What is City Office Reit Inc's earnings per share (EPS)?

City Office Reit Inc (CIO) reported diluted earnings per share of $-0.63 for fiscal year 2024. This represents a -152.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

City Office Reit Inc Financials

CIO

Source SEC Filings (10-K/10-Q) Data as of Sep 30, 2025 Currency USD FYE December

This page shows City Office Reit Inc (CIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CIO FY2024 2026-04-22

Non-cash charges keep reported earnings negative while operating cash flow still funds dividends and carries much of the debt burden.

FY2024's -$17.7M net loss did not mean the business stopped producing cash: operating cash flow was still $58.9M. That gap comes largely from depreciation and amortization, but the more important shift is interest coverage tightening from 2.8x in FY2023 to 2.3x in FY2024 as EBITDA weakened.

Cash conversion has become less forgiving since FY2022. Accounts receivable increased from $44.4M to $52.3M by FY2024 while revenue softened, so more of each reported dollar was tied up waiting to be collected instead of immediately supporting dividends, debt service, or reinvestment.

Leverage is edging down, but liquidity is thin. Long-term debt declined from $690.1M in FY2022 to $647.0M in FY2024, yet cash ended FY2024 at only $18.9M, which means the balance sheet depends on steady operating inflows rather than a large buffer.

Financial Health Signals

Financial Health Score 42/100

Scored as: REITs peer group

Scored against REITs for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of City Office Reit Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Leverage

Interest Cov.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

2/7

City Office Reit Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-3.33x

For every $1 of reported earnings, City Office Reit Inc generates $-3.33 in operating cash flow ($58.9M OCF vs -$17.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.5x

City Office Reit Inc earns $0.5 in operating income for every $1 of interest expense ($18.7M vs $34.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$171.1M

YoY-4.5%

5Y CAGR+1.8%

10Y CAGR+16.6%

City Office Reit Inc generated $171.1M in revenue in fiscal year 2024. This represents a decrease of 4.5% from the prior year.

EBITDA

$78.0M

YoY-17.2%

5Y CAGR-2.4%

10Y CAGR+16.2%

City Office Reit Inc's EBITDA was $78.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.2% from the prior year.

Net Income

-$17.7M

YoY-559.2%

City Office Reit Inc reported -$17.7M in net income in fiscal year 2024. This represents a decrease of 559.2% from the prior year.

EPS (Diluted)

$-0.63

YoY-152.0%

City Office Reit Inc earned $-0.63 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 152.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$18.9M

YoY-37.2%

5Y CAGR-23.1%

10Y CAGR-5.9%

City Office Reit Inc held $18.9M in cash against $647.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.40

YoY-20.0%

5Y CAGR-15.7%

10Y CAGR-4.8%

City Office Reit Inc paid $0.40 per share in dividends in fiscal year 2024. This represents a decrease of 20.0% from the prior year.

Shares Outstanding

40M

YoY+1.1%

5Y CAGR-5.9%

10Y CAGR+12.6%

City Office Reit Inc had 40M shares outstanding in fiscal year 2024. This represents an increase of 1.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

10.9%

YoY-6.5pp

5Y CAGR-7.5pp

10Y CAGR+3.8pp

City Office Reit Inc's operating margin was 10.9% in fiscal year 2024, reflecting core business profitability. This is down 6.5 percentage points from the prior year.

Net Margin

-10.3%

YoY-8.8pp

5Y CAGR-11.5pp

10Y CAGR-5.0pp

City Office Reit Inc's net profit margin was -10.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 8.8 percentage points from the prior year.

Return on Equity

-2.4%

YoY-2.1pp

5Y CAGR-2.7pp

10Y CAGR+0.1pp

City Office Reit Inc's ROE was -2.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$948K

YoY+22.0%

City Office Reit Inc spent $948K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 22.0% from the prior year.

Capital Expenditures

N/A

CIO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$171.1M-4.5%	$179.1M-0.8%	$180.5M+10.0%	$164.0M+2.0%	$160.8M+2.9%	$156.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.2M+2.4%	$14.8M+7.7%	$13.8M-11.0%	$15.5M+44.9%	$10.7M-3.4%	$11.1M
Operating Income	$18.7M-40.3%	$31.3M+35.8%	$23.0M-30.7%	$33.2M+5.6%	$31.5M+9.4%	$28.8M
Interest Expense	$34.3M+3.5%	$33.2M+22.9%	$27.0M+9.8%	$24.6M-11.2%	$27.7M-6.9%	$29.7M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$17.7M-559.2%	-$2.7M-115.8%	$17.0M-96.5%	$484.4M+10600.1%	$4.5M+151.8%	$1.8M
EPS (Diluted)	$-0.63-152.0%	$-0.25-213.6%	$0.22-98.0%	$10.80+18100.0%	$-0.06+53.8%	$-0.13

