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City Office REIT Reports First Quarter 2025 Results
CHCOCity Holding(CHCO) Prnewswire·2025-05-02 10:00

Core Insights - City Office REIT, Inc. reported its first quarter results for 2025, indicating a positive trend in leasing activity and office real estate fundamentals in Sun Belt markets [3][4] - The company achieved a Same Store Cash NOI increase of 4.4% year-over-year and an 8.5% cash re-leasing spread over the last twelve months [3][4] - A significant redevelopment project is planned for the City Center property in St. Petersburg, Florida, which includes a 49-story mixed-use tower [3][10] Financial Performance - Total rental and other revenues for the quarter were 42.3million,withaGAAPnetlossattributabletocommonstockholdersofapproximately42.3 million, with a GAAP net loss attributable to common stockholders of approximately 3.5 million, or (0.09)perfullydilutedshare[9][34]−CoreFFOwasapproximately0.09) per fully diluted share [9][34] - Core FFO was approximately 12.3 million, or 0.30perfullydilutedshare,whileAFFOwasapproximately0.30 per fully diluted share, while AFFO was approximately 6.5 million, or 0.16perfullydilutedshare[9][36]−Thecompanydeclaredafirstquarterdividendof0.16 per fully diluted share [9][36] - The company declared a first quarter dividend of 0.10 per share of common stock and 0.4140625pershareofSeriesAPreferredStock,bothpaidonApril24,2025[12][13]PortfolioOperations−AsofMarch31,2025,thetotalportfoliocomprised5.4millionnetrentablesquarefeet,withanoccupancyrateof84.90.4140625 per share of Series A Preferred Stock, both paid on April 24, 2025 [12][13] Portfolio Operations - As of March 31, 2025, the total portfolio comprised 5.4 million net rentable square feet, with an occupancy rate of 84.9%, or 87.6% including signed leases not yet occupied [4][9] - The company executed approximately 144,000 square feet of new and renewal leases during the quarter, with new leases averaging a term of 5.9 years at an effective annual rent of 29.97 per square foot [5][6] Capital Structure - The company had total principal outstanding debt of approximately $648.1 million, with 82.3% of the debt being fixed rate or effectively fixed due to interest rate swaps [7] - The weighted average maturity of the debt was approximately 1.6 years, with a weighted average interest rate of 5.1% [7] Future Outlook - The company is reiterating its full-year 2025 guidance based on current plans and assumptions, reflecting management's view of market conditions [14]