8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2022

City Office REIT, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-36409	98-1141883
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

666 Burrard Street, Suite 3210,
Vancouver, British Columbia,	V6C 2X8
(Address of principal executive offices)	(Zip Code)

(604) 806-3366

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Ticker Symbols:	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	CIO	New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share	CIO.PrA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

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.  ☐

Item 2.02 Results of Operations and Financial Condition.

City Office REIT, Inc. (the “Company”) issued a press release on November 7, 2022 announcing its financial results for the quarter ended September 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that Section. Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished pursuant to Item 9.01, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Description
99.1	City Office REIT, Inc. Press Release, dated November 7, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

	CITY OFFICE REIT, INC.
Date: November 7, 2022	By:	/s/ James Farrar
	Name:	James Farrar
	Title:	Chief Executive Officer and Director

EX-99.1

Exhibit 99.1

City Office REIT Reports Third Quarter 2022 Results

VANCOUVER— November 7, 2022—City Office REIT, Inc. (NYSE: CIO) (the “Company,” “City Office,” “we” or “our”) today announced its results for the quarter ended September 30, 2022.

Third Quarter Highlights

• Rental and other revenues were $45.5 million. GAAP net income attributable to common stockholders was approximately $0.1 million, or $0.00 per fully diluted share;

• Core FFO was approximately $16.5 million, or $0.39 per fully diluted share;

• AFFO was approximately $7.7 million, or $0.18 per fully diluted share;

• In-place occupancy was 85.8% as of quarter end;

• Executed approximately 195,000 square feet of new and renewal leases during the quarter;

• Completed the Company’s share repurchase program. During the second and third quarters of 2022, the Company repurchased $50.0 million in shares of common stock at an average gross price of $12.48 per share;

• Declared a third quarter dividend of $0.20 per share of common stock, paid on October 21, 2022; and

• Declared a third quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on October 21, 2022.

“While macroeconomic uncertainty continues to impact our industry, we believe we are positioned well to outperform over the long term,” commented James Farrar, the Company’s Chief Executive Officer. “Our Sun Belt markets continue to be national leaders in employment growth, population growth and office leasing metrics. The flight to quality assets also continues to be a trend driving leasing outcomes, and we believe our high-quality portfolio will be the beneficiary of that trend over time.”

“During the quarter, we continued to focus on advancing opportunities to position the Company for long term success. As a result of our spec suite program and select property upgrades, we believe we are on the path to optimizing our leasing potential. Prospective tenants continue to focus on securing high quality and amenitized spaces for their employees. Our core portfolio and planned enhancements position us well in this regard. As an example, at our recently renovated 190 Office Center property in Dallas, we signed 49,000 square feet of new leases during the quarter. Heading into the end of the year and looking forward to 2023, we intend to operate conservatively while taking active steps to enhance our competitive positioning.”

A reconciliation of certain non-GAAP financial measures, including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash NOI, Adjusted Cash NOI and their equivalent per share measures, to the most directly comparable financial measure under U.S. generally accepted accounting principles (“GAAP”) can be found at the end of this release.

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Portfolio Operations

The Company reported that its total portfolio as of September 30, 2022 contained 6.0 million net rentable square feet and was 85.8% occupied.

Net Operating Income was approximately $28.1 million and Adjusted Cash NOI (CIO share) was approximately $27.0 million for the third quarter of 2022. Net Operating Income benefited from $0.9 million of termination fee income recognized in the quarter.

Same Store Cash NOI decreased 4.3% for the three months ended September 30, 2022 as compared to the same period in the prior year. Same Store Cash NOI decreased 5.4% for the nine months ended September 30, 2022 as compared to the same period in the prior year.

Leasing Activity

The Company’s total leasing activity during the third quarter of 2022 was approximately 195,000 square feet, which included 137,000 square feet of new leasing and 58,000 square feet of renewals. Approximately 171,000 square feet of leases signed within the quarter will commence subsequent to quarter end.

New Leasing – New leases were signed with a weighted average lease term of 5.8 years at a weighted average annual rent of $26.68 per square foot and at a weighted average cost of $7.44 per square foot per year.

Renewal Leasing – Renewal leases were signed with a weighted average lease term of 3.2 years at a weighted average annual rent of $26.51 per square foot and at a weighted average cost of $1.85 per square foot per year.

Capital Structure

As of September 30, 2022, the Company had total principal outstanding debt of approximately $680.1 million. Approximately $445.1 million, or 65.4%, of the Company’s outstanding debt was fixed rate. When factoring in the $50 million term loan as fixed rate debt due to an interest swap, approximately 72.8% of the Company’s debt was effectively fixed rate. City Office’s total principal outstanding debt had a weighted average maturity of approximately 3.5 years and a weighted average interest rate of 4.1%.

