AG˹ٷ

STOCK TITAN

[8-K] CITY OFFICE REIT, INC. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Q1 FY25 (Apr–Jun 2025, J-GAAP) snapshot:

  • Ordinary income ¥2.13 tn, �10.5 % YoY on softer trading and loan yields.
  • Ordinary profit ¥368.6 bn, +4.0 % YoY; net profit attributable to owners ¥290.5 bn, +0.4 % (EPS ¥115.90).
  • Total assets fell 1.6 % since Mar-25 to ¥278.7 tn; own-capital ratio edged up to 3.7 %.
  • NPL ratio improved to 0.73 % (�23 bp); credit-related costs a modest ¥11.4 bn.

Guidance & shareholder returns: Full-year profit target lifted 8.5 % to ¥1.02 tn (15 % YoY growth), implying FY EPS ¥407.81. Dividend outlook unchanged at ¥145/share (up ¥5 YoY) with ¥72.5 interim.

Segment colour: Retail & Business Banking and CIBC drove net business profit growth; Global Markets cooled as ETF-related gains shrank to ¥3.2 bn (vs ¥31.7 bn). Net interest income rose 30 % YoY while trading income slid 14 %.

Balance-sheet trends: Loans down ¥0.14 tn to ¥94.0 tn; deposits down ¥0.62 tn to ¥154.3 tn. Unrealised gains on securities up ¥162 bn to ¥1.37 tn, aided by equity market strength. Treasury stock grew to 14.4 m shares.

Takeaway: Upgraded guidance, better asset quality and stable dividends offset revenue pressure and a still-thin capital base, signalling cautious but improving fundamentals.

Riepilogo Q1 FY25 (Apr–Giu 2025, J-GAAP):

  • Reddito ordinario ¥2,13 tn, -10,5 % su base annua a causa di minori ricavi da trading e prestiti.
  • Utile ordinario ¥368,6 mld, +4,0 % su base annua; utile netto attribuibile ai proprietari ¥290,5 mld, +0,4 % (EPS ¥115,90).
  • Totale attivi in calo dell'1,6 % da marzo 2025 a ¥278,7 tn; rapporto di capitale proprio leggermente in aumento al 3,7 %.
  • Indice NPL migliorato a 0,73 % (�23 punti base); costi legati al credito contenuti a ¥11,4 mld.

Previsioni e distribuzione dividendi: Obiettivo di utile annuale rivisto al rialzo dell'8,5 % a ¥1,02 tn (crescita del 15 % annua), con EPS FY previsto a ¥407,81. Dividendo confermato a ¥145 per azione (aumento di ¥5 su base annua) con acconto di ¥72,5.

Andamento per segmento: Crescita del profitto netto trainata da Retail & Business Banking e CIBC; Global Markets in calo a causa della riduzione dei guadagni legati agli ETF a ¥3,2 mld (da ¥31,7 mld). Ricavi da interessi netti +30 % annuo, ricavi da trading -14 %.

Tendenze di bilancio: Prestiti in calo di ¥0,14 tn a ¥94,0 tn; depositi in diminuzione di ¥0,62 tn a ¥154,3 tn. Plusvalenze non realizzate su titoli aumentate di ¥162 mld a ¥1,37 tn, grazie alla forza del mercato azionario. Azioni proprie detenute salite a 14,4 milioni di azioni.

Considerazioni finali: Previsioni riviste al rialzo, qualità degli attivi migliorata e dividendi stabili compensano la pressione sui ricavi e una base di capitale ancora esigua, segnalando fondamentali cautamente in miglioramento.

Resumen Q1 FY25 (Abr–Jun 2025, J-GAAP):

  • Ingresos ordinarios ¥2,13 tn, -10,5 % interanual por menores rendimientos en trading y préstamos.
  • Beneficio ordinario ¥368,6 mil millones, +4,0 % interanual; beneficio neto atribuible a los propietarios ¥290,5 mil millones, +0,4 % (EPS ¥115,90).
  • Activos totales disminuyeron 1,6 % desde marzo 2025 a ¥278,7 tn; ratio de capital propio aumentó ligeramente a 3,7 %.
  • Ratio de préstamos dudosos mejoró a 0,73 % (�23 puntos básicos); costos relacionados con crédito modestos en ¥11,4 mil millones.

