City Office REIT Inc ( (CIO) ) has released its Q1 earnings. Here is a breakdown of the information City Office REIT Inc presented to its investors.
City Office REIT Inc., a real estate investment trust, primarily focuses on acquiring, owning, and operating office properties in the United States, with a notable presence in the Sun Belt markets.
In its first quarter of 2025, City Office REIT reported rental and other revenues of $42.3 million, alongside a GAAP net loss of $3.5 million. The company also declared dividends for both common and preferred stockholders, reflecting its commitment to returning value to shareholders.
Key financial metrics for the quarter included a Core FFO of $12.3 million and an AFFO of $6.5 million. The company maintained an in-place occupancy rate of 84.9%, which increases to 87.6% when accounting for signed leases not yet occupied. Additionally, City Office executed 144,000 square feet of new and renewal leases, indicating robust leasing activity.
Strategically, City Office entered into a redevelopment agreement with Property Markets Group to transform part of its City Center property in St. Petersburg, Florida, into a 49-story mixed-use tower. This project is expected to enhance the company’s portfolio and offer significant value-creation potential.
Looking ahead, City Office REIT remains optimistic about its market positioning and expects its strategic property upgrades and leasing activities to continue driving positive results. The company is focused on navigating the evolving real estate landscape while maximizing shareholder value.