Leasing Activity - New leasing activity in Q4 2023 was the highest of any quarter in 2023, with a weighted average lease term of 8.0 years and an average annual rent of $38.04 per square foot[6] - The company executed approximately 134,000 square feet of new and renewal leases during Q4 2023, with total leasing activity for the year reaching approximately 599,000 square feet[12] Financial Performance - Total rental and other revenues for Q4 2023 were $44.3 million, with a GAAP net loss of approximately $4.5 million, or ($0.11) per fully diluted share[7] - Core FFO for Q4 2023 was approximately $13.5 million, or $0.33 per fully diluted share, while AFFO was approximately $9.3 million, or $0.23 per fully diluted share[7] - Same Store Cash NOI decreased by 0.5% for Q4 2023 compared to the same period in the prior year, but increased by 3.0% for the full year 2023[5] - Operating income for the three months ended December 31, 2023, was $5,864 thousand, compared to a loss of $4,464 thousand in the same period of 2022[43] - Net loss attributable to common stockholders for the three months ended December 31, 2023, was $(4,518) thousand, an improvement from $(14,274) thousand in the same period of 2022[43] - Funds from Operations (FFO) attributable to common stockholders for the three months ended December 31, 2023, was $12,510 thousand, with FFO per common share at $0.31[45] - Core FFO attributable to common stockholders was $13,533 thousand for the three months ended December 31, 2023, with Core FFO per common share at $0.33[45] - AFFO attributable to common stockholders for the three months ended December 31, 2023, was $9,273 thousand, with AFFO per common share at $0.23[45] - Net operating income (NOI) for the full year 2023 was $109,099, down 3.0% from $112,746 in 2022[46] - Rental and other revenues for the three months ended December 31, 2023, were $44,321 thousand, slightly down from $44,613 thousand in the same period of 2022[43] - Rental and other revenues for Q4 2023 were $44,321, a slight decrease of 0.7% from $44,613 in Q4 2022[46] Guidance and Projections - The company expects Core FFO per fully diluted share for 2024 to be in the range of $1.18 to $1.22, reflecting anticipated higher interest expenses and the departure of WeWork[18] - The 2024 guidance includes a Same Store Cash NOI change expectation of between -1.0% and 1.0%[20] - Core FFO attributable to common stockholders is projected to be between $48,750 and $50,500 for the full year 2024[49] - FFO per common share for the full year 2024 is expected to range from $1.12 to $1.22[49] - The company reported a net loss attributable to common stockholders of $(15,150) for the full year 2024 outlook[49] Balance Sheet and Debt - As of December 31, 2023, total principal outstanding debt was approximately $672.7 million, with a weighted average interest rate of 4.8%[14] - Total assets decreased to $1,511,376 thousand as of December 31, 2023, down from $1,574,439 thousand in 2022, representing a decline of approximately 4%[36] - Total liabilities decreased to $738,743 thousand as of December 31, 2023, down from $771,265 thousand in 2022, a reduction of approximately 4%[36] - Cash and cash equivalents increased to $30,082 thousand as of December 31, 2023, compared to $28,187 thousand in 2022, reflecting a growth of approximately 7%[36] Dividends and Distributions - The company declared a cash dividend of $0.10 per share of common stock for Q4 2023, paid on January 24, 2024[15] - Preferred stock distributions remained consistent at $(1,855) thousand for both the three months ended December 31, 2023, and 2022[43] Other Income and Expenses - Property operating expenses for Q4 2023 were $17,387, an increase of 2.3% from $17,003 in Q4 2022[46] - Non-recurring other income for the full year 2023 was $2,005, with no such income reported in 2022[46] - Above and below market leases contributed $1,009 in Q4 2023, compared to $33 in Q4 2022[46]

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 ...

csfotoimages/iStock Editorial via Getty Images The sustained collapse of equity office REITs since 2022 has likely opened up some opportunities to acquire highly distressed assets with decent underlying fundamentals despite the bleak backdrop posed by the tripartite of high interest rates, work-from-home trends, and the specter of a recession. City Office REIT (NYSE:CIO) is down roughly 70% over this time frame, now trading hands at a 67% discount to a book value of $16.83 per share at the end of its la ...

City Office REIT, Inc. (NYSE:CIO) Q3 2023 Earnings Conference Call November 9, 2023 11:00 AM ET Company Participants Anthony Maretic - CFO, Secretary & Treasurer James Farrar - CEO & Director Conference Call Participants Robert Stevenson - Janney Montgomery Scott Barry Oxford - Colliers Securities William Crow - CIMB Research Operator Good morning, and welcome to the City Office REIT, Inc. Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. As a reminder this conference call is being reco ...

Title of Each Class Trading Symbol(s) Name of each Exchange on Which Registered Common Stock, $0.01 par value 6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 666 Burrard Street Suite 3210 Vancouver, BC V6C 2X8 (Address of principal executive offices) (Zip Code) Indicate by check mark whether the registrant has submitted electronically every I ...

City Office REIT, Inc. (NYSE:CIO) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Anthony Maretic - CFO, Secretary & Treasurer James Farrar - CEO & Director Conference Call Participants Robert Stevenson - Janney Montgomery Scott Barry Oxford - Colliers Securities Craig Kucera - B. Riley Securities William Crow - CIMB Research Operator Good morning, and welcome to the City Office REIT, Inc. Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. It is now my pl ...

Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable. Item 5. Other Information The above description of the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Third Amended and Restated Bylaws, which is filed as Exhibit 3.2 hereto and incorporated herein reference. Item 6. Exhibits | --- | --- | |----------------|----------------------------------------------------------------------------- ...

City Office REIT, Inc. (NYSE:CIO) Q1 2023 Earnings Conference Call May 5, 2023 11:00 AM ET Company Participants Tony Maretic - CFO, Treasurer & Corporate Secretary Jamie Farrar - CEO Conference Call Participants Rob Stevenson - Janney Barry Oxford - Colliers Craig Kucera - B. Riley Operator Good morning, and welcome to the City Office REIT, Inc. First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal pres ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36409 CITY OFFICE REIT, INC. Maryland 98-1141883 (State or other jurisdiction (I.R.S. Employer of incorporati ...

FORWARD-LOOKING STATEMENTS This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forwardlooking statements within the mean ...