City Office REIT, Inc. 6.625% S CIO-PA

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
37/100
Developing

Ranked against 30 peers in REIT - Office

About City Office REIT, Inc. 6.625% S

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 4.2 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Full CIO-PA analysis →

Key risks

  • Weak NOI Margins NOI margins lag peers (score 0.32), indicating weak pricing power.
  • Portfolio Quality Concerns Portfolio quality is concerning (occupancy stability 0.39).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Developing
35
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

How CIO-PA scores on the REIT Specialized defenses

Rent Pricing Power

Score 35 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 51 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 46 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 21 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 39 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 25 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding CIO-PA's moat

What is City Office REIT, Inc. 6.625% S's moat score?

City Office REIT, Inc. 6.625% S (CIO-PA) scores 37 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is AFFO Strength (51/100) and its weakest is Capital Recycling & Growth (21/100).

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.

Why is City Office REIT, Inc. 6.625% S scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for City Office REIT, Inc. 6.625% S?

The REIT Specialized template measures 6 defenses, and CIO-PA scores: Rent Pricing Power (35), AFFO Strength (51), Balance Sheet & Cost of Capital (46), Capital Recycling & Growth (21), Operational Efficiency (39), Portfolio Quality & Diversification (25). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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