On August 5, 2020 the Company’s Board of Directors approved a share purchase plan authorizing the Company to repurchase up to an aggregate amount of $50 million of its outstanding shares of common stock. During the three months ended September 30, 2022, the Company completed this program and settled on the repurchase of 3,612,064 shares of its common stock at an average gross price of $12.46 per share for a total cost of approximately $45.0 million. Including repurchases in the prior quarter, the Company settled on the repurchase of 4,006,897 shares of its common stock at an average gross price of $12.48 per share for a total cost of approximately $50.0 million.

Dividends

On September 15, 2022, the Company’s Board of Directors approved and the Company declared a cash dividend of $0.20 per share of the Company’s common stock for the three months ended September 30, 2022. The dividend was paid on October 21, 2022 to common stockholders and unitholders of record as of October 7, 2022.

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On September 15, 2022, the Company’s Board of Directors approved and the Company declared a cash dividend of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock for the three months ended September 30, 2022. The dividend was paid on October 21, 2022 to preferred stockholders of record as of October 7, 2022.

2022 Outlook

Following the Company’s performance year-to-date and expectations for the remainder of 2022, the Company is reiterating the components of full year 2022 guidance provided in the Company’s second quarter 2022 earnings report.

The Company’s guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company’s filings with the United States Securities and Exchange Commission. This outlook reflects management’s view of current and future market conditions, including assumptions such as the pace of future acquisitions and dispositions, rental rates, occupancy levels, leasing activity, uncollectible rents, operating and general administrative expenses, weighted average diluted shares outstanding and rising interest rates. The Company reminds investors that the impacts of the COVID-19 pandemic, inflation and general market conditions are uncertain and impossible to predict. See “Forward-looking Statements” below.

Webcast and Conference Call Details

City Office’s management will hold a conference call at 11:00 am Eastern Time on November 7, 2022.    

The webcast will be available under the “Investor Relations” section of the Company’s website at www.cioreit.com. The conference call can be accessed by dialing 1-844-200-6205 for domestic callers and 1-929-526-1599 for international callers. The passcode for the conference call is 378399.

A replay of the call will be available later in the day on November 7, 2022, continuing through February 5, 2023 and can be accessed by dialing 1-866-813-9403 for domestic callers and 44-204-525-0658 for international callers. The passcode for the replay is 810602. A replay will also be available for twelve months following the call at “Webcasts & Events” in the “Investor Relations” section of the Company’s website.

A supplemental financial information package to accompany the discussion of the results will be posted on www.cioreit.com under the “Investor Relations” section.

Non-GAAP Financial Measures

Funds from Operations (“FFO”) – The National Association of Real Estate Investment Trusts (“NAREIT”) states FFO should represent net income or loss (computed in accordance with GAAP) plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments of unconsolidated partnerships and joint ventures, gains or losses on the sale of property and impairments to real estate.

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The Company uses FFO as a supplemental performance measure because the Company believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance.

Core Funds from Operations (“Core FFO”) – We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We also exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn-out, changes in fair value of contingent consideration and the amortization of stock based compensation.

We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company’s Core FFO may not be comparable to such other REITs’ Core FFO.

Adjusted Funds from Operations (“AFFO”) – We compute AFFO by adding to Core FFO the non-cash amortization of deferred financing fees and non-real estate depreciation and then subtracting cash paid for recurring tenant improvements, leasing commissions, and capital expenditures, and eliminating the net effect of straight-line rent / expense, deferred market rent and debt fair value amortization. Recurring capital expenditures exclude development / redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We exclude first generation leasing costs within the first two years of acquisition, which are generally to fill vacant space in properties we acquire or were planned at acquisition. We have further excluded all costs associated with tenant improvements, leasing commissions and capital expenditures which were funded by the entity contributing the properties at closing.

Along with FFO and Core FFO, we believe AFFO provides investors with appropriate supplemental information to evaluate the ongoing operations of the Company. Other equity REITs may calculate AFFO differently, and, accordingly, the Company’s AFFO may not be comparable to such other REITs’ AFFO.

Net Operating Income (“NOI”), Adjusted Cash NOI (CIO share) – We define NOI as rental and other revenues less property operating expenses. We define Adjusted Cash NOI as NOI less the effect of recurring straight-line rent / expense, deferred market rent, and any amounts which are funded by the selling entities and NCI in properties.

We consider NOI and Adjusted Cash NOI to be appropriate supplemental performance measures to net income because we believe they provide information useful in understanding the core operations and operating performance of our portfolio.

