Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 104

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 104
---
 2024

         324,414

         324,952

         $
         3,539

         $
         5.45

         2023

         198,022

         214,888

         3,729

         9.03

         2022

         237,986

         90,000

         5,753

         17.54

        The RSU Awards will vest in three equal, annual installments on each of the first three anniversaries of the grant of date. The Performance RSU Awards will vest on the last day of the three-year measurement period.During the years ended December 31, 2024, December 31, 2023 and December 31, 2022 the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): 

         RSUs

         PerformanceRSUs

         Total

         2024
          
         $
         2,571

         $
         1,751

         $
         4,322

         2023

         2,542

         1,552

         4,094

         2022

         2,554

         1,325

         3,879

        As of December 31, 2024, there was $3.9 million of unrecognized share-based compensation expense, which will be recognized over the next two years, with a weighted average period of approximately one year.

 76

 13. Segment InformationThe Company is a REIT focused on real estate investments and currently operates in one operating segment: Office Properties. As a group, the Company’s Chief Executive Officer, Chief Operating Officer and Chief Financial Officer have collectively been identified as the chief operating decision makers (“CODM”), as defined by GAAP. The CODM review financial information presented on a consolidated basis when making decisions. Additionally, the Company does not group its operations on a geographical basis for the purpose of measuring performance.The CODM uses both consolidated net income and net operating income (“NOI”) as the profit or loss measures to evaluate the performance of our operating segment and allocate resources. Refer to the accompanying consolidated statements of operations for the presentation of consolidated net income for the years ended December 31, 2024, 2023 and 2022. NOI is a measure which includes the revenues and certain expenses directly attributable to our office properties.