Guía y retornos a accionistas: Objetivo de beneficio anual aumentado 8,5 % a ¥1,02 tn (crecimiento del 15 % interanual), con EPS FY estimado en ¥407,81. Dividendo sin cambios en ¥145 por acción (incremento de ¥5 interanual) con un dividendo interino de ¥72,5.

Desempeño por segmento: Crecimiento del beneficio neto impulsado por Retail & Business Banking y CIBC; Global Markets se enfrió debido a la reducción de ganancias relacionadas con ETF a ¥3,2 mil millones (vs ¥31,7 mil millones). Ingresos netos por intereses aumentaron 30 % interanual mientras que ingresos por trading bajaron 14 %.

Tendencias del balance: Préstamos bajaron ¥0,14 tn a ¥94,0 tn; depósitos bajaron ¥0,62 tn a ¥154,3 tn. Ganancias no realizadas en valores aumentaron ¥162 mil millones a ¥1,37 tn, impulsadas por la fortaleza del mercado de acciones. Acciones propias aumentaron a 14,4 millones de acciones.

DzԳܲó: Guía mejorada, mejor calidad de activos y dividendos estables compensan la presión en ingresos y una base de capital aún reducida, señalando fundamentos cautelosos pero en mejora.

2025 회계연도 1분기 실적 요약 (2025� 4월~6�, J-GAAP):

  • 영업수익 2.13� �, 전년 대� -10.5%� 거래 � 대� 수익 감소 영향.
  • 영업이익 3,686� �, 전년 대� +4.0%; 지배주� 귀� 순이� 2,905� �, +0.4% (주당순이� 115.90�).
  • 총자산은 2025� 3� 대� 1.6% 감소� 278.7� �; 자기자본비율은 3.7%� 소폭 상승.
  • 부실채� 비율은 0.73%� 개선(-23bp); 신용관� 비용은 114� 엔에 불과.

가이던� � 주주환원: 연간 이익 목표� 8.5% 상향 조정하여 1.02� �(전년 대� 15% 성장), 연간 주당순이� 407.81� 예상. 배당 전망은 주당 145�(전년 대� 5� 상승)으로 유지, 중간배당 72.5�.

부문별 동향: 리테� � 비즈니스 뱅킹, CIBC가 순영업이� 증가 견인; 글로벌 마켓은 ETF 관� 이익� 32� 엔으� 감소(전년 317� � 대�)하며 둔화. 순이자수익은 전년 대� 30% 증가, 거래수익은 14% 감소.

재무상태 동향: 대출은 0.14� � 감소� 94.0� �; 예금은 0.62� � 감소� 154.3� �. 주식시장 강세� 힘입� 미실� 증권평가이익은 1,620� � 증가� 1.37� �. 자사� 보유량은 1,440� 주로 증가.

요약: 상향� 가이던�, 개선� 자산 품질, 안정적인 배당� 수익 압박� 여전� 낮은 자본기반� 상쇄하며 조심스럽지� 개선되는 펀더멘털을 시사.

Résumé du T1 FY25 (Avr–Juin 2025, J-GAAP) :

  • Revenu ordinaire de ¥2,13 billions, -10,5 % en glissement annuel en raison de la baisse des rendements du trading et des prêts.
  • Profit ordinaire de ¥368,6 milliards, +4,0 % en glissement annuel ; bénéfice net attribuable aux propriétaires ¥290,5 milliards, +0,4 % (BPA ¥115,90).
  • Actifs totaux en baisse de 1,6 % depuis mars 2025 à ¥278,7 billions ; ratio de fonds propres légèrement en hausse à 3,7 %.
  • Taux de créances douteuses amélioré à 0,73 % (�23 points de base) ; coûts liés au crédit modestes à ¥11,4 milliards.

Prévisions et retour aux actionnaires : Objectif de bénéfice annuel relevé de 8,5 % à ¥1,02 billion (croissance de 15 % en glissement annuel), impliquant un BPA FY de ¥407,81. Dividende maintenu à ¥145 par action (en hausse de ¥5 en glissement annuel) avec un acompte de ¥72,5.

