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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POSITIVE IMPACT
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