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City Office REIT posts 1Q FFO of $5.2 million, results top expectations

VANCOUVER – VANCOUVER, British Columbia (AP) _ City Office REIT Inc. (CIO) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Vancouver, British Columbia, said it had funds from operations of $5.2 million, or 32 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 $7.1 million, or 56 cents per share.

The real estate investment trust posted revenue of $16.3 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $15.9 million.

The company’s shares have fallen nearly 8 per cent since the beginning of the year. The stock has decreased 13 per cent 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 http://www.zacks.com/ap/CIO

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Keywords: City Office REIT, Earnings Report