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Dec 31, 2021
City Office Q4 2021 Earnings Report
Reported results for the quarter and full year ended December 31, 2021.
Key Takeaways
City Office REIT reported rental and other revenues of $39.7 million and GAAP net income attributable to common stockholders of approximately $431.2 million, or $9.76 per fully diluted share for Q4 2021. The company closed the disposition of the Sorrento Mesa portfolio in San Diego for $576.0 million and completed the acquisition of $613.5 million of premier office properties.
Rental and other revenues were $39.7 million.
GAAP net income attributable to common stockholders was approximately $431.2 million, or $9.76 per fully diluted share
Core FFO was approximately $15.8 million, or $0.36 per fully diluted share
Closed the disposition of the Sorrento Mesa portfolio in San Diego, California for a gross sale price of $576.0 million, generating a gain on sale of $429.3 million
City Office
City Office
Forward Guidance
The midpoint of 2022 Core FFO per diluted share expectations represents a 16% increase over the actual 2021 Core FFO per diluted share. Same Store Cash NOI Change expectations are most heavily impacted by a significant signed lease with a free rent period and lower projected average occupancy as compared to the prior year.