CITY OFFICE REIT, INC. (CIO) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 7, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CIO SEC filings page.
CITY OFFICE REIT, INC. (CIO) reported $163.8M in revenue over the twelve months to Sep 30, 2025, down 5.6% from the prior twelve months. This page shows its 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).
Operating cash remains positive, but weaker operating profit and rising financing costs are eroding the business's earnings power.
Revenue remained broadly stable from FY2021 to FY2024, while operating margin fell from20.3% to10.9% ; growth did not translate into comparable operating profit. Interest expense rose to$34.3M as operating income fell to$18.7M , so financing consumed an increasingly large share of operating earnings.
FY2024 operating cash flow was
Debt relative to equity increased from 0.8x in FY2021 to 0.9x in FY2024, indicating slightly heavier leverage against the capital base. Total liabilities fell to
Financial Health Signals
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 measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. CITY OFFICE REIT, INC. scores 60/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. CITY OFFICE REIT, INC. scores 15/100 on it among other REITs.
CITY OFFICE REIT, INC.'s net debt of $628.1M, being $647.0M of long-term debt less $18.9M of cash, came to 8.05 times its EBITDA in fiscal year 2024. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and CITY OFFICE REIT, INC. scores 26/100 among other REITs.
CITY OFFICE REIT, INC.'s operating income of $18.7M covered its interest expense of $34.3M 0.54 times over in fiscal year 2024. The interest coverage axis ranks REITs on operating income against interest owed, and CITY OFFICE REIT, INC. scores 37/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. CITY OFFICE REIT, INC. scores 64/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. CITY OFFICE REIT, INC. scores 77/100 on it among other REITs.
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.
CITY OFFICE REIT, INC. reported a net loss of $17.7M while generating $58.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
CITY OFFICE REIT, INC. earns $0.54 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
Earnings & Revenue
CITY OFFICE REIT, INC. generated $37.3M in revenue in Q3 2025. This represents a decrease of 12.0% from the same quarter a year earlier. Against the prior quarter it is down 12.0%.
CITY OFFICE REIT, INC.'s EBITDA was $14.8M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 28.9% from the same quarter a year earlier. Against the prior quarter it is up 118.4%.
CITY OFFICE REIT, INC. reported -$3.8M in net income in Q3 2025. This represents a decrease of 44.5% from the same quarter a year earlier. Against the prior quarter it is up 96.4%.
CITY OFFICE REIT, INC. earned -$0.14 per diluted share (EPS) in Q3 2025. This represents a decrease of 27.3% from the same quarter a year earlier. Against the prior quarter it is up 94.7%.
Cash & Balance Sheet
CITY OFFICE REIT, INC. held $21.3M in cash against $398.4M in long-term debt as of Q3 2025.
CITY OFFICE REIT, INC. paid $0.00 per share in dividends in Q3 2025. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Not reported for Q3 2025.
Margins & Returns
CITY OFFICE REIT, INC.'s operating margin was 11.3% in Q3 2025, reflecting core business profitability. This is down 3.2 percentage points from the same quarter a year earlier.
CITY OFFICE REIT, INC.'s net profit margin was -10.2% in Q3 2025, showing the share of revenue converted to profit. This is down 4.0 percentage points from the same quarter a year earlier.
CITY OFFICE REIT, INC.'s ROE was -0.6% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 16.5 percentage points.
Not reported for Q3 2025.
Capital Allocation
None of these metrics is reported for Q3 2025.
CIO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $37.3M-12.0% | $42.3M0.0% | $42.3M-5.0% | $41.9M-5.4% | $42.4M-4.2% | $42.3M-5.1% | $44.5M-3.2% | $44.3M-0.7% |
| SG&A Expenses | $3.8M-0.3% | $4.3M+13.3% | $3.7M+0.5% | $3.9M+0.1% | $3.8M+7.3% | $3.8M+4.1% | $3.7M-1.4% | $3.9M+20.9% |
| Operating Income | $4.2M-31.5% | -$96.6M-1631.5% | $7.1M-10.4% | -$1.7M-129.8% | $6.2M-26.0% | $6.3M-20.4% | $8.0M-13.1% | $5.9M+231.4% |
| EBITDA | $14.8M-28.9% | -$80.5M-482.9% | $22.3M-3.4% | $13.1M-43.0% | $20.8M-9.7% | $21.0M-11.2% | $23.0M-5.9% | $23.1M+110.4% |
| Interest Expense | $7.6M-11.9% | $8.7M+2.9% | $8.6M+2.6% | $8.8M+5.1% | $8.6M+5.6% | $8.5M+2.0% | $8.4M+1.5% | $8.4M+7.9% |
| Net Income | -$3.8M-44.5% | -$105.4M-2708.3% | -$1.7M-183.5% | -$10.7M-301.8% | -$2.6M-6037.2% | -$3.8M-451.8% | -$589K-183.7% | -$2.7M+78.6% |
| EPS (Basic) | -$0.14-27.3% | -$2.66-1800.0% | -$0.09-50.0% | -$0.32-190.9% | -$0.11-120.0% | -$0.14-133.3% | -$0.06-100.0% | -$0.11+66.7% |
| EPS (Diluted) | -$0.14-27.3% | -$2.66-1800.0% | -$0.09 | -$0.32-190.9% | -$0.11 | -$0.14 | -$0.06-100.0% | -$0.11 |
| Diluted Shares (Avg) | 40M+0.5% | 40M+0.5% | 40M | N/A | 40M | 40M | 40M+0.6% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax.
