City Office REIT, Inc. (NYSE: CIO) (the “Company,” “City
Office,” “we” or “our”) today announced its results for the quarter
ended June 30, 2020.
Second Quarter Highlights
- GAAP net loss attributable to common stockholders was
approximately $1.4 million, or ($0.03) per fully diluted
share;
- Core FFO was approximately $14.1 million, or $0.29 per fully
diluted share;
- AFFO was approximately $6.6 million, or $0.14 per fully diluted
share;
- To date, collected over 99% of second quarter contractual base
rent;
- Same Store Cash NOI increased 2.3% as compared to the second
quarter of 2019;
- In-place occupancy closed the quarter at 91.9%;
- Executed approximately 326,000 square feet of new and renewal
leases during the quarter;
- Including repurchases subsequent to quarter end, completed the
full $100 million share repurchase program. In total, 11,363,851
shares were repurchased at an average gross price of $8.80 per
share;
- Declared a second quarter dividend of $0.15 per share of common
stock, paid on July 24, 2020; and
- Declared a second quarter dividend of $0.4140625 per share of
Series A Preferred Stock, paid on July 24, 2020.
Highlights Subsequent to Quarter End
- Closed the disposition of 7.8 acres of land at Circle Point in
Denver, Colorado for $6.5 million;
- To date, collected over 98% of July contractual base rent;
and
- Executed a total of 136,000 square feet of leasing with a life
science tenant at the Sorrento Mesa property in San Diego,
California. This includes a 51,000 square foot lease renewal
commencing in December 2020, a 26,000 square foot expansion in the
same building commencing in September 2021 and a 59,000 square foot
lease extension in a nearby building.
“We continue to execute on the proactive strategic initiatives
that we have put in place to optimally position ourselves in
response to COVID-19,” commented James Farrar, the Company’s Chief
Executive Officer. “Collections have been strong with over 99% of
base rental revenue collected to date for the second quarter. We
continue to focus on operations and renewal leasing. Subsequent to
quarter end, we executed a major lease renewal and expansion with a
life science tenant at our Sorrento Mesa property in San Diego. In
total, this transaction includes approximately 136,000 square feet
of space and will be an important driver of incremental cash flow
and value creation for the Company. Upon full occupancy occurring
in 2021, these lease amendments will generate approximately $2.8
million of incremental base rental revenue per year as compared to
the expiring rates.”
“As a result of the strong performance to date, we have
increased our 2020 guidance metrics. However, we remain cautious
about the continued economic impact of the pandemic and the effect
it will have on our operations and tenants. We intend to continue
to operate with lower leverage levels and in a conservative manner
to protect long term value for our shareholders.”
A reconciliation of certain non-GAAP financial measures,
including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash
NOI and Adjusted Cash NOI, to the most directly comparable
financial measure under U.S. generally accepted accounting
principles (“GAAP”) can be found at the end of this release.
Portfolio Operations
The Company reported that its total portfolio as of June 30,
2020 contained 5.8 million net rentable square feet and was 91.9%
occupied.
The Company has collected over 99% of contractual base rent for
the three months ended June 30, 2020. Rent abatement or deferral
agreements have been reached with tenants representing an
additional 0.6% of contractual base rent. A break-down of the
Company’s exposure to select industries and rent relief granted is
provided on page 15 of our supplemental financial information
package.
City Office’s NOI was approximately $25.5 million, or
approximately $25.0 million on an adjusted cash basis, during the
second quarter of 2020. NOI for the quarter benefited from $0.5
million of termination fee income, of which $0.4 million was
related to a lease expansion by a tenant at the Cherry Creek
property that necessitated a lease termination by another
tenant.
Same Store Cash NOI increased 2.3% for the three months ended
June 30, 2020 as compared to the same period in the prior year.
Same Store Cash NOI increased 3.2% for the six months ended June
30, 2020 as compared to the same period in the prior year.
Investment and Disposition Activity
On July 23, 2020, the Company completed the previously announced
disposition of 7.8 acres of land at its Circle Point campus in
Denver, Colorado for $6.5 million, resulting in an estimated net
gain of approximately $1.3 million, after estimated transaction
expenses and taxes payable. The land is expected to be developed
for multifamily and mixed use, including an oversized fitness
facility that will be an amenity to City Office’s two adjacent
office buildings. The Company retains a 10.4 acre parcel of land
contiguous with its Circle Point office campus, which is zoned for
approximately 220,000 square feet of office.
