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Jun 30, 2020
City Office Q2 2020 Earnings Report
Reported results for the quarter ended June 30, 2020.
Key Takeaways
City Office REIT reported a GAAP net loss attributable to common stockholders of approximately $1.4 million, or ($0.03) per fully diluted share. Core FFO was approximately $14.1 million, or $0.29 per fully diluted share, and AFFO was approximately $6.6 million, or $0.14 per fully diluted share. The company collected over 99% of second quarter contractual base rent and Same Store Cash NOI increased 2.3% as compared to the second quarter of 2019.
GAAP net loss attributable to common stockholders was approximately $1.4 million, or ($0.03) per fully diluted share.
Core FFO was approximately $14.1 million, or $0.29 per fully diluted share.
AFFO was approximately $6.6 million, or $0.14 per fully diluted share.
Same Store Cash NOI increased 2.3% as compared to the second quarter of 2019.
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. 2020 Core FFO per diluted share expectations were increased primarily by a reduced provision for uncollectible rents for the balance of the year and the impact of the termination fee income from the Cherry Creek property.
Positive Outlook
- Reduced provision for uncollectible rents for the balance of the year.
- Impact of the termination fee income from the Cherry Creek property.
Challenges Ahead
- We remain cautious about the continued economic impact of the pandemic.
- Effect it will have on our operations and tenants.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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