VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — City Office REIT Inc. (CIO) on Thursday reported a key measure of profitability in its fourth quarter.
The Vancouver, British Columbia-based real estate investment trust said it had funds from operations of $15.4 million, or 38 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 $14.3 million, or 36 cents per share.
The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $44.6 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $45 million.
For the year, the company reported funds from operations of $67.1 million. Revenue was reported as $180.5 million.
City Office REIT expects full-year funds from operations in the range of $1.38 to $1.43 per share.
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