City Office REIT Reports Fourth Quarter and Full Year 2024 Results
City Office REIT (NYSE: CIO) reported its Q4 and full-year 2024 results. Q4 rental revenues were $41.9 million, with a GAAP net loss of $12.6 million ($0.31 per share). Core FFO was $11.7 million ($0.28 per share), while AFFO was $4.3 million ($0.10 per share).
The company's portfolio occupancy reached 85.4% (87.6% including signed leases), with approximately 205,000 square feet of new and renewal leases executed in Q4. Same Store Cash NOI increased by 3.3% compared to Q4 2023. The company achieved a 12.3% cash re-leasing spread in Q4 and 5.9% across 2024.
For 2025, CIO expects Core FFO per share of $1.10-$1.14, anticipating increased portfolio occupancy and positive Same Store Cash NOI growth. The company recently sold Superior Pointe property in Denver for $12.0 million and declared a Q4 dividend of $0.10 per common share.
City Office REIT (NYSE: CIO) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. I ricavi da affitto del quarto trimestre sono stati di 41,9 milioni di dollari, con una perdita netta GAAP di 12,6 milioni di dollari (0,31 dollari per azione). Il Core FFO è stato di 11,7 milioni di dollari (0,28 dollari per azione), mentre l'AFFO è stato di 4,3 milioni di dollari (0,10 dollari per azione).
Il tasso di occupazione del portafoglio dell'azienda ha raggiunto l'85,4% (87,6% includendo i contratti firmati), con circa 205.000 piedi quadrati di nuovi contratti e rinnovi eseguiti nel quarto trimestre. Il NOI in contante dello stesso negozio è aumentato del 3,3% rispetto al quarto trimestre del 2023. L'azienda ha ottenuto un margine di rinegoziazione in contante del 12,3% nel quarto trimestre e del 5,9% nel corso del 2024.
Per il 2025, CIO prevede un Core FFO per azione di 1,10-1,14 dollari, anticipando un aumento dell'occupazione del portafoglio e una crescita positiva del NOI in contante dello stesso negozio. L'azienda ha recentemente venduto la proprietà Superior Pointe a Denver per 12,0 milioni di dollari e ha dichiarato un dividendo del quarto trimestre di 0,10 dollari per azione comune.
City Office REIT (NYSE: CIO) informó sobre sus resultados del cuarto trimestre y del año completo 2024. Los ingresos por alquiler del cuarto trimestre fueron de 41,9 millones de dólares, con una pérdida neta GAAP de 12,6 millones de dólares (0,31 dólares por acción). El Core FFO fue de 11,7 millones de dólares (0,28 dólares por acción), mientras que el AFFO fue de 4,3 millones de dólares (0,10 dólares por acción).
La ocupación del portafolio de la empresa alcanzó el 85,4% (87,6% incluyendo los contratos firmados), con aproximadamente 205,000 pies cuadrados de nuevos contratos y renovaciones ejecutadas en el cuarto trimestre. El NOI en efectivo de la misma tienda aumentó un 3,3% en comparación con el cuarto trimestre de 2023. La empresa logró un margen de re-contratación en efectivo del 12,3% en el cuarto trimestre y del 5,9% a lo largo de 2024.
Para 2025, CIO espera un Core FFO por acción de 1,10 a 1,14 dólares, anticipando un aumento en la ocupación del portafolio y un crecimiento positivo del NOI en efectivo de la misma tienda. La empresa vendió recientemente la propiedad Superior Pointe en Denver por 12,0 millones de dólares y declaró un dividendo del cuarto trimestre de 0,10 dólares por acción común.
City Office REIT (NYSE: CIO)는 2024년 4분기 및 연간 실적을 발표했습니다. 4분기 임대 수익은 4,190만 달러였으며, GAAP 기준 순손실은 1,260만 달러(주당 0.31달러)였습니다. Core FFO는 1,170만 달러(주당 0.28달러)였고, AFFO는 430만 달러(주당 0.10달러)였습니다.
