VANCOUVER, May 3, 2024 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) (the "Company," "City Office," "we" or "our") today announced its results for the quarter ended March 31, 2024. First Quarter Highlights Rental and other revenues were $44.5 million. GAAP net loss attributable to common stockholders was approximately $2.4 million, or ($0.06) per fully diluted share; Core FFO was approximately $13.5 million, or $0.33 per fully diluted share; AFFO was approximately $9.1 million, or $0.22 per fully dilu ...

VANCOUVER, March 15, 2024 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office," "CIO" or the "Company") announced today that its Board of Directors has authorized a quarterly dividend amount of $0.10 per share of common stock and common unit of partnership interest for the first quarter of 2024. Additionally, the Board of Directors authorized a regular quarterly dividend of $0.4140625 per share of the Company's 6.625% Series A Cumulative Redeemable Preferred Stock.  The dividends will be payabl ...

John Webb/iStock via Getty Images This article was coproduced with Leo Nelissen. I don’t think anyone has ever used “dumpster diving” in a positive context. However, did you know some people make decent money dumpster diving? Last year, Business Insider published an article with the interesting title: “We met dumpster diving 14 years ago and now make up to $3,000 a month selling our trash treasures.” $3,000 a month is $36,000 a year. The median household income in the U.S. is roughly $74,600. However, i ...

Alex Potemkin/iStock via Getty Images City Office REIT's (NYSE:CIO) preferreds (NYSE:CIO.PR.A) are a buy and I've taken a significant position after first considering the commons when I last covered the internally managed office REIT. While rising office vacancies across the US will continue to form a fundamental headwind for office owners, CIO's fiscal 2023 fourth quarter occupancy rate at 84.5% remains healthy albeit dipping by roughly 90 basis points sequentially. Critically, the dip was mainly led b ...

Financial Data and Key Metrics - Total debt as of December 31 was $670 million, with net debt to EBITDA at 6.6x [7] - Cash and restricted cash stood at $43 million as of quarter-end [7] - Core FFO per share for 2023 was $1.39, within the guidance range, with a total AFFO payout ratio of 66% [40] - Fourth quarter NOI was $26.9 million, $300k higher than Q3, impacted by $1.4 million write-off related to WeWork lease at Block 23 [30][69] - Same-store cash NOI grew by 3% for 2023 compared to the prior year, but Q4 same-store cash NOI was down 0.5% year-over-year [70] Business Line Data and Key Metrics - Executed 599,000 square feet of new and renewal leasing in 2023, with Q4 seeing 109,000 square feet of new leases, the highest in 2023 [23] - Portfolio occupancy ended the year at 84.5%, with 114,000 square feet of signed leases not yet commenced [32] - Retention rate in Q4 was 21%, significantly impacted by 70,000 square feet of lease departures in Portland [32] - Spec suite and vacancy conditioning program investments totaled $900,000 in Q4, or $0.02 per share [31] Market Data and Key Metrics - Office market sales volumes in 2023 were down 57% year-over-year, with many transactions aided by seller financing or assumable debt [24] - New office construction in Q4 2023 was the lowest in over 20 years, with most projects being build-to-suit or pre-leased [25] - Subleasing is moderating, with Q4 indicating a decrease in sublease availability across many office markets [25] - 60% of total office vacancy is concentrated in just 10% of buildings, with demand highest for premier, well-located buildings [43] Company Strategy and Industry Competition - Focus on leasing to drive cash flow and enhance borrowing capacity [1] - Prioritizing liquidity, capital protection, and prudent debt maturity management [29] - Advancing spec suite and property renovation programs to align with market demands [46] - Exploring creative ways to unlock value at properties, including potential asset sales or unique buyer opportunities [82] Management Commentary on Operating Environment and Future Outlook - Corporate return-to-office policies are gaining momentum, with major companies requiring employees to attend the office at least three days a week [13][42] - Leasing momentum from Q4 2023 carried into 2024, with a pipeline exceeding 200,000 square feet, including larger corporate tenants [26] - Challenges in the investment sales market and frozen debt capital for new originations are being closely monitored [24] - 2024 guidance assumes no acquisitions, $21 million in dispositions, and a core FFO per share range of $1.18 to $1.22 [51][73] Other Important Information - WeWork lease at Block 23 was rejected, with $1 million letter of credit being drawn against costs and lost income [6] - Negotiations with a high-quality co-working operator for Block 23 are in late stages [6] - WeWork withheld rent payments at Block 23 and Terraces, but agreed to repay overdue amounts by end of February [45] - Cascade Station property in Portland may transition back to the lender due to challenging market conditions [71] Q&A Session Summary Question: Cascade Station marketability and impact on occupancy [53] - Response: Cascade Station is a small asset (128,000 square feet), and its exit is expected mid-2024, with a slight uptick in occupancy by year-end [54] Question: Same-store cash NOI growth expectations for 2024 [55] - Response: Same-store cash NOI is expected to be flat in 2024, with new leasing offsetting negatives from lease departures [56][76] Question: Leasing momentum and market trends [9] - Response: Leasing momentum is driven by larger corporate tenants, with active negotiations for four leases averaging over 40,000 square feet each [26][58] Question: Potential transition of WeWork space at Block 23 to a corporate tenant [80] - Response: Transitioning to a corporate tenant is possible, but continuing as a co-working space is the logical choice due to existing build-out [62] Question: Asset sales and leverage reduction [63] - Response: Selling assets in the current environment is challenging due to limited buyers and frozen debt markets, but the company remains open to compelling opportunities [64][65] Question: Mortgage assumptions and market activity [66] - Response: Assumable mortgages are complex, and muted activity is expected until debt markets open up [83]

❑ Acquisition of three properties in Raleigh, Phoenix and Dallas for $614 million in December 2021 enhanced and diversified the portfolio 2525 McKinnon Dallas, TX Irreplaceable location in the heart of Uptown The Terraces Dallas, TX New building in desirable Preston Center The Square Phoenix, AZ Irreplaceable location in Old Town Scottsdale OVER $560 MILLION OF GAINS ACROSS 11 DISPOSITIONS Lake Vista Pointe, Dallas $33.01 $19.78 SUCCESSFUL EXECUTION ON PROPERTY REPOSITIONINGS ACTIVE STEPS TO POSITION FOR LO ...

City Office REIT (CIO) came out with quarterly funds from operations (FFO) of $0.33 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.38 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.33 per share when it actually produced FFO of $0.34, delivering a surprise of 3.03%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.City Of ...

In addition, because the yields available from equity investments in real estate depend in large part on the amount of rental income earned, as well as property operating expenses and other costs incurred, a period of economic slowdown or recession, or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults among our existing leases, and, consequently, our properties, including any held by ...

Exhibit 99.1 City Office REIT Reports Fourth Quarter and Full Year 2023 Results VANCOUVER— February 22, 2024 —City Office REIT, Inc. (NYSE: CIO) (the "Company," "City Office," "we" or "our") today announced its results for the quarter and full year ended December 31, 2023. Fourth Quarter Highlights "We are seeing positive signs that leasing activity is gathering momentum, especially across our premium properties and locations," commented James Farrar, the Company's Chief Executive Officer. "The new leasing ...

VANCOUVER, Jan. 26, 2024 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("the Company"), today announced the tax treatment of its 2023 distributions to holders of the Company's common stock and 6.625% Series A Cumulative Redeemable Preferred Stock ("Preferred Stock").  The tax information provided below should not be construed as tax advice and shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of the Company's distributions. This information is being provi ...