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Jun 30, 2023
City Office Q2 2023 Earnings Report
Second quarter results reported, with rental revenue of $44.6 million and Same Store Cash NOI increased 7.5%.
Key Takeaways
City Office REIT reported second quarter results with a focus on premium properties in Sun Belt cities. Operationally, the company completed 224,000 square feet of leasing and achieved a 7.5% Same Store Cash NOI growth rate. The company narrowed its 2023 guidance ranges based on expectations for the balance of the year.
Rental and other revenues were $44.6 million.
GAAP net loss attributable to common stockholders was approximately $2.5 million, or ($0.06) per fully diluted share.
Core FFO was approximately $14.2 million, or $0.35 per fully diluted share.
Same Store Cash NOI increased 7.5% as compared to the second quarter of 2022.
City Office
City Office
Forward Guidance
The Company is updating its 2023 guidance based on year-to-date performance and its expectations for the remainder of the year. The updated Core FFO per diluted share expectations are primarily a result of reduced speculative leasing assumptions for the second half of the year.