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City Office REIT: Q1 Earnings Snapshot

May 5, 2022 GMT

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 Vancouver, British Columbia-based real estate investment trust said it had funds from operations of $17.6 million, or 40 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 38 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 net income of $22.7 million, or 51 cents per share.

The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $44.9 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $44.8 million.

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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