Leasing Activity
The Company’s total leasing activity during the second quarter
of 2020 was approximately 326,000 square feet, which included
60,000 square feet of new leasing and 266,000 square feet of
renewals. Approximately 292,000 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 4.8 years at a weighted average annual rent of $21.98
per square foot and at a weighted average cost of $4.42 per square
foot per year.
Renewal Leasing – Renewal leases were signed with a weighted
average lease term of 0.8 years at a weighted average annual rent
of $21.99 per square foot and at a weighted average cost of $1.63
per square foot per year. Renewal leasing was impacted by the
163,000 square foot tenant at the Lake Vista Pointe property in
Dallas exercising a three month contractual lease extension option
that extended its term until January 31, 2022.
Capital Structure
As of June 30, 2020, the Company had total principal outstanding
debt of approximately $709.2 million. Approximately $559.2 million
or 78.8% 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, which effectively fixes the 30-day LIBOR rate,
approximately 85.9% of the Company’s debt was effectively fixed
rate. City Office’s total principal outstanding debt had a weighted
average maturity of approximately 4.6 years and a weighted average
interest rate of 3.7%.
On March 9, 2020, the Company’s board of directors approved a
share repurchase plan authorizing the Company to repurchase up to
$100 million of its outstanding shares of common stock. During the
three months ended June 30, 2020, the Company repurchased 8,798,406
shares of its common stock at an average gross price of $8.84 per
share for a total cost of approximately $77.7 million. Including
incremental share repurchases completed after quarter end, the
Company has repurchased 11,363,851 shares at an average gross price
of $8.80 per share for an aggregate cost of approximately $100.0
million.
On August 5, 2020, the Company’s board of directors approved a
share repurchase plan authorizing the Company to repurchase up to
an additional $50.0 million of its outstanding shares of common
stock. No shares have been purchased under this program to
date.
Dividends
On June 12, 2020, the Company’s board of directors approved and
the Company declared a cash dividend of $0.15 per share of the
Company’s common stock for the three months ended June 30, 2020.
The dividend was paid on July 24, 2020 to common stockholders and
unitholders of record as of July 10, 2020.
On June 12, 2020, 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. The dividend was paid on
July 24, 2020 to preferred stockholders of record as of July 10,
2020.
Revised 2020 Outlook
The Company is updating its full year 2020 guidance based on
year-to-date performance and its expectations for the remainder of
the year.
2020 Core FFO per diluted share expectations were increased
primarily by a reduced provision for uncollectible rents for the
balance of the year and the impact of the termination fee income
from the Cherry Creek property.
Full Year 2020 Guidance
Previous
Updated
Low
High
Low
High
Property Acquisitions
Nil
Nil
Nil
Nil
Net Operating Income
$96.0M
$99.0M
$100.0M
$102.0M
General & Administrative Expenses
$10.5M
$11.5M
$10.5M
$11.5M
Interest Expense
$27.0M
$28.0M
$27.0M
$28.0M
2020 Core FFO per diluted share
$1.07
$1.12
$1.15
$1.18
Net Recurring Straight-Line Rent
Adjustment
$1.5M
$2.5M
$1.5M
$2.5M
Same Store Cash NOI Change
(4.5%)
(1.5%)
(1.0%)
2.0%
December 31, 2020 Occupancy
88.5%
91.0%
88.5%
90.5%
This revised outlook reflects management’s view of current and
future market conditions, including future acquisitions and
dispositions, rental rates, occupancy levels, leasing activity,
uncollectible rents, operating and general administrative expenses,
weighted average diluted shares outstanding and interest rates. We
may revise guidance in future quarters as the impacts of the
COVID-19 pandemic are uncertain and impossible to predict.
Material Considerations:
- The General and Administrative Expenses guidance includes
approximately $2.4 million for stock-based compensation. Our Core
FFO definition excludes stock-based compensation. Excluding
stock-based compensation, General and Administrative Expenses
guidance would have been $8.1 – $9.1 million.