회사의 포트폴리오 점유율은 85.4%에 도달했으며(서명된 임대 계약 포함 시 87.6%), 4분기 동안 약 205,000평방피트의 신규 및 갱신 임대 계약이 체결되었습니다. 동일 매장 현금 NOI는 2023년 4분기 대비 3.3% 증가했습니다. 회사는 4분기 동안 12.3%의 현금 재임대 스프레드를 달성했으며, 2024년 전체로는 5.9%를 기록했습니다.
2025년을 위해 CIO는 주당 Core FFO를 1.10~1.14달러로 예상하며, 포트폴리오 점유율 증가와 긍정적인 동일 매장 현금 NOI 성장을 기대하고 있습니다. 회사는 최근 덴버의 Superior Pointe 부동산을 1,200만 달러에 매각했으며, 4분기 배당금으로 보통주 0.10달러를 선언했습니다.
City Office REIT (NYSE: CIO) a annoncé ses résultats pour le quatrième trimestre et l'année complète 2024. Les revenus locatifs du quatrième trimestre se sont élevés à 41,9 millions de dollars, avec une perte nette GAAP de 12,6 millions de dollars (0,31 dollar par action). Le Core FFO était de 11,7 millions de dollars (0,28 dollar par action), tandis que l'AFFO était de 4,3 millions de dollars (0,10 dollar par action).
Le taux d'occupation du portefeuille de l'entreprise a atteint 85,4% (87,6% en incluant les baux signés), avec environ 205 000 pieds carrés de nouveaux baux et renouvellements exécutés au quatrième trimestre. Le NOI en espèces des magasins comparables a augmenté de 3,3% par rapport au quatrième trimestre 2023. L'entreprise a réalisé un écart de renouvellement en espèces de 12,3% au quatrième trimestre et de 5,9% sur l'ensemble de l'année 2024.
Pour 2025, CIO prévoit un Core FFO par action de 1,10 à 1,14 dollar, anticipant une augmentation du taux d'occupation du portefeuille et une croissance positive du NOI en espèces des magasins comparables. L'entreprise a récemment vendu la propriété Superior Pointe à Denver pour 12,0 millions de dollars et a déclaré un dividende de 0,10 dollar par action ordinaire pour le quatrième trimestre.
City Office REIT (NYSE: CIO) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Die Mieteinnahmen im vierten Quartal betrugen 41,9 Millionen US-Dollar, mit einem GAAP-Nettoverlust von 12,6 Millionen US-Dollar (0,31 US-Dollar pro Aktie). Der Core FFO betrug 11,7 Millionen US-Dollar (0,28 US-Dollar pro Aktie), während der AFFO bei 4,3 Millionen US-Dollar (0,10 US-Dollar pro Aktie) lag.
Die Belegungsquote des Unternehmensportfolios erreichte 85,4% (87,6% einschließlich unterzeichneter Mietverträge), mit etwa 205.000 Quadratfuß neuer und erneuerter Mietverträge, die im vierten Quartal abgeschlossen wurden. Der Same Store Cash NOI stieg im Vergleich zum vierten Quartal 2023 um 3,3%. Das Unternehmen erzielte im vierten Quartal einen Cash-Re-Lese-Spread von 12,3% und 5,9% im gesamten Jahr 2024.
Für 2025 erwartet CIO einen Core FFO pro Aktie von 1,10 bis 1,14 US-Dollar und rechnet mit einer erhöhten Belegungsquote des Portfolios sowie einem positiven Wachstum des Same Store Cash NOI. Das Unternehmen hat kürzlich die Immobilie Superior Pointe in Denver für 12,0 Millionen US-Dollar verkauft und eine Dividende von 0,10 US-Dollar pro Stammaktie für das vierte Quartal erklärt.