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$37.3M-12.0%	$42.3M+0.2%	$42.3M+0.8%	$41.9M-1.1%	$42.4M+0.1%	$42.3M-4.8%	$44.5M+0.4%	$44.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.8M-12.6%	$4.3M+16.1%	$3.7M-3.9%	$3.9M+2.4%	$3.8M-0.8%	$3.8M+2.9%	$3.7M-4.3%	$3.9M
Operating Income	$4.2M+104.4%	-$96.6M-1454.1%	$7.1M+508.8%	-$1.7M-128.3%	$6.2M-2.4%	$6.3M-20.8%	$8.0M+35.8%	$5.9M
Interest Expense	$7.6M-12.7%	$8.7M+1.0%	$8.6M-2.0%	$8.8M+2.0%	$8.6M+2.0%	$8.5M+0.7%	$8.4M+0.4%	$8.4M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.8M+96.4%	-$105.4M-6209.3%	-$1.7M+84.4%	-$10.7M-305.5%	-$2.6M+29.7%	-$3.8M-537.0%	-$589K+77.9%	-$2.7M
EPS (Diluted)	$-0.14+94.7%	$-2.66-2855.6%	$-0.09	N/A	$-0.11+21.4%	$-0.14-133.3%	$-0.06	N/A

CIO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.5B-3.7%	$1.5B-4.0%	$1.6B-1.7%	$1.6B+38.4%	$1.2B-5.8%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$18.9M-37.2%	$30.1M+6.7%	$28.2M+32.2%	$21.3M-15.7%	$25.3M-63.9%	$70.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$52.3M-2.1%	$53.5M+20.3%	$44.4M+46.1%	$30.4M-7.7%	$33.0M+2.7%	$32.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$721.1M-2.4%	$738.7M-4.2%	$771.3M+5.5%	$730.9M-1.1%	$739.4M+8.8%	$679.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$647.0M-3.4%	$669.5M-3.0%	$690.1M+5.6%	$653.6M-3.5%	$677.2M+11.5%	$607.3M
Total Equity	$733.9M-5.0%	$772.2M-3.8%	$802.8M-7.7%	$869.6M+108.6%	$416.9M-23.9%	$548.0M
Retained Earnings	$179.8M-18.7%	$221.2M-12.1%	$251.5M-8.7%	$275.5M+259.3%	-$173.0M-21.5%	-$142.4M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.1B-19.6%	$1.3B-7.5%	$1.4B-1.3%	$1.5B-1.3%	$1.5B-0.4%	$1.5B-1.7%	$1.5B-0.4%	$1.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$21.3M+16.9%	$18.3M-17.0%	$22.0M+16.5%	$18.9M-27.1%	$25.9M-7.5%	$28.0M-5.2%	$29.5M-1.8%	$30.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$40.9M+1.1%	$40.5M-22.5%	$52.2M-0.2%	$52.3M-1.1%	$52.9M+1.5%	$52.1M-1.9%	$53.1M-0.6%	$53.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$456.8M-35.9%	$712.7M+0.4%	$710.0M-1.5%	$721.1M-0.9%	$727.7M+0.9%	$721.4M-2.2%	$737.9M-0.1%	$738.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$398.4M-38.4%	$647.2M+0.2%	$645.9M-0.2%	$647.0M-0.2%	$648.2M-0.2%	$649.3M-2.8%	$668.2M-0.2%	$669.5M
Total Equity	$610.0M-0.8%	$614.9M-15.3%	$725.8M-1.1%	$733.9M-1.8%	$747.1M-1.5%	$758.5M-1.2%	$767.5M-0.6%	$772.2M
Retained Earnings	$55.2M-9.4%	$60.9M-64.6%	$172.2M-4.2%	$179.8M-8.5%	$196.5M-4.2%	$205.0M-4.5%	$214.7M-2.9%	$221.2M

CIO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$58.9M+2.9%	$57.2M-46.4%	$106.7M+45.7%	$73.2M+22.2%	$59.9M+21.1%	$49.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$40.3M+2.5%	-$41.3M+12.1%	-$47.0M-170.7%	-$17.4M+37.5%	-$27.8M+66.1%	-$81.9M
Financing Cash Flow	-$28.0M-67.2%	-$16.8M+70.9%	-$57.6M+3.2%	-$59.5M+19.2%	-$73.7M-184.9%	$86.8M
Dividends Paid	$23.5M-25.1%	$31.3M-24.2%	$41.4M+23.5%	$33.5M-18.6%	$41.2M-14.5%	$48.2M
Share Buybacks	$948K+22.0%	$777K-48.1%	$1.5M	$0-100.0%	$100.4M	$0

