Form 10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

☐ (Do not check if a smaller reporting company)

Smaller reporting company

Emerging growth company

0001193125-18-151689.txt : 20180504 0001193125-18-151689.hdr.sgml : 20180504 20180504080753 ACCESSION NUMBER: 0001193125-18-151689 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180504 DATE AS OF CHANGE: 20180504 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: 18806084 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 d535298d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2018

☐	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

of incorporation)

(IRS Employer

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 ☒ ☐ 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). ☒ Yes No ☐

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ ☒ No

The number of shares of Common Stock, $0.01 par value, of the registrant outstanding at May 1, 2018 was 36,132,145.

City Office REIT, Inc.

Quarterly Report on Form 10-Q

For the Quarter Ended March 31, 2018

Table of Contents


PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017	3

	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2018 and 2017	4

	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2018 and Year Ended December 31, 2017	5

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	22

Item 4.	Controls and Procedures	22

PART II. OTHER INFORMATION		24

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	24

Signatures		26

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

City Office REIT, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except par value and share data)


	March 31, 2018			December 31, 2017
Assets
Real estate properties
Land	$	188,110		$	188,110
Building and improvement		537,131			534,473
Tenant improvement		56,142			53,427
Furniture, fixtures and equipment		291			291

		781,674			776,301
Accumulated depreciation		(53,772	)		(48,234	)

		727,902			728,067


Cash and cash equivalents		18,509			12,301
Restricted cash		20,384			22,713
Rents receivable, net		20,936			20,087
Deferred leasing costs, net		8,653			7,793
Acquired lease intangible assets, net		59,500			65,088
Prepaid expenses and other assets		4,151			2,013
Assets held for sale		—			38,427

Total Assets	$	860,035		$	896,489


Liabilities and Equity
Liabilities:
Debt	$	421,789		$	489,509
Accounts payable and accrued liabilities		15,451			17,605
Deferred rent		3,792			4,223
Tenant rent deposits		3,742			3,523
Acquired lease intangible liabilities, net		7,975			8,649
Dividend distributions payable		10,346			10,318
Liabilities related to assets held for sale		—			2,830

Total Liabilities		463,095			536,657


Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding		112,000			112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 36,132,145 and 36,012,086 shares issued and outstanding		361			360
Additional paid-in capital		334,597			334,241
Accumulated deficit		(50,332	)		(86,977	)

Total Stockholders’ Equity		396,626			359,624

Non-controlling interests in properties		314			208

Total Equity		396,940			359,832

Total Liabilities and Equity	$	860,035		$	896,489

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

(Unaudited)

(In thousands, except per share data)


	Three Months Ended
	March 31,
	2018			2017
Revenues:
Rental income	$	27,014		$	22,314
Expense reimbursement		3,545			2,294
Other		975			791

Total Revenues		31,534			25,399

Operating Expenses:
Property operating expenses		11,625			9,612
General and administrative		1,978			2,193
Depreciation and amortization		11,893			10,498

Total Operating Expenses		25,496			22,303

Operating income		6,038			3,096
Interest Expense:
Contractual interest expense		(5,188	)		(4,072	)
Amortization of deferred financing costs		(632	)		(323	)

		(5,820	)		(4,395	)
Net gain on sale of real estate property		46,980			—

Net income/(loss)		47,198			(1,299	)
Less:
Net income attributable to non-controlling interests in properties		(135	)		(168	)

Net income/(loss) attributable to the Company		47,063			(1,467	)
Preferred stock distributions		(1,855	)		(1,846	)

Net income/(loss) attributable to common stockholders	$	45,208		$	(3,313	)

Net income/(loss) per common share:
Basic	$	1.25		$	(0.11	)

Diluted	$	1.24		$	(0.11	)

Weighted average common shares outstanding:
Basic		36,073			29,511

Diluted		36,432			29,511

Dividend distributions declared per common share	$	0.235		$	0.235

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

City Office REIT, Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(In thousands)


	Number of shares of preferred stock		Preferred stock		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, 2016		4,480	$	112,000		24,382	$	244	$	195,566	$	(53,608	)	$	254,202		$	108		$	1,749		$	256,059
Conversion of OP units to shares		—		—		40		—		108		—			108			(108	)		—			—
Restricted stock award grants and vesting		—		—		90		1		1,741		(71	)		1,671			—			—			1,671
Net proceeds from sale of common stock		—		—		11,500		115		136,826		—			136,941			—			—			136,941
Common stock dividend distributions declared		—		—		—		—		—		(31,148	)		(31,148	)		—			—			(31,148	)
Preferred stock dividend distributions declared		—		—		—		—		—		(7,906	)		(7,906	)		—			—			(7,906	)
Distributions		—		—		—		—		—		—			—			—			(4,943	)		(4,943	)
Net income		—		—		—		—		—		5,756			5,756			—			3,402			9,158

Balance – December 31, 2017		4,480		112,000		36,012		360		334,241		(86,977	)		359,624			—			208			359,832
Restricted stock award grants and vesting		—		—		120		1		356		(72	)		285			—			—			285
Common stock dividend distributions declared		—		—		—		—		—		(8,491	)		(8,491	)		—			—			(8,491	)
Preferred stock dividend distributions declared		—		—		—		—		—		(1,855	)		(1,855	)		—			—			(1,855	)
Distributions		—		—		—		—		—		—			—			—			(29	)		(29	)
Net income		—		—		—		—		—		47,063			47,063			—			135			47,198

Balance - March 31, 2018		4,480	$	112,000		36,132	$	361	$	334,597	$	(50,332	)	$	396,626		$	—		$	314		$	396,940

City Office REIT, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2018			2017
Cash Flows from Operating Activities:
Net income/(loss)	$	47,198		$	(1,299	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,893			10,498
Amortization of deferred financing costs		632			323
Amortization of above/below market leases		(200	)		(3	)
Increase in straight-line rent		(844	)		(777	)
Non-cash stock compensation		350			827
Earn-out termination payment		—			(2,400	)
Net gain on sale of real estate property		(46,980	)		—
Changes in non-cash working capital:
Rents receivable, net		322			(2,169	)
Prepaid expenses and other assets		(1,741	)		988
Accounts payable and accrued liabilities		(6,890	)		(1,528	)
Deferred rent		(2,124	)		(1,468	)
Tenant rent deposits		189			(33	)

Net Cash Provided By Operating Activities		1,805			2,959

Cash Flows from/(to) Investing Activities:
Additions to real estate properties		(2,753	)		(1,794	)
Acquisition of real estate		—			(46,035	)
Net proceeds from sale of real estate		84,839			—
Deferred leasing costs		(1,071	)		(474	)

Net Cash Provided By/(Used In) Investing Activities		81,015			(48,303	)

Cash Flows (to)/from Financing Activities:
Proceeds from sale of common stock		—			67,991
Debt issuance and extinguishment costs		(1,896	)		(326	)
Proceeds from mortgage loans payable		—			84,100
Repayment of mortgage loans payable		(33,134	)		(892	)
Proceeds from Secured Credit Facility		18,500			57,000
Repayment of Secured Credit Facility		(52,000	)		(109,500	)
Shares withheld for payment of taxes on restricted stock unit vesting		(64	)		—
Distributions to non-controlling interests in properties		(29	)		(120	)
Dividend distributions paid to stockholders and Operating Partnership unitholders		(10,318	)		(9,358	)

Net Cash (Used In)/Provided By Financing Activities		(78,941	)		88,895

Net Increase in Cash, Cash Equivalents and Restricted Cash		3,879			43,551
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		35,014			29,651

Cash, Cash Equivalents and Restricted Cash, End of Period	$	38,893		$	73,202

Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period		18,509			50,632
Restricted Cash, End of Period		20,384			22,570

Cash, Cash Equivalents and Restricted Cash, End of Period	$	38,893		$	73,202

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	5,607		$	4,114
Purchases of additions in real estate properties included in accounts payable	$	3,503		$	260
Purchases of deferred leasing costs included in accounts payable	$	147		$	912

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

City Office REIT, Inc.

Notes to the Condensed Consolidated 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 of limited partnership interest in the Operating Partnership (“common units”).

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 Operating Partnership’s 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 continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). 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, for tax years beginning before 2018, any applicable alternative minimum tax.

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 condensed 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, 2017.

New Accounting Pronouncements

Adopted in the Current Year

Effective January 1, 2018, the Company adopted FASB ASU 2014-09, Revenue From Contracts with Customers, on a modified retrospective basis. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company has reviewed its revenue streams to note that the majority are under the guidance of ASU 2016-02, Leases. Net gain on sale of real estate is under the guidance of ASU 2017-05, Other Income. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements or notes to our condensed consolidated financial statements.

Effective January 1, 2018, the Company adopted FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements.

Effective January 1, 2018, the Company adopted FASB ASU 2016-15, Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments, on a retrospective basis. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements.

Effective January 1, 2018, the Company adopted FASB ASU 2016-18, Statement of Cash Flows: Restricted Cash, on a retrospective basis. The update requires the statement of cash flows to explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.

To be Adopted in Future Years

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. In March 2018, the FASB voted to move forward with drafting a final ASU that would allow lessors to elect, as a practical expedient, to not separate lease and non-lease components and allow these components to be accounted for as a single lease component if both (i) the timing and pattern of transfer to the lessee of the lease component and the related non-lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, a company is permitted to use its effective date as the date of initial application. Therefore, a company electing this option will not restate comparative period financial information, will not make the new required lease disclosures in comparative periods beginning before the effective date and will recognize its cumulative effect transition adjustment as of the effective date. The Company is in the process of evaluating whether it will elect to apply the practical expedient. If the Company elects to apply the practical expedient we expect expense reimbursement that qualify as non-lease components will be presented under a single lease component. If the Company does not elect to apply the practical expedient we expect that certain non-lease components of expense reimbursement may be subject to ASC 606.

3. Real Estate Investments

Acquisitions

The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands):


	2525 McKinnon
Land	$	10,629
Buildings and improvements		33,357
Tenant improvements		1,158
Acquired intangible assets		3,267
Accounts payable and other liabilities		(190	)
Lease intangible liabilities		(2,186	)

Total consideration	$	46,035

Sale of Real Estate Property

On March 8, 2018, the Company sold the Washington Group Plaza property in Boise, Idaho for $86.5 million, resulting in an aggregate net gain of $47.0 million, net of $1.7 million in costs, which has been classified as net gain on sale of real estate property in the condensed consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made.

4. Lease Intangibles

Lease intangibles and the value of assumed lease obligations as of March 31, 2018 and December 31, 2017 were comprised as follows (in thousands):


	Lease Intangible Assets												Lease Intangible Liabilities
March 31, 2018	Above Market Leases			In Place Leases			Leasing Commissions			Total			Below Market Leases			Below Market Ground Lease			Total
Cost	$	8,886		$	68,806		$	26,915		$	104,607		$	(10,869	)	$	(138	)	$	(11,007	)
Accumulated amortization		(3,494	)		(32,005	)		(9,608	)		(45,107	)		2,999			33			3,032

	$	5,392		$	36,801		$	17,307		$	59,500		$	(7,870	)	$	(105	)	$	(7,975	)


December 31, 2017	Above Market Leases			In Place Leases			Leasing Commissions			Total			Below Market Leases			Below Market Ground Lease			Total
Cost	$	9,082		$	71,426		$	27,706		$	108,214		$	(11,608	)	$	(138	)	$	(11,746	)
Accumulated amortization		(3,215	)		(30,613	)		(9,298	)		(43,126	)		3,065			32			3,097

	$	5,867		$	40,813		$	18,408		$	65,088		$	(8,543	)	$	(106	)	$	(8,649	)

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


2018	$	11,070
2019		13,505
2020		11,585
2021		9,478
2022		3,187
Thereafter		2,700

	$	51,525

5. Debt

The following table summarizes the indebtedness as of March 31, 2018 and December 31, 2017 (in thousands):


Property	March 31, 2018			December 31, 2017			Interest Rate as of March 31, 2018			Maturity
Unsecured Credit Facility ⁽¹⁾	$	—		$	—			LIBOR +1.40	%⁽²⁾		March 2022
Midland Life Insurance ⁽³⁾		88,186			88,582			4.34			May 2021
Mission City		47,000			47,000			3.78			November 2027
190 Office Center ⁽⁴⁾		41,250			41,250			4.79			October 2025
SanTan ⁽⁴⁾		35,100			35,100			4.56			March 2027
Intellicenter ⁽⁴⁾		33,563			33,563			4.65			October 2025
FRP Collection ⁽⁴⁾		30,030			30,174			3.85			September 2023
2525 McKinnon		27,000			27,000			4.24			April 2027
5090 N 40^th St		22,000			22,000			3.92			January 2027
AmberGlen ⁽⁴⁾		20,000			20,000			3.69			May 2027
Lake Vista Pointe ⁽⁵⁾		18,281			18,358			4.28			August 2024
FRP Ingenuity Drive ⁽⁵⁾⁽⁶⁾		17,000			17,000			4.44			December 2024
Plaza 25 ⁽⁴⁾⁽⁵⁾		16,806			16,882			4.10			July 2025
Carillon Point ⁽⁴⁾		16,587			16,671			3.50			October 2023
Central Fairwinds ⁽⁴⁾		15,040			15,107			4.00			June 2024
Washington Group Plaza		—			32,290			—			—
Secured Credit Facility ⁽¹⁾		—			33,500			—			—

Total Principal		427,843			494,477
Deferred financing costs, net		(6,054	)		(4,968	)

Total	$	421,789		$	489,509

All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below.

(1)

As of March 31, 2018 the Unsecured Credit Facility had $250 million authorized and was undrawn. On March 15, 2018, the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that will permit the Company to borrow up to $500 million, subject to customary terms and conditions. The Company’s previous secured credit facility was replaced and repaid in full. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.

