VANCOUVER, Aug. 3, 2017 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO) (the "Company" or "City Office"), today
announced its results for the quarter ended June 30, 2017.
Second Quarter Highlights
- GAAP net income attributable to common stockholders was
approximately $8.2 million, or
$0.27 per fully diluted share, Core
FFO was approximately $6.4 million,
or $0.21 per fully diluted share, and
AFFO was approximately $5.3 million,
or $0.17 per fully diluted
share;
- In-place occupancy closed the quarter at 90.1%; the Company
executed approximately 174,000 square feet of new and renewal
leases during the quarter;
- Same Store Cash NOI increased 19.1%, as compared to the second
quarter of 2016;
- Completed the sale of two of the five buildings at the
AmberGlen property in Portland,
Oregon for a combined sales price of $18.9 million, representing a net gain on sale of
$9.2 million for the Company's 76%
ownership;
- Completed $35.2 million of
property refinancings with a blended fixed interest rate of
3.8%;
- Declared a second quarter dividend of $0.235 per share of common stock, paid on
July 25, 2017; and
- Declared a second quarter dividend of $0.4140625 per share of Series A Preferred Stock,
paid on July 25, 2017.
Highlights Subsequent to Quarter End – Pending Portfolio
Acquisition
- Entered into an agreement to acquire a ten-building portfolio
in San Diego, California for
$174.5 million (the "San Diego
Portfolio").
"We are pleased to report strong operating performance in our
portfolio during the second quarter," commented James Farrar, the Company's Chief Executive
Officer. "In addition to robust same store results, the
average annualized gross rent per square foot at our properties
increased over 8.0% year-over-year to $23.33 per square foot, indicating increasing
rents at our properties and the addition of quality acquisitions to
our portfolio."
"Our focus on identifying high quality acquisition opportunities
resulted in an agreement to acquire a $174.5
million off-market portfolio opportunity in San Diego, California subsequent to quarter
end. San Diego possesses
attractive investment fundamentals including strong demographics,
positive employment and population growth trends, development
barriers and depth of employment drivers. We believe that the
San Diego Portfolio provides us with a great entry into the market
with immediate scale, favorable acquisition metrics and
opportunities to create long term value for our investors."
A reconciliation of certain non-GAAP financial measures,
including FFO, Core FFO, AFFO, NOI and Adjusted Cash NOI, to GAAP
net income can be found at the end of this release.
Portfolio Operations
The Company reported that its total portfolio as of June 30, 2017 contained 4.4 million net rentable
square feet and was 90.1% occupied.
City Office's NOI was approximately $14.5
million, or approximately $14.1
million on an adjusted cash basis, during the second quarter
of 2017. Same Store Cash NOI increased 19.1%, as compared to
the second quarter of 2016. This was positively impacted by
reduced free rent credits during the second quarter of
2017.
Investment and Disposition Activity
During the quarter, the Company sold two of the five buildings
at the AmberGlen property in Portland,
Oregon for a combined sales price of $18.9 million. The two buildings were sold for a
net gain of $9.2 million for the
Company's 76% ownership, and City Office plans to retain the
remaining three buildings, which are well-leased to quality tenants
with long term lease profiles.
Subsequent to the end of the second quarter, City Office entered
into an agreement to purchase a ten-building portfolio in
San Diego, California for a
purchase price of $174.5
million. The 680,000 square foot portfolio, which also
includes a land parcel, is concentrated in two leading submarkets
of San Diego. The
acquisition is anticipated to generate a pro forma net operating
income yield of approximately 7.4%, inclusive of estimated closing
costs, reserves for planned capital improvements and the cost of
the land parcel. The Company has waived its due diligence
conditions and made a $10.0 million
non-refundable deposit. Subject to the satisfactory
completion of customary closing conditions, the transaction is
scheduled to close late in the third quarter.
Leasing Activity
The Company's total leasing activity during the second quarter
of 2017 was 174,000 square feet, which included 23,000 square feet
of new leasing and 151,000 square feet of renewals. 171,000 square
feet of leases signed within the quarter will or have commenced
subsequent to quarter end.
New Leasing – New leases were signed with a weighted
average lease term of 5.2 years at a weighted average annual rent
per square foot of $23.31 and at a
weighted average cost of $5.28 per
square foot per year.
Renewal Leasing – Renewal leases were signed with a
weighted average lease term of 1.0 years at a weighted average
annual rent per square foot of $19.47
and at a weighted average cost of $1.22 per square foot per year. As part of
the renewal activity, the Company signed a one-year renewal with
the Idaho State Tax Commission at the Washington Group Plaza
property for 111,381 square feet commencing in the third quarter of
2017.
