City Office REIT Inc
NYSE:CIO
City Office REIT Inc
City Office REIT, Inc. is a real estate investment trust. The company is headquartered in Vancouver, British Columbia and currently employs 19 full-time employees. The company went IPO on 2014-04-15. The firm is focused on acquiring, owning, and operating office properties located in the Southern and Western United States. The firm owns 64 office buildings with a total of approximately 5.2 million square feet of net rentable area (NRA) in the metropolitan areas of Dallas, Denver, Orlando, Phoenix, Portland, Seattle and Tampa. The firm's properties include Pima Center, Camelback Square, The Quad, Papago Tech, Park Tower, City Center, Carillon Point, Central Fairwinds, Greenwood Blvd, Lake Vista Pointe, Cascade Station and Canyon Park.
City Office REIT, Inc. is a real estate investment trust. The company is headquartered in Vancouver, British Columbia and currently employs 19 full-time employees. The company went IPO on 2014-04-15. The firm is focused on acquiring, owning, and operating office properties located in the Southern and Western United States. The firm owns 64 office buildings with a total of approximately 5.2 million square feet of net rentable area (NRA) in the metropolitan areas of Dallas, Denver, Orlando, Phoenix, Portland, Seattle and Tampa. The firm's properties include Pima Center, Camelback Square, The Quad, Papago Tech, Park Tower, City Center, Carillon Point, Central Fairwinds, Greenwood Blvd, Lake Vista Pointe, Cascade Station and Canyon Park.
Development Partnership: City Office REIT announced a partnership with Property Markets Group to redevelop its City Center property in St. Petersburg, Florida into a luxury Waldorf Astoria-branded residential and mixed-use tower.
Leasing Activity: 144,000 square feet of new and renewal leases were completed in Q1, with Sun Belt markets, especially Phoenix, showing strong performance.
Occupancy Update: Portfolio occupancy ended at 84.9%, slightly below guidance, but management expects to finish the year within the 85% to 87% range as signed leases take effect.
Financial Performance: Net operating income was $26.0 million, up $500,000 from Q4, and core FFO reached $12.3 million, up $600,000 from Q4.
Positive NOI Trends: Same-store cash NOI increased by 4.4% year-over-year, driven by strong performance in Raleigh.
Debt and Liquidity: The company has $646 million in total debt, with comfortable liquidity and plans to extend or refinance upcoming maturities.
