The following is a summary of the City Office REIT, Inc. (CIO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• City Office REIT reported a Q1 net operating income of $26.7 million, a slight decrease due to reduced occupancy levels.

• Core FFO was recorded at $13.5 million or $0.33 per share, consistent with the previous quarter.

• AFFO stood at $9.1 million or $0.22 per share, covering the dividend for the quarter.

• Total debt was reported at $668 million as of end-Q1, with a Net Debt to EBITDA ratio of 6.6x.

• The company is modifying its guidance to account for WeWork's downsizing, impacting the core FFO by $0.04 per share.

Business Progress:

• City Office REIT leased out 191,000 sq.ft. of new and renewal spaces during the quarter. This included signing two key leases in Raleigh and Orlando.

• The company maintains a robust leasing pipeline, with potential tenants across their portfolio.

• An investment of approximately $9 million has been planned for the renovation of four projects by year-end, aimed at increasing net operating income.

• The company envisions enhanced leasing execution over the coming years, laying a solid foundation for performance in 2025 and beyond.

• City Office REIT is in negotiations to lease the WeWork space at Block 23 to another coworking tenant potentially by early 2025.

• Plans are being considered to break up the building into smaller suites in response to market trends.

• The company is on caution regarding the AmberGlen property in Portland due to market challenges, with its next debt maturity due in 2027.

More details: City Office REIT IR

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