Performance par segment : Croissance du bénéfice net tirée par le Retail & Business Banking et CIBC ; Global Markets a ralenti avec une baisse des gains liés aux ETF à ¥3,2 milliards (contre ¥31,7 milliards). Le produit net d’intérêts a augmenté de 30 % en glissement annuel tandis que les revenus de trading ont diminué de 14 %.

Tendances du bilan : Prêts en baisse de ¥0,14 billion à ¥94,0 billions ; dépôts en baisse de ¥0,62 billion à ¥154,3 billions. Plus-values latentes sur titres en hausse de ¥162 milliards à ¥1,37 billion, aidées par la vigueur du marché actions. Les actions propres ont augmenté à 14,4 millions d’actions.

Conclusion : Des prévisions revues à la hausse, une meilleure qualité des actifs et des dividendes stables compensent la pression sur les revenus et une base de capital encore faible, indiquant des fondamentaux prudents mais en amélioration.

Q1 FY25 Übersicht (Apr–Jun 2025, J-GAAP):

  • Ordentliche Erträge ¥2,13 Bio., -10,5 % im Jahresvergleich aufgrund schwächerer Handels- und Kreditrenditen.
  • Ordentlicher Gewinn ¥368,6 Mrd., +4,0 % im Jahresvergleich; dem Eigentümer zurechenbarer Nettogewinn ¥290,5 Mrd., +0,4 % (EPS ¥115,90).
  • Gesamtvermögen sank seit März 2025 um 1,6 % auf ¥278,7 Bio.; Eigenkapitalquote stieg leicht auf 3,7 %.
  • Die NPL-Quote verbesserte sich auf 0,73 % (�23 Basispunkte); kreditbezogene Kosten waren mit ¥11,4 Mrd. moderat.

Prognose & Aktionärsrenditen: Jahresgewinnziel um 8,5 % auf ¥1,02 Bio. erhöht (15 % Wachstum YoY), was ein Jahres-EPS von ¥407,81 impliziert. Dividendenprognose unverändert bei ¥145/Aktie (plus ¥5 YoY) mit einer Zwischenzahlung von ¥72,5.

Segmententwicklung: Wachstum des Nettogeschäftsgewinns getrieben von Retail & Business Banking und CIBC; Global Markets schwächte sich ab, da ETF-bezogene Gewinne auf ¥3,2 Mrd. schrumpften (vorher ¥31,7 Mrd.). Nettozinserträge stiegen um 30 % YoY, Handelsgewinne sanken um 14 %.

Bilanztrends: Kredite sanken um ¥0,14 Bio. auf ¥94,0 Bio.; Einlagen sanken um ¥0,62 Bio. auf ¥154,3 Bio. Nicht realisierte Wertpapiergewinne stiegen um ¥162 Mrd. auf ¥1,37 Bio., begünstigt durch starke Aktienmärkte. Eigene Aktien stiegen auf 14,4 Mio. Stück.

Fazit: Erhöhte Prognosen, bessere Vermögensqualität und stabile Dividenden gleichen den Umsatzdruck und die noch dünne Kapitalbasis aus und deuten auf vorsichtig verbesserte Fundamentaldaten hin.

Positive
  • FY25 net-profit guidance raised 8.5 % to ¥1.02 tn, signalling management confidence.
  • NPL ratio improved to 0.73 % and high-risk loan balances fell ¥254 bn.
  • Dividend forecast of ¥145/share represents a ¥5 increase YoY, supporting yield.
  • Own-capital ratio ticked up to 3.7 % and unrealised securities gains rose ¥162 bn.
Negative
  • Ordinary income declined 10.5 % YoY, driven by weaker trading and interest income.
  • Global Markets profit fell as ETF gains dropped to ¥3.2 bn from ¥31.7 bn.
  • Capital base remains thin; 3.7 % own-capital ratio trails international peers.
  • Total assets and loan book contracted, suggesting limited organic growth.

Insights

TL;DR: Guidance raised, credit clean-up continues; revenue softness and low capital temper outlook.

