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City Office REIT (CIO)
NYSE:CIO
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Earnings Data
Report Date
Feb 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.1Last Year’s EPS
-$0.11Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2024
|% Change Since: 1.11%
|Next Earnings Date:Feb 20, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted positive leasing dynamics and successful leasing activity, especially in the Sun Belt and Florida markets, with several ongoing renovations and potential redevelopment projects. However, financial metrics such as net operating income and core FFO decreased, and debt levels remain high.Company Guidance
During the City Office REIT, Inc. Q3 2024 earnings call, guidance was updated to reflect improved leasing activity. The company narrowed several guidance ranges and increased expectations for year-end occupancy and same-store cash NOI change, citing strong leasing results. The portfolio's occupancy reached 83.4% at the end of the quarter, with expectations to rise to 87.0% including signed leases. Notably, 141,000 square feet of total leasing was achieved, with 78,000 square feet as new leases. Financial metrics showed net operating income at $24.6 million, core FFO at $11.1 million or $0.27 per share, and AFFO at $4.8 million or $0.12 per share. The company also discussed plans for a potential redevelopment project at its City Center property, aimed at leveraging value-enhancing opportunities.Positive Leasing Dynamics
The total national office space availability declined for the first time since 2019, indicating improving leasing conditions. The Sun Belt region has seen significant leasing recovery due to corporate relocations and its lower cost and higher quality of life.
Successful Leasing Activity
City Office REIT achieved healthy leasing activity with 141,000 square feet leased, including 78,000 square feet of new leases. A full floor lease extension at Block 83 increased starting rent by 6%.
Renovations and Potential Redevelopment
Renovations at four properties are nearing completion with $6.4 million spent so far. A potential redevelopment of the parking garage at City Center into a condo tower is in progress with city approval processes underway.
Florida Portfolio Resilience
The Florida portfolio withstood two hurricanes effectively, demonstrating operational resilience.
Guidance Upgrades
Guidance on year-end occupancy and same-store cash NOI change was revised upwards due to strong leasing results.
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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 |
|---|---|---|---|
| Oct 31, 2024 | $5.39 | $5.12 | -5.01% |
| Aug 01, 2024 | $5.94 | $5.61 | -5.56% |
| May 03, 2024 | $4.58 | $4.66 | +1.75% |
| Feb 22, 2024 | $4.40 | $4.17 | -5.23% |
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 Feb 20, 2025, TBA Not Confirmed.
What is City Office REIT (CIO) earnings time?
City Office REIT (CIO) earnings time is at Feb 20, 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 2024 (Q4) is -$0.1.
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