Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 22

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 15
Chunk 22
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 of $14.5 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.30% for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan.In May 2024, the Company entered into an interest rate swap at Central Fairwinds for an initial notional amount of $15.6 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.43% for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan. The fair value of the interest rate swaps have been classified as Level 2 fair value measurements. The interest rate swaps have been designated and qualify as cash flow hedges and have been recognized on the consolidated balance sheets at fair value, presented within other assets and other liabilities. Gains and losses resulting from changes in the fair value of derivatives that have been designated and qualify as cash flow hedges are reported as a component of other comprehensive income/(loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. 

 70

 The following table summarizes the Company’s derivative financial instruments as of December 31, 2024 and December 31, 2023 (in thousands): 

         Fair ValueAssets/(Liabilities)

         Notional Value December 31, 2024

         Effective Date
          
         Maturity Date
          
         December 31, 2024

         December 31, 2023

         Interest Rate Swap
          
         $
         25,000

         January 2023
          
         January 2026
          
         $
         50

         $
         49

         Interest Rate Swap

         140,000

         March 2023
          
         November 2025

         (75
         )

         (295
         )

         Interest Rate Swap

         25,736

         August 2023
          
         August 2028

         (275
         )

         (846
         )

         Interest Rate Swap

         14,196

         August 2023
          
         August 2028

         (152
         )

         (466
         )

         Interest Rate Swap

         15,497

         May 2024
          
         June