Property Portfolio and Occupancy - As of September 30, 2024, the company owned 23 properties comprising 56 office buildings with a total of approximately 5.6 million square feet of net rentable area, with an occupancy rate of 83.4%[68] - The company reported that 13.0% of net rentable area was vacant as of September 30, 2024, a slight decrease from 13.7% a year earlier[72] - 2.3% of the company's leases are scheduled to expire over the remainder of the calendar year, without regard to renewal options[76] - As of September 30, 2024, approximately 16.7% of the net rentable area in the portfolio had early termination provisions, but no tenants exercised these provisions in 2024[76] - The company owned 23 properties with a total of approximately 5.6 million square feet of net rentable area (NRA) as of September 30, 2024[81] Financial Performance - For the three months ended September 30, 2024, total rental and other revenues decreased by $1.8 million, or 4%, to $42.4 million compared to $44.2 million for the same period in 2023[86] - Rental and other revenues decreased by $5.6 million, or 4%, to $129.2 million for the nine months ended September 30, 2024, from $134.8 million for the same period in 2023[92] - The company experienced a decrease in revenue at properties such as Intellicenter and 2525 McKinnon, attributed to lower occupancy rates[86] - The company reported a decrease in revenue due to the disposition of Cascade Station, which reduced revenue by $1.0 million[86] Operating Expenses - Total operating expenses increased by $0.3 million, or 1%, to $36.2 million for the three months ended September 30, 2024, from $35.9 million for the same period in 2023[88] - Property operating expenses increased by $0.2 million, or 1%, to $17.8 million for the three months ended September 30, 2024[88] - Total operating expenses decreased by $0.6 million, or 1%, to $108.8 million for the nine months ended September 30, 2024, from $109.4 million for the same period in 2023[93] - Property operating expenses increased by $0.4 million, or 1%, to $53.0 million for the nine months ended September 30, 2024, from $52.6 million for the same period in 2023[95] - General and administrative expenses increased by $0.3 million, or 7%, to $3.8 million for the three months ended September 30, 2024, compared to $3.5 million in the prior year period[89] Rental Rates and Tenant Retention - The average effective rent per square foot increased to $33.44, with new leasing at $33.91 and renewal leasing at $32.87[80] - The annualized average effective rent per square foot across all properties was $29.01[81] - The retention rate for tenants was reported at 42%[80] - The company aims to maintain or increase rental rates through rent escalation provisions in its leases, which are designed to provide annual growth in rental income[76] Economic and Market Conditions - The company has experienced slower new leasing activity due to evolving work-from-home trends, impacting anticipated rental revenues[73] - The company anticipates that the current economic environment, including inflation and interest rates, will continue to impact its operating activities and tenant demand[70] - The company anticipates continued positive population and economic growth in its Sun Belt markets, despite potential economic uncertainties[84] - The company focuses on acquiring office properties in growth markets predominantly in the Sun Belt, which are characterized by growing populations and above-average employment growth forecasts[75] - The company is actively evaluating business operations and strategies to adapt to current economic and industry conditions[75] Debt and Interest Rate Exposure - As of September 30, 2024, approximately $536.0 million, or 82.3%, of the company's debt had fixed interest rates, while $115.0 million, or 17.7%, had variable interest rates[121] - A 1% increase in SOFR would lead to a $1.2 million increase in annual interest costs on debt outstanding as of September 30, 2024[121] - Conversely, a 1% decrease in SOFR would result in a $1.2 million decrease in annual interest costs on debt outstanding as of September 30, 2024[121] - The company considers its interest rate exposure to be moderate due to the current capital structure[121] - The company utilizes derivative financial instruments to manage or hedge interest rate risks related to borrowings[120] - The fixed rate debt includes loans against which interest rate swaps have been applied, effectively fixing the SOFR component of borrowing rates[121] - Future debt issuances or borrowings under the Unsecured Credit Facility would incur increased interest costs with a 1% increase in SOFR[121] - The fair value of outstanding debt would decrease with a 1% increase in SOFR[121] - The company may take further actions to mitigate exposure to changes in interest rates, although specific actions and their effects are uncertain[122] - Interest rate risk estimates are based on hypothetical interest rates and do not account for changes in overall economic activity[122] Cash Flow and Financial Position - Net cash provided by operating activities increased by $1.8 million to $50.0 million for the nine months ended September 30, 2024, compared to $48.2 million for the same period in 2023[101] - Cash, cash equivalents, and restricted cash were $43.0 million as of September 30, 2024, down from $52.3 million as of September 30, 2023[100] - Depreciation and amortization decreased by $1.4 million, or 3%, to $44.4 million for the nine months ended September 30, 2024, from $45.8 million for the same period in 2023[97] - The company recognized a loss on deconsolidation of $1.5 million for the nine months ended September 30, 2024, compared to a loss of $0.1 million for the same period in 2023[99] - Net cash used in financing activities increased by $11.3 million to $20.6 million for the nine months ended September 30, 2024, compared to $9.3 million for the same period in 2023[104]

