City Office REIT Q3 Revenue Tops Estimates, Sticks To 2023 Outlook
Portfolio Pulse from Lekha Gupta
City Office REIT Inc (NYSE:CIO) reported Q3 FY23 rental and other revenues of $44.21 million, beating the consensus of $43.97 million. Core FFO per share was $0.34, down from $0.39 a year ago. Same Store Cash NOI increased 2.2% Y/Y. Total leasing activity was around 119,000 square feet in Q3. Net operating income was $26.6 million. As of September 30, 2023, cash and cash equivalents stood at $52.3 million, and total principal outstanding debt was around $674.3 million. CIO reiterated the outlook for FY23.
November 09, 2023 | 3:34 pm
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City Office REIT's Q3 FY23 results beat estimates, but FFO per share decreased. The company maintains its FY23 outlook.
City Office REIT's Q3 FY23 results exceeded estimates, which is a positive signal for investors. However, the decrease in FFO per share might be a concern. The company's decision to maintain its FY23 outlook suggests confidence in its future performance, which could positively impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100