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City Office REIT(CIO) - 2024 Q4 - Annual Results
CIOCity Office REIT(CIO)2025-02-20 11:10

Financial Performance - Rental and other revenues for Q4 2024 were 41.9million,withaGAAPnetlossofapproximately41.9 million, with a GAAP net loss of approximately 12.6 million, or (0.31)perfullydilutedshare[5].−RentalandotherrevenuesfortheyearendedDecember31,2024,were0.31) per fully diluted share[5]. - Rental and other revenues for the year ended December 31, 2024, were 171,126 thousand, down from 179,096thousandin2023,representingadecreaseofabout4.4179,096 thousand in 2023, representing a decrease of about 4.4%[36]. - Net loss attributable to common stockholders for the three months ended December 31, 2024, was 12,555 thousand, compared to a loss of 4,518thousandinthesameperiodof2023,indicatingasignificantincreaseinlosses[36].−Samestorenetoperatingincome(NOI)forthethreemonthsendedDecember31,2024,was4,518 thousand in the same period of 2023, indicating a significant increase in losses[36]. - Same store net operating income (NOI) for the three months ended December 31, 2024, was 23,831 thousand, down from 24,658thousandin2023,adecreaseofapproximately3.424,658 thousand in 2023, a decrease of approximately 3.4%[43]. - The FFO per common share for the three months ended December 31, 2024, was 0.26, compared to 0.11inthesameperiodof2023,reflectinganincreaseinFFOpershare[39].−Thecompanyexpectsfullyear2025coreFFOattributabletocommonstockholderstobebetween0.11 in the same period of 2023, reflecting an increase in FFO per share[39]. - The company expects full year 2025 core FFO attributable to common stockholders to be between 46,000 thousand and 47,500thousand,withFFOpercommonshareprojectedtobebetween47,500 thousand, with FFO per common share projected to be between 1.02 and 1.06[46].OccupancyandLeasingActivity−Portfoliooccupancyincreasedto85.41.06[46]. Occupancy and Leasing Activity - Portfolio occupancy increased to 85.4% as of quarter end, or 87.6% including signed leases not yet occupied, representing a 2.0% increase over the prior quarter[4]. - The company executed approximately 205,000 square feet of new and renewal leases during Q4 2024, with total leasing activity for the year reaching approximately 806,000 square feet, a 35% increase from 2023[7]. - For 2025, the company anticipates positive Same Store Cash NOI growth and an increase in portfolio occupancy by year-end compared to 2024[14]. Cash Flow and Debt - As of December 31, 2024, total principal outstanding debt was approximately 649.5 million, with 82.3% of the debt being fixed rate[9]. - Cash and cash equivalents decreased from 30,082thousandin2023to30,082 thousand in 2023 to 18,886 thousand in 2024, a decline of approximately 37.1%[34]. - Total liabilities decreased from 738,743thousandin2023to738,743 thousand in 2023 to 721,130 thousand in 2024, a reduction of about 2.4%[34]. Impairments and Dispositions - The company completed the disposition of the Superior Pointe property for a gross sale price of 12.0million,recognizinganimpairmentof12.0 million, recognizing an impairment of 8.5 million related to the sale[10]. - The company reported an impairment of real estate of 8,463thousandforthethreemonthsendedDecember31,2024,whichwasnotpresentinthesameperiodof2023[36].Dividends−Thecompanydeclaredafourthquarterdividendof8,463 thousand for the three months ended December 31, 2024, which was not present in the same period of 2023[36]. Dividends - The company declared a fourth quarter dividend of 0.10 per share of common stock and 0.4140625pershareofSeriesAPreferredStock,bothpaidonJanuary23,2025[11][12].−Thecompanydeclaredadividenddistributionof0.4140625 per share of Series A Preferred Stock, both paid on January 23, 2025[11][12]. - The company declared a dividend distribution of 0.10 per common share for both the three months ended December 31, 2024, and 2023[36]. Guidance - Core FFO for Q4 2024 was approximately 11.7million,or11.7 million, or 0.28 per fully diluted share, with guidance for 2025 Core FFO per share expected to be in the range of 1.10to1.10 to 1.14[5][14]. - The company expects Net Operating Income for 2025 to be between 102.5millionand102.5 million and 104.5 million, with Same Store Cash NOI change projected between 2.5% and 4.5%[14]. Asset Management - Total assets decreased from 1,511,376thousandin2023to1,511,376 thousand in 2023 to 1,455,670 thousand in 2024, a decline of approximately 3.7%[34].