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Jun 30, 2022
City Office Q2 2022 Earnings Report
Reported results for the quarter ended June 30, 2022.
Key Takeaways
City Office REIT reported rental and other revenues of $45.5 million and a GAAP net income attributable to common stockholders of approximately $1.0 million, or $0.02 per fully diluted share for the second quarter of 2022. The company closed the disposition of the Lake Vista Pointe property in Dallas, Texas for a gross sales price of $43.8 million, generating a gain on sale of $21.7 million.
Rental and other revenues were $45.5 million.
GAAP net income attributable to common stockholders was approximately $1.0 million, or $0.02 per fully diluted share.
Core FFO was approximately $17.6 million, or $0.40 per fully diluted share.
Closed the disposition of the Lake Vista Pointe property in Dallas, Texas for a gross sales price of $43.8 million, generating a gain on sale of $21.7 million.
City Office
City Office
Forward Guidance
The Company is updating its 2022 guidance based on year-to-date performance and its expectations for the remainder of the year. The midpoint of full year 2022 Core FFO per share expectations has been adjusted downward by $0.025 per share.
Positive Outlook
- The accretion generated from the share repurchase program.
Challenges Ahead
- Projected interest expense has increased due to higher forecasted interest rates on the floating rate portion of the Company’s unsecured credit facility as well as higher outstanding debt from the share repurchase program.
- 2022 Net Operating Income is also expected to be lower primarily due to the timing of certain leasing assumptions.