- Portfolio occupancy improved 2.0% over prior quarter to 85.4%
- Same Store Cash NOI increased 3.3% in Q4 2024
- Achieved 12.3% cash re-leasing spread in Q4
- Total leasing activity increased 35% in 2024 vs 2023
- 82.3% of debt is fixed rate or effectively fixed rate
- GAAP net loss of $12.6 million in Q4 2024
- $8.5 million impairment charge on Superior Pointe property
- Short weighted average debt maturity of 1.9 years
- High weighted average interest rate of 5.1% on debt
Insights
The Q4 2024 results reveal a company navigating the challenging office market environment with some success in operational metrics, though financial pressures persist. The
The leasing momentum is particularly noteworthy, with 806,000 square feet leased throughout 2024 representing a
However, there are concerning elements in the financial structure. The
The quarterly AFFO of
The 2025 Core FFO guidance of
Fourth Quarter Highlights
- Rental and other revenues were
$41.9 million $12.6 million $0.31 - Core FFO was approximately
$11.7 million $0.28 - AFFO was approximately
$4.3 million $0.10 - In-place occupancy was
85.4% as of quarter end, or87.6% including signed leases not yet occupied; - Executed approximately 205,000 square feet of new and renewal leases during the quarter;
- Same Store Cash NOI increased
3.3% as compared to the fourth quarter of 2023; - Declared a fourth quarter dividend of
$0.10 - Declared a fourth quarter dividend of
$0.41 40625
Highlights Subsequent to Quarter End
- Closed the disposition of the Superior Pointe property in
Denver, Colorado for a gross sale price of$12.0 million .
"2024 represented a fundamental positive shift for the office sector," commented James Farrar, the Company's Chief Executive Officer. "Strong leasing momentum continued into the fourth quarter across our portfolio. With a healthy 205,000 square feet of new and renewal leases signed during the quarter, portfolio occupancy increased to
"As we enter 2025, we expect that the Company will benefit from the extensive renovation programs completed over the last few years. We have built a portfolio of well-positioned office assets across highly desirable markets."
A reconciliation of certain non-GAAP financial measures, including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash NOI and their equivalent per share measures, to the most directly comparable financial measure under
Portfolio Operations
The Company reported that its total portfolio as of December 31, 2024 contained 5.6 million net rentable square feet and was
Same Store Cash NOI increased
Leasing Activity
The Company's total leasing activity during the fourth quarter of 2024 was approximately 205,000 square feet, which included 81,000 square feet of new leasing and 124,000 square feet of renewals. Approximately 153,000 square feet of leases signed within the quarter are expected to take occupancy subsequent to quarter end. The Company's total leasing activity during the twelve months ended December 31, 2024 was approximately 806,000 square feet, which represents a
New Leasing – New leases were signed with a weighted average lease term of 6.1 years at a weighted average effective annual rent of
Renewal Leasing – Renewal leases were signed with a weighted average lease term of 4.4 years at a weighted average effective annual rent of
Capital Structure
As of December 31, 2024, the Company had total principal outstanding debt of approximately
Disposition of Real Estate
Subsequent to quarter end, the Company completed the disposition of the Superior Pointe property in
Dividends
On December 13, 2024, the Company's Board of Directors approved and the Company declared a cash dividend of
On December 13, 2024, the Company's Board of Directors approved and the Company declared a cash dividend of
2025 Outlook
For 2025, the Company expects Core FFO per fully diluted share to be in the range of
The outlook includes the following assumptions:
Full Year 2025 Guidance | Low | High |
Net Operating Income | ||
General & Administrative Expenses | ||
Interest Expense | ||
2025 Core FFO per fully diluted share | ||
Same Store Cash NOI Change | 2.5 % | 4.5 % |
December 31, 2025 Occupancy | 85.0 % | 87.0 % |
Material Considerations:
- Guidance includes the disposition of Superior Pointe in
Denver , which closed in January 2025. There are no additional acquisitions or dispositions assumed in the 2025 guidance. - The General & Administrative Expenses guidance includes approximately
$3.4 million $11.1 million $12.1 million - Annual weighted average fully diluted shares of common stock outstanding are assumed to be approximately 41.7 million.
- 2025 guidance assumes no share issuances and no share repurchase activity.
The Company's guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company's filings with the United States Securities and Exchange Commission. This outlook reflects management's view of current and future market conditions, including assumptions such as timing and magnitude of future acquisitions and dispositions, if any, rental rates, occupancy levels, leasing activity, our ability to renew expiring leases, uncollectible rents, operating and general administrative expenses, weighted average diluted shares outstanding and rising interest rates. The Company reminds investors that the impacts of the work-from-home trend, inflation and general market conditions are uncertain and impossible to predict. See "Forward-looking Statements" below.
Webcast and Conference Call Details
City Office's management will hold a conference call at 11:00 am Eastern Time on February 20, 2025.
