City Office Reit (CIO) 2016年年度报告「NYSE」.pdf

1、2016 2525 McKinnon,Dallas,TXDear Fellow Shareholders,In each year since our initial public offering in 2014,we have dedicated ourselves to executing a business plan that will provideattractive long-term returns to our investors through a combination of dividends and capital appreciation.City Office

2、delivered a15.8%total return to its shareholders in 2016,which compares favorably to both real estate and broader market indices.We attribute this achievement to several key City Office principles that we were able to specifically demonstrate throughout the year,including the scalability of our plat

3、form,the alignment of our interests with those of our shareholders,the ability to create value at theproperty level and the endurance of our acquisition strategy in the face of a changing economic,political and real estate landscape.InvestmentsDuring 2016 we acquired a record$257 million of office p

4、roperties with a 7.6%weighted average first year cap rate.These fiveacquisitions consisted of ten buildings and over 1.3 million square feet in Tampa,Orlando and Phoenix.These cities possess someof the best real estate fundamentals in the country due to the strength and diversity of their local econ

5、omies along with demonstratedemployment and population growth.We also realized tremendous value creation in two of our earlier investments.In June 2016,we sold our Corporate Parkway property in Allentown,Pennsylvania for a sales price of$44.9 million,resulting in an aggregate net gain of$15.9 millio

6、n.In September2016,we entered into an agreement to sell our Washington Group Plaza property in Boise,Idaho for$86.5 million,which is alsoanticipated to generate a sizable gain.The significant leasing transactions,building upgrades and operational improvements that allowed us to position these proper