City Office REIT(US:CIO)2025-02-20 11:10Financial Performance - Rental and other revenues for Q4 2024 were $41.9 million, with a GAAP net loss of approximately $12.6 million, or ($0.31) per fully diluted share[5]. - Rental and other revenues for the year ended December 31, 2024, were $171,126 thousand, down from $179,096 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 $4,518 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 $24,658 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 $0.11 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 $47,500 thousand, with FFO per common share projected to be between $1.02 and $1.06[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 $30,082 thousand in 2023 to $18,886 thousand in 2024, a decline of approximately 37.1%[34]. - Total liabilities decreased from $738,743 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 $12.0 million, recognizing an impairment of $8.5 million related to the sale[10]. - The company reported an impairment of real estate of $8,463 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 $0.4140625 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 $11.7 million, or $0.28 per fully diluted share, with guidance for 2025 Core FFO per share expected to be in the range of $1.10 to $1.14[5][14]. - The company expects Net Operating Income for 2025 to be between $102.5 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 $1,511,376 thousand in 2023 to $1,455,670 thousand in 2024, a decline of approximately 3.7%[34].