Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 6

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 15
Chunk 6
---
 to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ KPMG LLPChartered Professional AccountantsVancouver, CanadaFebruary 20, 2025

 56

 City Office REIT, Inc.Consolidated Balance Sheets(In thousands, except par value and share data) 

     December 31,2024

     December 31,2023

     Assets

     Real estate properties

     Land
      
     $
     190,372

     $
     193,524

     Building and improvement

     1,169,793

     1,194,819

     Tenant improvement

     163,569

     152,540

     Furniture, fixtures and equipment

     1,368

     820

     1,525,102

     1,541,703

     Accumulated depreciation

     (251,956
     )

     (218,628
     )

     1,273,146

     1,323,075

     Cash and cash equivalents

     18,886

     30,082

     Restricted cash

     15,073

     13,310

     Rents receivable, net

     52,311

     53,454

     Deferred leasing costs, net

     25,291

     21,046

     Acquired lease intangible assets, net

     34,631

     42,434

     Other assets

     23,744

     27,975

     Assets held for sale

     12,588

     —

     Total Assets
      
     $
     1,455,670

     $
     1,511,376

     Liabilities and Equity

     Liabilities:

     Debt
      
     $
     646,972