The webcast will be available under the "Investor Relations" section of the Company's website at www.cioreit.com. The conference call can be accessed by dialing 1-833-470-1428 for domestic callers and 1-404-975-4839 for international callers. The passcode for the conference call is 290040.
A replay of the call will be available later in the day on February 20, 2025, continuing through May 21, 2025 and can be accessed by dialing 1-866-813-9403 for domestic callers and 1-929-458-6194 for international callers. The passcode for the replay is 860763. A replay will also be available for twelve months following the call at "Webcasts & Events" in the "Investor Relations" section of the Company's website.
A supplemental financial information package to accompany the discussion of the results will be posted on www.cioreit.com under the "Investor Relations" section.
Non-GAAP Financial Measures
Funds from Operations ("FFO") – The National Association of Real Estate Investment Trusts ("NAREIT") states FFO should represent net income or loss (computed in accordance with GAAP) plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments of unconsolidated partnerships and joint ventures, gains or losses on the sale of property and impairments to real estate.
The Company uses FFO as a supplemental performance measure because the Company believes that FFO is beneficial to investors as a starting point in measuring the Company's operational performance. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company's operating performance with that of other REITs.
However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company's properties, all of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company's performance.
Core Funds from Operations ("Core FFO") – We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We also exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of earn-outs, changes in the fair value of contingent consideration and the amortization of stock based compensation.
We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company's Core FFO may not be comparable to such other REITs' Core FFO.
Adjusted Funds from Operations ("AFFO") – We compute AFFO by adding to Core FFO the non-cash amortization of deferred financing fees and non-real estate depreciation, and then subtracting cash paid for recurring tenant improvements, leasing commissions, and capital expenditures, and eliminating the net effect of straight-line rent / expense, deferred market rent and debt fair value amortization. Recurring capital expenditures exclude development / redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We exclude certain first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned at acquisition. We have further excluded all costs associated with tenant improvements, leasing commissions and capital expenditures which were funded by the entity contributing the properties at closing.
Along with FFO and Core FFO, we believe AFFO provides investors with appropriate supplemental information to evaluate the ongoing operations of the Company. Other equity REITs may calculate AFFO differently, and, accordingly, the Company's AFFO may not be comparable to such other REITs' AFFO.
Net Operating Income ("NOI") – We define NOI as rental and other revenues less property operating expenses.
We consider NOI to be an appropriate supplemental performance measure to net income because we believe it provides information useful in understanding the core operations and operating performance of our portfolio.
Same Store Net Operating Income ("Same Store NOI") and Same Store Cash Net Operating Income ("Same Store Cash NOI") – Same Store NOI is calculated as the NOI attributable to the properties continuously owned and operated for the entirety of the reporting periods presented, and Same Store Cash NOI is calculated as Same Store NOI less non-recurring other income, termination fee income, straight-line rent / expense, deferred market rent and the non-controlling interest's share of cash NOI. The Company's definitions of Same Store NOI and Same Store Cash NOI exclude properties that were not stabilized during both of the applicable reporting periods. These exclusions may include, but are not limited to, acquisitions, dispositions and properties undergoing repositioning or significant renovations.
We believe Same Store NOI and Same Store Cash NOI are important measures of comparison because each allows for comparison of operating results of stabilized properties owned and operated for the entirety of both applicable periods and therefore eliminates variations caused by acquisitions, dispositions or repositionings during such periods. Other REITs may calculate Same Store NOI and Same Store Cash NOI differently and our calculation should not be compared to that of other REITs.
Forward-looking Statements
This press release 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 press release, 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 projected capital resources, projected profitability and portfolio performance, estimates or developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include those pertaining to expectations regarding our financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, including the impact of inflation, estimated replacement costs of our properties, the Company's expectations regarding tenant occupancy, re-leasing periods, the Company's ability to renew expiring leases, tenant compliance with contractual lease obligations, projected capital improvements, expected sources of financing and ability to service existing financing, 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, anticipated near-term acquisitions and descriptions relating to these expectations, including, without limitation, the anticipated net operating income yield and cap rates, lower than expected yields, increased interest rates, operating costs and costs of capital, 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 press release are based on management's beliefs and assumptions made by, and information currently available to, management.