(2)	As of March 31, 2018, the one month LIBOR rate was 1.88%.

(3)	The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is 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.

(4)

The Company is subject to various debt covenants including debt service coverage ratios (“DSCR”) that under certain conditions must be maintained no less than 1.15x, 1.20x, 1.20x, 1.40x, 1.15x, 1.45x, 1.35x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Plaza 25, Carillon Point and Central Fairwinds. The debt service coverage ratio covenants contained in the loan agreements for Plaza 25, which have not been met at March 31, 2018, allow for temporary relief from the DSCR test if certain conditions are met or prepayment of debt service occurs according to a specified schedule.

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

(6)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a DSCR of no less than 1.15x.

The scheduled principal repayments of debt as of March 31, 2018 are as follows (in thousands):


2018	$	3,070
2019		5,049
2020		6,086
2021		88,110
2022		4,772
Thereafter		320,756

	$	427,843

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

As of March 31, 2018 and December 31, 2017, the Company did not have any hedges or derivatives.

Cash, Cash Equivalents, Restricted Cash, Rents 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 $420.9 million and $462.3 million as of March 31, 2018 and December 31, 2017, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

7. Related Party Transactions

Administrative Services Agreement

For the three months ended March 31, 2018 and 2017, the Company earned $0.2 million and $0.3 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“Second City”).

Earn-Out Payment

For the three months ended March 31, 2017, the Company paid $2.4 million to Second City to terminate the Company’s earn-out payment obligation under the Termination and Mutual Release Agreement.

8. Future Minimum Rent Schedule

Future minimum lease payments to be received as of March 31, 2018 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):


2018		68,602
2019		84,162
2020		74,606
2021		65,563
2022		49,609
Thereafter		100,620

	$	443,162

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.

Ten state government tenants currently have the exercisable right to terminate their leases if the applicable state legislature does not appropriate rent in its annual budget. The Company has determined that the occurrence of any government tenant not being appropriated the rent in the applicable 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 12.0% of the Company’s total future minimum lease payments as of March 31, 2018.

9. Commitments and Contingencies

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, 2018 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

Common Stock and Common Unit Distributions

On March 21, 2018, the Company’s board of directors approved and the Company declared a cash dividend distribution of $0.235 per share for the quarterly period ended March 31, 2018. The dividend was paid subsequent to quarter end on April 25, 2018 to common stockholders and common unitholders of record as of April 11, 2018 for an aggregate of $8.5 million.

Preferred Stock Distributions

During the quarter ended March 31, 2018, the Company’s board of directors approved and the Company declared a cash dividend of $0.4140625 per share for an aggregate amount of $1.9 million. The dividend was paid subsequent to quarter end on April 25, 2018.

Restricted Stock Units

The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive employees, 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, 2018, 156,375 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive employees with a fair value of $1.9 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, 2018 the Company recognized net compensation expense of $0.4 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 vests.

11. Subsequent Events

On April 5, 2018, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired a 271,782 square foot Class A multi-tenant property in Scottsdale, Arizona for $56.5 million.

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 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. These forward looking statements may be identified by the use of 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:

•

adverse economic or real estate developments in the office sector or the markets in which we operate;

•

changes in local, regional, national and international economic conditions;

•

our inability to compete effectively;

•

our inability to collect rent from tenants or renew tenants’ leases on attractive terms if at all;

•

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

•

defaults on or non-renewal of leases by tenants;

•

increased interest rates and any resulting increase in financing or operating costs;

•

decreased rental rates or increased vacancy rates;

•

our failure to obtain necessary financing or access the capital markets on favorable terms or at all;

•

changes in the availability of acquisition opportunities;

•

availability of qualified personnel;

•

our inability to successfully complete real estate acquisitions or dispositions on the terms and timing we expect, or at all;

•

our failure to successfully operate acquired properties and operations;

•

changes in our business, financing or investment strategy or the markets in which we operate;

•

our failure to generate sufficient cash flows to service our outstanding indebtedness;

•

environmental uncertainties and risks related to adverse weather conditions and natural disasters;

•

our failure to qualify and maintain our status as a real estate investment trust (“REIT”);

•

government approvals, actions and initiatives, including the need for compliance with environmental requirements;

•

outcome of claims and litigation involving or affecting us;

•

financial market fluctuations; and

•

changes in real estate, taxation and zoning laws and other legislation and government activity and changes to real property tax rates and the taxation of REITs in general; 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, 2017 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 Company has elected to be taxed and will continue to operate in a manner that will allow it to qualify as a REIT under the Code. 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, for tax years beginning before 2018, any applicable alternative minimum tax.

Revenue Base

As of March 31, 2018, we owned 21 properties comprised of 44 office buildings with a total of approximately 4.6 million square feet of net rentable area (“NRA”). As of March 31, 2018, our properties were approximately 88.3% occupied.

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 triple 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. All tenants in the Lake Vista Pointe, FRP Ingenuity Drive, Sorrento Mesa and Superior Pointe properties have triple net leases. Certain tenants of AmberGlen, FRP Collection and 2525 McKinnon have leases on a triple net basis. 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, 2018, our properties were approximately 88.3% occupied. 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, 2018, we owned 21 office complexes comprised of 44 office buildings with a total of approximately 4.6 million square feet of NRA in the metropolitan areas of Dallas, Denver, Orlando, Phoenix, Portland, San Diego and Tampa. The following table presents an overview of our portfolio as of March 31, 2018 (properties listed by descending NRA by market).


Metropolitan Area	Property	Economic Interest			NRA (000s Square Feet)		In Place Occupancy			Annualized Base Rent per Square Foot		Annualized Gross Rent per Square Foot⁽¹⁾		Annualized Base Rent⁽²⁾
Tampa, FL (22.5% of NRA)	Park Tower		94.8	%		470		85.7	%	$	24.12	$	24.12	$	9,711
	City Center		95.0	%		241		98.5	%	$	24.31	$	24.31	$	5,777
	Intellicenter		100.0	%		204		100.0	%	$	22.90	$	22.90	$	4,661
	Carillon Point		100.0	%		124		100.0	%	$	26.96	$	26.96	$	3,348
Denver, CO (20.8%)	Cherry Creek		100.0	%		356		100.0	%	$	18.10	$	18.10	$	6,438
	Plaza 25		100.0	%		196		56.4	%	$	19.85	$	19.85	$	2,191
	DTC Crossroads		100.0	%		189		71.8	%	$	25.45	$	25.45	$	3,454
	Superior Pointe		100.0	%		151		87.1	%	$	16.84	$	28.84	$	2,208
	Logan Tower		100.0	%		71		82.7	%	$	20.37	$	20.37	$	1,190
San Diego, CA (14.5%)	Sorrento Mesa		100.0	%		385		76.2	%	$	23.92	$	28.92	$	7,005
	Mission City		100.0	%		286		87.0	%	$	34.19	$	34.19	$	8,499
Phoenix, AZ (13.1%)	SanTan		100.0	%		267		100.0	%	$	26.44	$	26.44	$	7,046
	5090 N 40th St		100.0	%		175		86.5	%	$	28.38	$	28.38	$	4,289
	Papago Tech		100.0	%		163		98.0	%	$	20.17	$	20.17	$	3,219
Dallas, TX (12.5%)	190 Office Center		100.0	%		303		87.6	%	$	24.17	$	24.17	$	6,423
	Lake Vista Pointe		100.0	%		163		100.0	%	$	15.00	$	23.00	$	2,450
	2525 McKinnon		100.0	%		111		93.0	%	$	26.53	$	37.71	$	2,746
Orlando, FL (12.2%)	FRP Collection		95.0	%		272		75.7	%	$	25.18	$	26.27	$	5,177
	Central Fairwinds		90.0	%		168		87.1	%	$	24.31	$	24.31	$	3,563
	FRP Ingenuity Drive		100.0	%		125		100.0	%	$	21.00	$	29.00	$	2,615
Portland, OR (4.4%)	AmberGlen		76.0	%		201		94.8	%	$	19.47	$	21.98	$	3,714
Total / Weighted Average - March 31, 2018 ⁽³⁾						4,621		88.3	%	$	23.47	$	25.25	$	95,724

(1)

For Superior Pointe, FRP Ingenuity Drive, Lake Vista Pointe, and Sorrento Mesa the annualized base rent per square foot on a triple net basis was increased by $12, $8, $8, and $5 respectively, to estimate a gross equivalent base rent. AmberGlen has a net lease for one tenant which has been grossed-up by $7 on a pro rata basis. FRP Collection has net leases for three tenants which have been grossed up by $8 on a pro-rata basis. 2525 McKinnon has net leases for seven tenants which have been grossed up by $16 on a pro-rata basis.

(2)	Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended March 31, 2018 by (ii) 12.

(3)	Averages weighted based on the property’s NRA, adjusted for occupancy.

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 condensed consolidated financial statements follow the same policies and procedures as outlined in the audited consolidated financial statements for the year ended December 31, 2017 included in our Annual Report on Form 10-K for the year ended December 31, 2017 except for the adoption of ASU 2014-09 Revenue From Contracts with Customers, ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-15 Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments and ASU 2016-18 Statement of Cash Flows: Restricted Cash as outlined in Note 2 of the condensed consolidated financial statements.

Results of Operations

Comparison of Three Months Ended March 31, 2018 to March 31, 2017

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 $6.1 million, or 24%, to $31.5 million for the three months ended March 31, 2018 compared to $25.4 million in the corresponding period in 2017. $0.3 million of this increase was attributed to the acquisition of 2525 McKinnon in January 2017, $2.4 million from the acquisition of Mission City in September 2017, $3.5 million from the acquisition of Sorrento Mesa in September 2017, and $0.9 million from the acquisition of Papago Tech in October 2017. Offsetting these increases AmberGlen decreased by $0.6 million primarily due to the sale of two of the five buildings in the complex in May 2017 and Washington Group Plaza decreased by $0.4 million due to the sale of the property in March 2018. The remaining properties’ revenues were relatively unchanged in comparison to three months ended March 31, 2017.

Rental Income. Rental income includes net rental income and income from a ground lease. Total rental income increased $4.7 million, or 21%, to $27.0 million for the three months ended March 31, 2018 compared to $22.3 million for the three months ended March 31, 2017. The increase in rental income was primarily due to the acquisitions described above. The acquisitions of 2525 McKinnon, Mission City, Sorrento Mesa and Papago Tech contributed an additional $0.1 million, $2.0 million, $3.1 million, and $0.9 million in rental income, respectively, to the 2018 period rental income. AmberGlen decreased by $0.5 million primarily due to the sale of two of the five buildings in the complex in May 2017 and Washington Group Plaza decreased by $0.5 million due to the sale of that property in March 2018. FRP Collection decreased by $0.3 million due to a decrease in year-over-year occupancy.

Expense Reimbursement. Total expense reimbursement increased $1.2 million, or 55%, to $3.5 million for the three month period ended March 31, 2018 compared to $2.3 million for the same period in 2017, primarily due to the acquisition of the 2525 McKinnon, Mission City, Sorrento Mesa and Papago Tech properties described above.

Other. Other revenue includes parking, signage and other miscellaneous income. Total other revenues increased $0.2 million, or 23%, to $1.0 million for the three month period ended March 31, 2018 compared to $0.8 million for the same period in 2017. The increase can be attributed to the net proceeds of an auction of a former tenant’s equipment at FRP Collection which vacated unexpectedly late in 2017. Nominal other income was also generated by City Center, Central Fairwinds, Logan Tower, DTC Crossroads, 5090 N 40th St, SanTan, 2525 McKinnon, Park Tower, Mission City and Sorrento Mesa with the largest contribution from City Center and Park Tower parking income.

Operating Expenses

Total Operating Expenses. Total operating expenses consist of property operating expenses, as well as acquisition costs, general and administrative expenses and depreciation and amortization. Total operating expenses increased by $3.2 million, or 14%, to $25.5 million for the three months ended March 31, 2018, from $22.3 million for the same period in 2017, primarily due to acquisitions described above. Total operating expenses increased by $0.1 million, $2.1 million, $2.5 million, and $0.6 million, respectively, from the acquisitions of 2525 McKinnon, Mission City, Sorrento Mesa and Papago Tech properties. Washington Group Plaza operating expenses decreased by $1.3 million due to its sale in March 2018 and the impact of its designation as held for sale which meant the property ceased recording depreciation. AmberGlen decreased by $0.4 million primarily due to the sale of two of the five buildings in the complex in May 2017. The remaining operating expenses aggregated to an overall $0.4 million decrease in comparison to 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 21%, to $11.6 million for the three months ended March 31, 2018 from $9.6 million for the same period in 2017. The increase in property operating expenses was primarily due to the acquisitions described above. The acquisition of the 2525 McKinnon, Mission City, Sorrento Mesa and Papago Tech contributed an additional $0.2 million, $1.0 million, $0.5 million, and $0.3 million in additional property operating expenses, respectively. AmberGlen decreased by $0.3 million primarily due to the sale of two of the five buildings in the complex in May 2017, and Washington Group Plaza decreased by $0.1 million due to the sale of that property in March 2018. The remaining property operating expenses aggregate to an overall $0.4 million increase in comparison to the prior year.

General and Administrative. General and administrative expenses comprise of public company reporting costs and the compensation of our management team and board of directors as well as non-cash stock-based compensation expenses. General and administrative expenses decreased $0.2 million, or 10%, to $2.0 for the three month period ended March 31, 2018 compared to $2.2 million for the same period in 2017. The decrease was primarily attributable to lower amortization of stock-based compensation expense.

Depreciation and Amortization. Depreciation and amortization increased $1.4 million, or 13%, to $11.9 million for the three month period ended March 31, 2018 compared to $10.5 million for the same period in 2017, primarily due to the addition of the 2525 McKinnon, Mission City, Sorrento Mesa and Papago Tech properties offset by a decrease at Washington Group Plaza and AmberGlen due to the sale of those properties.