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Same Store Net Operating Income (“Same Store NOI”) and Same Store Cash Net Operating Income (“Same Store Cash NOI”) – Same Store NOI and Same Store Cash NOI is calculated as the NOI attributable to the properties continuously owned and operated for the entirety of the reporting periods presented. The Company’s definition of Same Store NOI and Same Store Cash NOI excludes properties that were not stabilized during both of the applicable reporting periods. These exclusions may include, but are not limited to, acquisitions, dispositions and properties undergoing repositioning or significant renovations.

We believe Same Store NOI and Same Store Cash NOI is an important measure of comparison because it allows for comparison of operating results of stabilized properties owned and operated for the entirety of both applicable periods and therefore eliminates variations caused by acquisitions, dispositions or repositionings during such periods. Other REITs may calculate Same Store NOI and Same Store Cash NOI differently and our calculation should not be compared to that of other REITs.

Forward-looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements within the meaning of the federal securities laws and as such are based upon the Company’s current beliefs as to the outcome and timing of future events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “approximately,” “anticipate,” “assume,” “believe,” “budget,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “hypothetical,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or other similar words or expressions. There can be no assurance that actual forward-looking statements, including projected capital resources, projected profitability and portfolio performance, estimates or developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include those pertaining to expectations regarding our financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, including the impact of inflation, estimated replacement costs of our properties, the Company’s expectations regarding tenant occupancy, re-leasing periods, projected capital improvements, expected sources of financing, expectations as to the likelihood and timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of the Company’s current properties, anticipated near-term acquisitions and descriptions relating to these expectations, including, without limitation, the anticipated net operating income yield and cap rates, lower than expected yields, increased interest rates and operating costs, and changes in local, regional, national and international economic conditions, including as a result of the ongoing COVID-19 pandemic. Forward-looking statements presented in this press release are based on management’s beliefs and assumptions made by, and information currently available to, management.

The forward-looking statements contained in this press release are based on historical performance and management’s current plans, estimates and expectations in light of information currently available to us and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described above, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in our news releases and filings with the SEC, including but not limited to those described in our Annual Report

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on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors” and in our subsequent reports filed with the SEC, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, our actual results may vary in material respects from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this press release are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of September 30, 2022 or relate to the quarter ended September 30, 2022. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws.

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City Office REIT, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except par value and share data)

	September 30, 2022			December 31, 2021
Assets
Real estate properties
Land	$	200,686		$	204,801
Building and improvement		1,233,713			1,244,177
Tenant improvement		134,785			119,011
Furniture, fixtures and equipment		673			664
		1,569,857			1,568,653
Accumulated depreciation		(178,237	)		(157,356	)
		1,391,620			1,411,297
Cash and cash equivalents		22,012			21,321
Restricted cash		19,669			20,945
Rents receivable, net		39,700			30,415
Deferred leasing costs, net		22,060			20,327
Acquired lease intangible assets, net		58,580			68,925
Other assets		30,638			28,283
Total Assets	$	1,584,279		$	1,601,513
Liabilities and Equity
Liabilities:
Debt	$	676,116		$	653,648
Accounts payable and accrued liabilities		38,091			27,101
Deferred rent		8,921			11,600
Tenant rent deposits		7,014			6,165
Acquired lease intangible liabilities, net		9,602			10,872
Other liabilities		20,199			21,532
Total Liabilities		759,943			730,918
Commitments and Contingencies
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of September 30, 2022 and December 31, 2021		112,000			112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 39,718,767 and 43,554,375 shares issued and outstanding as of September 30, 2022 and December 31, 2021		397			435
Additional paid-in capital		435,086			482,061
Retained earnings		273,843			275,502
Accumulated other comprehensive income/(loss)		2,819			(382	)
Total Stockholders’ Equity		824,145			869,616
Non-controlling interests in properties		191			979
Total Equity		824,336			870,595
Total Liabilities and Equity	$	1,584,279		$	1,601,513

