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City Office discloses FY'18 core FFO guidance

City Office REIT Inc. expects core funds from operations of between $1.08 and $1.13 per share.

The S&P Capital IQ consensus FFO-per-share estimate for full year 2018 is $1.11, with five analysts reporting.

The company also signed an agreement to acquire a roughly 270,000-square-foot, class-A office property in the Scottsdale submarket of Phoenix for $56.5 million, following the end of the 2017 fourth quarter.

The Dallas-based real estate investment trust disclosed that a nonbinding letter of intent it signed previously for the purchase of a roughly 200,000-square-foot office property in Austin, Texas, was canceled after the seller opted to not move forward with the sale.

The trust amended a purchase and sale agreement for its Washington Group Plaza property in Boise, Idaho, to set the closing date to March 8 and increase the total nonrefundable deposit to $10 million, among other changes. St. Luke's Health System Ltd. is buying the property for $86.5 million.

The company's board also approved a discretionary share repurchase program for up to $40.0 million of City Office's outstanding common stock. Repurchases may be made through Feb. 28, 2020, from time to time via private transactions or in the open market.

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