Capital Structure
As of June 30, 2017, the Company
had total principal outstanding debt of approximately $415.9 million. 100% of the Company's
outstanding debt was fixed rate, with a weighted average maturity
of 6.7 years and a weighted average interest rate of 4.2%.
The Company completed a $20.0
million ten-year secured property financing for the three
remaining buildings at the Amberglen property with a fixed interest
rate of 3.7% and a $15.2 million
seven-year secured property financing for the Central Fairwinds
property with a fixed interest rate of 4.0%.
Dividends
On June 27, 2017, the Company's
board of directors declared a cash dividend of $0.235 per share of the Company's common stock
for the three months ended June 30,
2017. The dividend was paid on July
25, 2017 to common stockholders and unitholders of record as
of July 11, 2017.
On June 27, 2017, the Company's
board of directors 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 25, 2017 to preferred stockholders of record
as of July 11, 2017.
Revised 2017 Outlook
For fourth quarter 2017, the Company reiterates its expectation
of Core FFO in the range of $0.29 to
$0.31 per diluted share. For full year 2017, the
Company expects Core FFO in the range of $0.96 to $0.99 per diluted share. Revised
full year 2017 Core FFO guidance was impacted negatively by the
pace of assumed acquisitions. The Company's revised outlook
does not reflect any material change to the outlook of the
Company's operations or run rate Core FFO.
This outlook reflects management's view of current and future
property operations and market conditions, including assumptions
such as rental rates, occupancy levels, operating and general and
administrative expenses, weighted average diluted shares
outstanding, the pace of future acquisitions and interest rates.
Reconciliation items are noted below.
Material Considerations:
1. Fourth quarter and full year 2017 Core FFO guidance reflect
the Company's actual year to date results and expectations for
property level operations for the remainder of 2017. As
compared to the Company's previously issued guidance, there are no
significant revisions to the Company's property level operations
expectations for owned properties for the remainder of 2017.
2. In addition to properties owned at June 30, 2017, revised guidance includes the
acquisition of the San Diego Portfolio. This acquisition is assumed
to close at the end of the third quarter. No additional
acquisitions have been assumed. The actual timing of the San
Diego Portfolio closing, if it occurs at all, will have a material
impact on actual results.
3. No additional dispositions have been assumed. If the
Company were to dispose of a property, including the Washington
Group Plaza property, which is under contract for sale, there could
be a material impact on guidance estimates based on the terms and
timing of the redeployment of proceeds.
4. No further offerings of debt or equity securities or sales
made pursuant to our "at-the-market" program have been
assumed.
Webcast and Conference Call Details
City Office's management will hold a conference call at
11:00 am Eastern Time on August 3, 2017.
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 3, 2017, continuing through
11:59 pm Eastern Time on November 3, 2017 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
10110576. 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 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 rents, 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 total revenues less property operating
expenses. We define Adjusted Cash NOI as NOI less the effect
of recurring straight-line rents, 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 Cash Net Operating Income ("Same Store Cash
NOI") – 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 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
signification renovations.
We believe Same Store 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 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. 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, projected capital improvements, expected sources of
financing, expectations as to the timing of closing of
acquisitions, dispositions, or other transactions, the expected
operating performance of the Company's current properties and
anticipated near-term acquisitions and descriptions relating to
these expectations, including, without limitation, the anticipated
net operating income yield and cap rates. Forward-looking
statements presented in this press release are based on
management's beliefs and assumptions made by, and information
currently available to, management.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"believe," "could," "project," "predict," "hypothetical,"
"continue," "future" or other similar words or expressions. All
forward-looking statements included in this press release are based
upon information available to the Company on the date hereof and
the Company is under no duty to update any of the forward-looking
statements after the date of this press release to conform these
statements to actual results. The forward-looking statements
involve a number of significant risks and uncertainties. Factors
that could have a material adverse effect on the Company's
operations and future prospects are set forth in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and subsequent reports filed
from time to time with the U.S. Securities and Exchange Commission,
including the sections entitled "Risk Factors" contained therein.
The factors set forth in the Risk Factors section and otherwise
described in the Company's filings with SEC could cause the
Company's actual results to differ significantly from those
contained in any forward-looking statement contained in this press
release. The Company does not guarantee that the assumptions
underlying such forward-looking statements are free from errors.
Unless otherwise stated, historical financial information and per
share and other data are as of June 30,
2017.
Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, the Company's
business, financial condition, liquidity, cash flows and results
could differ materially from those expressed in any forward-looking
statement. While forward-looking statements reflect our good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. We disclaim any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. Use caution in
relying on past forward-looking statements, which were based on
results and trends at the time they were made, to anticipate future
results or trends.
City Office REIT,
Inc.
Condensed
Consolidated Balance Sheets
(Unaudited)
(In thousands,
except par value and share data)
|
|
|
June
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
|
|
|
Assets
|
|
|
|
Real estate
properties
|
|
|
|
Land
|
$
111,268
|
|
$
115,634
|
Building and
improvement
|
436,207
|
|
423,707
|
Tenant
improvement
|
44,183
|
|
49,813
|
Furniture, fixtures
and equipment
|
232
|
|
222
|
|
591,890
|
|
589,376
|
Accumulated
depreciation
|
(41,270)
|
|
(39,052)
|
|
550,620
|
|
550,324
|
|
|
|
|
Cash and cash
equivalents
|
68,149
|
|
13,703
|
Restricted
cash
|
24,049
|
|
15,948
|
Rents receivable,
net
|
18,831
|
|
17,257
|
Deferred leasing
costs, net
|
5,351
|
|
5,422
|
Acquired lease
intangibles assets, net
|
49,799
|
|
56,214
|
Prepaid expenses and
other assets
|
2,259
|
|
2,626
|
Assets held for
sale
|
38,289
|
|
-
|
Total
Assets
|
$
757,347
|
|
$
661,494
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Liabilities:
|
|
|
|
Debt
|
$
411,110
|
|
$
370,057
|
Accounts payable and
accrued liabilities
|
12,092
|
|
12,976
|
Deferred
rent
|
2,629
|
|
5,558
|
Tenant rent
deposits
|
2,387
|
|
2,621
|
Acquired lease
intangibles liability, net
|
5,807
|
|
4,302
|
Dividend
distributions payable
|
8,967
|
|
7,521
|
Earn-out
liability
|
-
|
|
2,400
|
Liabilities related
to assets held for sale
|
1,445
|
|
-
|
Total
Liabilities
|
444,437
|
|
405,435
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
Equity:
|
|
|
|
6.625% Series A
Preferred stock, $0.01 par value per share, 5,600,000 and
4,600,000 shares authorized, 4,480,000 issued and
outstanding
|
112,000
|
|
112,000
|
Common stock, $0.01
par value, 100,000,000 shares authorized, 30,257,448 and
24,382,226 shares issued and outstanding
|
303
|
|
244
|
Additional paid-in
capital
|
264,785
|
|
195,566
|
Accumulated
deficit
|
(64,781)
|
|
(53,608)
|
Total
Stockholders' Equity
|
312,307
|
|
254,202
|
|
|
|
|
Operating Partnership
unitholders' non-controlling interests
|
-
|
|
108
|
Non-controlling
interests in properties
|
603
|
|
1,749
|
Total
Equity
|
312,910
|
|
256,059
|
Total Liabilities
and Equity
|
$
757,347
|
|
$
661,494
|
City Office REIT,
Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
(In thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Rental
income
|
$
21,635
|
|
$
14,203
|
|
$
43,948
|
|
$
28,276
|
Expense
reimbursement
|
2,847
|
|
1,562
|
|
5,141
|
|
3,344
|
Other
|
675
|
|
327
|
|
1,466
|
|
750
|
Total
Revenues
|
25,157
|
|
16,092
|
|
50,555
|
|
32,370
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Property operating
expenses
|
10,674
|
|
6,236
|
|
20,284
|
|
12,398
|
General and
administrative
|
1,597
|
|
1,544
|
|
3,790
|
|
2,787
|
Base management
fee
|
-
|
|
-
|
|
-
|
|
109
|
External advisor
acquisition
|
-
|
|
-
|
|
-
|
|
7,045
|
Acquisition
costs
|
-
|
|
87
|
|
-
|
|
87
|
Depreciation and
amortization
|
9,148
|
|
6,520
|
|
19,646
|
|
13,071
|
Total Operating
Expenses
|
21,419
|
|
14,387
|
|
43,720
|
|
35,497
|
|
|
|
|
|
|
|
|
Operating
income/(loss)
|
3,738
|
|
1,705
|
|
6,835
|
|
(3,127)
|
Interest
Expense:
|
|
|
|
|
|
|
|
Contractual interest
expense
|
(4,356)
|
|
(3,139)
