City Office (CIO) Fair Value & Analysis
Real Estate · US · Market cap $282M · ISIN US1785871013
What is City Office really worth?
City Office
CIO · US
Below-average quality, trading 57% below our fair value of $0.2115.
As of Sep 3, 2026, the fair value of City Office is $0.2115 per share against a price of $0.0900, so the fair value sits 135% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 12 valuation models · updated 3 days ago
Fair value updated Sep 3, 2026, revised from $0.2070 to $0.2115 (+2.2%) since Aug 13, 2026. Share price +20.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case ($0.1152). The market is more pessimistic than our downside scenario.
- The model range is unusually wide ($0.1152 to $0.3078). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range $0.0750 – $15.89 · fair‑value band $0.1152 – $0.3078 · the $0.0900 price screens below the $0.2115 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
City Office (CIO) currently trades at $0.0900, while our model-based Fair Value estimate is $0.2115, implying the stock looks roughly 57.4% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of $0.1800 per share, and 6 of the 12 models we run sit above the $0.0900 price. Bear case: the Growth DCF group reads lowest at $0.0400, and 6 of the 12 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, City Office generated revenue of $164M at a net margin of −74.2%. Revenue declined 12.0% year over year. It earns a return on equity of −17.8%. Net debt stands at $628M. Fundamentals as of Sep 3, 2026
Our scenario range runs from $0.1152 (bear case) to $0.3078 (bull case); at $0.0900, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at −22% fair-value upside, at 135%, CIO screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 12 models by family
Widest divergence: DCF Models ($0.1800) versus Multiples ($0.0100). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 2
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2020 – FY2024 · reported fiscal years
City Office reported revenue of $171M in FY2024 versus $161M in FY2020, a compound +1.6%/yr. Reported net income was −$17.7M in FY2024.
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Peer Group
REIT - Office · 68 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €13.51 | €5.66 | −58% |
| BXP, Inc BXP | $67.95 | $53.27 | −22% |
| Vornado Realty Trust VNORP | $51.00 | $40.45 | −21% |
| Alexandria Real Estate Equities, Inc ARE | $51.63 | $58.69 | +14% |
| Gecina GFC | €67.25 | €75.35 | +12% |
| Hudson Pacific Properties, Inc HPP | $12.74 | $3.81 | −70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.27 SGD | 1.14 SGD | −10% |
| Cousins Properties Incorporated CUZ | $29.25 | $17.46 | −40% |
| EMBASSYRR EMBASSYRR | ₹449.01 | ₹134.34 | −70% |
| Embassy Office Parks REIT owns, EMBASSY | ₹435.90 | ₹141.82 | −67% |
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