Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 91

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 91
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         $
         12,588

         Accounts payable, accrued liabilities, deferred rent and tenant rent deposits
          
         $
         2,176

         Liabilities related to assets held for sale
          
         $
         2,176

        Impairment of Real EstateIn December 2024, the Company recognized an impairment of real estate of $8.5 million to lower the carrying amount of the Superior Pointe property in Denver, Colorado to its estimated fair value less cost to sell. There was no impairment of real estate during the year ended December 31, 2023. In December 2022, the Company determined there were indicators of impairment for two of its properties, which resulted in the Company recognizing impairment of real estate for $13.4 million. The impairment was related to the write down of the carrying amount of 190 Office Center in Dallas, Texas and Cascade Station in Portland, Oregon for $6.9 million and $6.5 million, respectively, to fair value. Fair value was determined based either on recent comparable sales transactions (adjusted for relevant factors such as the size, quality and occupancy rates of comparable properties) or on reports provided by an external valuator (which considered comparable sales transactions, discounted cash flows and other factors), each of which are classified as Level 3 inputs. 

 67

 5. Lease IntangiblesLease intangibles and the value of assumed lease obligations as of December 31, 2024 and December 31, 2023 were comprised of the following (in thousands): 

         Lease Intangible Assets

         Lease Intangible Liabilities

         December 31, 2024
          
         AboveMarketLeases

         In PlaceLeases

         LeasingCommissions

         Total

         BelowMarketLeases

         Below MarketGround Lease

         Total

         Cost
          
         $
         16,596

         $
         69,760

         $
         30,987

         $
         117,343

         $
         (14,294
         )
          
         $
         (138
         )
          
         $
         (14,432
         )

         Accumulated amortization

         (10,584
         )

         (51,893
         )

         (20,235
         )

         (82,712
         )

         8,071

         60

         8,131

         $
         6,012