Other Expense (Income)

Interest Expense, Net. Interest expense increased $1.4 million, or 32%, to $5.8 million for the three month period ended March 31, 2018, compared to $4.4 million for the corresponding period in 2017. The increase was primarily due to interest expense related to acquisitions. Interest expense for the 2525 McKinnon and Mission City property level debt increased by $0.2 million, and $0.5 million respectively in 2017 as well as interest on the line of credit which increased by $0.6 million as a result of acquisitions funded by that facility. A new mortgage placed on Central Fairwinds also increased interest expense by a further $0.1 million over the prior year.

Cash Flows

Comparison of Three Months Ended March 31, 2018 to Three Months Ended March 31, 2017

Cash, cash equivalents and restricted cash were $38.9 million and $73.2 million as of March 31, 2018 and March 31, 2017, respectively.

Cash flow from operating activities. Net cash provided by operating activities decreased by $1.2 million to $1.8 million for the three months ended March 31, 2018 compared to $3.0 million for the same period in 2017. The decrease was attributable to changes in working capital predominantly due to the sale of Washington Group Plaza, offset by the earn-out termination payment which occurred in 2017 but not 2018 and increased operating cash flows from acquisitions.

Cash flow from investing activities. Net cash provided by investing activities increased by $129.3 million to $81.0 million for the three months ended March 31, 2018 compared to $48.3 million used in investing activities for the same period in 2017. The increase was primarily due to proceeds from the disposition of the Washington Group Plaza property in March 2018 and acquisitions that occurred in 2017 but not 2018.

Cash flow to financing activities. Net cash used in financing activities increased by $167.8 million to $78.9 million for the three months ended March 31, 2018 compared to $88.9 million provided by the same period in 2017. Cash flow used in financing activities increased primarily due to proceeds from a public offering of our common stock and a new mortgage which both occurred in 2017 but not 2018. In addition, we made higher mortgage principal repayments in 2018 as compared to 2017.

Liquidity and Capital Resources

Analysis of Liquidity and Capital Resources

We had approximately $18.5 million of cash and cash equivalents and $20.4 million of restricted cash as of March 31, 2018.

On March 15, 2018 the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that allows the Company to borrow up to $500 million, subject to customary terms and conditions. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio.

The Company and the Operating Partnership previously entered into separate equity distribution agreements (the “Sales Agreements”) with each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and BMO Capital Markets Corp. (collectively, the “Sales Agents”), pursuant to which the Company may issue and sell from time to time up to 6,000,000 shares of its common stock, $0.01 par value per share, and up to 1,000,000 shares of its 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (collectively, the “Shares”), through the Sales Agents, acting as agents or principals (the “ATM Program”). Pursuant to the Sales Agreements, the Shares may be offered and sold through the Sales Agents in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange or, with the prior consent of the Company, in privately negotiated transactions. The Sales Agents will be entitled to compensation of up to 2.0% of the gross proceeds of shares sold through the Sales Agents from time to time under the sales agreements. The Company has no obligation to sell any of the Shares under the Sales Agreements and may at any time suspend solicitations and offers under, or terminate, the Sales Agreements. During the three month period ended March 31, 2018, we did not sell any Shares under the ATM Program.

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, proceeds from our public offerings, including under our ATM Program, and borrowings under our mortgage loans and Unsecured 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 Unsecured 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, 2018

As of March 31, 2018, we had approximately $427.8 million of outstanding consolidated indebtedness, 100% of which is fixed rate debt. The following table sets forth information as of March 31, 2018 with respect to our outstanding indebtedness (in thousands).


Debt	March 31, 2018		Interest Rate as of March 31, 2018			Maturity
Unsecured Credit Facility ⁽¹⁾	$	—		LIBOR +1.40	%⁽²⁾		March 2022
Midland Life Insurance ⁽³⁾		88,186		4.34			May 2021
Mission City		47,000		3.78			November 2027
190 Office Center ⁽⁴⁾		41,250		4.79			October 2025
SanTan ⁽⁴⁾		35,100		4.56			March 2027
Intellicenter ⁽⁴⁾		33,563		4.65			October 2025
FRP Collection ⁽⁴⁾		30,030		3.85			September 2023
2525 McKinnon		27,000		4.24			April 2027
5090 N 40^th St		22,000		3.92			January 2027
AmberGlen ⁽⁴⁾		20,000		3.69			May 2027
Lake Vista Pointe ⁽⁵⁾		18,281		4.28			August 2024
FRP Ingenuity Drive ⁽⁵⁾⁽⁶⁾		17,000		4.44			December 2024
Plaza 25⁽⁴⁾⁽⁵⁾		16,806		4.10			July 2025
Carillon Point ⁽⁴⁾		16,587		3.50			October 2023
Central Fairwinds ⁽⁴⁾		15,040		4.00			June 2024

Total		427,843

(1)

As of March 31, 2018 the Unsecured Credit Facility had $250 million authorized and undrawn. On March 15, 2018, the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that will permit the Company to borrow up to $500 million, subject to customary terms and conditions. The Company’s previous secured credit facility was replaced and repaid in full. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.

(2)	As of March 31, 2018, the one month LIBOR rate was 1.88%.

(3)	The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is 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.

(4)

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

(6)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a DSCR of no less than 1.15x.

Contractual Obligations and Other Long-Term Liabilities

The following table provides information with respect to our commitments as of March 31, 2018, 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		2018		2019-2020		2021-2022		More than 5 years
Principal payments on debt	$	427,843	$	3,070	$	11,135	$	92,882	$	320,756
Interest payments		120,303		14,390		35,591		28,921		41,401
Tenant-related commitments⁽¹⁾		13,632		8,059		5,573		—		—

Total	$	561,778	$	25,519	$	52,299	$	121,803	$	362,157

(1)	Consists principally of commitments for tenant improvements.

Off-Balance Sheet Arrangements

As of March 31, 2018, 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, 2018, our Company did not have any outstanding derivatives.

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. We consider our interest rate exposure to be minimal because as of March 31, 2018, approximately $427.8 million, or 100%, of our debt had fixed interest rates. A 10% increase in LIBOR would not impact our interest costs on debt outstanding as of March 31, 2018 but would decrease the fair value of our outstanding debt, as well as increase interest costs associated with future debt issuances or borrowings under our Unsecured Credit Facility. A 10% decrease in LIBOR would not impact our interest costs on debt outstanding as of March 31, 2018 but would increase the fair value of our outstanding debt, as well as decrease interest costs associated with future debt issuances or borrowings under our Unsecured Credit Facility.

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. 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

Based on the most recent evaluation, the Company’s Chief Executive Officer and Chief Financial Officer determined that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended) were effective as of March 31, 2018.

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

The following risk factor replaces the risk factor disclosed under a similar heading in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2017. Except as presented below, there have been no material changes from the risk factors set forth in such Annual Report.

Covenants in our Credit Agreement may cause us to fail to qualify as a REIT.

In order to maintain our qualification as a REIT, we are generally required under the Code to distribute annually at least 90% of our net taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. In addition, we will be subject to income tax at regular corporate rates to the extent that we distribute less than 100% of our net taxable income, including any net capital gains. Under our Credit Agreement, dated as of March 15, 2018, we are subject to various financial covenants that may inhibit our ability to make distributions to our stockholders. If we are unable to make distributions to our stockholders, we will not be able to make sufficient distributions to maintain our REIT status.

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 City Office REIT, Inc., as amended and supplemented (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed on March 1, 2018).

3.2		Second Amended and Restated Bylaws of City Office REIT, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 14, 2017).

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).

4.2		Form of certificate representing the 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A filed with the Commission on September 30, 2016).



10.1		Executive Employment Agreement, dated as of February 1, 2018, by and between City Office Management Ltd. and James Farrar (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on February 2, 2018).

10.2		Executive Employment Agreement, dated as of February 1, 2018, by and between City Office Management Ltd. and Gregory Tylee (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed on February 2, 2018).

10.3		Executive Employment Agreement, dated as of February 1, 2018, by and between City Office Management Ltd. and Anthony Maretic (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed on February 2, 2018).

10.4		Credit Agreement dated as of March 15, 2018 by and among City Office REIT Operating Partnership, L.P., as borrower, City Office REIT, Inc. and certain of its subsidiaries, as guarantors, KeyBank National Association, as lender, agent and swing loan lender, the other lending institutions parties named therein, as lenders, and Keybanc Capital Markets, as sole lead arranger and sole book manager (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on March 21, 2018).

12.1		Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends †

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 Statements of Income; (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated 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 4, 2018


By:		/s/ James Farrar
		James Farrar

		Chief Executive Officer and Director
		(Principal Executive Officer)

Date: May 4, 2018


By:		/s/ Anthony Maretic
		Anthony Maretic

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

EX-12.1 2 d535298dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

(In thousands)


	City Office REIT, Inc.												City Office REIT, Inc. Predecessor
	Three months ended March 31, 2018		Year ended December 31, 2017		Year ended December 31, 2016		Year ended December 31, 2015			Period from April 21, 2014 to December 31, 2014			Period from January 1, 2014 to April 20, 2014
Earnings
Add:
Income/(Loss) from continuing operations before adjustment for income or loss from equity investees		47,198		9,158		376		(7,667	)		(6,855	)		(2,530	)
Fixed charges		5,820		20,173		14,761		11,353			7,180			3,772
Distributed income of equity investees		—		—		—		—			—			—
Subtract:
Capitalized interest		—		—		—		—			—			—

Total Earnings		53,018		29,331		15,137		3,686			325			1,242

Fixed Charges
Interest expense		5,820		20,173		14,761		11,353			7,180			3,772
Capitalized interest
Rental expense at computed interest factor⁽¹⁾		—		—		—		—			—			—

Total Fixed charges		5,820		20,173		14,761		11,353			7,180			3,772
Preferred Stock Dividends		1,855		7,411		1,781		—			—			—

Consolidated Fixed Charges and Preferred Stock Dividends		7,675		27,584		16,542		11,353			7,180			3,772
Consolidated ratio of earnings to fixed charges		6.91		1.06		0.92		0.32			0.05			0.33
Inadequate amount		—		—		1,405		7,667			6,855			2,530

(1)	Amounts represent those portions of rent expense that are reasonable approximations of interest costs.

EX-31.1 3 d535298dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification

I, James Farrar, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2018 of City Office REIT, Inc.;

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;

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 this report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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.

May 4, 2018

/s/ James Farrar

Date

James Farrar

Chief Executive Officer and Director

(Principal Executive Officer)

EX-31.2 4 d535298dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification

I, Anthony Maretic, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2018 of City Office REIT, Inc.;

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.

May 4, 2018

/s/ Anthony Maretic

Date

Anthony Maretic

Chief Financial Officer, Secretary and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 5 d535298dex321.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 this Quarterly Report on Form 10-Q for the period ended March 31, 2018 of City Office REIT, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (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, to my knowledge:

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.

May 4, 2018

/s/ James Farrar

Date

James Farrar

Chief Executive Officer and Director

(Principal Executive Officer)

This written report 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 d535298dex322.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 this Quarterly Report on Form 10-Q for the period ended March 31, 2018 of City Office REIT, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (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, to my knowledge:

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.

May 4, 2018

/s/ Anthony Maretic

Date

Anthony Maretic

Chief Financial Officer, Secretary and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

EX-101.INS 7 cio-20180331.xml XBRL INSTANCE DOCUMENT 36132145

250000000

500000000

271782

50632000

73202000

22570000

10629000 33357000 1158000 3267000 190000 2186000 46035000

15451000

20936000

334597000

860035000

7975000

3032000

11007000

18509000

38893000

100000000

36132145

0.01

36132145

361000

6054000

3792000

427843000

8653000

10346000

45107000

9478000

2700000

3187000

11585000

13505000

104607000

59500000

11070000

291000

537131000

188110000

463095000

860035000

421789000

88110000

6086000

5049000

3070000

320756000

4772000

65563000

74606000

68602000

100620000

443162000

49609000

84162000

314000

0.01

5600000

112000000

4480000

4151000

4480000

53772000

727902000

781674000

20384000

-50332000

3742000

396626000

396940000

56142000

51525000

250000000

1.50

0.0188

105000

33000

138000

7870000

2999000

10869000

420900000

3494000

8886000

5392000

32005000

68806000

36801000

9608000

26915000

17307000

0.0428

18281000

0.0350

16587000

1.35

0.0444

17000000

1700000 1.15

0.0385

30030000

1.40

0.0424

27000000

0.0392

22000000

0.0456

35100000

1.20

0.0479

41250000

1.15

0.0465

33563000

1.20

0.0410

16806000

1.45

0.0434

88186000

0.0400

15040000

1.35

0.0369

20000000

1.15

0.0378

47000000

334597000

36132000

0.235

361000

314000

396626000

4480000

0.4140625

1900000

112000000

-50332000

29651000

256059000

195566000

24382000

244000

1749000

254202000

4480000

112000000

-53608000

108000

17605000

38427000

20087000

334241000

896489000

8649000

3097000

11746000

12301000

35014000

100000000

36012086

0.01

36012086

360000

4968000

4223000

494477000

7793000

10318000

43126000

108214000

65088000

291000

534473000

188110000

536657000

896489000

489509000

208000

0.01

5600000

112000000

4480000

2013000

4480000

48234000

728067000

2830000

776301000

22713000

-86977000

3523000

359624000

359832000

53427000

33500000

106000

32000

138000

8543000

3065000

11608000

462300000

3215000

9082000

5867000

30613000

71426000

40813000

9298000

27706000

18408000

18358000

16671000

17000000

30174000

27000000

22000000

35100000

41250000

33563000

16882000

88582000

15107000

32290000

20000000

47000000

334241000

36012000

360000

208000

359624000

4480000

112000000

-86977000

1700000

47000000

86500000

56500000

8500000

1900000

0.120

7906000

31148000

4943000

0.06625

9158000

136941000

1671000

108000

136826000

1741000

90000

115000

1000

40000

11500000

4943000

3402000

7906000

31148000

5756000

108000

136941000

1671000

7906000

31148000

5756000

-71000

-108000

-3000

323000

43551000

0.235

10498000

9612000

-0.11

2193000

-1468000

-1528000

-33000

2169000

-988000

474000

4395000

4072000

4114000

-48303000

2959000

-3313000

22303000

88895000

-1467000

168000

3096000

22314000

791000

46035000

9358000

1794000

326000

120000

1846000

67991000

-1299000

84100000

57000000

109500000

892000

25399000

827000

777000

2294000

29511000

2400000 912000 260000 2400000

300000

false

-200000

632000

3879000

<div> 9. Commitments and Contingencies 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, 2018 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. </div>

