City Office REIT(CIO) - 2024 Q2 - Quarterly Results

Financial Performance - Rental and other revenues for Q2 2024 were $42.3 million, with a GAAP net loss of approximately $5.6 million, or ($0.14) per fully diluted share[2] - Core FFO was approximately $11.5 million, or $0.28 per fully diluted share, while AFFO was approximately $5.3 million, or $0.13 per fully diluted share[2] - Same Store Cash NOI decreased by 2.0% for Q2 2024 compared to the same period in the prior year[4] - The company reported a net loss attributable to common stockholders of $5,607,000 for the three months ended June 30, 2024, compared to a net loss of $2,535,000 for the same period in 2023[26] - Funds from operations (FFO) attributable to common stockholders for the three months ended June 30, 2024, were $10,414,000, with an FFO per common share of $0.25[27] - The AFFO attributable to common stockholders for the three months ended June 30, 2024, was $5,293,000, with an AFFO per common share of $0.13[27] Occupancy and Leasing Activity - In-place occupancy was 83.0% as of June 30, 2024, or 87.3% including signed leases not yet occupied[2] - Renewal cash rents increased by 4.3% compared to expiring cash rents, with total leasing activity of approximately 269,000 square feet during the quarter[5] - The company executed 162,000 square feet of new leases, representing approximately 3% of the entire portfolio[3] Debt and Assets - Total principal outstanding debt was approximately $652.4 million, with 90.0% of the debt being fixed rate or effectively fixed rate[7] - The company recognized a net loss of $1.5 million on the disposition of its Cascade Station property, reducing total debt outstanding by $20.6 million[8] - The company’s total assets decreased to $1,480,501,000 as of June 30, 2024, from $1,511,376,000 as of December 31, 2023[25] - Total liabilities decreased to $721,405,000 as of June 30, 2024, from $738,743,000 as of December 31, 2023[25] - Cash and cash equivalents were $28,005,000 as of June 30, 2024, down from $30,082,000 as of December 31, 2023[25] Dividends - The company declared a cash dividend of $0.10 per share of common stock and $0.4140625 per share of Series A Preferred Stock, both paid on July 24, 2024[9] - The company declared a dividend distribution of $0.10 per common share for the three months ended June 30, 2024, unchanged from the same period in 2023[26] Guidance - The company reiterated its full year 2024 guidance based on current plans and assumptions[10]