City Office REIT reports Q1 core FFO 33c, consensus 31c

Reports Q1 revenue $44.49M, consensus $42.88M. “The first quarter’s results tracked our expectations and we progressed renovations at several of our properties to drive incremental value,” commented James Farrar, the Company’s Chief Executive Officer. “As far as the leasing marketplace, we continue to see the return of larger tenant prospects. During the first quarter, we executed two sizable new leases, including a 29,000 square foot 11-year lease with a financial tenant at Bloc 83 in Raleigh and a 43,000 square foot 10.5-year lease with a healthcare tenant at FRP Ingenuity Drive in Orlando. The completion of these leases resulted in all full-floor availabilities at Bloc 83 now being leased and 100% occupancy at FRP Ingenuity Drive.”