City Office REIT Q3 Revenue Tops Estimates, Sticks To 2023 Outlook

City Office REIT Inc CIO reported Q3 FY23 rental and other revenues of $44.21 million, beating the consensus of $43.97 million.

Core FFO per share came in at $0.34, down from $0.39 a year ago. AFFO per share stood at $0.15 in the quarter.

Same Store Cash NOI increased 2.2% Y/Y in the quarter, and in-place occupancy stood at 85.4% as of Q3-end.

Total leasing activity was around 119,000 square feet in Q3, including 33,000 square feet of new leasing and 86,000 square feet of renewals. The company signed about 73,000 square feet of leases in Q3 that will commence after quarter end.

Net operating income stood at $26.6 million vs. $28.1 million the prior year.

As of September 30, 2023, cash and cash equivalents stood at $52.3 million, and total principal outstanding debt was around $674.3 million.

FY23 Outlook: CIO reiterated the outlook for core FFO per share of $1.38-$1.40, Same Store Cash NOI growth of 3.0%-4.0%, and net operating income of $109.0 million-$110.0 million.

Price Action: CIO shares are trading higher by 1.89% at $4.38 on the last check Thursday.