City Office REIT, Inc. (CIO)

City Office REIT, Inc. was a real estate investment trust that owned and operated office properties, mainly in the Sun Belt and Mountain West regions of the United States. It was formed in 2013 and went public in 2014, listing its common stock on the New York Stock Exchange under the symbol CIO. Its principal executive office was in Vancouver, British Columbia, and its portfolio was concentrated in what it called 18-hour cities, mid-sized markets with growing populations and employment.

The company's strategy centered on acquiring and managing office buildings in markets such as Phoenix, Dallas, Tampa, Orlando, Raleigh, Denver and Boise. As of September 2020 it owned about 5.8 million square feet of net rentable area. It grew through a series of property acquisitions funded by equity offerings, debt and joint venture arrangements, and it paid regular dividends as required of a REIT.

In addition to its common stock, the company had a 6.625 percent Series A cumulative redeemable preferred stock, which was listed on the NYSE under the symbol CIO-PA. The preferred stock was listed along with the common stock on the Form 25 filed with the SEC in connection with the delisting. Over time the company also sold certain assets to reduce debt and recycle capital.

The office sector faced sustained pressure following the pandemic as remote and hybrid work reduced demand for office space, and higher interest rates raised the cost of borrowing and lowered property valuations. City Office REIT, like many office landlords, saw its share price fall well below its historical levels and conducted a strategic review of alternatives.

In 2025 the company announced a definitive agreement to be acquired by MCME Carell, an entity formed by affiliates of Elliott Investment Management L.P. and Morning Calm Management, LLC. The transaction provided for shareholders to receive $7.00 per share in cash and was reported to be valued at about $1.1 billion including debt. The company's board concluded that the transaction was in the best interest of its shareholders.

MCME Carell completed the acquisition on or about January 9, 2026, after which City Office REIT's common stock was no longer listed on any public market. A Form 25 was filed with the SEC on January 9, 2026 covering the common stock and the Series A preferred stock. The company is now privately held. The transaction ended the company's run as a publicly traded office REIT, which had begun with its listing on the NYSE in 2014, and consolidated ownership of its portfolio under the new owners.