City Office Reit Inc (CIO) Q1 2025 earnings call Highlights: strategic developments and …

• Netto operating result (NOI): USD 26.0 million, an increase of $ 500,000 compared to the previous quarter.

• Cash available for the distribution (COFO): USD $ 12.3 million or $ 0.30 per share than in the previous quarter.

• Adapted funds from operations (AFO): USD 6.5 million or $ 0.16 per share.

• The same cash noi growth of the business: Rose by 4.4%compared to the previous year.

• Portfolio elevation: Ended the quarter with 84.9%.

• Total debt: 646 million US dollars from March 30th.

• Net debt for EBITDA: 6.7 times.

• Availability of credit facility: 42 million US dollars not abolished and authorized.

• Cash and limited cash: 37 million US dollars at the end of the quarter.

Appearance date: May 02, 2025

You can find the complete copy of the earnings call in the complete earnings call.

• City Office Reit Inc (NYSE: CIO) announced a partnership with the Property Markets Group to convert a property in the city center of St. Petersburg, Florida, into a luxurious living and mixed use.

• The company completed 144,000 square meters of new and renewal leasing in the first quarter, including a significant 34,000 square meter lease in Papagotech in Phoenix.

• City Office Reit Inc (NYSE: CIO) has achieved a positive spread for the renewal of 8.5%in the past 12 months, which indicates strong rental growth.

• The company's cash noi rose by 4.4% in the first quarter in the first quarter compared to the previous year, which is due to a strong performance in Raleigh.

• The City Office Reit Inc (NYSE: CIO) is on the right track to meet its profit and occupancy guidelines for the year, whereby the expectations of the occupation of the end of the year are expected between 85% and 87%.

• The portfolio allocation ended the quarter with 84.9%, slightly lower than in the previous quarter, with further declines in the second quarter.

• The company expects a temporary utilization amount due to tenant transitions at Greenwood Boulevard and a wealth in the Amber property in Portland.

• In 2025, City Office Reit Inc (NYSE: CIO) has two debt owners who require extensions and discussions with lenders.

• The net debt of the company in EBITDA is relatively high after the 6.7 times, which indicates significant leverage.

• There are concerns about potential disorders of the existing properties during the renovation of the parking structure in St. Petersburg.

Q: How was the new development project in the city center of St. Petersburg? A: James Farrar, CEO, explained that the project was initiated about two years ago due to the strong development market in the city center of St. Petersburg. They carried out a thorough analysis to determine the best execution strategy, which led to a partnership with the real estate market group in order to achieve considerable value over time.