City Office REIT Q1 net loss $2.4M, Core FFO $0.33; updates WeWork exposure at two properties

City Office REIT, Inc.

2024-Q1 EPS reported -$0.06 revenue$44,493,000

Rental revenues $44.5M; GAAP net loss $2.4M ($0.06/share); Core FFO $13.5M ($0.33/share); AFFO $9.1M ($0.22/share).
In-place occupancy 83.0% (86.0% including signed leases); executed ~191K sq ft new/renewal leases.
Common dividend $0.10/share paid Apr 24; Series A preferred dividend $0.4140625/share paid Apr 24.
Updated guidance for WeWork: expects to take back one floor at Terraces (Dallas) and Bloc 83 (Raleigh); no full-floor vacancies at those assets.
Notable new leases: 29K sq ft 11-yr financial tenant at Bloc 83, 43K sq ft 10.5-yr healthcare tenant at FRP Ingenuity Drive.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

City Office REIT, Inc. reported the quarter ended March 31, 2024 results: revenue $44.5 million.

Period: the quarter ended March 31, 2024
Revenue: $44.5 million
Result: reported results

Exact text from the filing

CIO) (the “Company,” “City Office,” “we” or “our”) today announced its results for the quarter ended March 31, 2024. First Quarter Highlights • Rental and other revenues were $44.5 million. GAAP net loss attributable to common stockholders was approximately $2.4 million, or ($0.06) per fully diluted share; • Core FFO was approximately $13.5 million, or $0.33 per

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Source: SEC EDGAR

accession 0001193125-24-129899

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