Exhibit 99.1 City Office REIT Reports Third Quarter 2024 Results VANCOUVER—October 31, 2024 —City Office REIT, Inc. (NYSE: CIO) (the "Company," "City Office," "we" or "our") today announced its results for the quarter ended September 30, 2024. Third Quarter Highlights • Rental and other revenues were $42.4 million. GAAP net loss attributable to common stockholders was approximately $4.5 million, or ($0.11) per fully diluted share; • Core FFO was approximately $11.1 million, or $0.27 per fully diluted share; ...

Core Insights - VersaBank has been recognized as a winner of the CIO Awards Canada for its innovative Capital Adequacy Requirement (CAR) project, which is essential for compliance with Canadian banking regulations [1][2][10] Group 1: Award Recognition - The award was presented to VersaBank's CIO, Wooi Koay, at a gala dinner in Toronto on September 25, 2024, highlighting the bank's commitment to technological innovation [1][5] - The CIO Awards Canada celebrate organizations that leverage IT to drive business growth and demonstrate significant business value [5][10] Group 2: Technological Innovation - VersaBank's CAR project involved migrating core CAR logic to a serverless cloud function, enhancing computing speed while maintaining the performance of its Asset Management System (AMS) [2][3] - The AMS is crucial for tracking assets and optimizing capital allocation to maximize returns on common equity [3] Group 3: Company Vision and Strategy - David Taylor, Founder and CEO of VersaBank, emphasized the bank's cloud-based, branchless model, which allows for efficient operations across North America [4][11] - The bank aims to replicate its success in Canada within the U.S. market, leveraging its proprietary technology to address underserved banking segments [4][11] Group 4: Market Position and Services - VersaBank operates primarily through electronic channels, benefiting from significant operating leverage that enhances efficiency and return on equity [11] - The bank recently launched a Receivable Purchase Program (RPP) targeting the U.S. market, building on its successful 15-year history in Canada [11]

China's slow post-Covid recovery could be a lasting headwind for its stock market. With the mainland's two largest indexes — the Shanghai Composite and the Shenzhen Composite — each negative so far in 2024, KraneShares Chief Investment Officer Brendan Ahern thinks government stimulus is necessary to kick-start the country's stock market performance. "Investors, particularly in mainland China … [are] looking for much, much stronger fiscal support from the government," he told CNBC's "ETF Edge" this week. "Th ...

Key Takeaways Ken Leech, the co-CIO of a Franklin Resources unit, took a leave of absence after receiving a Wells Notice from the Securities and Exchange Commission (SEC). The departure came as the company and federal regulators have been investigating certain past trade allocations in some Western Asset Management accounts. Western Asset said in light of Leech's exit, it has closed its Macro Opportunities fund in what it called the "best interests" of clients. Franklin Resources (BEN) was the worst-perform ...

