The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Rob Stevenson - Janney - Analyst
: Tony, any additional known move-outs of consequence today, I mean, the 430 basis point gap between your occupancy and signed leases not yet
occupied, it's pretty material. So trying to figure out how much of the move-ins are canceled out by move-outs or whether or not you're going to
be able to start pulling down some of that gap in the back half of the year as you talked about occupancy increasing.
Question: Rob Stevenson - Janney - Analyst
: Okay. I mean is it -- when you're looking at the pipeline of leasing today, how is it looking in the back half of the year versus what you've seen over
the last couple of quarters? Is it still as strong as what you did in the first half of the year? Is it sort of moderating as people wait and see what's
going to wind up happening? How would you sort of characterize the leasing pipeline versus the last 4 or 5 quarters?
Question: Rob Stevenson - Janney - Analyst
: Okay. And then last one for me. Tony, I think you talked about taking the term loan and paying that off as it comes due in September. Is that part
of what you're thinking on interest rates in terms of waiting and seeing what's going to wind up happening before you put longer-term debt back
in place?
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AUGUST 01, 2024 / 3:00PM, CIO.N - Q2 2024 City Office REIT Inc Earnings Call
Is that sort of more permanent do you think in terms of got enough property level debt and whatever you wind up doing in Bloc 83? In addition
to that, how are you guys thinking about addressing some of the -- addressing debt in the current sort of not very stable environment where rates
could go down, could stay the same, and we've had a bunch of head fakes here.
Question: Rob Stevenson - Janney - Analyst
: Okay. I mean I guess as a follow-up to that, if you were to do something, put mortgage debt on Bloc 83 at some point here, what type of rate are
you looking at in the marketplace for an asset like that today, if you were doing something in the next, call it, 3 or 4 months?
Question: Upal Rana - KeyBanc Capital Markets, Inc. - Analyst
: Jamie, you mentioned the turnaround in the Phoenix market. Anything in particular that's driving that turnaround?
Question: Upal Rana - KeyBanc Capital Markets, Inc. - Analyst
: Okay. Great. That was helpful. And then I wanted to see how your spec suites are trending, and you mentioned the $3 million number last quarter
and expectations for the year-end. And just curious on interest and productivity there for those.
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AUGUST 01, 2024 / 3:00PM, CIO.N - Q2 2024 City Office REIT Inc Earnings Call
Question: Upal Rana - KeyBanc Capital Markets, Inc. - Analyst
: Okay. Great. And then just quickly on Central Fairwinds loan extension. What was your thought process there on swapping that out on the floating
rate and fixing it, given where interest rates may be heading?
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