City Office REIT: 2Q Earnings Snapshot
VANCOUVER, British Columbia (AP) _ City Office REIT Inc. (CIO) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Vancouver, British Columbia-based real estate investment trust said it had funds from operations of $13.7 million, or 34 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 29 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $699,000, or 2 cents per share.
The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $41.2 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $38.2 million.
City Office REIT expects full-year funds from operations in the range of $1.23 to $1.26 per share.
The company’s shares have risen 21% since the beginning of the year. The stock has declined almost 3% in the last 12 months.