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Mar 31, 2020
City Office Q1 2020 Earnings Report
Reported first quarter results, demonstrating portfolio strength amidst COVID-19 challenges.
Key Takeaways
City Office REIT reported a GAAP net loss attributable to common stockholders of approximately $1.0 million, or ($0.02) per fully diluted share for the first quarter of 2020. Despite the uncertain operating environment, Same Store Cash NOI increased by 4.1% compared to the first quarter of 2019, and in-place occupancy closed the quarter at 92.2%.
GAAP net loss attributable to common stockholders was approximately $1.0 million, or ($0.02) per fully diluted share.
Core FFO was approximately $14.3 million, or $0.26 per fully diluted share.
AFFO was approximately $7.9 million, or $0.14 per fully diluted share.
Same Store Cash NOI increased 4.1% as compared to the first quarter of 2019.
City Office
City Office
Forward Guidance
The Company is updating its full year 2020 guidance based on year-to-date performance and its expectations for the remainder of the year.
Positive Outlook
- Lower interest expense.
- Lower expected weighted average fully diluted shares outstanding due to the share repurchase program.
Challenges Ahead
- 2020 Core FFO per diluted share expectations were lowered by eliminating anticipated acquisition activity.
- 2020 Core FFO per diluted share expectations were lowered by removing future leasing assumptions for vacant space.
- 2020 Core FFO per diluted share expectations were lowered by establishing a provision for uncollectible rents associated with the anticipated impacts of COVID-19.