MHFG’s 8.5 % hike in FY25 net-profit guidance to ¥1.02 tn is the key positive, reflecting lower funding costs and realised equity gains. Credit metrics are encouraging: NPL ratio at 0.73 % and credit costs <¥12 bn provide headroom for shareholder returns. However, ordinary income fell double-digits and Global Markets profit dropped sharply as ETF gains normalised, highlighting earnings volatility. Own-capital ratio of 3.7 % remains well below global peers, limiting buyback flexibility. Net interest income momentum (-loan spreads wider, deposit beta contained) should partially offset weaker trading, but asset and deposit contraction suggests subdued balance-sheet growth. Overall, moderately positive with valuation support from higher dividend.

TL;DR: Asset-quality gains solid; market-risk dependence and thin capital still key risks.

Sharp drop in high-risk claims (–�254 bn) and lower NPL ratio signal effective credit risk management. Securities unrealised gains improved and hedge losses narrowed, reducing OCI volatility. Yet ordinary income decline stems largely from diminished trading revenues, underscoring exposure to market swings. Capital ratio only nudged to 3.7 %, far from Basel III leverage comfort, and treasury-share increase implies limited buffer. Rising rates could pressure JGB valuations (¥67 bn latent loss). While near-term risk appears contained, structural capital weakness warrants caution; impact classified as neutral to slightly positive.

Riepilogo Q1 FY25 (Apr–Giu 2025, J-GAAP):

  • Reddito ordinario ¥2,13 tn, -10,5 % su base annua a causa di minori ricavi da trading e prestiti.
  • Utile ordinario ¥368,6 mld, +4,0 % su base annua; utile netto attribuibile ai proprietari ¥290,5 mld, +0,4 % (EPS ¥115,90).
  • Totale attivi in calo dell'1,6 % da marzo 2025 a ¥278,7 tn; rapporto di capitale proprio leggermente in aumento al 3,7 %.
  • Indice NPL migliorato a 0,73 % (�23 punti base); costi legati al credito contenuti a ¥11,4 mld.

Previsioni e distribuzione dividendi: Obiettivo di utile annuale rivisto al rialzo dell'8,5 % a ¥1,02 tn (crescita del 15 % annua), con EPS FY previsto a ¥407,81. Dividendo confermato a ¥145 per azione (aumento di ¥5 su base annua) con acconto di ¥72,5.

Andamento per segmento: Crescita del profitto netto trainata da Retail & Business Banking e CIBC; Global Markets in calo a causa della riduzione dei guadagni legati agli ETF a ¥3,2 mld (da ¥31,7 mld). Ricavi da interessi netti +30 % annuo, ricavi da trading -14 %.

Tendenze di bilancio: Prestiti in calo di ¥0,14 tn a ¥94,0 tn; depositi in diminuzione di ¥0,62 tn a ¥154,3 tn. Plusvalenze non realizzate su titoli aumentate di ¥162 mld a ¥1,37 tn, grazie alla forza del mercato azionario. Azioni proprie detenute salite a 14,4 milioni di azioni.

Considerazioni finali: Previsioni riviste al rialzo, qualità degli attivi migliorata e dividendi stabili compensano la pressione sui ricavi e una base di capitale ancora esigua, segnalando fondamentali cautamente in miglioramento.

Resumen Q1 FY25 (Abr–Jun 2025, J-GAAP):

  • Ingresos ordinarios ¥2,13 tn, -10,5 % interanual por menores rendimientos en trading y préstamos.
  • Beneficio ordinario ¥368,6 mil millones, +4,0 % interanual; beneficio neto atribuible a los propietarios ¥290,5 mil millones, +0,4 % (EPS ¥115,90).
  • Activos totales disminuyeron 1,6 % desde marzo 2025 a ¥278,7 tn; ratio de capital propio aumentó ligeramente a 3,7 %.
  • Ratio de préstamos dudosos mejoró a 0,73 % (�23 puntos básicos); costos relacionados con crédito modestos en ¥11,4 mil millones.

Guía y retornos a accionistas: Objetivo de beneficio anual aumentado 8,5 % a ¥1,02 tn (crecimiento del 15 % interanual), con EPS FY estimado en ¥407,81. Dividendo sin cambios en ¥145 por acción (incremento de ¥5 interanual) con un dividendo interino de ¥72,5.

Desempeño por segmento: Crecimiento del beneficio neto impulsado por Retail & Business Banking y CIBC; Global Markets se enfrió debido a la reducción de ganancias relacionadas con ETF a ¥3,2 mil millones (vs ¥31,7 mil millones). Ingresos netos por intereses aumentaron 30 % interanual mientras que ingresos por trading bajaron 14 %.

