City Office REIT (NYSE: CIO) reported Q4 EPS of $0.02, $0.06 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $39.06 million versus the consensus estimate of $40.29 million.

Fourth Quarter Highlights

• GAAP net income attributable to common stockholders was approximately $1.0 million, or $0.02 per fully diluted share;
• Core FFO was approximately $13.4 million, or $0.25 per fully diluted share;
• AFFO was approximately $7.9 million, or $0.14 per fully diluted share;
• In-place occupancy closed the quarter at 91.9%; the Company executed approximately 331,000 square feet of new and renewal leases during the quarter;
• Same Store Cash NOI increased 3.9% as compared to the fourth quarter 2018;
• Closed the disposition of the Logan Tower property in Denver, Colorado for $12.6 million;
• Issued 6,900,000 shares of common stock in a public follow-on offering for aggregate gross proceeds of approximately $95.6 million;
• Declared a fourth quarter dividend of $0.235 per share of common stock, paid on January 24, 2020;
• Declared a fourth quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on January 24, 2020; and
• Gained entry into the MSCI US REIT Index (RMZ).

Highlights Subsequent to Quarter End

• Executed a 70,000 square foot lease at the Denver Tech property with a 10.6 year term.

“2019 was an exceptional year for City Office REIT, in which the total return for our common stock was 42.6%,” commented James Farrar, the Company’s Chief Executive Officer. “We executed on our strategy of expanding our footprint in 18-hour cities in the southern and western United States and significantly grew the scale of the Company. We accomplished this while our portfolio demonstrated healthy operating fundamentals, with occupancy, rental rates and same store cash NOI growth all strongly positive.”

“In 2020, we will continue to focus on driving property cash flows and unlocking value at the property level. We remain focused on deploying our acquisition capital prudently across our high growth markets. Through these strategies, we can achieve accretion to our run rate Core FFO and continue to reduce our overall portfolio leverage levels.”

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