City Office REIT (CIO) Misses Q1 EPS by 1c

City Office REIT (NYSE: CIO) reported Q1 EPS of ($0.11), $0.01 worse than the analyst estimate of ($0.10).

• GAAP net loss attributable to common stockholders was approximately $3.3 million, or ($0.11) per fully diluted share, Core FFO was approximately $7.8 million, or $0.26 per fully diluted share, and AFFO was approximately $6.0 million, or $0.20 per fully diluted share;
• In-place occupancy closed the quarter at 90.2%; the Company executed approximately 262,000 square feet of new and renewal leases during the quarter;
• Property Net Operating Income ("NOI") increased to $15.8 million, a 24% increase over the prior quarter.
• Raised total gross proceeds of $71.3 million in a public follow-on offering of 5,750,000 shares of common stock;
• Completed the acquisition of 2525 McKinnon, a 111,334 square foot Class A property in Dallas, Texas for $46.8 million;
• Completed three ten-year secured property financings for aggregate borrowing proceeds of $84.1 million;
• Declared a first quarter dividend of $0.235 per common share, paid on April 25, 2017;
• Declared a first quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on April 25, 2017; and
• Appointed John W. Sweet to the Board of Directors, effective March 1, 2017.

For earnings history and earnings-related data on City Office REIT (CIO) click here.

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