City Office Reit (CIO) 2020年年度报告「NYSE」.pdf

1、2020 Mission City,San Diego,CADear Fellow Shareholders,2020 was an unprecedented year for our company and the entire office real estate industry.Faced with broad economic challenges brought on by the COVID-19 pandemic,we took swift action to address uncertainty and optimally position ourselves.This

2、included pausing our acquisition program,operating with lower leverage,allocating capital to a share repurchase programand focusing on rent collection and strategic leasing.Given these challenges,our companys 2020 results were exceptional.We continue to believe that our chosen high growth markets in

3、 the Southern and Western United States will be leaders in population and employment trends.We expect and are witnessing an acceleration of migration to our markets during thepandemic,due to the high quality of life and favorable business conditions our markets present.OperationsAll of our propertie

4、s remained open and operational throughout 2020,despite the pandemic.We collected over 99%ofcontractual base rent in 2020,which is a testament to the strong credit and diversified nature of our portfolio.We executedover one million square feet of new and renewal leasing,including major,long-term lea

5、ses that created significant value.Ofparticular note,we completed 136,000 square feet of renewal and expansion leasing with a life science tenant at our SorrentoMesa property in San Diego,California.Upon full occupancy in 2021,these lease amendments are expected to generateapproximately$2.8 million

6、of incremental base rental revenue per year as compared to the expiring rates.Capital Allocation&Capital Recycling We made a strategic decision in 2020 to shift our capital deployment from acquisitions to a share repurchase program.We repurchased$100 million of our common stock at a significant disc