0.235

--12-31

<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 5. Debt <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The following table summarizes the indebtedness as of March 31, 2018 and December 31, 2017 (in thousands): <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="51%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td 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, 2018</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, 2017</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, 2018</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">Maturity</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Unsecured Credit Facility (1) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</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">LIBOR +1.40</td> <td valign="bottom" nowrap="nowrap">%(2) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">March 2022</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Midland Life Insurance (3) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">88,186</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">88,582</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"> </td> <td valign="bottom" align="center">May 2021</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Mission City </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.78</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">November 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> 190 Office Center (4) </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"> </td> <td valign="bottom" align="center">October 2025</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> SanTan (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35,100</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35,100</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.56</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">March 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Intellicenter (4) </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">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"> </td> <td valign="bottom" align="center">October 2025</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> FRP Collection (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,030</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,174</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"> </td> <td valign="bottom" align="center">September 2023</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> 2525 McKinnon </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.24</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">April 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> 5090 N 40th St </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.92</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">January 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> AmberGlen (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.69</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">May 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Lake Vista Pointe (5) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,281</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,358</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"> </td> <td valign="bottom" align="center">August 2024</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> FRP Ingenuity Drive (5)(6) </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"> </td> <td valign="bottom" align="center">December 2024</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Plaza 25 (4)(5) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,806</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,882</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"> </td> <td valign="bottom" align="center">July 2025</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Carillon Point (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,587</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,671</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.50</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">October 2023</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Central Fairwinds (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,040</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,107</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.00</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">June 2024</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Washington Group Plaza </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">32,290</td> <td valign="bottom" nowrap="nowrap"> </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" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Secured Credit Facility (1) </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">33,500</td> <td valign="bottom" nowrap="nowrap"> </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" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center"> —  </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 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"; break-inside: avoid"> <td valign="top"> Total Principal </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">427,843</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">494,477</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> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred financing costs, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,054</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,968</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> <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> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">421,789</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">489,509</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> <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> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">As of March 31, 2018 the Unsecured Credit Facility had $250 million authorized and was undrawn. On March 15, 2018, the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that will permit the Company to borrow up to $500 million, subject to customary terms and conditions. The Company’s previous secured credit facility was replaced and repaid in full. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">As of March 31, 2018, the one month LIBOR rate was 1.88%.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(3)</td> <td valign="top" align="left">The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is 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"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(4)</td> <td valign="top" align="left">The Company is subject to various debt covenants including debt service coverage ratios (“DSCR”) that under certain conditions must be maintained no less than 1.15x, 1.20x, 1.20x, 1.40x, 1.15x, 1.45x, 1.35x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Plaza 25, Carillon Point and Central Fairwinds. The debt service coverage ratio covenants contained in the loan agreements for Plaza 25, which have not been met at March 31, 2018, allow for temporary relief from the DSCR test if certain conditions are met or prepayment of debt service occurs according to a specified schedule.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(5)</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"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(6)</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 DSCR of no less than 1.15x.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The scheduled principal repayments of debt as of March 31, 2018 are as follows (in thousands): <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,070</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,049</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,086</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">88,110</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,772</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">320,756</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"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">427,843</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> </div>

11893000

11625000

1855000

Q1 2018 10-Q

1.24

8491000

2018-03-31

1.25

City Office REIT, Inc.

<div> 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 As of March 31, 2018 and December 31, 2017, the Company did not have any hedges or derivatives. Cash, Cash Equivalents, Restricted Cash, Rents 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 $420.9 million and $462.3 million as of March 31, 2018 and December 31, 2017, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements. </div>

0001593222 2013-11-26 Accelerated Filer

46980000

1978000

-2124000

-6890000

189000

-322000

1741000

1071000

5820000

<div> 4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of March 31, 2018 and December 31, 2017 were comprised as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="44%"></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> <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> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center">Lease Intangible Assets</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" align="center">Lease Intangible Liabilities</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> March 31, 2018 </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" nowrap="nowrap" 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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,886</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">68,806</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,915</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">104,607</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(10,869</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</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">(11,007</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,494</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32,005</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,608</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(45,107</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,999</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,032</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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,392</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,801</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,307</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,500</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7,870</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(105</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7,975</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; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> December 31, 2017 </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" nowrap="nowrap" 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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,082</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">71,426</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,706</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">108,214</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,608</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</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">(11,746</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,215</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(30,613</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,298</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(43,126</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,065</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,097</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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,867</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,813</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,408</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,088</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,543</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(106</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,649</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> The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,070</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,505</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,585</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,478</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,187</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,700</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,525</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> </tr> </table> </div>

5188000

5607000

29000

81015000

1805000

45208000

25496000

-78941000

47063000

135000

6038000

<div> 8. Future Minimum Rent Schedule Future minimum lease payments to be received as of March 31, 2018 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68,602</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">84,162</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">74,606</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,563</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49,609</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,620</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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">443,162</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> 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. Ten state government tenants currently have the exercisable right to terminate their leases if the applicable state legislature does not appropriate rent in its annual budget. The Company has determined that the occurrence of any government tenant not being appropriated the rent in the applicable 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 12.0% of the Company’s total future minimum lease payments as of March 31, 2018. </div>

27014000

<div> 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 of limited partnership interest in the Operating Partnership (“common units”). 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 Operating Partnership’s 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 continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). 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, for tax years beginning before 2018, any applicable alternative minimum tax. </div>

2014-04-21

975000

10318000

64000

2753000

0.06625

1896000

29000

1855000

47198000

18500000

84839000

52000000

33134000

<div> 3. Real Estate Investments Acquisitions The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2525 McKinnon</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Land </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,629</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,357</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Tenant improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,158</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Acquired intangible assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,267</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accounts payable and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(190</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Lease intangible liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,186</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total consideration </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">46,035</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> Sale of Real Estate Property On March 8, 2018, the Company sold the Washington Group Plaza property in Boise, Idaho for $86.5 million, resulting in an aggregate net gain of $47.0 million, net of $1.7 million in costs, which has been classified as net gain on sale of real estate property in the condensed consolidated statements of operations. In connection with the sale of the property, certain debt repayments were made. </div>

<div> 7. Related Party Transactions Administrative Services Agreement For the three months ended March 31, 2018 and 2017, the Company earned $0.2 million and $0.3 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“Second City”). Earn-Out Payment For the three months ended March 31, 2017, the Company paid $2.4 million to Second City to terminate the Company’s earn-out payment obligation under the Termination and Mutual Release Agreement. </div>

<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The following table summarizes the indebtedness as of March 31, 2018 and December 31, 2017 (in thousands): <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="51%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td 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, 2018</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, 2017</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, 2018</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">Maturity</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Unsecured Credit Facility (1) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</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">LIBOR +1.40</td> <td valign="bottom" nowrap="nowrap">%(2) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">March 2022</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Midland Life Insurance (3) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">88,186</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">88,582</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"> </td> <td valign="bottom" align="center">May 2021</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Mission City </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.78</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">November 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> 190 Office Center (4) </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"> </td> <td valign="bottom" align="center">October 2025</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> SanTan (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35,100</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35,100</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.56</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">March 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Intellicenter (4) </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">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"> </td> <td valign="bottom" align="center">October 2025</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> FRP Collection (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,030</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,174</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"> </td> <td valign="bottom" align="center">September 2023</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> 2525 McKinnon </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.24</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">April 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> 5090 N 40th St </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.92</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">January 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> AmberGlen (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.69</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">May 2027</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Lake Vista Pointe (5) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,281</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,358</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"> </td> <td valign="bottom" align="center">August 2024</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> FRP Ingenuity Drive (5)(6) </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"> </td> <td valign="bottom" align="center">December 2024</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Plaza 25 (4)(5) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,806</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,882</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"> </td> <td valign="bottom" align="center">July 2025</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Carillon Point (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,587</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,671</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.50</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">October 2023</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Central Fairwinds (4) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,040</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,107</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.00</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="center">June 2024</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Washington Group Plaza </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">32,290</td> <td valign="bottom" nowrap="nowrap"> </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" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Secured Credit Facility (1) </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">33,500</td> <td valign="bottom" nowrap="nowrap"> </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" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center"> —  </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 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"; break-inside: avoid"> <td valign="top"> Total Principal </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">427,843</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">494,477</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> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Deferred financing costs, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,054</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,968</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> <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> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">421,789</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">489,509</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> <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> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">As of March 31, 2018 the Unsecured Credit Facility had $250 million authorized and was undrawn. On March 15, 2018, the Company entered into a $250 million Unsecured Credit Facility which includes an accordion feature that will permit the Company to borrow up to $500 million, subject to customary terms and conditions. The Company’s previous secured credit facility was replaced and repaid in full. The Unsecured Credit Facility matures in March 2022, which may be extended to March 2023 at the Company’s option upon meeting certain conditions. Borrowings under the Unsecured Credit Facility will bear an interest at a rate equal to the LIBOR rate plus a margin of between 140 to 225 basis points depending upon the Company’s consolidated leverage ratio. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">As of March 31, 2018, the one month LIBOR rate was 1.88%.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(3)</td> <td valign="top" align="left">The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is 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"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(4)</td> <td valign="top" align="left">The Company is subject to various debt covenants including debt service coverage ratios (“DSCR”) that under certain conditions must be maintained no less than 1.15x, 1.20x, 1.20x, 1.40x, 1.15x, 1.45x, 1.35x and 1.35x respectively for each of 190 Office Center, SanTan, Intellicenter, FRP Collection, AmberGlen, Plaza 25, Carillon Point and Central Fairwinds. The debt service coverage ratio covenants contained in the loan agreements for Plaza 25, which have not been met at March 31, 2018, allow for temporary relief from the DSCR test if certain conditions are met or prepayment of debt service occurs according to a specified schedule.</td> </tr> </table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(5)</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"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left">(6)</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 DSCR of no less than 1.15x.</td> </tr> </table> </div>

<div> The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,070</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,505</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,585</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,478</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,187</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,700</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,525</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> </tr> </table> </div>

<div> The scheduled principal repayments of debt as of March 31, 2018 are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,070</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,049</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,086</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">88,110</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,772</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">320,756</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">427,843</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> </tr> </table> </div>

31534000

<div> Lease intangibles and the value of assumed lease obligations as of March 31, 2018 and December 31, 2017 were comprised as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="44%"></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> <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> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center">Lease Intangible Assets</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" align="center">Lease Intangible Liabilities</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> March 31, 2018 </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" nowrap="nowrap" 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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,886</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">68,806</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,915</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">104,607</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(10,869</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</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">(11,007</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,494</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(32,005</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,608</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(45,107</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,999</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,032</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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,392</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,801</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,307</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,500</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7,870</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(105</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7,975</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; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> December 31, 2017 </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" nowrap="nowrap" 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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Cost </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,082</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">71,426</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,706</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">108,214</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,608</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</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">(11,746</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Accumulated amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,215</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(30,613</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,298</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(43,126</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,065</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,097</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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,867</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,813</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,408</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,088</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,543</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(106</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,649</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> </tr> </table> </div>

<div> The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2525 McKinnon</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Land </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,629</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,357</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Tenant improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,158</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Acquired intangible assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,267</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Accounts payable and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(190</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Lease intangible liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,186</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total consideration </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">46,035</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> </tr> </table> </div>

<div> Future minimum lease payments to be received as of March 31, 2018 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68,602</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">84,162</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">74,606</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,563</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49,609</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,620</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; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">443,162</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> </div>

350000

<div> 10. Stockholders’ Equity Common Stock and Common Unit Distributions On March 21, 2018, the Company’s board of directors approved and the Company declared a cash dividend distribution of $0.235 per share for the quarterly period ended March 31, 2018. The dividend was paid subsequent to quarter end on April 25, 2018 to common stockholders and common unitholders of record as of April 11, 2018 for an aggregate of $8.5 million.   Preferred Stock Distributions During the quarter ended March 31, 2018, the Company’s board of directors approved and the Company declared a cash dividend of $0.4140625 per share for an aggregate amount of $1.9 million. The dividend was paid subsequent to quarter end on April 25, 2018. Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive employees, 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, 2018, 156,375 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive employees with a fair value of $1.9 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, 2018 the Company recognized net compensation expense of $0.4 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 vests. </div>

