City Office REIT is a small office REIT focused on Sun Belt markets. City Office owns 56 office buildings totaling approximately 5.6M square feet across nine metro areas, including Dallas, Denver, Orlando, Phoenix, Portland, Raleigh, San Diego, Seattle, and Tampa. The portfolio was approximately 85.4% occupied at year-end 2024. City Office earns revenue primarily through multi-year leases with regional and national businesses and government agencies. Key financial drivers are occupancy, rental rates, and lease duration — leases typically include annual rent escalators, and City Office's weighted average remaining lease term was 4.5 years at year-end 2024. City Office uses third-party local property managers and leasing firms in each submarket rather than building internal infrastructure. The company argues its properties are differentiated by locations near affluent neighborhoods, transportation access, and modern amenities. City Office has invested in property renovations and pre-built "spec suites" to reduce tenant lead time and command premium rents. The company is internally managed, eliminating external management fees. City Office is deliberately concentrating its portfolio in Sun Belt markets, which management views as benefiting from corporate relocations and employment growth, while pruning weaker non-Sun Belt assets in Portland, Denver, and Seattle. Near-term growth is focused on leasing up vacant space and capturing rent growth on renewals rather than acquisitions.