City Office REIT(US:CIO)2021-08-09 16:30Company Overview - City Office REIT owns high-quality office properties in 18-hour cities in the Southern and Western United States, with a total of 64 buildings and 5,578,000 square feet of net rentable area[5] - The overall in-place occupancy rate is 89.7% with an annualized gross rent of $29.35 per square foot[5] - Phoenix, AZ represents 22% of the portfolio net rentable area, Tampa, FL 19%, Denver, CO 14%, Orlando, FL 13%, San Diego, CA 12%, and Dallas, TX 10%[5] Financial Performance and Highlights - In Q2 2021, Core FFO per share was $0.35 and AFFO per share was $0.22[14] - The company executed approximately 249,000 SF of new and renewal leases in Q2 2021[14] - Same store cash NOI growth was 2.7% for the quarter compared to the prior year[14] Strategic Initiatives and Value Creation - The company selectively harvests value, with nine dispositions generating $122 million of gains[22] - CIO acquired a 10-building portfolio in San Diego in 2017 for $175 million and created tremendous value to date[11] - Revised 2021 guidance includes Net Operating Income between $1045 million and $106 million, and Core FFO per Share between $140 and $143[17] Balance Sheet and Liquidity - The company has a conservative structure with strong liquidity, including $13 million of cash and cash equivalents and $23 million of restricted cash at the property level as of June 30, 2021[20] - Leverage metrics as of June 30, 2021 include 465% leverage and 62x Net Debt / Annualized Adjusted EBITDA[20]