Tendencias del balance: Préstamos bajaron ¥0,14 tn a ¥94,0 tn; depósitos bajaron ¥0,62 tn a ¥154,3 tn. Ganancias no realizadas en valores aumentaron ¥162 mil millones a ¥1,37 tn, impulsadas por la fortaleza del mercado de acciones. Acciones propias aumentaron a 14,4 millones de acciones.

DzԳܲó: Guía mejorada, mejor calidad de activos y dividendos estables compensan la presión en ingresos y una base de capital aún reducida, señalando fundamentos cautelosos pero en mejora.

2025 회계연도 1분기 실적 요약 (2025� 4월~6�, J-GAAP):

  • 영업수익 2.13� �, 전년 대� -10.5%� 거래 � 대� 수익 감소 영향.
  • 영업이익 3,686� �, 전년 대� +4.0%; 지배주� 귀� 순이� 2,905� �, +0.4% (주당순이� 115.90�).
  • 총자산은 2025� 3� 대� 1.6% 감소� 278.7� �; 자기자본비율은 3.7%� 소폭 상승.
  • 부실채� 비율은 0.73%� 개선(-23bp); 신용관� 비용은 114� 엔에 불과.

가이던� � 주주환원: 연간 이익 목표� 8.5% 상향 조정하여 1.02� �(전년 대� 15% 성장), 연간 주당순이� 407.81� 예상. 배당 전망은 주당 145�(전년 대� 5� 상승)으로 유지, 중간배당 72.5�.

부문별 동향: 리테� � 비즈니스 뱅킹, CIBC가 순영업이� 증가 견인; 글로벌 마켓은 ETF 관� 이익� 32� 엔으� 감소(전년 317� � 대�)하며 둔화. 순이자수익은 전년 대� 30% 증가, 거래수익은 14% 감소.

재무상태 동향: 대출은 0.14� � 감소� 94.0� �; 예금은 0.62� � 감소� 154.3� �. 주식시장 강세� 힘입� 미실� 증권평가이익은 1,620� � 증가� 1.37� �. 자사� 보유량은 1,440� 주로 증가.

요약: 상향� 가이던�, 개선� 자산 품질, 안정적인 배당� 수익 압박� 여전� 낮은 자본기반� 상쇄하며 조심스럽지� 개선되는 펀더멘털을 시사.

Résumé du T1 FY25 (Avr–Juin 2025, J-GAAP) :

  • Revenu ordinaire de ¥2,13 billions, -10,5 % en glissement annuel en raison de la baisse des rendements du trading et des prêts.
  • Profit ordinaire de ¥368,6 milliards, +4,0 % en glissement annuel ; bénéfice net attribuable aux propriétaires ¥290,5 milliards, +0,4 % (BPA ¥115,90).
  • Actifs totaux en baisse de 1,6 % depuis mars 2025 à ¥278,7 billions ; ratio de fonds propres légèrement en hausse à 3,7 %.
  • Taux de créances douteuses amélioré à 0,73 % (�23 points de base) ; coûts liés au crédit modestes à ¥11,4 milliards.

Prévisions et retour aux actionnaires : Objectif de bénéfice annuel relevé de 8,5 % à ¥1,02 billion (croissance de 15 % en glissement annuel), impliquant un BPA FY de ¥407,81. Dividende maintenu à ¥145 par action (en hausse de ¥5 en glissement annuel) avec un acompte de ¥72,5.

Performance par segment : Croissance du bénéfice net tirée par le Retail & Business Banking et CIBC ; Global Markets a ralenti avec une baisse des gains liés aux ETF à ¥3,2 milliards (contre ¥31,7 milliards). Le produit net d’intérêts a augmenté de 30 % en glissement annuel tandis que les revenus de trading ont diminué de 14 %.

Tendances du bilan : Prêts en baisse de ¥0,14 billion à ¥94,0 billions ; dépôts en baisse de ¥0,62 billion à ¥154,3 billions. Plus-values latentes sur titres en hausse de ¥162 milliards à ¥1,37 billion, aidées par la vigueur du marché actions. Les actions propres ont augmenté à 14,4 millions d’actions.

