City Office REIT(US:CIO)2025-02-20 18:46Company Overview - City Office owns a portfolio of premier office properties concentrated in high-growth Sun Belt markets[4] - 88% of estimated gross asset value is in Sun Belt markets, while 12% is in other markets[6] - The portfolio consists of 5416 thousand square feet with an in-place occupancy of 858% and a weighted average lease term remaining of 45 years[6] Financial Highlights and Outlook - Q4 2024 Core FFO per share was $028 and AFFO per share was $010[54] - The company's 2025 guidance includes net operating income between $1025 million and $1045 million, and interest expense between $370 million and $380 million[52] - 2025 Core FFO per share is guided between $110 and $114, with an expected occupancy between 850% and 870%[52] - Same-store cash NOI change for 2025 is projected to be between 25% and 45%[52] Portfolio and Leasing Activity - 122000 square feet of new leases have been signed but not yet commenced, representing 22% of the portfolio[48] - The company has generated $550 million of gains across 13 dispositions[37] - Gross rent per square foot has grown by 70% since the 2014 IPO[39] Debt and Liquidity - The company has $19 million in cash and cash equivalents and $15 million in restricted cash at the property level[65] - The weighted average interest rate on debt is 51%, with 823% of debt at a fixed rate[65, 70]