|
|
(8,429)
|
|
(6,885)
|
Amortization of
deferred financing costs
|
(331)
|
|
(250)
|
|
(655)
|
|
(471)
|
|
(4,687)
|
|
(3,389)
|
|
(9,084)
|
|
(7,356)
|
|
|
|
|
|
|
|
|
Change in fair value
of contingent consideration
|
2,000
|
|
-
|
|
2,000
|
|
-
|
Net gain on sale of
real estate property
|
12,116
|
|
15,934
|
|
12,116
|
|
15,934
|
Net
income
|
13,167
|
|
14,250
|
|
11,867
|
|
5,451
|
Less:
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests
in properties
|
(3,104)
|
|
(110)
|
|
(3,272)
|
|
(177)
|
Net income
attributable to Operating Partnership
unitholders' non-controlling interests
|
-
|
|
(2,613)
|
|
-
|
|
(874)
|
Net income
attributable to the Company
|
10,063
|
|
11,527
|
|
8,595
|
|
4,400
|
Preferred stock
distributions
|
(1,855)
|
|
-
|
|
(3,701)
|
|
-
|
Net income
attributable to common stockholders
|
$
8,208
|
|
$
11,527
|
|
$
4,894
|
|
$
4,400
|
|
|
|
|
|
|
|
|
Net income per common
share and unit:
|
|
|
|
|
|
|
|
Basic
|
$
0.27
|
|
$
0.56
|
|
$
0.16
|
|
$
0.26
|
Diluted
|
$
0.27
|
|
$
0.48
|
|
$
0.16
|
|
$
0.22
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
30,257
|
|
20,729
|
|
29,886
|
|
16,746
|
Diluted
|
30,563
|
|
24,235
|
|
30,186
|
|
20,237
|
Dividend
distributions declared per common share
and unit
|
$
0.235
|
|
$
0.235
|
|
$
0.235
|
|
$
0.235
|
City Office REIT,
Inc.
Reconciliation of
Net Operating Income
(Unaudited)
(In
thousands)
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2017
|
|
|
|
|
|
|
Net income
|
$
13,167
|
Adjustments to net
income:
|
|
|
General and
administrative
|
1,597
|
|
Contractual interest
expense
|
4,356
|
|
Amortization of
deferred financing costs
|
331
|
|
Depreciation and
amortization
|
9,148
|
|
Change in fair value
of contingent consideration
|
(2,000)
|
|
Net gain on sale of
real estate property
|
(12,116)
|
Net Operating Income
("NOI")
|
$
14,483
|
|
Net recurring
straight line rent adjustment
|
104
|
|
Net amortization of
above and below market leases
|
(80)
|
Portfolio Adjusted
Cash NOI
|
$
14,507
|
|
Non-controlling
interests in properties - share in cash NOI
|
(382)
|
Adjusted Cash NOI
(CIO share)
|
$
14,125
|
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,
2017
|
|
|
|
|
Net income
attributable to stockholders
|
|
$
8,208
|
|
(+) Depreciation and
amortization
|
|
9,148
|
|
(-) Net gain on
sale of real estate
|
|
(12,116)
|
|
|
|
$
5,240
|
|
Non-controlling
interests in properties:
|
|
|
|
(+) Share of net
income
|
|
3,104
|
|
(-) Share of
FFO
|
|
(286)
|
FFO attributable to
common stockholders and unitholders
|
|
$
8,058
|
|
(+) Stock based
compensation
|
|
352
|
|
(-) Change in fair
value of contingent consideration
|
|
(2,000)
|
Core FFO attributable
to common stockholders and unitholders
|
$
6,410
|
|
(+) Net recurring
straight line rent adjustment
|
|
104
|
|
(+) Net amortization
of above and below market leases
|
|
(80)
|
|
(+) Net amortization
of deferred financing costs
|
|
325
|
|
(-) Net recurring
tenant improvement and incentives
|
|
(426)
|
|
(-) Net recurring
leasing commissions
|
|
(551)
|
|
(-) Net recurring
capital expenditures
|
|
(446)
|
AFFO attributable to
common stockholders and unitholders
|
|
$
5,336
|
|
|
|
|
Core FFO per share
and common unit
|
|
$
0.21
|
AFFO per share and
common unit
|
|
$
0.17
|
|
|
|
|
Dividends per share
and common unit
|
|
$
0.235
|
Core FFO Payout
Ratio
|
|
112%
|
AFFO Payout
Ratio
|
|
135%
|
|
|
|
|
Weighted average
common stock and common units outstanding
|
30,563
|
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
View original
content:http://www.prnewswire.com/news-releases/city-office-reit-reports-second-quarter-2017-results-300498850.html
SOURCE City Office REIT, Inc.