Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 27

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 15
Chunk 27
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iation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of December 31, 2024, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. 

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 11. Earnings per ShareThe table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share amounts): 

         Years Ended December 31,

         2024

         2023

         2022

         Net (loss)/income
          
         $
         (17,125
         )
          
         $
         (2,035
         )
          
         $
         17,681

         Less: Net income attributable to non-controlling interests in properties

         (555
         )

         (647
         )

         (691
         )

         Less: Net income attributable to preferred stockholders

         (7,420
         )

         (7,420
         )

         (7,420
         )

         Numerator for basic and diluted EPS
          
         $
         (25,100
         )
          
         $
         (10,102
         )
          
         $
         9,570

         Denominator for basic EPS

         40,140

         39,922

         42,052

         Dilutive effect of RSUs and PSUs

         —

         —

         814

         Den