City Office REIT, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 20, 2025. The company reported that its portfolio occupancy increased to 85.4% by year-end 2024, or 87.6% including signed leases not yet occupied, representing a 2.0% increase over the prior quarter.
Same Store Cash Net Operating Income (NOI) increased by 3.3% in the fourth quarter of 2024 compared to the prior year period. The company achieved a 12.3% positive cash re-leasing spread during the fourth quarter and a 5.9% spread across all of 2024, indicating favorable rent terms on renewals.
Total leasing activity for the full year 2024 was approximately 806,000 square feet, marking a 35% increase compared to 2023. For the fourth quarter, Core FFO per share was $0.28, and the company declared a cash dividend of $0.10 per common share for the quarter.
Subsequent to the quarter end, on January 14, 2025, City Office completed the disposition of its Superior Pointe property in Denver, Colorado, for a gross sale price of $12.0 million. The company recognized an impairment of real estate of $8.5 million related to this sale.
For the full year 2025, City Office REIT provided guidance, expecting Core FFO per fully diluted share to be in the range of $1.10 to $1.14. The company also anticipates an increase in portfolio occupancy to between 85.0% and 87.0% by year-end 2025, and Same Store Cash NOI growth of 2.5% to 4.5%.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.