City Office REIT (NYSE: CIO) reported Q2 EPS of ($0.07), in-line with the analyst estimate of ($0.07). Revenue for the quarter came in at $30.24 million versus the consensus estimate of $30.9 million.

Second Quarter Highlights

• GAAP net loss attributable to common stockholders was approximately $2.7 million, or ($0.07) per fully diluted share;
• Core FFO was approximately $9.3 million, or $0.26 per fully diluted share;
• AFFO was approximately $7.1 million, or $0.19 per fully diluted share;
• In-place occupancy closed the quarter at 89.6%; the Company executed approximately 140,000 square feet of new and renewal leases during the quarter;
• Acquired Pima Center in Phoenix, Arizona for $56.5 million;
• Same Store NOI increased 3.2% and Same Store Cash NOI decreased 3.1% as compared to the second quarter 2017;
• Declared a second quarter dividend of $0.235 per share of common stock, paid on July 25, 2018; and
• Declared a second quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on July 25, 2018.

"We are pleased to raise our previously issued guidance for 2018 as we hit the midpoint of the year. Results to date are tracking our expectations for operations and the pace of acquisitions,\" commented James Farrar, the Company\'s Chief Executive Officer. "We have made significant progress towards our occupancy goals. The properties that comprised our year-end porfolio, which ended 2017 at 88.5% occupied, are now 90.5% leased when including leases that are signed but have not yet commenced. This is already within our year-end guidance range, and we expect further improvements in the second half of the year."

"So far this year, we have acquired $167 million of quality office properties within our high growth markets at a weighted average first year net operating income yield of approximately 7.4%. The new additions of Circle Point and The Quad after quarter end both feature attractive locations within desirable submarkets, vibrant onsite amenities and high-quality tenant buildouts. In the aggregate, these two properties have experienced approximately 296,000 SF of new leasing in the last two years, representing high tenant demand for these premier assets."

For earnings history and earnings-related data on City Office REIT (CIO) click here.