The following is a summary of the City Office REIT, Inc. (CIO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• City Office REIT reported net operating income of $24.6 million for Q3 2024, a slight decrease from the previous quarter.

• Core FFO for the third quarter was $11.1 million, down $400,000 from Q2, primarily due to a decrease in net operating income and marginally higher interest expense.

• AFFO for the quarter was $4.8 million, influenced by tenant improvements and significant property renovations.

Business Progress:

• Healthy leasing activity was reported with 141,000 square feet leased during the quarter, 78,000 square feet of which was new leases.

• Significant renovations were completed or are near completion in Phoenix, St. Petersburg, and Dallas. Total expected expenditure for these renovations is around $10 million.

• Progress is being made on the potential redevelopment of a parking garage into a condo tower in St. Petersburg, enhancing the property's value.

Opportunities:

• The decline in office space availability and improved leasing conditions, especially in the Sun Belt, may drive future growth.

• City Office REIT is exploring redevelopment projects and other value-enhancing opportunities within its portfolio, such as the conversion of the City Center parking garage in St. Petersburg.

Risks:

• Office capital markets activity is suppressed due to limited debt availability for the sector. However, a gradual recovery is being observed for quality and well-leased properties.

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