City Office REIT (NYSE: CIO) reported Q4 EPS of ($0.03), $0.02 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $39.84 million versus the consensus estimate of $40.25 million.

“Our fourth quarter and full year 2020 operational and financial results were very strong, irrespective of the impacts of COVID-19,” commented James Farrar, the Company’s Chief Executive Officer. “Our earnings metrics exceeded our initial, pre-pandemic guidance, which is a testament to strong operational execution, including over one million square feet of leasing activity during the year, and opportunistic capital allocation to our share repurchase program. As we move into 2021, we will prioritize operations and leasing to drive further cash flow and earnings per share growth. We also expect to operate conservatively and selectively expand our portfolio as market conditions improve.”

“During the fourth quarter and continuing into 2021, we executed on several value enhancing transactions. Long-term lease renewals with key tenants were completed at our Lake Vista and Carillon Point properties, indicating tenants’ willingness to commit to occupancy at desirable and well-located properties. We also took advantage of an opportunity to monetize a property with the sale of our Cherry Creek property at a 5.8% cap rate and a $47.4 million gain, highlighting the inherent value across our portfolio.”

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