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Dec 31, 2022
City Office Q4 2022 Earnings Report
City Office reported mixed results in Q4 2022, with revenue growth offset by a net loss and impairment charges.
Key Takeaways
City Office REIT reported Q4 2022 rental and other revenues of $44.6 million. However, the company experienced a GAAP net loss attributable to common stockholders of approximately $14.3 million, or ($0.36) per fully diluted share, impacted by a $13.4 million impairment of real estate. Core FFO was $15.4 million, or $0.38 per fully diluted share, and AFFO was $5.0 million, or $0.12 per fully diluted share.
Rental and other revenues reached $44.6 million.
GAAP net loss attributable to common stockholders was $14.3 million, or ($0.36) per fully diluted share.
Core FFO amounted to $15.4 million, or $0.38 per fully diluted share.
AFFO was $5.0 million, or $0.12 per fully diluted share.
City Office
City Office
Forward Guidance
The Company is introducing its full year 2023 guidance. 2023 guidance assumes no share issuances and no share repurchase activity. Further, guidance does include the impact of a modest amount of speculative leasing, generally weighted towards the second half of the year.