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City Office REIT(CIO) - 2024 Q1 - Quarterly Results
CIOCity Office REIT(CIO)2024-05-03 10:31

Financial Performance - Rental and other revenues for Q1 2024 were 44.5million,adecreasefrom44.5 million, a decrease from 45.96 million in Q1 2023[36] - GAAP net loss attributable to common stockholders was approximately 2.4million,or(2.4 million, or (0.06) per fully diluted share[2] - Core FFO was approximately 13.5million,or13.5 million, or 0.33 per fully diluted share[2] - AFFO was approximately 9.1million,or9.1 million, or 0.22 per fully diluted share[2] - Net Operating Income (NOI) was approximately 26.7millionforQ12024,benefitingfrom26.7 million for Q1 2024, benefiting from 0.9 million of termination fee income[26] - Same Store Cash NOI decreased by 1.0% compared to the same period in the prior year[14] - Same store NOI for Q1 2024 was 26,014,down2.426,014, down 2.4% from 26,663 in Q1 2023[39] - Core FFO attributable to common stockholders for Q1 2024 was 13,542,comparedto13,542, compared to 12,631 in Q1 2023[56] - FFO per common share for Q1 2024 was 0.30,whileCoreFFOpercommonsharewas0.30, while Core FFO per common share was 0.33[56] Occupancy and Leasing - In-place occupancy was 83.0% as of March 31, 2024, or 86.0% including signed leases not yet occupied[5] - Executed approximately 191,000 square feet of new and renewal leases during the quarter, including 110,000 square feet of new leases[6] - The company signed renewal leases with a weighted average lease term of 4.2 years at an average annual rent of 32.50persquarefoot[44]Dividends−Thecompanydeclaredafirstquarterdividendof32.50 per square foot[44] Dividends - The company declared a first quarter dividend of 0.10 per share of common stock, paid on April 24, 2024[2] - The cash dividend declared for Q1 2024 was 0.10pershare,paidonApril24,2024[45]GuidanceandExpectations−The2024guidanceforCoreFFOperfullydilutedshareisupdatedtoarangeof0.10 per share, paid on April 24, 2024[45] Guidance and Expectations - The 2024 guidance for Core FFO per fully diluted share is updated to a range of 1.14 to 1.22[16]−ThecompanyexpectsareductioninCoreFFOof1.22[16] - The company expects a reduction in Core FFO of 1.8 million or 0.04perfullydilutedshareduetoleasemodificationsrelatedtoWeWorkspaces[41]−ThecompanyanticipatesCoreFFOforthefullyear2024tobebetween0.04 per fully diluted share due to lease modifications related to WeWork spaces[41] - The company anticipates Core FFO for the full year 2024 to be between 47,000 and 48,750[59]AssetsandLiabilities−TotalassetsasofMarch31,2024,were48,750[59] Assets and Liabilities - Total assets as of March 31, 2024, were 1,505,527, a slight decrease from 1,511,376attheendof2023[54]−TotalliabilitiesasofMarch31,2024,were1,511,376 at the end of 2023[54] - Total liabilities as of March 31, 2024, were 737,874, compared to $738,743 at the end of 2023[54]