844000

<div> 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 condensed 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, 2017. New Accounting Pronouncements Adopted in the Current Year Effective January 1, 2018, the Company adopted FASB ASU 2014-09, Revenue From Contracts with Customers, on a modified retrospective basis. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company has reviewed its revenue streams to note that the majority are under the guidance of ASU 2016-02, Leases. Net gain on sale of real estate is under the guidance of ASU 2017-05, Other Income. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements or notes to our condensed consolidated financial statements. Effective January 1, 2018, the Company adopted FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements.   Effective January 1, 2018, the Company adopted FASB ASU 2016-15, Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments, on a retrospective basis. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements. Effective January 1, 2018, the Company adopted FASB ASU 2016-18, Statement of Cash Flows: Restricted Cash, on a retrospective basis. The update requires the statement of cash flows to explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. To be Adopted in Future Years 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. In March 2018, the FASB voted to move forward with drafting a final ASU that would allow lessors to elect, as a practical expedient, to not separate lease and non-lease components and allow these components to be accounted for as a single lease component if both (i) the timing and pattern of transfer to the lessee of the lease component and the related non-lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, a company is permitted to use its effective date as the date of initial application. Therefore, a company electing this option will not restate comparative period financial information, will not make the new required lease disclosures in comparative periods beginning before the effective date and will recognize its cumulative effect transition adjustment as of the effective date. The Company is in the process of evaluating whether it will elect to apply the practical expedient. If the Company elects to apply the practical expedient we expect expense reimbursement that qualify as non-lease components will be presented under a single lease component. If the Company does not elect to apply the practical expedient we expect that certain non-lease components of expense reimbursement may be subject to ASC 606. </div>

285000

<div> 11. Subsequent Events On April 5, 2018, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired a 271,782 square foot Class A multi-tenant property in Scottsdale, Arizona for $56.5 million. </div>

3545000

CIO

36432000

36073000

147000 3503000 1263580

400000

156375

1900000

2022-03-31

2023-03-31 2022-03

0.0225

0.014

0.0140

P360M 2024-08 2023-10 P360M 2024-12 2023-09 2027-04 2027-01 2027-03 2025-10 2025-10 P360M 2025-07

2021-05-06

P360M 2021-05 2024-06 P360M 2027-05 2027-11

200000

356000

2018-04-25

2018-04-11

2018-03-21

120000

1000

29000

135000

1855000

8491000

47063000

285000

2018-04-25

1855000

8491000

47063000

-72000

0001593222 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001593222 us-gaap:PreferredStockMember 2018-01-01 2018-03-31 0001593222 us-gaap:ParentMember 2018-01-01 2018-03-31 0001593222 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001593222 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001593222 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001593222 cio:AdministrativeServicesAgreementMembercio:SecondCityFundsMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:MissionCityMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:AmberGlenMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:WashingtonGroupPlazaMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:CentralFairwindsMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:MidlandLifeInsuranceMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:PlazaTwentyFiveMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:IntellicenterMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:OneNinetyOfficeCenterMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:SanTanMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FiftyNinetyMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:MckinnonMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FRPCollectionMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FRPIngenuityDriveMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:CarillonPointMember 2018-01-01 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:LakeVistaPointeMember 2018-01-01 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember 2018-01-01 2018-03-31 0001593222 us-gaap:RestrictedStockUnitsRSUMembercio:DirectorsAndNonexecutiveEmployeesMember 2018-01-01 2018-03-31 0001593222 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-03-31 0001593222 2018-01-01 2018-03-31 0001593222 cio:AdministrativeServicesAgreementMembercio:SecondCityFundsMember 2017-01-01 2017-03-31 0001593222 2017-01-01 2017-03-31 0001593222 cio:NoncontrollingInterestsInOperatingPartnershipMember 2017-01-01 2017-12-31 0001593222 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0001593222 us-gaap:ParentMember 2017-01-01 2017-12-31 0001593222 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-12-31 0001593222 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001593222 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001593222 2017-01-01 2017-12-31 0001593222 us-gaap:SalesRevenueServicesNetMemberus-gaap:GovernmentContractsConcentrationRiskMember 2018-03-31 2018-03-31 0001593222 us-gaap:PreferredStockMemberus-gaap:SubsequentEventMember 2018-04-25 2018-04-25 0001593222 us-gaap:CommonStockMemberus-gaap:SubsequentEventMember 2018-04-25 2018-04-25 0001593222 cio:ClassAMultitenantMemberus-gaap:SubsequentEventMember 2018-04-05 2018-04-05 0001593222 cio:WashingtonGroupPlazaMember 2018-03-08 2018-03-08 0001593222 us-gaap:RetainedEarningsMember 2017-12-31 0001593222 us-gaap:PreferredStockMember 2017-12-31 0001593222 us-gaap:ParentMember 2017-12-31 0001593222 us-gaap:NoncontrollingInterestMember 2017-12-31 0001593222 us-gaap:CommonStockMember 2017-12-31 0001593222 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:MissionCityMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:AmberGlenMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:WashingtonGroupPlazaMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:CentralFairwindsMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:MidlandLifeInsuranceMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:PlazaTwentyFiveMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:IntellicenterMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:OneNinetyOfficeCenterMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:SanTanMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:FiftyNinetyMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:MckinnonMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:FRPCollectionMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:FRPIngenuityDriveMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:CarillonPointMember 2017-12-31 0001593222 us-gaap:SecuredDebtMembercio:LakeVistaPointeMember 2017-12-31 0001593222 cio:LeasingCommissionsMember 2017-12-31 0001593222 us-gaap:LeasesAcquiredInPlaceMember 2017-12-31 0001593222 us-gaap:AboveMarketLeasesMember 2017-12-31 0001593222 us-gaap:FairValueInputsLevel3Member 2017-12-31 0001593222 cio:TenantLeaseMember 2017-12-31 0001593222 cio:GroundLeaseMember 2017-12-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember 2017-12-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMember 2017-12-31 0001593222 2017-12-31 0001593222 cio:NoncontrollingInterestsInOperatingPartnershipMember 2016-12-31 0001593222 us-gaap:RetainedEarningsMember 2016-12-31 0001593222 us-gaap:PreferredStockMember 2016-12-31 0001593222 us-gaap:ParentMember 2016-12-31 0001593222 us-gaap:NoncontrollingInterestMember 2016-12-31 0001593222 us-gaap:CommonStockMember 2016-12-31 0001593222 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001593222 2016-12-31 0001593222 us-gaap:RetainedEarningsMember 2018-03-31 0001593222 us-gaap:PreferredStockMember 2018-03-31 0001593222 us-gaap:ParentMember 2018-03-31 0001593222 us-gaap:NoncontrollingInterestMember 2018-03-31 0001593222 us-gaap:CommonStockMember 2018-03-31 0001593222 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:MissionCityMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:AmberGlenMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:AmberGlenMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:CentralFairwindsMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:CentralFairwindsMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:MidlandLifeInsuranceMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:PlazaTwentyFiveMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:PlazaTwentyFiveMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:IntellicenterMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:IntellicenterMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:OneNinetyOfficeCenterMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:OneNinetyOfficeCenterMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:SanTanMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:SanTanMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FiftyNinetyMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:MckinnonMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FRPCollectionMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FRPCollectionMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FRPIngenuityDriveMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:FRPIngenuityDriveMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:CarillonPointMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:CarillonPointMember 2018-03-31 0001593222 us-gaap:SecuredDebtMembercio:LakeVistaPointeMember 2018-03-31 0001593222 cio:LeasingCommissionsMember 2018-03-31 0001593222 us-gaap:LeasesAcquiredInPlaceMember 2018-03-31 0001593222 us-gaap:AboveMarketLeasesMember 2018-03-31 0001593222 us-gaap:FairValueInputsLevel3Member 2018-03-31 0001593222 cio:TenantLeaseMember 2018-03-31 0001593222 cio:GroundLeaseMember 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:MinimumMember 2018-03-31 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember 2018-03-31 0001593222 2018-03-31 0001593222 cio:MckinnonMember 2017-03-31 0001593222 2017-03-31 0001593222 cio:ClassAMultitenantMemberus-gaap:SubsequentEventMember 2018-04-05 0001593222 us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember 2018-03-15 0001593222 2018-05-01 shares iso4217:USD utr:sqft iso4217:USD shares pure cio:Installment

EX-101.SCH 8 cio-20180331.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Condensed Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Condensed Consolidated Statements of Operations link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Condensed Consolidated Statements of Changes in Equity link:calculationLink link:presentationLink link:definitionLink 108 - Statement - Condensed Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 109 - Statement - Condensed Consolidated Statements of Cash Flows (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Organization and Description of Business link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Real Estate Investments link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Lease Intangibles link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Debt link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Fair Value of Financial Instruments link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Future Minimum Rent Schedule link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Stockholders' Equity link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Real Estate Investments (Tables) link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Lease Intangibles (Tables) link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Debt (Tables) link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Future Minimum Rent Schedule (Tables) link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Organization and Description of Business - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Real Estate Investments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Debt - Summary of Indebtedness (Detail) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Debt - Summary of Indebtedness (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Debt - Schedule of Principal Repayments of Debt Payable (Detail) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 134 - Disclosure - Related Party Transactions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 135 - Disclosure - Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) link:calculationLink link:presentationLink link:definitionLink 136 - Disclosure - Future Minimum Rent Schedule - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 137 - Disclosure - Stockholder's Equity - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 138 - Disclosure - Subsequent Events - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 9 cio-20180331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 10 cio-20180331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 11 cio-20180331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Above Market Leases [Member] Above Market Leases [Member] Accounting Policies [Abstract] Accounting Policies [Abstract] Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities Accounts Receivable, Net, Current Rents receivable, net Acquisitions. Acquisitions [Line Items] Acquisitions [Line Items] Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed accounts payable and other liabilities. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts payable and other liabilities Accounts payable and other liabilities, asset acquisitions Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed buildings and improvements. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings And Improvements Buildings and improvements, asset acquisitions Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed intangible assets other than goodwill. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill Acquired intangible assets, asset acquisitions Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed land. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land Land, asset acquisitions Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed lease intangible liabilities. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Lease Intangible Liabilities Lease intangible liabilities, asset acquisitions Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed net. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed net Total Consideration, asset acquisitions Acquisitions other than through business combination recognized identifiable assets acquired and liabilities assumed tenant improvements. Acquisitions Other Than Through Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Tenant Improvements Tenant improvements, asset acquisitions Acquisitions [Table] Acquisitions [Table] Acquisitions [Table] Additional Paid in Capital, Common Stock Additional paid-in capital Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Administrative Services Agreement [Member] Administrative Services Agreement [Member] Administrative Services Agreement [Member] Allocated Share-based Compensation Expense, Net of Tax Net compensation expense Amber Glen [Member] Amber Glen [Member] AmberGlen Property [Member] Amendment Flag Amendment Flag Amortization of above and below Market Leases Amortization of above/below market leases Amortization of Debt Issuance Costs Amortization of deferred financing costs Amortization of deferred financing costs Area of Real Estate Property Area of property Assets Total Assets Assets [Abstract] Assets Assets Held-for-sale, Not Part of Disposal Group Assets held for sale Award Type [Axis] Award Type [Axis] Below Market Lease, Accumulated Amortization Accumulated amortization, Lease Intangible Liabilities Below Market Lease, Gross Cost, Lease Intangible Liabilities Below Market Lease, Net Acquired lease intangible liabilities, net Total, Lease Intangible Liabilities Carillon point. Carillon Point [Member] Carillon Point [Member] Cash and Cash Equivalents, at Carrying Value Cash and Cash Equivalents, End of Period Cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, Cash Equivalents and Restricted Cash, End of Period Cash, Cash Equivalents and Restricted Cash, Beginning of Period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] Reconciliation of Cash, Cash Equivalents and Restricted Cash: Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Net Increase in Cash, Cash Equivalents and Restricted Cash Central Fairwinds [Member] Central Fairwinds [Member] Central Fairwinds [Member] Change in fair value of earn-out and contingent consideration. Change In Fair Value Of Earn Out and Contingent Consideration Earn-out termination payment Class A multi- tenant. Class A multi- tenant [Member] Class A multi- tenant property [Member] Class of Stock [Line Items] Class of Stock [Line Items] Commitments and Contingencies Commitments and Contingencies (Note 9) Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Common Stock, Dividends, Per Share, Declared Dividend distributions declared per common share Common Stock [Member] Common Stock [Member] Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Ending balance, shares Beginning balance, shares Common stock, shares outstanding Common Stock, Value, Issued Common stock, $0.01 par value, 100,000,000 shares authorized, 36,132,145 and 36,012,086 shares issued and outstanding Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] Concentration Risk Type [Axis] Concentration Risk Type [Axis] Concentration Risk [Line Items] Concentration Risk [Line Items] Concentration Risk, Percentage Percentage of total future minimum lease payments Concentration Risk [Table] Concentration Risk [Table] Concentration Risk Type [Domain] Concentration Risk Type [Domain] Cost of Real Estate Sales Cost incurred on property sold Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Current Fiscal Year End Date Current Fiscal Year End Date Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Disclosure [Text Block] Debt Debt Instrument Amortization Period Debt Instrument Amortization Period Amortization period Debt Instrument, Basis Spread on Variable Rate Interest Rate, Description Interest Rate, spread Long-term Debt, Gross Indebtedness Total Debt instrument extended maturity date. Debt Instrument Extended Maturity Date Loan expected extended maturity date Debt Instrument, Interest Rate, Effective Percentage Effective interest rate of loan Interest Rate Debt Instrument, Interest Rate, Stated Percentage One month LIBOR rate Debt Instrument [Line Items] Debt Instrument [Line Items] Debt Instrument, Maturity Date Loan maturity date Debt Instrument Maturity Month And Year Debt Instrument Maturity Month And Year Maturity Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] A measure of the cash flow available to pay current debt obligations. The ratio states net operating income as a multiple of debt obligations due within one year, including interest, principal, sinking-fund and lease payments Debt Service Coverage Ratio DSCR Deferred Costs, Leasing, Net Deferred leasing costs, net Debt Issuance Costs, Net Deferred financing costs, net Deferred Rent Credit Deferred rent Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Derivative Instruments in Hedges, at Fair Value, Net Hedges or derivatives Direct Costs of Leased and Rented Property or Equipment Property operating expenses Directors And Non-Executive Employees [Member] Directors And Non-Executive Employees [Member] Directors and Non-Executive Employees [Member] Dividends Payable, Date to be Paid Dividends paid date Dividends, Common Stock Common stock dividend distributions declared Dividends Payable, Amount Per Share Declared cash dividend distribution per share Dividends Payable, Current Dividend payable Dividends Payable Dividend distributions payable Dividends Payable, Date Declared Dividends paid, declared date Dividends Payable, Date of Record Dividends paid, date of record Dividends, Preferred Stock Preferred stock dividend distributions declared Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] Net income/(loss) per common share: Earnings Per Share, Basic Basic Earnings Per Share, Diluted Diluted Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Filer Category Entity Filer Category Entity Incorporation, Date of Incorporation Company formation date Entity Registrant Name Entity Registrant Name Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value, by Balance Sheet Grouping [Table] Fair Value, by Balance Sheet Grouping [Table] Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Liability Class [Axis] Liability Class [Axis] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value of Financial Instruments Fair Value, Inputs, Level 3 [Member] Fair Value, Inputs, Level 3 [Member] Fair Value by Liability Class [Domain] Fair Value by Liability Class [Domain] Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Fifty ninety. Fifty Ninety [Member] 5090 N 40th St [Member] Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization, Lease Intangible Assets Finite Lived Intangible Assets Amortization Expected to be Recognized Net Finite Lived Intangible Assets Amortization Expected to be Recognized Net Total Finite-Lived Intangible Assets, Amortization Expense, after Year Five Thereafter Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year 2018 Finite-Lived Intangible Assets, Amortization Expense, Year Five 2022 Finite-Lived Intangible Assets, Amortization Expense, Year Four 2021 Finite-Lived Intangible Assets, Amortization Expense, Year Three 2020 Finite-Lived Intangible Assets, Amortization Expense, Year Two 2019 Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Gross Cost, Lease Intangible Assets Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Net Acquired lease intangible assets, net Total, Lease Intangible Assets Fixed Charge Coverage Ratio Fixed Charge Coverage Ratio Fixed charge coverage ratio FRP collection. FRP Collection [Member] FRP Collection [Member] FRP Ingenuity Drive [Member] FRP Ingenuity Drive [Member] FRP Ingenuity Drive [Member] Furniture and Fixtures, Gross Furniture, fixtures and equipment Gains (Losses) on Sales of Investment Real Estate Net gain on sale of real estate property Net gain on sale of real estate property General and Administrative Expense General and administrative Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Abstract] Government Contracts Concentration Risk [Member] Government Contracts Concentration Risk [Member] Ground Lease [Member] Ground Lease [Member] Below Market Ground Lease [Member] Income Statement [Abstract] Consolidated and Combined Statement of Operations [Abstract] Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities Increase (Decrease) in Accounts Receivable Rents receivable, net Increase (Decrease) in Customer Deposits Tenant rent deposits Increase (Decrease) in Deferred Leasing Fees Deferred leasing costs Increase (Decrease) in Deferred Revenue Deferred rent Increase (Decrease) in Operating Capital [Abstract] Changes in non-cash working capital: Increase (Decrease) in Prepaid Expenses, Other Prepaid expenses and other assets Intangible Assets Disclosure [Text Block] Lease Intangibles Intellicenter [Member] Intellicenter [Member] Intellicenter [Member] Interest Expense Interest expense, net Interest Expense [Abstract] Interest Expense: Interest Expense, Debt Contractual interest expense Interest Paid Cash paid for interest Investment Building and Building Improvements Building and improvement Lake Vista Pointe [Member] Lake Vista Pointe [Member] Lake Vista Pointe [Member] Land Land Leases [Abstract] Leases [Abstract] Leases, Acquired-in-Place [Member] In Place Leases [Member] Leasing Commissions [Member] Leasing Commissions [Member] Leasing Commissions [Member] Liabilities Total Liabilities Liabilities [Abstract] Liabilities: Liabilities and Equity Total Liabilities and Equity Liabilities and Equity [Abstract] Liabilities and Equity Line of Credit Facility, Current Borrowing Capacity Revolving Credit Facility, authorized amount Line of Credit Facility, Maximum Borrowing Capacity Revolving Credit Facility, maximum borrowing capacity Loans Payable, Fair Value Disclosure Mortgage loans payable, fair value London Interbank Offered Rate (LIBOR) [Member] London Interbank Offered Rate (LIBOR) [Member] Long-term Debt Debt Total Long-term Debt, Maturities, Repayments of Principal after Year Five Thereafter Long-term Debt, Maturities, Repayments of Principal in Year Five 2022 Long-term Debt, Maturities, Repayments of Principal in Year Four 2021 Long-term Debt, Maturities, Repayments of Principal in Year Three 2020 Long-term Debt, Maturities, Repayments of Principal in Year Two 2019 Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year 2018 Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Maximum [Member] Maximum [Member] McKinnon. McKinnon [Member] 2525 McKinnon [Member] Midland Life Insurance [Member] Midland Life Insurance [Member] Midland Life Insurance [Member] Minimum Liquidity Requirements Minimum Liquidity Requirements Minimum liquidity requirements Minimum [Member] Minimum [Member] Minimum Net Worth Required for Compliance Minimum net worth required Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Distributions Mission City [Member] Mission City [Member] Mission City [Member] Real Estate, Type of Property [Axis] Real Estate, Type of Property [Axis] Real Estate [Domain] Real Estate [Domain] Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net Cash (Used In)/Provided By Financing Activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Cash Flows (to)/from Financing Activities: Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net Cash Provided By/(Used In) Investing Activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash Flows from/(to) Investing Activities: Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net Cash Provided By Operating Activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash Flows from Operating Activities: Net Income (Loss) Attributable to Parent Net income/(loss) attributable to the Company Net Income (Loss) Attributable to Noncontrolling Interest Net income attributable to non-controlling interests in properties Net Income (Loss) Available to Common Stockholders, Basic Net income/(loss) attributable to common stockholders Noncontrolling Interest [Member] Non-controlling Interests in Properties [Member] Noncontrolling Interests In Operating Partnership [Member] Noncontrolling Interests In Operating Partnership [Member] Operating Partnership Unitholders' Non-controlling Interests [Member] Number Of Equal Installments To Vest Other Than Options Number Of Equal Installments To Vest Other Than Options Number of annual installments for award vesting EX-101.PRE 12 cio-20180331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
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		36,132,145

