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City Office REIT (CIO) investor relations material
City Office REIT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Entered into a definitive merger agreement on July 23, 2025, for acquisition at $7.00 per share, a 26% premium to the prior closing price, pending shareholder approval and customary conditions.
Announced sale of the Phoenix Portfolio for $296 million, with $102.2 million impairment recognized to reflect fair value less cost to sell.
Portfolio as of June 30, 2025: 22 properties, 54 office buildings, 5.4 million sq. ft., 82.5% leased, or 86.8% including signed leases not yet occupied.
Executed 355,000 sq. ft. of new and renewal leases in Q2 2025.
Core FFO was $11.8 million ($0.28 per share), and AFFO was $3.0 million ($0.07 per share).
Financial highlights
Net loss attributable to common stockholders was $107.2 million for Q2 2025, compared to $5.6 million loss in Q2 2024.
Rental and other revenues were $42.3 million for Q2 2025, flat year-over-year; six-month revenue was $84.6 million, down 3% from prior year.
Impairment of real estate of $102.2 million in Q2 2025 due to Phoenix Portfolio write-down; no impairment in prior year.
Same Store Cash NOI increased 1.8% year-over-year for Q2 2025.
Property operating expenses decreased 7% year-over-year to $16.3 million for Q2 2025.
Outlook and guidance
Merger and Phoenix Portfolio sale are subject to closing conditions, including shareholder and third-party approvals.
No further guidance will be provided due to the pending merger.
Future quarterly common stock dividends suspended through the expected close of the merger; preferred dividends continue.
Management expects to pursue a 12-month extension of the Unsecured Credit Facility maturing in November 2025.
Ongoing focus on Sun Belt office markets, with continued evaluation of strategic opportunities.
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