City Office REIT (CIO) Tops Q1 EPS by 2c, Revenues Beat

City Office REIT (NYSE: CIO) reported Q1 EPS of ($0.07), $0.02 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $37.12 million versus the consensus estimate of $36.06 million.

• GAAP net loss attributable to common stockholders was approximately $2.9 million, or ($0.07) per fully diluted share;
• Core FFO was approximately $11.8 million, or $0.29 per fully diluted share;
• AFFO was approximately $8.3 million, or $0.21 per fully diluted share;
• Same Store Cash NOI increased 1.8% as compared to the first quarter 2018;
• In-place occupancy closed the quarter at 92.6%; the Company executed approximately 78,000 square feet of new and renewal leases during the quarter;
• Acquired a 207,000 square foot property in Seattle, Washington for $63.0 million ("Canyon Park");
• Waived due diligence conditions on a $32.5 million acquisition in Portland, Oregon;
• Closed on the disposition of the Plaza 25 property in Denver, Colorado for $17.9 million;
• Entered into an agreement to sell an 89,000 square foot building in San Diego, CA for $16.5 million ("Sorrento Mesa – 10455");
• Appointed Sabah Mirza to the Board of Directors, effective March 7, 2019;
• Declared a first quarter dividend of $0.235 per share of common stock, paid on April 25, 2019; and
• Declared a first quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on April 25, 2019.

"Through the first quarter, we are pleased with our progress towards achieving our target earnings and portfolio metrics for 2019," commented James Farrar, the Company's Chief Executive Officer. "With the recently closed acquisition of Canyon Park in Seattle, we have diversified our portfolio within our high growth 18-hour cities in the southern and western US. We also continue to advance strategic capital recycling initiatives that will allow us to redeploy proceeds into higher growth assets."

"Our focus on leasing and operations has increased portfolio occupancy to 92.6% at quarter end. This leasing activity has resulted in a healthy 1.8% Same Store Cash NOI growth, which we anticipate will remain strong for the balance of 2019."

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

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