Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 63

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 63
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 agreement.  Given the terms of the assignment in lieu of foreclosure agreement, the Company deconsolidated the entity holding the property and related assets and liabilities during the second quarter of 2024. For the year ended December 31, 2024, the Company recognized a loss on deconsolidation of $1.5 million. In the prior year, the Company consented to the appointment of a receiver to assume possession and control of the 190 Office Center property as a result of an event of default as defined in the property’s loan agreement. Given the appointment of the receiver, the Company deconsolidated the entity holding the property and related assets and liabilities during the second quarter of 2023. For the year ended December 31, 2023, the Company recognized a loss on deconsolidation of $0.1 million.Impairment of Real Estate. Impairment of real estate was $8.5 million for the year ended December 31, 2024 compared to nil in the prior year. The impairment was related to the write down of the carrying amount of Superior Pointe to fair value less cost to sell.Cash Flows Comparison of Period Ended December 31, 2024 to Period Ended December 31, 2023Cash, cash equivalents and restricted cash were $34.0 million and $43.4 million as of December 31, 2024 and December 31, 2023, respectively. Cash flow from operating activities. Net cash provided by operating activities increased by $1.7 million to $58.9 million for the year ended December 31, 2024 compared to $57.2 million for the year ended December 31, 2023. The increase was primarily attributable to changes in working capital.Cash flow to investing activities. Net cash used in investing activities decreased by $1.0 million to $40.3 million for the year ended December 31, 2024 compared to $41.3 million for the year ended December 31, 2023. The decrease in cash used in investing 

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 activities was primarily attributable to lower additions to real estate properties in the current year. This decrease was partially offset by an increase in cash used in investing activities attributable to higher deferred leasing costs in the current year.Cash flow to financing activities. Net cash used in financing activities increased by $11.2 million to $28.0 million for the year ended December 31, 2024 compared to $16