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$13.3M+0.2%	$13.3M+10.1%	$12.1M+36.0%	$8.9M-51.4%	$18.3M+19.3%	$15.3M-6.5%	$16.4M+81.0%	$9.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$247.3M+2518.3%	-$10.2M-706.3%	-$1.3M+88.0%	-$10.5M+4.8%	-$11.1M+1.2%	-$11.2M-49.5%	-$7.5M+28.5%	-$10.5M
Financing Cash Flow	-$255.8M-4825.9%	-$5.2M+36.3%	-$8.2M-9.9%	-$7.4M+1.4%	-$7.5M-81.9%	-$4.1M+53.6%	-$8.9M-19.3%	-$7.5M
Dividends Paid	$5.9M0.0%	$5.9M+0.4%	$5.9M0.0%	$5.9M0.0%	$5.9M0.0%	$5.9M+0.4%	$5.8M0.0%	$5.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$777K

CIO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	10.9%-6.5pp	17.5%+4.7pp	12.8%-7.5pp	20.3%+0.7pp	19.6%+1.2pp	18.4%
Net Margin	-10.3%-8.8pp	-1.5%-10.9pp	9.4%-285.9pp	295.3%+292.5pp	2.8%+1.7pp	1.1%
Return on Equity	-2.4%-2.1pp	-0.4%-2.5pp	2.1%-53.6pp	55.7%+54.6pp	1.1%+0.8pp	0.3%
Return on Assets	-1.2%-1.0pp	-0.2%-1.3pp	1.1%-29.2pp	30.3%+29.9pp	0.4%+0.2pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.88+0.0	0.870.0	0.86+0.1	0.75-0.9	1.62+0.5	1.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	11.3%+239.4pp	-228.1%-245.0pp	16.9%+21.0pp	-4.2%-18.7pp	14.5%-0.4pp	14.9%-3.0pp	17.9%+4.7pp	13.2%
Net Margin	-10.2%+238.6pp	-248.8%-244.9pp	-4.0%+21.6pp	-25.5%-19.3pp	-6.2%+2.6pp	-8.9%-7.5pp	-1.3%+4.7pp	-6.0%
Return on Equity	-0.6%+16.5pp	-17.1%-16.9pp	-0.2%+1.2pp	-1.5%-1.1pp	-0.4%+0.1pp	-0.5%-0.4pp	-0.1%+0.3pp	-0.3%
Return on Assets	-0.4%+7.6pp	-7.9%-7.8pp	-0.1%+0.6pp	-0.7%-0.6pp	-0.2%+0.1pp	-0.3%-0.2pp	-0.0%+0.1pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.65-0.4	1.05+0.2	0.890.0	0.88+0.0	0.87+0.0	0.86-0.0	0.870.0	0.87
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is City Office Reit Inc's annual revenue?

City Office Reit Inc (CIO) reported $171.1M in total revenue for fiscal year 2024. This represents a -4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is City Office Reit Inc's revenue growing?

City Office Reit Inc (CIO) revenue declined by 4.5% year-over-year, from $179.1M to $171.1M in fiscal year 2024.

Is City Office Reit Inc profitable?

No, City Office Reit Inc (CIO) reported a net income of -$17.7M in fiscal year 2024, with a net profit margin of -10.3%.

What is City Office Reit Inc's EBITDA?

City Office Reit Inc (CIO) had EBITDA of $78.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does City Office Reit Inc have?

As of fiscal year 2024, City Office Reit Inc (CIO) had $18.9M in cash and equivalents against $647.0M in long-term debt.

What is City Office Reit Inc's operating margin?

City Office Reit Inc (CIO) had an operating margin of 10.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is City Office Reit Inc's net profit margin?

City Office Reit Inc (CIO) had a net profit margin of -10.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does City Office Reit Inc pay dividends?

Yes, City Office Reit Inc (CIO) paid $0.40 per share in dividends during fiscal year 2024.

What is City Office Reit Inc's return on equity (ROE)?

City Office Reit Inc (CIO) has a return on equity of -2.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is City Office Reit Inc's operating cash flow?

City Office Reit Inc (CIO) generated $58.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are City Office Reit Inc's total assets?

City Office Reit Inc (CIO) had $1.5B in total assets as of fiscal year 2024, including both current and long-term assets.

Does City Office Reit Inc buy back shares?

Yes, City Office Reit Inc (CIO) spent $948K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does City Office Reit Inc have outstanding?

City Office Reit Inc (CIO) had 40M shares outstanding as of fiscal year 2024.

What is City Office Reit Inc's debt-to-equity ratio?

City Office Reit Inc (CIO) had a debt-to-equity ratio of 0.88 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is City Office Reit Inc's return on assets (ROA)?

City Office Reit Inc (CIO) had a return on assets of -1.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is City Office Reit Inc's Piotroski F-Score?

City Office Reit Inc (CIO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are City Office Reit Inc's earnings high quality?

City Office Reit Inc (CIO) has an earnings quality ratio of -3.33x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can City Office Reit Inc cover its interest payments?

City Office Reit Inc (CIO) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is City Office Reit Inc?

City Office Reit Inc (CIO) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.