Loading...
•
Mar 31, 2024
City Office Q1 2024 Earnings Report
Reported first quarter results, aligning with expectations while renovations progressed to enhance property value.
Key Takeaways
City Office REIT reported rental and other revenues of $44.5 million for Q1 2024. The company experienced a GAAP net loss of $2.4 million, or ($0.06) per share, but achieved a Core FFO of $13.5 million, or $0.33 per share, and an AFFO of $9.1 million, or $0.22 per share. Leasing activity included 191,000 square feet of new and renewal leases.
Rental and other revenues reached $44.5 million.
GAAP net loss was approximately $2.4 million, or ($0.06) per share.
Core FFO was approximately $13.5 million, or $0.33 per share.
AFFO was approximately $9.1 million, or $0.22 per share.
City Office
City Office
Forward Guidance
The company's outlook for full year 2024 remains unchanged except for the expectation that the Company will take back portions of WeWork leased spaces at the Terraces property in Dallas and the Bloc 83 property in Raleigh. The impact of these pending lease modifications, assuming they are completed, are expected to reduce Core FFO in 2024 by $1.8 million or $0.04 per fully diluted share.