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Sep 30, 2021
City Office Q3 2021 Earnings Report
Reported results for the quarter ended September 30, 2021.
Key Takeaways
City Office REIT reported rental and other revenues of $44.9 million for the third quarter of 2021. The company entered into agreements to sell its life science portfolio in San Diego for $576.0 million. Same Store Cash NOI increased 1.4% compared to the third quarter of 2020.
Rental and other revenues were $44.9 million.
GAAP net loss attributable to common stockholders was approximately $1.0 million, or $(0.02) per fully diluted share.
Core FFO was approximately $14.1 million, or $0.32 per fully diluted share.
Entered into agreements to sell the Company’s life science portfolio in San Diego, California for an aggregate gross sale price of $576.0 million.
City Office
City Office
Forward Guidance
The Company is updating its full year 2021 guidance based on year-to-date performance and its expectations for the remainder of the year. The sale transactions for the Sorrento Mesa portfolio are not expected to have a material impact on 2021 guidance, as the closings are not scheduled to occur until December 2021.