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Sep 30, 2023
City Office Q3 2023 Earnings Report
City Office REIT reported mixed results for Q3 2023, with revenue declining slightly but Same Store Cash NOI increasing.
Key Takeaways
City Office REIT reported a decrease in rental and other revenues to $44.2 million. The company experienced a GAAP net loss of $1.9 million, or ($0.05) per share. Core FFO was $13.7 million, or $0.34 per share, and AFFO was $6.3 million, or $0.15 per share. Same Store Cash NOI increased by 2.2% compared to the same quarter last year.
Rental and other revenues reached $44.2 million.
GAAP net loss was $1.9 million, or ($0.05) per share.
Core FFO amounted to $13.7 million, or $0.34 per share.
Same Store Cash NOI increased by 2.2% compared to Q3 2022.
City Office
City Office
Forward Guidance
City Office REIT reiterated its full-year 2023 guidance, which is based on current plans and assumptions and subject to risks and uncertainties.
Positive Outlook
- Guidance is based on current plans and assumptions.
- Company's view of current and future market conditions.
- Assumptions on timing and magnitude of future acquisitions and dispositions.
- Expectations for rental rates and occupancy levels.
- Ability to renew expiring leases.
Challenges Ahead
- Impacts of the COVID-19 pandemic are uncertain.
- Inflation may have unpredictable effects.
- General market conditions are uncertain.
- Guidance is subject to risks and uncertainties described in the Company's filings with the SEC.
- Rising interest rates may impact performance.