Financial Data and Key Metrics Changes - The company's net operating income (NOI) for Q2 2024 was $24.9 million, which is $1.8 million lower than Q1 2024 due to lower occupancy and a $900,000 termination fee recognized in Q1 [13] - Core funds from operations (FFO) were reported at $11.5 million or $0.28 per share, a decrease of $2 million from Q1 2024, primarily driven by the decrease in NOI [13] - Adjusted funds from operations (AFFO) for Q2 2024 were $5.3 million or $0.13 per share, with a significant impact from a $1 million tenant improvement deduction related to a new lease [13] Business Line Data and Key Metrics Changes - New leasing activity increased to 162,000 square feet in Q2 2024, while total leasing activity rose to 269,000 square feet, marking the highest quarter of new leasing in the company's history [4] - The largest new lease was a 30,000 square foot lease with a strong credit energy tenant in Orlando, and a 24,000 square foot lease with a co-working operator in Phoenix [7] Market Data and Key Metrics Changes - The office leasing fundamentals have strengthened across markets, with a nationwide increase in tenant requirements by 28% year-over-year [5] - Sublease space has decreased for four consecutive quarters, indicating a tightening supply of high-quality lease space [5] Company Strategy and Development Direction - The company is focused on executing strategic property upgrades in key submarkets, with an investment of $9 million planned for four significant renovation projects [9] - There is an ongoing exploration of a mixed-use development opportunity at the City Center property in St. Petersburg, which could enhance shareholder value [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the office market still faces challenges, particularly a lack of liquidity in real estate transactions, but believes the pathway to long-term success is becoming clearer for quality properties [6] - The company reiterated its guidance for the year, expecting occupancy levels to increase in the last two quarters due to a significant number of signed leases [15] Other Important Information - The company has approximately $92 million undrawn and authorized on its credit facility and $43 million in cash and restricted cash as of June 30, 2024 [14] - The company completed the transfer of the Cascade Station property to the lender, reducing overall debt by approximately $21 million [15] Q&A Session Summary Question: Any additional known move-outs of consequence? - Management confirmed that there is only one significant known move-out of 72,000 square feet scheduled for January, which is the only known move-out greater than 30,000 square feet in the coming quarters [18] Question: How is the leasing pipeline looking for the back half of the year? - Management indicated that while there is a natural slowdown over the summer, the overall leasing requirements and discussions remain strong, particularly in Phoenix [19] Question: Thoughts on addressing debt in the current environment? - Management is exploring various options for debt placement and noted that the CMBS market is improving, allowing for more flexibility in financing [21]

Company Overview - City Office REIT owns a diversified portfolio of premier office properties in high-growth Sun Belt markets[4] - The portfolio comprises 56 buildings with 5567 thousands square feet of NRA[4] - The portfolio's in-place occupancy is 830% with a lease term remaining of 45 years[4] Financial Highlights and Outlook - Q2 2024 Core FFO per share was $028 and AFFO per share was $013[20] - The company executed 269000 square feet of new and renewal leases in Q2 2024[20] - Full year 2024 Net Operating Income is projected between $1015 million and $1035 million[20] - Full year 2024 Core FFO per Share is expected to be between $114 and $118[20] - The company anticipates December 31 2024 Occupancy to be between 835% and 855%[20] Portfolio and Strategy - CIO's 12 dispositions have generated $560 million of gains on sale[6,14] - The company's new leasing pipeline is over 200000 square feet as of August 1 2024[16] - The company has 48000 square feet of completed spec suites with approximately 30000 square feet under construction or planned for 2024[16]

TYSONS CORNER, Va. and PETAH TIKVA, Israel, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Cellebrite (NASDAQ: CLBT), a global leader in premier Digital Investigative solutions for the public and private sectors, today announced the appointment of Sigalit Shavit as Chief Information Officer (CIO) who begins her role today, August 1, 2024. Shavit joins the Company's Leadership Team, bringing with her more than 30 years of experience to Cellebrite's information technology and security team. In this newly established posit ...

