. 04, 2015
Business Acquisition [Line Items]
Real estate property, date acquired	2015-02
Real estate property, percentage owned	100.00%	100.00%

XML 38 R26.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Additional Information (Detail) - Logan Tower [Member] - USD ($) $ in Millions	Feb. 04, 2015	Mar. 31, 2015
Business Acquisition [Line Items]
Percent of ownership interest acquired in properties	100.00%	100.00%
Purchase consideration, cash paid	$ 10.4

XML 39 R27.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - Logan Tower [Member] $ in Thousands	Mar. 31, 2016 USD ($)
Business Acquisition [Line Items]
Land	$ 1,306
Buildings and improvements	7,844
Tenant improvements	353
Acquired intangible assets	1,274
Accounts payable and other/accrued liabilities	(48)
Lease intangible liabilities	(306)
Total consideration	$ 10,423

XML 40 R28.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Business Acquisition Pro Forma Results of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Total revenues as reported by City Office REIT, Inc.	$ 16,274	$ 11,259
Pro forma total revenues	16,274	11,407
Total operating income as reported by the City Office REIT, Inc.	(4,828)	1,379
Proforma operating income/(loss)	$ (4,828)	1,273
Logan Tower [Member]
Business Acquisition [Line Items]
Pro forma total revenues		148
Proforma operating income/(loss)		$ (106)

XML 41 R29.htm IDEA: XBRL DOCUMENT

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Cost	$ 67,624	$ 67,624
Cost, Below Market Leases	(2,928)	(2,928)
Cost, Below Market Ground Lease	(138)	(138)
Cost	(3,066)	(3,066)
Accumulated amortization	(29,744)	(26,634)
Accumulated amortization, Below Market Leases	898	750
Accumulated amortization, Below Market Ground lease	25	24
Accumulated amortization	923	774
Total	37,880	40,990
Total, Below Market Leases	(2,030)	(2,178)
Total, Below Market Ground lease	(113)	(114)
Total	(2,143)	(2,292)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	5,616	5,616
Accumulated amortization	(3,040)	(2,830)
Total	2,576	2,786
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	44,478	44,478
Accumulated amortization	(19,882)	(17,641)
Total	24,596	26,837
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	17,530	17,530
Accumulated amortization	(6,822)	(6,163)
Total	$ 10,708	$ 11,367

XML 42 R30.htm IDEA: XBRL DOCUMENT

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2016	$ 8,234
2017	8,473
2018	5,469
2019	4,041
2020	3,218
Thereafter	6,302
Total	$ 35,737

XML 43 R31.htm IDEA: XBRL DOCUMENT

Debt - Summary of Secured Indebtedness (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Secured indebtedness	$ 348,392	$ 348,392	$ 344,671
Deferred financing costs, net	(3,275)	(3,275)	(3,393)
Total	345,117	345,117	341,278
Term Loan [Member]
Debt Instrument [Line Items]
Secured indebtedness	14,000	$ 14,000	14,000
Maturity		2016-09
Washington Group Plaza [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 33,502	$ 33,502	33,669
Interest Rate	3.85%	3.85%
Maturity		2018-07
AmberGlen Mortgage Loan [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 24,618	$ 24,618	24,729
Interest Rate	4.38%	4.38%
Maturity		2019-05
Midland Life Insurance [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 95,000	$ 95,000	95,000
Interest Rate	4.34%	4.34%
Maturity		2021-05
Lake Vista Pointe [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 18,460	$ 18,460	18,460
Interest Rate	4.28%	4.28%
Maturity		2024-08
Florida Research Park [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 17,000	$ 17,000	17,000
Interest Rate	4.44%	4.44%
Maturity		2024-12
Plaza 25 [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 17,000	$ 17,000	17,000
Interest Rate	4.10%	4.10%
Maturity		2025-07
190 Office Center [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 41,250	$ 41,250	41,250
Interest Rate	4.79%	4.79%
Maturity		2025-10
Intellicenter [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 33,562	$ 33,562	33,563
Interest Rate	4.65%	4.65%
Maturity		2025-10
London Interbank Offered Rate (LIBOR) [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description	6.00%
Secured Credit Facility [Member]
Debt Instrument [Line Items]
Secured indebtedness	$ 54,000	$ 54,000	$ 50,000
Maturity		2018-06
Secured Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	2.75%