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate properties
Land	$ 188,110	$ 188,110
Building and improvement	537,131	534,473
Tenant improvement	56,142	53,427
Furniture, fixtures and equipment	291	291
Real estate properties, gross	781,674	776,301
Accumulated depreciation	(53,772)	(48,234)
Real estate properties, net	727,902	728,067
Cash and cash equivalents	18,509	12,301
Restricted cash	20,384	22,713
Rents receivable, net	20,936	20,087
Deferred leasing costs, net	8,653	7,793
Acquired lease intangible assets, net	59,500	65,088
Prepaid expenses and other assets	4,151	2,013
Assets held for sale		38,427
Total Assets	860,035	896,489
Liabilities:
Debt	421,789	489,509
Accounts payable and accrued liabilities	15,451	17,605
Deferred rent	3,792	4,223
Tenant rent deposits	3,742	3,523
Acquired lease intangible liabilities, net	7,975	8,649
Dividend distributions payable	10,346	10,318
Liabilities related to assets held for sale		2,830
Total Liabilities	463,095	536,657
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 36,132,145 and 36,012,086 shares issued and outstanding	361	360
Additional paid-in capital	334,597	334,241
Accumulated deficit	(50,332)	(86,977)
Total Stockholders' Equity	396,626	359,624
Non-controlling interests in properties	314	208
Total Equity	396,940	359,832
Total Liabilities and Equity	$ 860,035	$ 896,489

XML 15 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, Dividend rate percentage	6.625%	6.625%
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,600,000	5,600,000
Preferred stock, shares issued	4,480,000	4,480,000
Preferred stock, shares outstanding	4,480,000	4,480,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	36,132,145	36,012,086
Common stock, shares outstanding	36,132,145	36,012,086

XML 16 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental income	$ 27,014	$ 22,314
Expense reimbursement	3,545	2,294
Other	975	791
Total Revenues	31,534	25,399
Operating Expenses:
Property operating expenses	11,625	9,612
General and administrative	1,978	2,193
Depreciation and amortization	11,893	10,498
Total Operating Expenses	25,496	22,303
Operating income	6,038	3,096
Interest Expense:
Contractual interest expense	(5,188)	(4,072)
Amortization of deferred financing costs	(632)	(323)
Interest expense, net	(5,820)	(4,395)
Net gain on sale of real estate property	46,980
Net income/(loss)	47,198	(1,299)
Net income attributable to non-controlling interests in properties	(135)	(168)
Net income/(loss) attributable to the Company	47,063	(1,467)
Preferred stock distributions	(1,855)	(1,846)
Net income/(loss) attributable to common stockholders	$ 45,208	$ (3,313)
Net income/(loss) per common share:
Basic	$ 1.25	$ (0.11)
Diluted	$ 1.24	$ (0.11)
Weighted average common shares outstanding:
Basic	36,073	29,511
Diluted	36,432	29,511
Dividend distributions declared per common share	$ 0.235	$ 0.235

XML 17 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total stockholders' equity [Member]	Operating Partnership Unitholders' Non-controlling Interests [Member]	Non-controlling Interests in Properties [Member]
Beginning balance at Dec. 31, 2016	$ 256,059	$ 112,000	$ 244	$ 195,566	$ (53,608)	$ 254,202	$ 108	$ 1,749
Beginning balance, shares at Dec. 31, 2016		4,480,000	24,382,000
Conversion of OP units to shares, values				108		108	$ (108)
Conversion of OP units to shares, shares			40,000
Restricted stock award grants and vesting, values	1,671		$ 1	1,741	(71)	1,671
Restricted stock award grants and vesting, shares			90,000
Net proceeds from sale of common stock, values	136,941		$ 115	136,826		136,941
Net proceeds from sale of common stock, shares			11,500,000
Common stock dividend distributions declared	(31,148)				(31,148)	(31,148)
Preferred stock dividend distributions declared	(7,906)				(7,906)	(7,906)
Distributions	(4,943)							(4,943)
Net income	9,158				5,756	5,756		3,402
Ending balance at Dec. 31, 2017	$ 359,832	$ 112,000	$ 360	334,241	(86,977)	359,624		208
Ending balance, shares at Dec. 31, 2017	36,012,086	4,480,000	36,012,000
Restricted stock award grants and vesting, values	$ 285		$ 1	356	(72)	285
Restricted stock award grants and vesting, shares			120,000
Common stock dividend distributions declared	(8,491)				(8,491)	(8,491)
Preferred stock dividend distributions declared	(1,855)				(1,855)	(1,855)
Distributions	(29)							(29)
Net income	47,198				47,063	47,063		135
Ending balance at Mar. 31, 2018	$ 396,940	$ 112,000	$ 361	$ 334,597	$ (50,332)	$ 396,626		$ 314
Ending balance, shares at Mar. 31, 2018	36,132,145	4,480,000	36,132,000

XML 18 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net income/(loss)	$ 47,198	$ (1,299)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,893	10,498
Amortization of deferred financing costs	632	323
Amortization of above/below market leases	(200)	(3)
Increase in straight-line rent	(844)	(777)
Non-cash stock compensation	350	827
Earn-out termination payment		(2,400)
Net gain on sale of real estate property	(46,980)
Changes in non-cash working capital:
Rents receivable, net	322	(2,169)
Prepaid expenses and other assets	(1,741)	988
Accounts payable and accrued liabilities	(6,890)	(1,528)
Deferred rent	(2,124)	(1,468)
Tenant rent deposits	189	(33)
Net Cash Provided By Operating Activities	1,805	2,959
Cash Flows from/(to) Investing Activities:
Additions to real estate properties	(2,753)	(1,794)
Acquisition of real estate		(46,035)
Net proceeds from sale of real estate	84,839
Deferred leasing costs	(1,071)	(474)
Net Cash Provided By/(Used In) Investing Activities	81,015	(48,303)
Cash Flows (to)/from Financing Activities:
Proceeds from sale of common stock		67,991
Debt issuance and extinguishment costs	(1,896)	(326)
Proceeds from mortgage loans payable		84,100
Repayment of mortgage loans payable	(33,134)	(892)
Proceeds from Secured Credit Facility	18,500	57,000
Repayment of Secured Credit Facility	(52,000)	(109,500)
Shares withheld for payment of taxes on restricted stock unit vesting	(64)
Distributions to non-controlling interests in properties	(29)	(120)
Dividend distributions paid to stockholders and Operating Partnership unitholders	(10,318)	(9,358)
Net Cash (Used In)/Provided By Financing Activities	(78,941)	88,895
Net Increase in Cash, Cash Equivalents and Restricted Cash	3,879	43,551
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	35,014	29,651
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 38,893	$ 73,202

XML 19 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	$ 18,509	$ 50,632
Restricted Cash, End of Period	20,384	22,570
Cash, Cash Equivalents and Restricted Cash, End of Period	38,893	73,202
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	5,607	4,114
Purchases of additions in real estate properties included in accounts payable	3,503	260
Purchases of deferred leasing costs included in accounts payable	$ 147	$ 912

XML 20 R8.htm IDEA: XBRL DOCUMENT

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2018
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 of limited partnership interest in the Operating Partnership (“common units”). 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 Operating Partnership’s 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 continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). 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, for tax years beginning before 2018, any applicable alternative minimum tax.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2018
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 condensed 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, 2017. *New Accounting Pronouncements* Adopted in the Current Year Effective January 1, 2018, the Company adopted FASB ASU 2014-09, Revenue From Contracts with Customers, on a modified retrospective basis. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company has reviewed its revenue streams to note that the majority are under the guidance of ASU 2016-02, Leases. Net gain on sale of real estate is under the guidance of ASU 2017-05, Other Income. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements or notes to our condensed consolidated financial statements. Effective January 1, 2018, the Company adopted FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements. Effective January 1, 2018, the Company adopted FASB ASU 2016-15, Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments, on a retrospective basis. The adoption of this guidance did not have a material impact to the Company’s condensed consolidated financial statements. Effective January 1, 2018, the Company adopted FASB ASU 2016-18, Statement of Cash Flows: Restricted Cash, on a retrospective basis. The update requires the statement of cash flows to explain the changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. To be Adopted in Future Years 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. In March 2018, the FASB voted to move forward with drafting a final ASU that would allow lessors to elect, as a practical expedient, to not separate lease and non-lease components and allow these components to be accounted for as a single lease component if both (i) the timing and pattern of transfer to the lessee of the lease component and the related non-lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, a company is permitted to use its effective date as the date of initial application. Therefore, a company electing this option will not restate comparative period financial information, will not make the new required lease disclosures in comparative periods beginning before the effective date and will recognize its cumulative effect transition adjustment as of the effective date. The Company is in the process of evaluating whether it will elect to apply the practical expedient. If the Company elects to apply the practical expedient we expect expense reimbursement that qualify as non-lease components will be presented under a single lease component. If the Company does not elect to apply the practical expedient we expect that certain non-lease components of expense reimbursement may be subject to ASC 606.

