City Office Reit (CIO) 2019年年度报告「NYSE」.pdf

1、2019 ANNUAL REPORTPark Tower,Tampa,FLDear Fellow Shareholders,2019 was an exceptional year for City Office REIT.The total return for our common stock in 2019 was 42.6%,significantly outperforming all of our peer benchmarks.This continues the trend since our IPO,in which we have delivered an 11.1%ave

2、rage annual total return.Of particular note this year,we also gained entry into the MSCI US REIT Index(RMZ).These results are driven by the performance of our well-located properties in 18-hour cities in the southern and western US.Our markets continue to be national leaders in employment and popula

3、tion growth.Combined with our prudent and opportunistic growth of the company,we are well positioned to continue to deliver strong results for our shareholders.Investments&DispositionsWe continued our expansion in key cities in 2019,adding Seattle as a new market and deepening our presence in Portla

4、nd and Denver.These$144 million of acquisitions averaged a 7.3%year-one cap rate.As we grow,we will also continue to evaluate opportunities to enhance our portfolio through selectively disposing of assets and redeploying that capital.In 2019,we completed the sale of three assets and entered into an

5、agreement to sell a land parcel.Our six dispositions since inception have generated a weighted average IRR of 17%and$72 million of gains.OperationsEntering 2019,one of our key focuses was leasing up larger available blocks of space.At our five lowest occupied properties,we signed new leases for 147,

6、000 SF of vacant space,including a major lease signed in January 2020.Our portfolio occupancy improved 1.5%to 91.9%at year end.Overall,we completed 692,000 SF of new and renewal leasing,with the average gross rental rate of our portfolio increasing from$26.28 per SF to$27.54 per SF.Between shares is