分组1 - City Office REIT reported quarterly funds from operations (FFO) of $0.28 per share, missing the Zacks Consensus Estimate of $0.30 per share, and down from $0.35 per share a year ago, representing an FFO surprise of -6.67% [1] - The company posted revenues of $42.34 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2.15%, compared to year-ago revenues of $44.6 million [2] - City Office REIT shares have lost about 1% since the beginning of the year, while the S&P 500 has gained 15.8% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.27 on revenues of $42.31 million, and for the current fiscal year, it is $1.16 on revenues of $171.88 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 39% of over 250 Zacks industries, indicating that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Property Portfolio - As of June 30, 2024, the company owned 23 properties comprising 56 office buildings with a total of approximately 5.6 million square feet of net rentable area, and properties were approximately 83.0% leased[58] - As of June 30, 2024, 12.7% of net rentable area under the company's portfolio was vacant, a slight decrease from 13.0% as of June 30, 2023[61] - Approximately 17.3% of the net rentable area in the company's portfolio is subject to early termination provisions[64] - The overall occupancy rate across properties was 83.0% as of June 30, 2024[70] Financial Performance - For the three months ended June 30, 2024, rental and other revenues decreased by $2.3 million, or 5%, to $42.3 million compared to $44.6 million for the same period in 2023[75] - Rental and other revenues decreased by $3.8 million, or 4%, to $86.8 million for the six months ended June 30, 2024, compared to $90.6 million for the same period in 2023[82] - Total operating expenses decreased by $0.7 million, or 2%, to $36.0 million for the three months ended June 30, 2024, from $36.7 million for the same period in 2023[76] - Total operating expenses decreased by $0.9 million, or 1%, to $72.6 million for the six months ended June 30, 2024, from $73.5 million for the same period in 2023[84] - Interest expense increased by $0.3 million, or 2%, to $16.9 million for the six months ended June 30, 2024, from $16.6 million for the same period in 2023[86] - The company recognized a loss on deconsolidation of $1.5 million for the six months ended June 30, 2024, compared to a loss of $0.1 million for the same period in 2023[87] - Net cash provided by operating activities increased by $4.1 million to $31.7 million for the six months ended June 30, 2024, compared to $27.6 million for the same period in 2023[90] Leasing Activity - The company recorded a termination fee of $0.9 million during the period ended March 31, 2024, due to WeWork rejecting a lease totaling 46,000 square feet[65] - 3.9% of the company's leases are scheduled to expire over the remainder of the calendar year without regard to renewal options[64] - The average effective rent per square foot for new leasing was $25.95, while for renewal leasing it was $25.52, resulting in a total average of $25.78[68] - The retention rate for tenants was reported at 44%[68] - The company experienced a 4.3% increase in renewal cash rent compared to expiring leases[68] Economic and Industry Challenges - The company expects to face challenges in retaining and attracting new tenants due to potential business layoffs and industry slowdowns[59] - The company has experienced slower new leasing activity and uncertainty over existing tenants' long-term space requirements, which could reduce anticipated rental revenues[62] - The broader economic environment has led to increased levels of inflation and higher interest rates, impacting the company's cost of capital and financing arrangements[59] Debt and Interest Rate Management - The company had approximately $205.0 million outstanding under its Unsecured Credit Facility as of June 30, 2024[92] - Cash, cash equivalents, and restricted cash were $43.3 million as of June 30, 2024, down from $52.7 million as of June 30, 2023[89] - As of June 30, 2024, approximately $587.4 million, or 90.0%, of the company's debt had fixed interest rates, while $65.0 million, or 10.0%, had variable interest rates[106] - A 1% increase in SOFR would result in a $0.7 million increase in annual interest costs on debt outstanding as of June 30, 2024[106] - A 1% decrease in SOFR would result in a $0.7 million decrease in annual interest costs on debt outstanding as of June 30, 2024[106] - The company uses derivative financial instruments to manage interest rate risks related to borrowings, but does not use derivatives for trading or speculative purposes[105] - The fixed rate debt includes loans against which the company has applied interest rate swaps to effectively fix the SOFR component of borrowing rates[106] - The company's interest rate risk estimates are based on its capital structure and hypothetical interest rates, without considering changes in overall economic activity[107] - The company considers its interest rate exposure to be moderate as of June 30, 2024[106] - The fair value of outstanding debt would decrease with a 1% increase in SOFR[106] - The company may take actions to further mitigate exposure to changes in interest rates, but specific actions and their effects are uncertain[107] - The company only enters into contracts with major financial institutions based on their credit rating and other factors[105] Strategic Operations - The company focuses on owning and acquiring office properties in growth markets predominantly in the Sun Belt, which are characterized by growing populations and above-average employment growth forecasts[63] - The company will continue to evaluate business operations and strategies to optimally position itself given current economic and industry conditions[62]