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City Office REIT, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Rental and other revenues	$	45,522		$	44,889		$	135,871		$	124,369
Operating expenses:
Property operating expenses		17,412			15,180			50,736			43,477
General and administrative		3,506			7,900			10,575			13,768
Depreciation and amortization		15,555			14,648			47,072			44,017
Total operating expenses		36,473			37,728			108,383			101,262
Operating income		9,049			7,161			27,488			23,107
Interest expense:
Contractual interest expense		(6,582	)		(5,650	)		(18,311	)		(17,533	)
Amortization of deferred financing costs and debt fair value		(303	)		(267	)		(917	)		(869	)
		(6,885	)		(5,917	)		(19,228	)		(18,402	)
Net gain on sale of real estate property		—			—			21,658			47,400
Net income		2,164			1,244			29,918			52,105
Less:
Net income attributable to non-controlling interests in properties		(175	)		(378	)		(510	)		(760	)
Net income attributable to the Company		1,989			866			29,408			51,345
Preferred stock distributions		(1,855	)		(1,855	)		(5,565	)		(5,565	)
Net income/(loss) attributable to common stockholders	$	134		$	(989	)	$	23,843		$	45,780
Net income/(loss) per common share:
Basic	$	0.00		$	(0.02	)	$	0.56		$	1.05
Diluted	$	0.00		$	(0.02	)	$	0.55		$	1.04
Weighted average common shares outstanding:
Basic		41,351			43,554			42,838			43,478
Diluted		42,125			43,554			43,663			44,091
Dividend distributions declared per common share	$	0.20		$	0.15		$	0.60		$	0.45

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City Office REIT, Inc.

Reconciliation of Net Income to Net Operating Income and Adjusted Cash NOI

(Unaudited)

(In thousands)

	Three Months Ended September 30, 2022
Net income	$	2,164
Adjustments to net income:
General and administrative		3,506
Contractual interest expense		6,582
Amortization of deferred financing costs and debt fair value		303
Depreciation and amortization		15,555
Net Operating Income (“NOI”)	$	28,110
Net recurring straight-line rent/expense adjustment		(701	)
Net amortization of above and below market leases		(9	)
Portfolio Adjusted Cash NOI	$	27,400
NCI in properties – share in cash NOI		(419	)
Adjusted Cash NOI (CIO share)	$	26,981

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City Office REIT, Inc.

Reconciliation of Net Income to FFO, Core FFO and AFFO

(Unaudited)

(In thousands, except per share data)

	Three Months Ended September 30, 2022
Net income attributable to common stockholders	$	134
(+) Depreciation and amortization		15,555
		15,689
Non-controlling interests in properties:
(+) Share of net income		175
(-) Share of FFO		(325	)
FFO attributable to common stockholders	$	15,539
(+) Stock based compensation		992
Core FFO attributable to common stockholders	$	16,531
(-) Net recurring straight-line rent/expense adjustment		(701	)
(-) Net amortization of above and below market leases		(9	)
(+) Net amortization of deferred financing costs and debt fair value		300
(-) Net recurring tenant improvements and incentives		(4,202	)
(-) Net recurring leasing commissions		(1,691	)
(-) Net recurring capital expenditures		(2,566	)
AFFO attributable to common stockholders	$	7,662
FFO per common share	$	0.37
Core FFO per common share	$	0.39
AFFO per common share	$	0.18
Dividends distributions declared per common share	$	0.20
FFO Payout Ratio		54	%
Core FFO Payout Ratio		51	%
AFFO Payout Ratio		110	%
Weighted average common shares outstanding - diluted		42,125

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City Office REIT, Inc.

Reconciliation of Rental and Other Revenues to Same Store NOI and Same Store Cash NOI

(Unaudited)

(In thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Rental and other revenues	$	45,522		$	44,889		$	135,871		$	124,369
Property operating expenses		17,412			15,180			50,736			43,477
Net operating income (“NOI”)	$	28,110		$	29,709		$	85,135		$	80,892
Less: NOI of properties not included in same store		(8,962	)		(5,796	)		(23,827	)		(13,681	)
Same store NOI	$	19,148		$	23,913		$	61,308		$	67,211
Less:
Termination fee income		(485	)		(5,077	)		(2,705	)		(6,773	)
Straight-line rent/expense adjustment		(482	)		381			(706	)		644
Above and below market leases		23			20			31			375
NCI in properties – share in cash NOI		(419	)		(645	)		(1,217	)		(1,495	)
Same store cash NOI	$	17,785		$	18,592		$	56,711		$	59,962

Contact

City Office REIT, Inc.

Anthony Maretic, CFO

+1-604-806-3366

investorrelations@cityofficereit.com

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XML

Document and Entity Information	Nov. 07, 2022
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001593222
Document Type	8-K
Document Period End Date	Nov. 07, 2022
Entity Registrant Name	City Office REIT, Inc.
Entity Incorporation State Country Code	MD
Entity File Number	001-36409
Entity Tax Identification Number	98-1141883
Entity Address, Address Line One	666 Burrard Street
Entity Address, Address Line Two	Suite 3210
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 2X8
City Area Code	(604)
Local Phone Number	806-3366
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.01 par value
Trading Symbol	CIO
Security Exchange Name	NYSE
Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE