City Office Reit (CIO) 2017年年度报告「NYSE」.pdf

1、2017 Mission City,San Diego,CADear Fellow Shareholders,Our company achieved several important benchmarks in 2017 and is poised to continue to deliver attractive long-term returns to ourinvestors through a combination of dividends and capital appreciation.Of note,we reached a milestone of$1 billion i

2、n total realestate acquired without deviating from the disciplined,focused strategy that is at the core of the company.Our thesis that high growth markets in the Southern and Western United States will outperform remains intact,and our markets continueto be national leaders in terms of office demand

3、 drivers,including employment and population growth.Managements primary focuscontinues to be the creation of long term value by driving occupancy,enhancing property level NOI and adding complementaryproperties to our portfolio.InvestmentsDuring 2017 we acquired$255 million of office properties with

4、a 7.2%weighted average first year cash net operating income caprate.These acquisitions consisted of 13 buildings and over 940,000 square feet in Dallas,Phoenix and San Diego.These citiespossess some of the best real estate fundamentals in the country due to the strength and diversity of their local

5、economies along withdemonstrated employment and population growth.We have identified a number of strategic opportunities to reposition properties or enhance property value within our portfolio.Key capital projects and repositionings are under way or planned for several of our properties,most notably

6、 at Park Tower in Tampa wherethe dramatic exterior and interior renovation has already begun to generate strong leasing activity.We expect that our shareholderswill benefit from these investments through a combination of leasing vacant space,higher rental rates and improved property values.Operation