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City Office REIT (CIO)
NYSE:CIO
Earnings Data
Report Date
May 02, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
-0.09Last Year’s EPS
-0.06Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 20, 2025
|% Change Since: -3.34%
|Next Earnings Date:May 02, 2025
Earnings Call Sentiment|Neutral
City Office REIT showed strong leasing momentum, property upgrades, and strategic market focus, particularly in Sunbelt regions. However, financials were impacted by non-cash impairment charges and higher interest expenses. The sentiment is cautiously optimistic, with a focus on growth in favorable markets.Company Guidance
During the City Office REIT, Inc. fourth-quarter 2024 earnings call, the company provided guidance for 2025, focusing on driving long-term cash flow growth. They reported a fourth-quarter net operating income (NOI) of $25.5 million, up $900,000 from the third quarter, with core funds from operations (FFO) at $11.7 million or $0.28 per share. Despite two known vacates in non-Sunbelt properties totaling 102,000 square feet, they anticipate an increase in overall portfolio occupancy driven largely by leasing momentum in Sunbelt markets. The company expects a 2.5% to 4.5% increase in same-store cash NOI compared to the previous year. As of December 31, 2024, their portfolio occupancy was 85.4%, with signed leases yet to commence potentially increasing it to 87.6%. The call also highlighted a significant lease expansion in Dallas with a 17% higher rental rate and the sale of a property in Denver for $12 million. Looking ahead, City Office REIT intends to focus on leasing, active asset management, and value creation opportunities, with core FFO per share growth expected over time.Leasing Volume and Rent Growth
Overall leasing volume in Q4 2024 was over 90% of pre-pandemic volumes, with the Sunbelt markets at 95%. City Office REIT saw a 35% increase in new and renewal leases over 2023, and a 5.9% cash rent roll-up upon renewal.
Property Upgrades and Occupancy
Completed significant property upgrades at nine properties and constructed 231,000 square feet of modern spec suites, with over 75% leased. Portfolio occupancy increased to 85.4%, a two percentage point increase from the prior quarter.
Financial Performance
Net operating income in Q4 was $25.5 million, $900,000 higher than Q3, and core FFO increased by $600,000 to $11.7 million. Same-store cash NOI increased by 3.3% compared to Q4 2023.
Disposition of Superior Point
Sold Superior Point in Denver for $12 million, a strategic decision to exit a challenging submarket and focus on value creation in stronger markets.
Redevelopment Plans in Saint Petersburg
Received unanimous approval for a redevelopment site plan in downtown Saint Petersburg, including 164 residential condos and 78,000 square feet of retail and office.
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CIO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CIO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 20, 2025 | $5.09 | $5.16 | +1.38% |
| Oct 31, 2024 | $5.29 | $5.02 | -5.10% |
| Aug 01, 2024 | $5.83 | $5.51 | -5.49% |
| May 03, 2024 | $4.50 | $4.57 | +1.56% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does City Office REIT (CIO) report earnings?
City Office REIT (CIO) is schdueled to report earning on May 02, 2025, TBA Not Confirmed.
What is City Office REIT (CIO) earnings time?
City Office REIT (CIO) earnings time is at May 02, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CIO EPS forecast?
CIO EPS forecast for the fiscal quarter 2025 (Q1) is -0.09.
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