Conclusion : Des prévisions revues à la hausse, une meilleure qualité des actifs et des dividendes stables compensent la pression sur les revenus et une base de capital encore faible, indiquant des fondamentaux prudents mais en amélioration.

Q1 FY25 Übersicht (Apr–Jun 2025, J-GAAP):

  • Ordentliche Erträge ¥2,13 Bio., -10,5 % im Jahresvergleich aufgrund schwächerer Handels- und Kreditrenditen.
  • Ordentlicher Gewinn ¥368,6 Mrd., +4,0 % im Jahresvergleich; dem Eigentümer zurechenbarer Nettogewinn ¥290,5 Mrd., +0,4 % (EPS ¥115,90).
  • Gesamtvermögen sank seit März 2025 um 1,6 % auf ¥278,7 Bio.; Eigenkapitalquote stieg leicht auf 3,7 %.
  • Die NPL-Quote verbesserte sich auf 0,73 % (�23 Basispunkte); kreditbezogene Kosten waren mit ¥11,4 Mrd. moderat.

Prognose & Aktionärsrenditen: Jahresgewinnziel um 8,5 % auf ¥1,02 Bio. erhöht (15 % Wachstum YoY), was ein Jahres-EPS von ¥407,81 impliziert. Dividendenprognose unverändert bei ¥145/Aktie (plus ¥5 YoY) mit einer Zwischenzahlung von ¥72,5.

Segmententwicklung: Wachstum des Nettogeschäftsgewinns getrieben von Retail & Business Banking und CIBC; Global Markets schwächte sich ab, da ETF-bezogene Gewinne auf ¥3,2 Mrd. schrumpften (vorher ¥31,7 Mrd.). Nettozinserträge stiegen um 30 % YoY, Handelsgewinne sanken um 14 %.

Bilanztrends: Kredite sanken um ¥0,14 Bio. auf ¥94,0 Bio.; Einlagen sanken um ¥0,62 Bio. auf ¥154,3 Bio. Nicht realisierte Wertpapiergewinne stiegen um ¥162 Mrd. auf ¥1,37 Bio., begünstigt durch starke Aktienmärkte. Eigene Aktien stiegen auf 14,4 Mio. Stück.

Fazit: Erhöhte Prognosen, bessere Vermögensqualität und stabile Dividenden gleichen den Umsatzdruck und die noch dünne Kapitalbasis aus und deuten auf vorsichtig verbesserte Fundamentaldaten hin.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2025

 

 

City Office REIT, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

001-36409

98-1141883

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

666 Burrard Street

Suite 3210

 

Vancouver, British Columbia

 

V6C 2X8

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (604) 806-3366

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

 

Trading Symbols

 


Name of each exchange on which registered

Common Stock, $0.01 par value

 

CIO

 

New York Stock Exchange

6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

 

CIO.PrA

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02 Results of Operations and Financial Condition.

On July 31, 2025, City Office REIT, Inc. (the “Company”), issued a press release announcing its financial results for fiscal quarter ended June 30, 2025 (the “Press Release”).

Pursuant to the rules and regulations of the Securities and Exchange Commission, the Press Release is attached to this Report as Exhibit 99.1 and the information contained in the Press Release is incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in such filing.

Additional Information and Where to Find It

This filing may be deemed solicitation material in respect of the proposed acquisition of the Company by Buyer. A full description of the terms of the Merger and the Merger Agreement will be provided in the proxy statement that the Company intends to file with the Securities and Exchange Commission (“SEC”) to be used at its special meeting of shareholders in lieu of an annual meeting to approve the Merger. SHAREHOLDERS ARE ADVISED TO READ, WHEN AVAILABLE, THE COMPANY’S PRELIMINARY PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE SOLICITATION OF PROXIES FOR THE SPECIAL MEETING BECAUSE THESE STATEMENTS WILL CONTAIN IMPORTANT INFORMATION. The definitive proxy statement will be mailed to shareholders as of a record date to be established for voting on the proposed merger. Shareholders will also be able to obtain a copy of the proxy statement, without charge, by directing a request to: City Office REIT, Inc., Investor Relations, 666 Burrard Street, Suite 3210, Vancouver, BC V6C 2X8 CA, or at its website, www.cioreit.com. The preliminary proxy statement and definitive proxy statement, once available, can also be obtained, without charge, at the SEC’s internet site (http://www.sec.gov).

