City Office REIT cuts FY24 core FFO view to $1.14-$1.18 from $1.18-$1.22

Consensus $1.20. The company said, “Following City Office’s performance for the first quarter of 2024, the Company’s outlook for full year 2024 guidance remains unchanged except for the expectation that the Company will take back portions of WeWork leased spaces at the Terraces property in Dallas and the Bloc 83 property in Raleigh, as described above. The impact of these pending lease modifications, assuming they are completed, are expected to reduce Core FFO in 2024 by $1.8 million or $0.04 per fully diluted share. Approximately $0.02 of this expected reduction relates to the non-cash write-off of this tenant’s straight line rent.”