City Office REIT Reports Fourth-Quarter Funds from Operations
VANCOUVER, British Columbia (AP) - City Office REIT Inc. (CIO) announced its fourth-quarter financial results on Thursday, highlighting a key profitability metric.
The Vancouver-based real estate investment trust (REIT) reported funds from operations (FFO) of $11.7 million, translating to $0.28 per share. FFO is closely monitored in the REIT industry, representing net income adjusted for depreciation and amortization.
Despite this, the company incurred a loss of $12.6 million or $0.31 per share. City Office REIT generated revenue of $41.9 million during the reported period.
For the full year, the REIT reported FFO of $47.8 million and revenue of $171.1 million.
Looking ahead, City Office REIT anticipates full-year FFO within the range of $1.10 to $1.14 per share.