The forward-looking statements contained in this press release are based on historical performance and management's current plans, estimates and expectations in light of information currently available to us and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described above, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in our news releases and filings with the SEC, including but not limited to those described in our Annual Report on Form 10-K for the year ended December 31, 2024 under the heading "Risk Factors" and in our subsequent reports filed with the SEC, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, our actual results may vary in material respects from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this press release are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of December 31, 2024 or relate to the quarter ended December 31, 2024. We undertake 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.
City Office REIT, Inc. Consolidated Balance Sheets
(In thousands, except par value and share data) | |||
December 31, 2024 | December 31, | ||
Assets | |||
Real estate properties | |||
Land | $ 190,372 | $ 193,524 | |
Building and improvement | 1,169,793 | 1,194,819 | |
Tenant improvement | 163,569 | 152,540 | |
Furniture, fixtures and equipment | 1,368 | 820 | |
1,525,102 | 1,541,703 | ||
Accumulated depreciation | (251,956) | (218,628) | |
1,273,146 | 1,323,075 | ||
Cash and cash equivalents | 18,886 | 30,082 | |
Restricted cash | 15,073 | 13,310 | |
Rents receivable, net | 52,311 | 53,454 | |
Deferred leasing costs, net | 25,291 | 21,046 | |
Acquired lease intangible assets, net | 34,631 | 42,434 | |
Other assets | 23,744 | 27,975 | |
Assets held for sale | 12,588 | - | |
Total Assets | $ 1,455,670 | $ 1,511,376 | |
Liabilities and Equity | |||
Liabilities: | |||
Debt | $ 646,972 | $ 669,510 | |
Accounts payable and accrued liabilities | 34,535 | 29,070 | |
Deferred rent | 7,010 | 7,672 | |
Tenant rent deposits | 7,257 | 7,198 | |
Acquired lease intangible liabilities, net | 6,301 | 7,736 | |
Other liabilities | 16,879 | 17,557 | |
Liabilities related to assets held for sale | 2,176 | - | |
Total Liabilities | 721,130 | 738,743 | |
Commitments and Contingencies | |||
Equity: | |||
| 112,000 | 112,000 | |
Common stock, | 401 | 399 | |
Additional paid-in capital | 442,329 | 438,867 | |
Retained earnings | 179,838 | 221,213 | |
Accumulated other comprehensive loss | (713) | (248) | |
Total Stockholders' Equity | 733,855 | 772,231 | |
Non-controlling interests in properties | 685 | 402 | |
Total Equity | 734,540 | 772,633 | |
Total Liabilities and Equity | $ 1,455,670 | $ 1,511,376 | |
City Office REIT, Inc. Consolidated Statements of Operations
(In thousands, except per share data) | |||||||
Three Months Ended | Years Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Rental and other revenues | $ 41,919 | $ 44,321 | $ 171,126 | $ 179,096 | |||
Operating expenses: | |||||||
Property operating expenses | 16,440 | 17,387 | 69,460 | 69,997 | |||
General and administrative | 3,880 | 3,878 | 15,201 | 14,841 | |||
Depreciation and amortization | 14,881 | 17,192 | 59,321 | 62,987 | |||
Impairment of real estate | 8,463 | - | 8,463 | - | |||
Total operating expenses | 43,664 | 38,457 | 152,445 | 147,825 | |||
Operating income | (1,745) | 5,864 | 18,681 | 31,271 | |||
Interest expense: | |||||||
Contractual interest expense | (8,458) | (8,069) | (32,960) | (31,876) | |||
Amortization of deferred financing costs and debt fair | (353) | (317) | (1,384) | (1,296) | |||
(8,811) | (8,386) | (34,344) | (33,172) | ||||
Net loss on disposition of real estate property | - | - | (1,462) | (134) | |||
Net loss | (10,556) | (2,522) | (17,125) | (2,035) | |||
Less: | |||||||
Net income attributable to non-controlling interests in | (144) | (141) | (555) | (647) | |||
