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Sep 30, 2024
City Office Q3 2024 Earnings Report
Reported third quarter results, highlighting revenue, occupancy, and leasing activity.
Key Takeaways
City Office REIT reported rental and other revenues of $42.4 million. The company's portfolio was 83.4% occupied, or 87.0% including signed leases not yet occupied. They executed approximately 141,000 square feet of new and renewal leases during the quarter.
Rental and other revenues were $42.4 million.
In-place occupancy was 83.4% as of quarter end, or 87.0% including signed leases not yet occupied.
Core FFO was approximately $11.1 million, or $0.27 per fully diluted share.
Executed approximately 141,000 square feet of new and renewal leases during the quarter.
Forward Guidance
Following City Office’s performance for the third quarter of 2024, the Company is updating its outlook for full year 2024 guidance. The updates include the expected impact of healthy leasing activity year-to-date driving expected occupancy increases in the fourth quarter of 2024.
Positive Outlook
- Expected occupancy increases in the fourth quarter of 2024.
- Full Year 2024 Net Operating Income between $101.5M and $102.0M
- Full Year 2024 Interest Expense between $34.0M and $35.0M
- December 31, 2024 Occupancy between 85.0 % and 86.0 %
- Full Year 2024 Core FFO per fully diluted share between $1.15 and $1.17
Historical Earnings Impact
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Avg. Return Before/After Earnings
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