CIO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-27.7% | $1.3B-10.3% | $1.4B-4.6% | $1.5B-3.7% | $1.5B-3.7% | $1.5B-3.7% | $1.5B-4.5% | $1.5B-4.0% |
| Cash & Equivalents | $21.3M-17.6% | $18.3M-34.8% | $22.0M-25.5% | $18.9M-37.2% | $25.9M-29.5% | $28.0M-27.0% | $29.5M-17.6% | $30.1M+6.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $40.9M-22.7% | $40.5M-22.3% | $52.2M-1.7% | $52.3M-2.1% | $52.9M+3.7% | $52.1M+6.4% | $53.1M+13.6% | $53.5M+20.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $456.8M-37.2% | $712.7M-1.2% | $710.0M-3.8% | $721.1M-2.4% | $727.7M-2.7% | $721.4M-3.6% | $737.9M-5.9% | $738.7M-4.2% |
| Long-Term Debt | $398.4M-38.5% | $647.2M-0.3% | $645.9M-3.3% | $647.0M-3.4% | $648.2M-3.4% | $649.3M-4.3% | $668.2M-5.7% | $669.5M-3.0% |
| Total Equity | $610.0M-18.3% | $614.9M-18.9% | $725.8M-5.4% | $733.9M-5.0% | $747.1M-4.7% | $758.5M-3.8% | $767.5M-3.0% | $772.2M-3.8% |
| Retained Earnings | $55.2M-71.9% | $60.9M-70.3% | $172.2M-19.8% | $179.8M-18.7% | $196.5M-14.5% | $205.0M-13.0% | $214.7M-11.4% | $221.2M-12.1% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities.
CIO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.3M-27.1% | $13.3M-13.2% | $12.1M-26.3% | $8.9M-1.9% | $18.3M-11.2% | $15.3M+11.8% | $16.4M+18.0% | $9.1M-4.9% |
| Depreciation & Amortization | $10.6M-27.8% | $16.1M+9.1% | $15.1M+0.3% | $14.9M-13.4% | $14.6M-0.6% | $14.7M-6.6% | $15.1M-1.5% | $17.2M+11.5% |
| Stock-Based Compensation | N/A | N/A | $914K-14.6% | N/A | N/A | N/A | $1.1M+4.5% | N/A |
| Investing Cash Flow | $247.3M+2334.9% | -$10.2M+8.7% | -$1.3M+83.1% | -$10.5M-0.6% | -$11.1M-56.7% | -$11.2M+1.6% | -$7.5M+39.7% | -$10.5M+3.2% |
| Financing Cash Flow | -$255.8M-3298.0% | -$5.2M-25.5% | -$8.2M+8.6% | -$7.4M+0.8% | -$7.5M+45.8% | -$4.1M-118.0% | -$8.9M-236.9% | -$7.5M-293.0% |
| Dividends Paid | $5.9M+0.3% | $5.9M+0.4% | $5.9M+0.4% | $5.9M+0.4% | $5.9M+0.4% | $5.9M-40.4% | $5.8M-40.3% | $5.8M-40.3% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $777K-98.4% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
CIO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 11.3%-3.2pp | -228.1% | 16.9%-1.0pp | -4.2%-17.4pp | 14.5%-4.3pp | 14.9%-2.9pp | 17.9%-2.1pp | 13.2%+23.2pp |
| Net Margin | -10.2%-4.0pp | -248.8% | -4.0%-2.6pp | -25.5%-19.5pp | -6.2%-6.1pp | -8.9%-7.3pp | -1.3%-2.8pp | -6.0%+21.8pp |
| Return on Equity | -0.6%-0.3pp | -17.1%-16.6pp | -0.2%-0.1pp | -1.5%-1.1pp | -0.4%-0.3pp | -0.5%-0.4pp | -0.1%-0.2pp | -0.3%+1.2pp |
| Return on Assets | -0.4%-0.2pp | -7.9%-7.7pp | -0.1%-0.1pp | -0.7%-0.6pp | -0.2%-0.2pp | -0.3%-0.2pp | 0.0%-0.1pp | -0.2%+0.6pp |
| Debt-to-Equity | 0.65-0.2x | 1.05+0.2x | 0.890.0x | 0.880.0x | 0.870.0x | 0.860.0x | 0.870.0x | 0.870.0x |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| CITY OFFICE REIT, INC. CIO | FY2024 | $171.1M | -$17.7M | -10.3% | $282.1M | 47/100 |
| Franklin Street Properties Corp FSP | FY2025 | $107.2M | -$45.0M | -42.0% | $40.3M | 25/100 |
| Orion Properties Inc. ONL | FY2025 | $147.6M | -$139.3M | -94.3% | $116.4M | 23/100 |
| Peakstone Realty Trust PKST | FY2025 | $106.0M | -$307.7M | N/A | $780.6M | 9/100 |
| Net Lease Office Properties NLOP | FY2025 | $118.9M | -$145.3M | N/A | $143.8M | 35/100 |
| Postal Realty Trust, Inc PSTL | FY2025 | $95.8M | $14.1M | 14.8% | $860.9M | 58/100 |
Where CITY OFFICE REIT, INC. Ranks
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.
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) reported a net loss of $17.7M while generating $58.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 0.54x, 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 47 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.