- Due to uncertainty created by COVID-19, Net Operating Income
removes future leasing assumptions for vacant space and contains a
general provision for uncollectible rents of between 0.5% and 2.0%
of rental revenue for the third and fourth quarters of 2020
(previously between 1.0% and 3.0% of rental revenue for the second,
third and fourth quarters of 2020).
- Annual weighted average fully diluted shares of common stock
outstanding are assumed to be approximately 47.7 – 47.8 million
(previously 47.2 – 47.6 million).
- Termination fee income associated with a lease at the Cherry
Creek property is approximately $0.9 million. Approximately $0.4
million was amortized in the second quarter and $0.5 million is
expected to be amortized in the third quarter.
Webcast and Conference Call Details
City Office’s management will hold a conference call at 11:00 am
Eastern Time on August 6, 2020.
The webcast will be available under the “Investor Relations”
section of the Company’s website at www.cityofficereit.com. The
conference call can be accessed by dialing 1-866-262-0919 for
domestic callers and 1-412-902-4106 for international callers.
A replay of the call will be available later in the day on
August 6, 2020, continuing through 11:59 pm Eastern Time on October
6, 2020 and can be accessed by dialing 1-877-344-7529 for domestic
callers and 1-412-317-0088 for international callers. The passcode
for the replay is 10145412. 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.cityofficereit.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.
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 our initial public offering or 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 – 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.
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.
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, 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, 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 on Form 10-K for the year ended
December 31, 2019 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 June 30, 2020 or relate to the
quarter ended June 30, 2020. 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.
City Office REIT, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands, except par value
and share data)
June 30, 2020
December 31, 2019
Assets
Real estate properties
Land
$
230,034
$
230,034
Building and improvement
788,544
784,636
Tenant improvement
104,842
94,218
Furniture, fixtures and equipment
285
285
1,123,705
1,109,173
Accumulated depreciation
(120,298
)
(101,835
)
1,003,407
1,007,338
Cash and cash equivalents
67,039
70,129
Restricted cash
16,104
17,394
Rents receivable, net
33,145
32,112
Deferred leasing costs, net
14,067
12,393
Acquired lease intangible assets, net
56,789
67,533
Other assets
16,817
17,061
Assets held for sale
4,543
4,514
Total Assets
$
1,211,911
$
1,228,474
Liabilities and Equity
Liabilities:
Debt
$
704,797
$
607,250
Accounts payable and accrued
liabilities
28,203
28,786
Deferred rent
7,029
6,593
Tenant rent deposits
5,358
5,658
Acquired lease intangible liabilities,
net
7,010
8,194
Other liabilities
18,832
22,794
Liabilities related to assets held for
sale
27
67
Total Liabilities
771,256
679,342
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
112,000
112,000
Common stock, $0.01 par value, 100,000,000
shares authorized, 44,511,313 and 54,591,047 shares issued and
outstanding
445
545
Additional paid-in capital
488,820
577,131
Accumulated deficit
(159,390
)
(142,383
)
Accumulated other comprehensive
(loss)/income
(2,324
)
715
Total Stockholders’ Equity
439,551
548,008
Non-controlling interests in
properties
1,104
1,124
Total Equity
440,655
549,132
Total Liabilities and Equity
$
1,211,911
$
1,228,474
City Office REIT, Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
(In thousands, except per share
data)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Rental and other revenues
$
39,617
$
41,171
$
79,739
$
78,291
Operating expenses:
Property operating expenses
14,084
14,526
28,780
28,370
General and administrative
2,697
3,362
5,480
5,660
Depreciation and amortization
15,080
14,604
30,032
29,022
Total operating expenses
31,861
32,492
64,292
63,052
Operating income
7,756
8,679
15,447
15,239
Interest expense:
Contractual interest expense
(6,792
)
(7,502
)
(13,153
)
(14,645
)
Amortization of deferred financing costs
and debt fair value
(341
)
(334
)
(665
)
(671
)
(7,133
)
(7,836
)
(13,818
)
(15,316
)
Net gain on sale of real estate
property
—
478
—
478
Net income
623
1,321
1,629
401
Less:
Net income attributable to non-controlling
interests in properties
(179
)
(165
)
(361
)
(334
)
Net income attributable to the
Company
444
1,156
1,268
67
Preferred stock distributions
(1,855
)
(1,855
)
(3,710
)
(3,710
)
Net loss attributable to common
stockholders
$
(1,411
)
$
(699
)
$
(2,442
)
$
(3,643
)
Net loss per common share:
Basic
$
(0.03
)
$
(0.02
)
$
(0.05
)
$
(0.09
)
Diluted
$
(0.03
)
$
(0.02
)
$
(0.05
)
$
(0.09
)
Weighted average common shares
outstanding:
Basic
47,542
39,640
50,993
39,603
Diluted
47,542
39,640
50,993
39,603
Dividend distributions declared per common
share
$
0.150
$
0.235
$
0.300
$
0.470
City Office REIT, Inc.
