City Office REIT: 3Q Earnings Snapshot
VANCOUVER, British Columbia (AP) _ City Office REIT Inc. (CIO) on Friday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Vancouver, British Columbia, said it had funds from operations of $9.3 million, or 29 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 31 cents per share.
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 $3 million, or 7 cents per share.
The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $38.9 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $39.4 million.
City Office REIT expects full-year funds from operations in the range of $1.17 to $1.19 per share.
The company’s shares have increased 32% since the beginning of the year. The stock has increased 23% in the last 12 months.