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Dec 31, 2020
City Office Q4 2020 Earnings Report
City Office reported strong Q4 and full year results, driven by operational execution and opportunistic capital allocation.
Key Takeaways
City Office REIT reported rental and other revenues of $39.8 million. GAAP net loss attributable to common stockholders was approximately $1.5 million, or $(0.03) per fully diluted share. Core FFO was approximately $14.1 million, or $0.32 per fully diluted share. AFFO was approximately $7.5 million, or $0.17 per fully diluted share.
Rental and other revenues were $39.8 million.
GAAP net loss attributable to common stockholders was approximately $1.5 million, or $(0.03) per fully diluted share.
Core FFO was approximately $14.1 million, or $0.32 per fully diluted share.
AFFO was approximately $7.5 million, or $0.17 per fully diluted share.
City Office
City Office
Forward Guidance
For full year 2021, the Company expects Core FFO in the range of $1.20 to $1.24 per diluted share.
Positive Outlook
- Office utilization will continue to increase as vaccination levels rise, particularly towards the end of 2021.
- Expect improving fundamentals towards the back half of the year
- Company expects Core FFO in the range of $1.20 to $1.24 per diluted share.
Challenges Ahead
- Significant economic uncertainty continues to exist due to the COVID-19 pandemic.
- Core FFO range is impacted by the sale of the Cherry Creek property
- Guidance is based on current plans and assumptions and subject to the risks and uncertainties