Participants in Solicitation

The directors, executive officers and certain other members of management and employees of the Company may be deemed “participants” in the solicitation of proxies from shareholders of the Company in favor of the proposed Merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of the Company in connection with the proposed Merger will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. You can find information about the Company’s executive officers and directors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”) as filed with the SEC on February 20, 2025.

 

Forward-Looking Statements

This Current Report on Form 8-K (“Current Report”) contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this Current Report, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements within the meaning of the federal securities laws and as such are based upon the Company’s current beliefs as to the outcome and timing of future events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “approximately,” “anticipate,” “assume,” “believe,” “budget,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “hypothetical,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or other similar words or expressions. There can be no assurance that actual results of forward-looking statements, including but not limited to the consummation of the proposed Merger or the Phoenix Portfolio Sale Transaction, or those pertaining to expectations regarding the Company’s financial performance, expectations as to the likelihood and timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of the Company’s current properties, and changes in local, regional, national and international economic conditions, including as a result of the systemic and structural changes in the demand for commercial office space. Forward-looking statements presented in this Current Report are based on management’s beliefs and assumptions made by, and information currently available to, management.

The forward-looking statements contained in this Current Report are based on historical performance and management’s current plans, estimates and expectations in light of information currently available to the Company and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting the Company will be those that it has anticipated. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements set forth in this Current Report: the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement or the Phoenix Sale Agreement; the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Merger Agreement; the inability to complete the proposed Merger due to the failure to satisfy the conditions to the Merger, including obtaining the approval of the Company’s shareholders and other closing conditions more fully described in the Merger Agreement; risks that the proposed Merger disrupts current plans and operations of the Company; potential difficulties in employee retention as a result of the proposed Merger; legislative, regulatory and economic developments; risks related to disruption of management’s attention from the Company’s ongoing business operations due to the proposed Merger; the effect of the announcement of the proposed Merger and the Phoenix Portfolio Sale Transaction on the Company’s relationships with tenants,


operating results and business generally, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in the Company’s news releases and filings with the SEC, including but not limited to those described in the Form 10-K under the heading “Risk Factors” and in the Company’s subsequent reports filed with the SEC, many of which are beyond the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, the Company’s actual results may vary in material respects from what it may have expressed or implied by these forward-looking statements. The Company cautions that you should not place undue reliance on any of its forward-looking statements. Any forward-looking statement made by the Company in this Current Report speaks only as of the date of this Current Report. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this Current Report are free from errors. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws.

 

Item 9.01 Financial Statements and Exhibits.

Exhibit

Number

 

Description

99.1

Press Release, dated July 31, 2025, issued by City Office REIT, Inc.

104

Cover Page Interactive Data File (embedded within the Inline XBRL Document).

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

CITY OFFICE REIT, INC.

 

 

 

 

Date:

July 31, 2025

By:

/s/ Anthony Maretic

 

 

 

Name: Anthony Maretic
Title: Chief Financial Officer, Secretary and Treasurer

 


FAQ

Why did Mizuho Financial Group (MFG) raise its FY2025 earnings guidance?

Management cites lower credit costs, improved funding spreads and realised equity gains, lifting net-profit target to ¥1.02 tn (+8.5 %).

How did credit quality trend in Q1 FY2025 for MFG?

High-risk claims fell ¥254 bn and the NPL ratio improved to 0.73 %, reflecting stronger asset quality.

What is MFG’s updated dividend outlook?

The group maintains a forecast of ¥145 per share for FY25, up ¥5 YoY, with an interim payment of ¥72.5.

How did trading activities affect Q1 results?

Net trading income dropped 14 % YoY to ¥185.1 bn; ETF gains shrank sharply, weighing on ordinary income.

What are the key balance-sheet changes since March 2025?

Total assets fell to ¥278.7 tn (�1.6 %), loans to ¥94.0 tn (–�0.14 tn) and deposits to ¥154.3 tn (–�0.62 tn).

Is MFG’s capital position improving?

Own-capital ratio edged up to 3.7 %, but remains low compared with global peers.
City Office Reit Inc

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