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Dec 31, 2024
City Office Q4 2024 Earnings Report
City Office's financial performance remained stable, marked by increased occupancy and positive cash NOI.
Key Takeaways
City Office REIT reported rental and other revenues of $41.9 million. The company's portfolio occupancy increased to 85.4%, with a 3.3% increase in Same Store Cash NOI compared to the fourth quarter of the previous year. A dividend of $0.10 per share of common stock was declared.
Rental and other revenues reached $41.9 million.
Portfolio occupancy increased to 85.4%.
Same Store Cash NOI increased by 3.3% compared to Q4 2023.
A dividend of $0.10 per share of common stock was declared.
City Office
City Office
Forward Guidance
For 2025, the Company expects Core FFO per fully diluted share to be in the range of $1.10 to $1.14. The Company expects an increase in portfolio occupancy at year-end 2025 compared to year-end 2024 and anticipates positive Same Store Cash NOI growth.
Positive Outlook
- Core FFO per fully diluted share is expected to be in the range of $1.10 to $1.14.
- Portfolio occupancy is expected to increase at year-end 2025 compared to year-end 2024.
- Positive Same Store Cash NOI growth is anticipated.
- Net Operating Income is projected between $102.5M and $104.5M.
- Occupancy is expected to be between 85.0% and 87.0%.
Challenges Ahead
- General & Administrative Expenses are projected between $14.5M and $15.5M.
- Interest Expense is projected between $37.0M and $38.0M.
- Guidance includes the disposition of Superior Pointe in Denver.
- Guidance assumes no share issuances and no share repurchase activity.
- The impacts of the work-from-home trend, inflation and general market conditions are uncertain and impossible to predict.