City Office REIT (NYSE: CIO) reported Q3 EPS of $0.02, $0.04 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $41.26 million versus the consensus estimate of $39.82 million.

Third 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 $15.3 million, or $0.35 per fully diluted share;
• AFFO was approximately $9.9 million, or $0.22 per fully diluted share;
• To date, collected over 99% of third quarter contractual base rent;
• Same Store Cash NOI decreased 1.9% as compared to the third quarter of 2019;
• In-place occupancy closed the quarter at 93.1%;
• Executed approximately 189,000 square feet of new and renewal leases during the quarter;
• 136,000 square feet of new and renewal leasing was completed with a life science tenant at the Sorrento Mesa property in San Diego, California. Upon full occupancy in 2021, these lease amendments are expected to generate approximately $2.8 million of incremental base rental revenue per year as compared to the expiring rates;
• Closed the disposition of 7.8 acres of land at Circle Point in Denver, Colorado for $6.5 million;
• Declared a third quarter dividend of $0.15 per share of common stock, paid on October 22, 2020; and
• Declared a third quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on October 22, 2020.

“Our results in the third quarter are indicative of our continued operational and value-creation successes despite challenging overall economic conditions,” commented James Farrar, the Company’s Chief Executive Officer. “For the third quarter, our strong results reflect the impact of significant leasing transactions, healthy rent collection metrics, the accretive impact of our share repurchase program and continued operational execution. Compared to the third quarter of 2019, Core FFO per share and occupancy are higher and leverage on a Net Debt to EBITDA basis is lower. As with the large leasing transaction we completed at Sorrento Mesa during the quarter, we continue to focus on advancing strategic lease renewals, maintaining our diverse tenant base and finding opportunities to unlock value in our portfolio.”

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