Canada's City Office REIT reports $107.2 mln Q2 net loss

City Office REIT

31/07/2025 11:18

Overview

City Office reports Q2 GAAP net loss of $107.2 mln due to Phoenix impairment

Core FFO for Q2 was $11.8 mln, or $0.28 per share

Company announces merger with MCME Carell at 26% premium to stock price

Outlook

City Office REIT will no longer provide guidance due to pending merger

Company suspends future common stock dividends until merger completion

City Office REIT to continue preferred stock dividends during merger process

Result Drivers

PHOENIX IMPAIRMENT - $102.2 mln impairment on Phoenix Portfolio contributed to Q2 net loss

LEASING ACTIVITY - Executed 355,000 sq ft of new and renewal leases, boosting occupancy

SAME STORE NOI - Same Store Cash NOI rose 1.8% compared to Q2 2024, indicating stable operations

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Income
-$107.20 mln
Q2 Core FFO
$11.80 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "hold"

Wall Street's median 12-month price target for City Office REIT Inc is $7.00, about 1.1% above its July 30 closing price of $6.92

Press Release: ID:nPnbZ5tbXa

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)