City Office Reit (CIO) 2018年年度报告「NYSE」.pdf

1、?Circle Point,Denver,CODear Fellow Shareholders,We are pleased with City Offices progress during 2018.While REIT stocks were quite volatile throughout the year,wrecontinued to operate our business with discipline and focus.As part of this,we proceeded to acquire properties in some of thefastest grow

2、ing cities in the country,strategically reinvested in our existing portfolio,increased occupancy and sold our Boise,Idaho asset at a“home-run”valuation.As we approach the fifth anniversary of our IPO,we continue to believe that our focus on well-positioned office properties acrossvibrant 18-hour cit

3、ies will reward shareholders in the form of dividends and capital appreciation.Investments&DispositionsDuring 2018 we purchased$260 million of high-quality properties,which was the largest volume of acquisitions in our history.With these investments,we enhanced our market presence across leading sub

4、markets and built further scale in Denver,Orrlando,and Phoenix.We also completed the$86.5 million sale of our Washington Group Plaza property in Boise,generating a$47.0 million gain.Over time,we expect to continue to selectively harvest embedded value and opportunistically recycle capital.We believe

5、 thisstrategy will enhance shareholder returns over the long term.OperationsA key operational focus for 2018 was the leasing of attractive blocks of vacant space in our portfolio.We ended 2018at 90.4%occupancy,a significant increase over the 87.7%at the end of 2017.We achieved this through over 620,

6、000square feet of new and renewal leasing during the year.Furthermore,during 2018 we strategically invested over$30 million across our portfolio on renovations,capital upgrades andtenant suite improvements.These investments contributed to value creation and enhanced leasing traction at higher rental