XML 44 R32.htm IDEA: XBRL DOCUMENT

Debt - Summary of Secured Indebtedness (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016 USD ($)
Term Loan [Member]
Debt Instrument [Line Items]
Minimum liquidity requirements	$ 3,000,000
Washington Group Plaza [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	3.85%
AmberGlen Mortgage Loan [Member]
Debt Instrument [Line Items]
Minimum liquidity requirements	$ 2,000,000
Minimum net worth required	$ 25,000,000
Effective interest rate of loan	4.38%
Midland Life Insurance [Member]
Debt Instrument [Line Items]
Loan maturity date	May 06, 2021
Amortization period	360 months
Effective interest rate of loan	4.34%
Lake Vista Pointe [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.28%
Florida Research Park [Member]
Debt Instrument [Line Items]
Minimum liquidity requirements	$ 1,700,000
Amortization period	360 months
Minimum net worth required	$ 17,000,000
Effective interest rate of loan	4.44%
Plaza 25 [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.10%
190 Office Center [Member]
Debt Instrument [Line Items]
Minimum liquidity requirements	$ 1,700,000
Minimum net worth required	$ 17,000,000
Effective interest rate of loan	4.79%
Intellicenter [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.65%
London Interbank Offered Rate (LIBOR) [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
One month LIBOR rate	0.40%
Maximum [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Leverage ratio	65.00%
Minimum [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	160.00%
Minimum [Member] \| Florida Research Park [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	115.00%
Minimum [Member] \| Plaza 25 [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	145.00%
Minimum [Member] \| 190 Office Center [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	115.00%
Minimum [Member] \| Intellicenter [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	120.00%
Secured Credit Facility [Member]
Debt Instrument [Line Items]
Secured Credit Facility, authorized amount	$ 75,000,000
Secured Credit Facility, outstanding amount	$ 54,000,000
Loan maturity date	Jun. 26, 2018
Loan expected extended maturity date	Jun. 26, 2019
Secured Credit Facility, accordion feature	$ 150,000,000
Secured Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
One month LIBOR rate	0.40%
Secured Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	160.00%

XML 45 R33.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Principal Repayments of Debt (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2016	$ 15,756
2017	3,036
2018	89,160
2019	26,629
2020	3,917
Thereafter	209,894
Total	$ 348,392

XML 46 R34.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended
	Jul. 31, 2016	Mar. 31, 2016 USD ($) ft²	Mar. 31, 2016 USD ($) ft² $ / ft²	Dec. 31, 2015 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, discount rate			8.00%
Approximate square feet of additional lease space \| ft²		1,500	1,500
Percentage of lease space occupancy			88.00%
Net effective rent per square foot \| $ / ft²			14
Incremental operating costs per square foot \| $ / ft²			3
Estimated fair value of earn-out liability		$ 1,900	$ 1,900	$ 5,678
Earn-out payment		3,800	$ 3,778
Percentage of increase or decrease in potential gain or loss by varying the significant unobservable inputs			10.00%
Potential loss by varying the significant unobservable inputs			$ 100
Potential gain by varying the significant unobservable inputs			100
Mortgage loans payable, fair value		$ 293,200	$ 293,200	$ 285,900
Scenario, Forecast [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of lease space occupancy	89.00%

XML 47 R35.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Detail) $ in Thousands			1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 03, 2016 USD ($)	Aug. 06, 2015 USD ($)	Mar. 31, 2016 USD ($) Property	Mar. 31, 2016 USD ($) Property	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Related Party Transaction [Line Items]
Earn-out payment			$ 3,800	$ 3,778
Estimated fair value of earn-out liability			1,900	$ 1,900		$ 5,678
Central Fairwinds [Member]
Related Party Transaction [Line Items]
Earn-out payment	$ 3,800
Central Fairwinds [Member] \| Range 1 [Member]
Related Party Transaction [Line Items]
Percentage of Earn-Out Threshold				70.00%		70.00%
Central Fairwinds [Member] \| Range 2 [Member]
Related Party Transaction [Line Items]
Percentage of Earn-Out Threshold				80.00%		80.00%
External Advisor, City Office Real Estate Management, Inc [Member]
Related Party Transaction [Line Items]
Advisory fees payable			$ 100	$ 100
External Advisor, City Office Real Estate Management, Inc [Member] \| Stock Purchase Agreement [Member]
Related Party Transaction [Line Items]
Business acquisition effective date				Feb. 01, 2016
Property Management Firm [Member]
Related Party Transaction [Line Items]
Property management fee, Description				Fee ranging from 3.0% to 3.5% of gross revenue
Number of real estate properties \| Property			3	3
Management fees paid				$ 100	$ 100
Property Management Firm [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage				3.00%
Property Management Firm [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage				3.50%
Second City Funds [Member] \| Central Fairwinds [Member]
Related Party Transaction [Line Items]
Earn-out payment		$ 3,200

