City Office REIT: 1Q Earnings Snapshot

Associated Press
Updated ·1 min read

VANCOUVER, British Columbia (AP) _ City Office REIT Inc. (CIO) on Thursday reported a key measure of profitability in its first quarter.

The Vancouver, British Columbia-based real estate investment trust said it had funds from operations of $14.3 million, or 26 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $1 million, or 2 cents per share.

The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $40.1 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $39.3 million.

City Office REIT expects full-year funds from operations in the range of $1.07 to $1.12 per share.

The company's shares have declined 26% since the beginning of the year. The stock has dropped 15% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIO at https://www.zacks.com/ap/CIO