XML 22 R10.htm IDEA: XBRL DOCUMENT

Real Estate Investments

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Real Estate Investments

3. Real Estate Investments

Acquisitions

The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands):


	2525 McKinnon
Land	$	10,629
Buildings and improvements		33,357
Tenant improvements		1,158
Acquired intangible assets		3,267
Accounts payable and other liabilities		(190	)
Lease intangible liabilities		(2,186	)

Total consideration	$	46,035

Sale of Real Estate Property

XML 23 R11.htm IDEA: XBRL DOCUMENT

Lease Intangibles

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Lease Intangibles

4. Lease Intangibles

Lease intangibles and the value of assumed lease obligations as of March 31, 2018 and December 31, 2017 were comprised as follows (in thousands):


	Lease Intangible Assets												Lease Intangible Liabilities
March 31, 2018	Above Market Leases			In Place Leases			Leasing Commissions			Total			Below Market Leases			Below Market Ground Lease			Total
Cost	$	8,886		$	68,806		$	26,915		$	104,607		$	(10,869	)	$	(138	)	$	(11,007	)
Accumulated amortization		(3,494	)		(32,005	)		(9,608	)		(45,107	)		2,999			33			3,032

	$	5,392		$	36,801		$	17,307		$	59,500		$	(7,870	)	$	(105	)	$	(7,975	)


December 31, 2017	Above Market Leases			In Place Leases			Leasing Commissions			Total			Below Market Leases			Below Market Ground Lease			Total
Cost	$	9,082		$	71,426		$	27,706		$	108,214		$	(11,608	)	$	(138	)	$	(11,746	)
Accumulated amortization		(3,215	)		(30,613	)		(9,298	)		(43,126	)		3,065			32			3,097

	$	5,867		$	40,813		$	18,408		$	65,088		$	(8,543	)	$	(106	)	$	(8,649	)

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


2018	$	11,070
2019		13,505
2020		11,585
2021		9,478
2022		3,187
Thereafter		2,700

	$	51,525

XML 24 R12.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

5. Debt

The following table summarizes the indebtedness as of March 31, 2018 and December 31, 2017 (in thousands):


Property	March 31, 2018			December 31, 2017			Interest Rate as of March 31, 2018			Maturity
Unsecured Credit Facility ⁽¹⁾	$	—		$	—			LIBOR +1.40	%⁽²⁾		March 2022
Midland Life Insurance ⁽³⁾		88,186			88,582			4.34			May 2021
Mission City		47,000			47,000			3.78			November 2027
190 Office Center ⁽⁴⁾		41,250			41,250			4.79			October 2025
SanTan ⁽⁴⁾		35,100			35,100			4.56			March 2027
Intellicenter ⁽⁴⁾		33,563			33,563			4.65			October 2025
FRP Collection ⁽⁴⁾		30,030			30,174			3.85			September 2023
2525 McKinnon		27,000			27,000			4.24			April 2027
5090 N 40^th St		22,000			22,000			3.92			January 2027
AmberGlen ⁽⁴⁾		20,000			20,000			3.69			May 2027
Lake Vista Pointe ⁽⁵⁾		18,281			18,358			4.28			August 2024
FRP Ingenuity Drive ⁽⁵⁾⁽⁶⁾		17,000			17,000			4.44			December 2024
Plaza 25 ⁽⁴⁾⁽⁵⁾		16,806			16,882			4.10			July 2025
Carillon Point ⁽⁴⁾		16,587			16,671			3.50			October 2023
Central Fairwinds ⁽⁴⁾		15,040			15,107			4.00			June 2024
Washington Group Plaza		—			32,290			—			—
Secured Credit Facility ⁽¹⁾		—			33,500			—			—

Total Principal		427,843			494,477
Deferred financing costs, net		(6,054	)		(4,968	)

Total	$	421,789		$	489,509

All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below.

(1)

(2)	As of March 31, 2018, the one month LIBOR rate was 1.88%.

(3)	The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is 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.

(4)

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

(6)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a DSCR of no less than 1.15x.

The scheduled principal repayments of debt as of March 31, 2018 are as follows (in thousands):


2018	$	3,070
2019		5,049
2020		6,086
2021		88,110
2022		4,772
Thereafter		320,756

	$	427,843

XML 25 R13.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2018
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 As of March 31, 2018 and December 31, 2017, the Company did not have any hedges or derivatives. Cash, Cash Equivalents, Restricted Cash, Rents 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 $420.9 million and $462.3 million as of March 31, 2018 and December 31, 2017, respectively. Accordingly, the fair value of 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

XML 26 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions *Administrative Services Agreement* For the three months ended March 31, 2018 and 2017, the Company earned $0.2 million and $0.3 million, respectively, in administrative services performed for Second City Real Estate II Corporation and its affiliates (“Second City”). *Earn-Out Payment* For the three months ended March 31, 2017, the Company paid $2.4 million to Second City to terminate the Company’s earn-out payment obligation under the Termination and Mutual Release Agreement.

XML 27 R15.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Future Minimum Rent Schedule

8. Future Minimum Rent Schedule

Future minimum lease payments to be received as of March 31, 2018 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):


2018		68,602
2019		84,162
2020		74,606
2021		65,563
2022		49,609
Thereafter		100,620

	$	443,162

XML 28 R16.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies 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, 2018 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.

XML 29 R17.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Common Stock and Common Unit Distributions On March 21, 2018, the Company’s board of directors approved and the Company declared a cash dividend distribution of $0.235 per share for the quarterly period ended March 31, 2018. The dividend was paid subsequent to quarter end on April 25, 2018 to common stockholders and common unitholders of record as of April 11, 2018 for an aggregate of $8.5 million. Preferred Stock Distributions During the quarter ended March 31, 2018, the Company’s board of directors approved and the Company declared a cash dividend of $0.4140625 per share for an aggregate amount of $1.9 million. The dividend was paid subsequent to quarter end on April 25, 2018. Restricted Stock Units The Company has an equity incentive plan (“Equity Incentive Plan”) for executive officers, directors and certain non-executive employees, 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, 2018, 156,375 restricted stock units (“RSUs”) were granted to executive officers, directors and certain non-executive employees with a fair value of $1.9 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, 2018 the Company recognized net compensation expense of $0.4 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 vests.

XML 30 R18.htm IDEA: XBRL DOCUMENT

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On April 5, 2018, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired a 271,782 square foot Class A multi-tenant property in Scottsdale, Arizona for $56.5 million.

XML 31 R19.htm IDEA: XBRL DOCUMENT

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

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

The following table summarizes the Company’s allocations of the purchase price of assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands):


	2525 McKinnon
Land	$	10,629
Buildings and improvements		33,357
Tenant improvements		1,158
Acquired intangible assets		3,267
Accounts payable and other liabilities		(190	)
Lease intangible liabilities		(2,186	)

Total consideration	$	46,035

XML 32 R20.htm IDEA: XBRL DOCUMENT

Lease Intangibles (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017 were comprised as follows (in thousands):


	Lease Intangible Assets												Lease Intangible Liabilities
March 31, 2018	Above Market Leases			In Place Leases			Leasing Commissions			Total			Below Market Leases			Below Market Ground Lease			Total
Cost	$	8,886		$	68,806		$	26,915		$	104,607		$	(10,869	)	$	(138	)	$	(11,007	)
Accumulated amortization		(3,494	)		(32,005	)		(9,608	)		(45,107	)		2,999			33			3,032

	$	5,392		$	36,801		$	17,307		$	59,500		$	(7,870	)	$	(105	)	$	(7,975	)


December 31, 2017	Above Market Leases			In Place Leases			Leasing Commissions			Total			Below Market Leases			Below Market Ground Lease			Total
Cost	$	9,082		$	71,426		$	27,706		$	108,214		$	(11,608	)	$	(138	)	$	(11,746	)
Accumulated amortization		(3,215	)		(30,613	)		(9,298	)		(43,126	)		3,065			32			3,097

	$	5,867		$	40,813		$	18,408		$	65,088		$	(8,543	)	$	(106	)	$	(8,649	)

Estimated Aggregate Amortization Expense for Lease Intangibles

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


2018	$	11,070
2019		13,505
2020		11,585
2021		9,478
2022		3,187
Thereafter		2,700

	$	51,525

XML 33 R21.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Summary of Indebtedness

The following table summarizes the indebtedness as of March 31, 2018 and December 31, 2017 (in thousands):


Property	March 31, 2018			December 31, 2017			Interest Rate as of March 31, 2018			Maturity
Unsecured Credit Facility ⁽¹⁾	$	—		$	—			LIBOR +1.40	%⁽²⁾		March 2022
Midland Life Insurance ⁽³⁾		88,186			88,582			4.34			May 2021
Mission City		47,000			47,000			3.78			November 2027
190 Office Center ⁽⁴⁾		41,250			41,250			4.79			October 2025
SanTan ⁽⁴⁾		35,100			35,100			4.56			March 2027
Intellicenter ⁽⁴⁾		33,563			33,563			4.65			October 2025
FRP Collection ⁽⁴⁾		30,030			30,174			3.85			September 2023
2525 McKinnon		27,000			27,000			4.24			April 2027
5090 N 40^th St		22,000			22,000			3.92			January 2027
AmberGlen ⁽⁴⁾		20,000			20,000			3.69			May 2027
Lake Vista Pointe ⁽⁵⁾		18,281			18,358			4.28			August 2024
FRP Ingenuity Drive ⁽⁵⁾⁽⁶⁾		17,000			17,000			4.44			December 2024
Plaza 25 ⁽⁴⁾⁽⁵⁾		16,806			16,882			4.10			July 2025
Carillon Point ⁽⁴⁾		16,587			16,671			3.50			October 2023
Central Fairwinds ⁽⁴⁾		15,040			15,107			4.00			June 2024
Washington Group Plaza		—			32,290			—			—
Secured Credit Facility ⁽¹⁾		—			33,500			—			—

Total Principal		427,843			494,477
Deferred financing costs, net		(6,054	)		(4,968	)

Total	$	421,789		$	489,509

All interest rates are fixed interest rates with the exception of the unsecured credit facility (“Unsecured Credit Facility”) as explained in footnote 1 below.

(1)

(2)	As of March 31, 2018, the one month LIBOR rate was 1.88%.

(3)	The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is 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.

(4)

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

(6)	The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a DSCR of no less than 1.15x.

Schedule of Principal Repayments of Debt Payable

The scheduled principal repayments of debt as of March 31, 2018 are as follows (in thousands):


2018	$	3,070
2019		5,049
2020		6,086
2021		88,110
2022		4,772
Thereafter		320,756

	$	427,843

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: 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.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

XML 34 R22.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule (Tables)

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases

Future minimum lease payments to be received as of March 31, 2018 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):


2018		68,602
2019		84,162
2020		74,606
2021		65,563
2022		49,609
Thereafter		100,620

	$	443,162

XML 35 R23.htm IDEA: XBRL DOCUMENT

Organization and Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

XML 36 R24.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - 2525 McKinnon [Member] $ in Thousands	Mar. 31, 2017 USD ($)
Acquisitions [Line Items]
Land, asset acquisitions	$ 10,629
Buildings and improvements, asset acquisitions	33,357
Tenant improvements, asset acquisitions	1,158
Acquired intangible assets, asset acquisitions	3,267
Accounts payable and other liabilities, asset acquisitions	(190)
Lease intangible liabilities, asset acquisitions	(2,186)
Total Consideration, asset acquisitions	$ 46,035

XML 37 R25.htm IDEA: XBRL DOCUMENT

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 08, 2018	Mar. 31, 2018
Real Estate [Line Items]
Net gain on sale of real estate property		$ 46,980
Washington Group Plaza [Member]
Real Estate [Line Items]
Proceeds of sale of property	$ 86,500
Net gain on sale of real estate property	47,000
Cost incurred on property sold	$ 1,700

XML 38 R26.htm IDEA: XBRL DOCUMENT

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 104,607	$ 108,214
Accumulated amortization, Lease Intangible Assets	(45,107)	(43,126)
Total, Lease Intangible Assets	59,500	65,088
Cost, Lease Intangible Liabilities	(11,007)	(11,746)
Accumulated amortization, Lease Intangible Liabilities	3,032	3,097
Total, Lease Intangible Liabilities	(7,975)	(8,649)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	8,886	9,082
Accumulated amortization, Lease Intangible Assets	(3,494)	(3,215)
Total, Lease Intangible Assets	5,392	5,867
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	68,806	71,426
Accumulated amortization, Lease Intangible Assets	(32,005)	(30,613)
Total, Lease Intangible Assets	36,801	40,813
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	26,915	27,706
Accumulated amortization, Lease Intangible Assets	(9,608)	(9,298)
Total, Lease Intangible Assets	17,307	18,408
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(10,869)	(11,608)
Accumulated amortization, Lease Intangible Liabilities	2,999	3,065
Total, Lease Intangible Liabilities	(7,870)	(8,543)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	33	32
Total, Lease Intangible Liabilities	$ (105)	$ (106)