Reconciliation of Net Income
to Net Operating Income and Adjusted Cash NOI
(Unaudited)
(In thousands)
Three Months Ended June 30,
2020
Net income
$
623
Adjustments to net income:
General and administrative
2,697
Contractual interest expense
6,792
Amortization of deferred financing costs
and debt fair value
341
Depreciation and amortization
15,080
Net Operating Income (“NOI”)
$
25,533
Net recurring straight-line rent/expense
adjustment
(77)
Net amortization of above and below market
leases
(59)
Portfolio Adjusted Cash NOI
$
25,397
NCI in properties – share in cash NOI
(418)
Adjusted Cash NOI (CIO share)
$
24,979
City Office REIT, Inc.
Reconciliation of Net Income
to FFO, Core FFO and AFFO
(Unaudited)
(In thousands, except per share
data)
Three Months Ended June 30,
2020
Net loss attributable to common
stockholders
$
(1,411)
(+) Depreciation and amortization
15,080
13,669
Non-controlling interests in
properties:
(+) Share of net income
179
(-) Share of FFO
(342)
FFO attributable to common
stockholders
$
13,506
(+) Stock based compensation
588
Core FFO attributable to common
stockholders
$
14,094
(+) Net recurring straight-line
rent/expense adjustment
(77)
(+) Net amortization of above and below
market leases
(59)
(+) Net amortization of deferred financing
costs and debt fair value
339
(-) Net recurring tenant improvements and
incentives
(6,395)
(-) Net recurring leasing commissions
(472)
(-) Net recurring capital expenditures
(836)
AFFO attributable to common
stockholders
$
6,594
FFO per common share
$
0.28
Core FFO per common share
$
0.29
AFFO per common share
$
0.14
Dividends distributions declared per
common share
$
0.150
FFO Payout Ratio
53%
Core FFO Payout Ratio.
51%
AFFO Payout Ratio
109%
Weighted average common shares outstanding
- diluted
48,023
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 June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Rental and other revenues
$
39,617
$
41,171
$
79,739
$
78,291
Property operating expenses
14,084
14,526
28,780
28,370
Net operating income (“NOI”)
$
25,533
$
26,645
$
50,959
$
49,921
Less: NOI of properties not included in
same store
(2,421)
(1,157)
(5,819)
(2,841)
Same store NOI
$
23,112
$
25,488
$
45,140
$
47,080
Less:
Non-recurring other income
—
(2,625)
—
(2,625)
Termination fee income
(483)
(35)
(863)
(238)
Straight-line rent/expense adjustment
102
(792)
46
(1,564)
Above and below market leases
(177)
(15)
(272)
13
NCI in properties – share in cash NOI
(418)
(391)
(834)
(785)
Same store cash NOI
$
22,136
$
21,630
$
43,217
$
41,881
City Office REIT, Inc.
Reconciliation of Net Income
to Core FFO Guidance
(Unaudited)
(In thousands, except per share
data)
Full year 2020 Outlook
Low
High
Net loss attributable to common
stockholders
$
(10,350)
$
(8,650)
(+) Depreciation and amortization
63,600
63,200
(-) Non-controlling interests in
properties
(650)
(650)
(+) Stock based compensation
2,400
2,400
Core FFO attributable to common
stockholders
$
55,000
$
56,300
Core FFO per common share
$
1.15
$
1.18
Weighted average shares of common
stock
47,700
47,700
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005218/en/
City Office REIT, Inc. Anthony Maretic, CFO +1-604-806-3366
investorrelations@cityofficereit.com
City Office REIT (NYSE:CIO)
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City Office REIT (NYSE:CIO)
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