City Office REIT (NYSE: CIO) reported Q1 EPS of $1.07, $1.11 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $39.5 million versus the consensus estimate of $39.93 million.

First Quarter Highlights

• Rental and other revenues were $39.5 million. GAAP net income attributable to common stockholders was approximately $47.0 million, or $1.07 per fully diluted share;
• Core FFO was approximately $14.5 million, or $0.33 per fully diluted share;
• AFFO was approximately $11.2 million, or $0.26 per fully diluted share;
• Collected over 99% of first quarter contractual base rent;
• Same Store Cash NOI increased 5.0% in the first quarter as compared to the same period in 2020;
• In-place occupancy closed the quarter at 90.5%;
• Executed approximately 208,000 square feet of new and renewal leases during the quarter;
• Closed the disposition of the Cherry Creek property in Denver, Colorado for a gross sale price of $95.0 million and generated a gain on sale of approximately $47.4 million;
• Declared a first quarter dividend of $0.15 per share of common stock, paid on April 23, 2021; and
• Declared a first quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on April 23, 2021.

“Over the last 12 months, we have executed on a number of important capital allocation and operational initiatives, ranging from a share repurchase program to increasing cash flow at our properties through the signing of major new leases and renewals at higher rents,” commented James Farrar, the Company’s Chief Executive Officer. “These successes are starting to flow through to the bottom line and be visible in our per share results. This quarter we experienced growth in Core FFO per share, AFFO per share and Same Store Cash NOI, both compared to last quarter and to the first quarter of 2020.”

“We are increasingly optimistic about the improving utilization of office space in the second half of 2021. Tenant planning for a return to the office has been assisted by higher rates of vaccination and a reopening of schools across our markets. Our focus for the balance of 2021 continues to be on increasing cash flow per share by unlocking value in our existing portfolio and finding additional pathways for growth.”

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