XML 39 R27.htm IDEA: XBRL DOCUMENT

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Mar. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 11,070
2019	13,505
2020	11,585
2021	9,478
2022	3,187
Thereafter	2,700
Total	$ 51,525

XML 40 R28.htm IDEA: XBRL DOCUMENT

Debt - Summary of Indebtedness (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Indebtedness	$ 427,843	$ 494,477
Deferred financing costs, net	(6,054)	(4,968)
Total	421,789	489,509
Credit Facility [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		33,500
Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 0	0
Maturity	2022-03
London Interbank Offered Rate (LIBOR) [Member] \| Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Interest Rate, spread	1.40%
Washington Group Plaza [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		32,290
Lake Vista Pointe [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 18,281	18,358
Interest Rate	4.28%
Maturity	2024-08
FRP Ingenuity Drive [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 17,000	17,000
Interest Rate	4.44%
Maturity	2024-12
Plaza 25 [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,806	16,882
Interest Rate	4.10%
Maturity	2025-07
Midland Life Insurance [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 88,186	88,582
Interest Rate	4.34%
Maturity	2021-05
Mission City [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 47,000	47,000
Interest Rate	3.78%
Maturity	2027-11
190 Office Center [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 41,250	41,250
Interest Rate	4.79%
Maturity	2025-10
SanTan [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 35,100	35,100
Interest Rate	4.56%
Maturity	2027-03
Intellicenter [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 33,563	33,563
Interest Rate	4.65%
Maturity	2025-10
FRP Collection [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,030	30,174
Interest Rate	3.85%
Maturity	2023-09
2525 McKinnon [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 27,000	27,000
Interest Rate	4.24%
Maturity	2027-04
5090 N 40th St [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 22,000	22,000
Interest Rate	3.92%
Maturity	2027-01
AmberGlen Property [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,000	20,000
Interest Rate	3.69%
Maturity	2027-05
Carillon Point [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 16,587	16,671
Interest Rate	3.50%
Maturity	2023-10
Central Fairwinds [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,040	$ 15,107
Interest Rate	4.00%
Maturity	2024-06

XML 41 R29.htm IDEA: XBRL DOCUMENT

Debt - Summary of Indebtedness (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 15, 2018
Secured Debt [Member] \| Washington Group Plaza [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Secured Debt [Member] \| Lake Vista Pointe [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.28%
Secured Debt [Member] \| FRP Ingenuity Drive [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.44%
Minimum net worth required	$ 17,000,000
Minimum liquidity requirements	$ 1,700,000
Secured Debt [Member] \| FRP Ingenuity Drive [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	115.00%
Secured Debt [Member] \| Plaza 25 [Member]
Debt Instrument [Line Items]
Amortization period	360 months
Effective interest rate of loan	4.10%
Secured Debt [Member] \| Plaza 25 [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	145.00%
Secured Debt [Member] \| 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%
Secured Debt [Member] \| 190 Office Center [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.79%
Secured Debt [Member] \| 190 Office Center [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	115.00%
Secured Debt [Member] \| SanTan [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.56%
Secured Debt [Member] \| SanTan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	120.00%
Secured Debt [Member] \| Intellicenter [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.65%
Secured Debt [Member] \| Intellicenter [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	120.00%
Secured Debt [Member] \| FRP Collection [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	3.85%
Secured Debt [Member] \| FRP Collection [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	140.00%
Secured Debt [Member] \| AmberGlen Property [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	3.69%
Secured Debt [Member] \| AmberGlen Property [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	115.00%
Secured Debt [Member] \| Carillon Point [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	3.50%
Secured Debt [Member] \| Carillon Point [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	135.00%
Secured Debt [Member] \| Central Fairwinds [Member]
Debt Instrument [Line Items]
Effective interest rate of loan	4.00%
Secured Debt [Member] \| Central Fairwinds [Member] \| Minimum [Member]
Debt Instrument [Line Items]
DSCR	135.00%
Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount	$ 250,000,000	$ 250,000,000
Loan maturity date	Mar. 31, 2022
Loan expected extended maturity date	Mar. 31, 2023
Revolving Credit Facility, maximum borrowing capacity		$ 500,000,000
Credit Facility [Member] \| Unsecured Debt [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.40%
One month LIBOR rate	1.88%
Credit Facility [Member] \| Unsecured Debt [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	150.00%
Credit Facility [Member] \| Unsecured Debt [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	1.40%
Credit Facility [Member] \| Unsecured Debt [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate, Description	2.25%

XML 42 R30.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Principal Repayments of Debt Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018	$ 3,070
2019	5,049
2020	6,086
2021	88,110
2022	4,772
Thereafter	320,756
Total	$ 427,843	$ 494,477

XML 43 R31.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedges or derivatives	$ 0	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans payable, fair value	$ 420,900,000	$ 462,300,000

XML 44 R32.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Earn-out payment		$ 2.4
Second City Funds [Member] \| Administrative Services Agreement [Member]
Related Party Transaction [Line Items]
Revenue for services	$ 0.2	$ 0.3

XML 45 R33.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2018 USD ($)
Leases [Abstract]
2018	$ 68,602
2019	84,162
2020	74,606
2021	65,563
2022	49,609
Thereafter	100,620
Total future minimum lease payments to be received	$ 443,162

XML 46 R34.htm IDEA: XBRL DOCUMENT

Future Minimum Rent Schedule - Additional Information (Detail)	Mar. 31, 2018
Sales Revenue, Services, Net [Member] \| Government Contracts Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage of total future minimum lease payments	12.00%

XML 47 R35.htm IDEA: XBRL DOCUMENT

Stockholder's Equity - Additional Information (Detail) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 25, 2018 USD ($)	Mar. 31, 2018 USD ($) Installment $ / shares shares
Class of Stock [Line Items]
Maximum number of shares issued under Equity Incentive Plan \| shares		1,263,580
Common Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share \| $ / shares		$ 0.235
Dividends paid, declared date		Mar. 21, 2018
Dividends paid date		Apr. 25, 2018
Dividends paid, date of record		Apr. 11, 2018
Preferred Stock [Member]
Class of Stock [Line Items]
Declared cash dividend distribution per share \| $ / shares		$ 0.4140625
Dividends paid date		Apr. 25, 2018
Dividend payable		$ 1.9
Subsequent Event [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Dividend paid	$ 8.5
Subsequent Event [Member] \| Preferred Stock [Member]
Class of Stock [Line Items]
Dividend paid	$ 1.9
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Net compensation expense		$ 0.4
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 \| shares		156,375
Restricted stock units grant date fair value		$ 1.9

XML 48 R36.htm IDEA: XBRL DOCUMENT

Subsequent Events - Additional Information (Detail) $ in Thousands		3 Months Ended
	Apr. 05, 2018 USD ($) ft²	Mar. 31, 2017 USD ($)
Subsequent Event [Line Items]
Acquisition of real estate		$ 46,035
Subsequent Event [Member] \| Class A multi- tenant property [Member]
Subsequent Event [Line Items]
Acquisition of real estate	$ 56,500
Area of property \| ft²	271,782

EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 50 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 53 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 125 198 1 false 44 0 false 6 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.cityofficereit.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 103 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.cityofficereit.com/taxonomy/role/StatementOfFinancialPositionUnclassified-RealEstateOperations Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 105 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Sheet http://www.cityofficereit.com/taxonomy/role/StatementCondensedConsolidatedBalanceSheetsUnauditedParenthetical Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Statements 3 false false R4.htm 106 - Statement - Condensed Consolidated Statements of Operations Sheet http://www.cityofficereit.com/taxonomy/role/StatementOfIncomeRealEstateInvestmentTrusts Condensed Consolidated Statements of Operations Statements 4 false false R5.htm 107 - Statement - Condensed Consolidated Statements of Changes in Equity Sheet http://www.cityofficereit.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Condensed Consolidated Statements of Changes in Equity Statements 5 false false R6.htm 108 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://www.cityofficereit.com/taxonomy/role/StatementOfCashFlowsIndirectRealEstate Condensed Consolidated Statements of Cash Flows Statements 6 false false R7.htm 109 - Statement - Condensed Consolidated Statements of Cash Flows (Parenthetical) Sheet http://www.cityofficereit.com/taxonomy/role/StatementOfCashFlowsIndirectRealEstateParenthetical Condensed Consolidated Statements of Cash Flows (Parenthetical) Statements 7 false false R8.htm 110 - Disclosure - Organization and Description of Business Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock Organization and Description of Business Notes 8 false false R9.htm 111 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock Summary of Significant Accounting Policies Notes 9 false false R10.htm 112 - Disclosure - Real Estate Investments Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsRealEstateDisclosureTextBlock Real Estate Investments Notes 10 false false R11.htm 113 - Disclosure - Lease Intangibles Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock Lease Intangibles Notes 11 false false R12.htm 114 - Disclosure - Debt Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock Debt Notes 12 false false R13.htm 115 - Disclosure - Fair Value of Financial Instruments Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock Fair Value of Financial Instruments Notes 13 false false R14.htm 116 - Disclosure - Related Party Transactions Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock Related Party Transactions Notes 14 false false R15.htm 117 - Disclosure - Future Minimum Rent Schedule Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsOperatingLeasesOfLessorDisclosureTextBlock Future Minimum Rent Schedule Notes 15 false false R16.htm 118 - Disclosure - Commitments and Contingencies Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies Notes 16 false false R17.htm 119 - Disclosure - Stockholders' Equity Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock Stockholders' Equity Notes 17 false false R18.htm 120 - Disclosure - Subsequent Events Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock Subsequent Events Notes 18 false false R19.htm 121 - Disclosure - Real Estate Investments (Tables) Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsRealEstateDisclosureTextBlockTables Real Estate Investments (Tables) Tables http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsRealEstateDisclosureTextBlock 19 false false R20.htm 122 - Disclosure - Lease Intangibles (Tables) Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlockTables Lease Intangibles (Tables) Tables http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock 20 false false R21.htm 123 - Disclosure - Debt (Tables) Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlockTables Debt (Tables) Tables http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock 21 false false R22.htm 124 - Disclosure - Future Minimum Rent Schedule (Tables) Sheet http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsOperatingLeasesOfLessorDisclosureTextBlockTables Future Minimum Rent Schedule (Tables) Tables http://www.cityofficereit.com/taxonomy/role/NotesToFinancialStatementsOperatingLeasesOfLessorDisclosureTextBlock 22 false false R23.htm 125 - Disclosure - Organization and Description of Business - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureOrganizationAndDescriptionOfBusinessAdditionalInformation Organization and Description of Business - Additional Information (Detail) Details 23 false false R24.htm 126 - Disclosure - Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureRealEstateInvestmentsScheduleOfAllocationOfPurchasePriceOfAssetsAcquiredAndLiabilitiesAssumed Real Estate Investments - Schedule of Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) Details 24 false false R25.htm 127 - Disclosure - Real Estate Investments - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureRealEstateInvestmentsAdditionalInformation Real Estate Investments - Additional Information (Detail) Details 25 false false R26.htm 128 - Disclosure - Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureLeaseIntangiblesScheduleOfLeaseIntangiblesAndValueOfAssumedLeaseObligations Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) Details 26 false false R27.htm 129 - Disclosure - Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureLeaseIntangiblesEstimatedAggregateAmortizationExpenseForLeaseIntangibles Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) Details 27 false false R28.htm 130 - Disclosure - Debt - Summary of Indebtedness (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureDebtSummaryOfIndebtedness Debt - Summary of Indebtedness (Detail) Details 28 false false R29.htm 131 - Disclosure - Debt - Summary of Indebtedness (Parenthetical) (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureDebtSummaryOfIndebtednessParenthetical Debt - Summary of Indebtedness (Parenthetical) (Detail) Details 29 false false R30.htm 132 - Disclosure - Debt - Schedule of Principal Repayments of Debt Payable (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureDebtScheduleOfPrincipalRepaymentsOfDebtPayable Debt - Schedule of Principal Repayments of Debt Payable (Detail) Details 30 false false R31.htm 133 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsAdditionalInformation Fair Value of Financial Instruments - Additional Information (Detail) Details 31 false false R32.htm 134 - Disclosure - Related Party Transactions - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureRelatedPartyTransactionsAdditionalInformation Related Party Transactions - Additional Information (Detail) Details 32 false false R33.htm 135 - Disclosure - Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureFutureMinimumRentScheduleScheduleOfFutureMinimumLeasePaymentsUnderNoncancellableOperatingLeases Future Minimum Rent Schedule - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) Details 33 false false R34.htm 136 - Disclosure - Future Minimum Rent Schedule - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureFutureMinimumRentScheduleAdditionalInformation Future Minimum Rent Schedule - Additional Information (Detail) Details 34 false false R35.htm 137 - Disclosure - Stockholder's Equity - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureStockholdersEquityAdditionalInformation Stockholder's Equity - Additional Information (Detail) Details 35 false false R36.htm 138 - Disclosure - Subsequent Events - Additional Information (Detail) Sheet http://www.cityofficereit.com/taxonomy/role/DisclosureSubsequentEventsAdditionalInformation Subsequent Events - Additional Information (Detail) Details 36 false false All Reports Book All Reports cio-20180331.xml cio-20180331.xsd cio-20180331_cal.xml cio-20180331_def.xml cio-20180331_lab.xml cio-20180331_pre.xml http://xbrl.sec.gov/dei/2014-01-31 http://fasb.org/us-gaap/2017-01-31 true true ZIP 55 0001193125-18-151689-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-18-151689-xbrl.zip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end