XML 48 R36.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Noncancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Leases [Abstract]
2016	$ 40,375
2017	52,508
2018	45,086
2019	38,941
2020	35,295
Thereafter	132,990
Total future minimum lease payments to be received	$ 345,195

XML 49 R37.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule - Additional Information (Detail)	Mar. 31, 2016
Sales Revenue, Services, Net [Member] \| Government Contracts Concentration Risk [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Percentage of total future minimum lease payments	19.60%

XML 50 R38.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Detail) - Central Fairwinds [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Other Commitments [Line Items]
Stabilized capitalization rate	7.75%
Earn-Out Payment, Description	The Company will make any additional Earn-Out Payment within 30 days of the end of the earn-out term based on new qualified leases entered into since the achievement of the last Earn-Out Threshold.
Range 1 [Member]
Other Commitments [Line Items]
Percentage of Earn-Out Threshold	70.00%	70.00%
Range 2 [Member]
Other Commitments [Line Items]
Percentage of Earn-Out Threshold	80.00%	80.00%
Range 3 [Member]
Other Commitments [Line Items]
Percentage of Earn-Out Threshold	90.00%
Maximum [Member]
Other Commitments [Line Items]
Earn-Out payment period	5 years

XML 51 R39.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands					3 Months Ended
	Apr. 19, 2016 USD ($)	Mar. 31, 2016 shares	Mar. 15, 2016 $ / shares	Feb. 01, 2016 USD ($) shares	Mar. 31, 2016 USD ($) Installment $ / shares shares	Mar. 31, 2015 $ / shares
Class of Stock [Line Items]
Operating Partnership common units \| shares		3,226,085
Percentage of interest in Operating Partnership		19.60%			19.60%
Partnership unit, description					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 common units by issuing common stock on a one-for-one basis.
Common units converted to common stock \| shares					20,000
Declared cash dividend distribution per share \| $ / shares			$ 0.235		$ 0.235	$ 0.235
Dividends paid, declared date					Mar. 15, 2016
Dividends paid date					Apr. 19, 2016
Dividends paid, date of record					Apr. 05, 2016
Dividends					$ 5,701
Maximum number of shares issued under Equity Incentive Plan \| shares					1,263,580
Subsequent Event [Member]
Class of Stock [Line Items]
Dividends	$ 5,700
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Net compensation expense					$ 500
Number of annual installments for award vesting \| Installment					3
Restricted Stock Units (RSUs) [Member] \| Directors and Non-Executive Employees [Member]
Class of Stock [Line Items]
Restricted stock units granted to executive officers, directors and non-executive employees of the Advisor \| shares					76,750
Restricted stock units grant date fair value					$ 900
External Advisor, City Office Real Estate Management, Inc [Member] \| Stock Purchase Agreement [Member]
Class of Stock [Line Items]
Business acquisition effective date					Feb. 01, 2016
Common stock acquired, shares issued \| shares				297,321
Additional cash payment for business acquisition				$ 3,500	$ 3,500
Common Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends	4,900
Common Units [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends	$ 800

XML 52 R40.htm IDEA: XBRL DOCUMENT

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 05, 2016	Mar. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Common stock, shares issued		12,982,290	12,517,777
Common stock price per share		$ 0.01	$ 0.01
Subsequent Event [Member] \| Secondary Public Offering Total [Member]
Subsequent Event [Line Items]
Common stock, shares issued	8,050,000
Common stock price per share	$ 11.40
Gross proceeds from issuance of public offering	$ 91.8
Net proceeds from issuance of public offering	86.7
Underwriting discounts and other expenses	$ 5.1

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