Net loss attributable to the Company | (10,700) | (2,663) | (17,680) | (2,682) | |||
Preferred stock distributions | (1,855) | (1,855) | (7,420) | (7,420) | |||
Net loss attributable to common stockholders | $ (12,555) | $ (4,518) | $ (25,100) | $ (10,102) | |||
Net loss per common share: | |||||||
Basic | $ (0.31) | $ (0.11) | $ (0.63) | $ (0.25) | |||
Diluted | $ (0.31) | $ (0.11) | $ (0.63) | $ (0.25) | |||
Weighted average common shares outstanding: | |||||||
Basic | 40,154 | 39,938 | 40,140 | 39,922 | |||
Diluted | 40,154 | 39,938 | 40,140 | 39,922 | |||
Dividend distributions declared per common share | $ 0.10 | $ 0.10 | $ 0.40 | $ 0.50 | |||
City Office REIT, Inc. Reconciliation of Net Income to FFO, Core FFO and AFFO (Unaudited)
(In thousands, except per share data) | |
Three Months Ended December 31, 2024 | |
Net loss attributable to common stockholders | $ (12,555) |
(+) Depreciation and amortization | 14,881 |
(+) Impairment of real estate | 8,463 |
10,789 | |
Non-controlling interests in properties: | |
(+) Share of net income | 144 |
(-) Share of FFO | (300) |
FFO attributable to common stockholders | $ 10,633 |
(+) Stock based compensation | 1,084 |
Core FFO attributable to common stockholders | $ 11,717 |
(-) Net recurring straight-line rent/expense adjustment | (10) |
(-) Net amortization of above and below market leases | (26) |
(+) Net amortization of deferred financing costs and debt fair value | 351 |
(-) Net recurring tenant improvements and incentives | (1,701) |
(-) Net recurring leasing commissions | (3,203) |
(-) Net recurring capital expenditures | (2,854) |
AFFO attributable to common stockholders | $ 4,274 |
FFO per common share | $ 0.26 |
Core FFO per common share | $ 0.28 |
AFFO per common share | $ 0.10 |
Dividends distributions declared per common share | $ 0.10 |
FFO Payout Ratio | 39 % |
Core FFO Payout Ratio | 35 % |
AFFO Payout Ratio | 97 % |
Weighted average common shares outstanding - diluted | 41,283 |
City Office REIT, Inc Reconciliation of Rental and Other Revenues to Same Store NOI and Same Store Cash NOI (Unaudited)
(In thousands) | |||||||
Three Months Ended | Years Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Rental and other revenues | $ 41,919 | $ 44,321 | $ 171,126 | $ 179,096 | |||
Property operating expenses | 16,440 | 17,387 | 69,460 | 69,997 | |||
Net operating income ("NOI") | $ 25,479 | $ 26,934 | $ 101,666 | $ 109,099 | |||
Less: NOI of properties not included in same store | (1,648) | (2,276) | (5,830) | (8,802) | |||
Same store NOI | $ 23,831 | $ 24,658 | $ 95,836 | $ 100,297 | |||
Less: | |||||||
Non-recurring other income | - | (2,005) | - | (2,005) | |||
Termination fee income | (22) | (22) | (1,011) | (98) | |||
Straight-line rent/expense adjustment | 219 | (387) | 887 | (3,734) | |||
Above and below market leases | (18) | 996 | (90) | 1,056 | |||
NCI in properties – share in cash NOI | (384) | (372) | (1,593) | (1,586) | |||
Same store cash NOI | $ 23,626 | $ 22,868 | $ 94,029 | $ 93,930 | |||
City Office REIT, Inc Reconciliation of Net Income to Core FFO Guidance (Unaudited)
(In thousands, except per share data) | ||||
Full Year 2025 Outlook | ||||
Low | High | |||
Net loss attributable to common stockholders | $ (17,200) | $ (16,700) | ||
(+) Depreciation and amortization | 60,000 | 61,000 | ||
(-) Non-controlling interests in properties | (200) | (200) | ||
FFO attributable to common stockholders | $ 42,600 | $ 44,100 | ||
(+) Stock based compensation | 3,400 | 3,400 | ||
Core FFO attributable to common stockholders | $ 46,000 | $ 47,500 | ||
FFO per common share | $ 1.02 | $ 1.06 | ||
Core FFO per common share | $ 1.10 | $ 1.14 | ||
Weighted average shares of common stock | 41,700 | 41,700 | ||
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.
FAQ
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