Welcome to our dedicated page for CITY OFFICE REIT news (Ticker: CIO), a resource for investors and traders seeking the latest updates and insights on CITY OFFICE REIT stock.
City Office REIT, Inc. (NYSE: CIO) is a real estate investment trust focused on owning and managing high-quality office properties in 18-hour cities predominantly in the southern and western United States. With a portfolio comprising 5.7 million square feet of net rentable area as of March 31, 2024, the company aims to deliver attractive risk-adjusted returns to its investors through dividends and capital appreciation.
The company's assets are mainly situated in metropolitan hubs such as Dallas, Denver, Orlando, Phoenix, Portland, Raleigh, San Diego, Seattle, and Tampa. By concentrating on Sun Belt markets, City Office REIT benefits from strong economic fundamentals and substantial leasing demand. The company primarily invests in newly constructed trophy assets or well-renovated buildings in prime locations, which enhances its leasing execution and value creation potential.
Operationally, City Office REIT has demonstrated consistent performance. For instance, in the third quarter of 2023, the company completed 119,000 square feet of leasing activities and reported a Same Store Cash NOI increase of 4.2% for the first nine months of 2023 compared to the same period in the prior year. Financially, the company reported a total principal outstanding debt of approximately $671.2 million as of March 31, 2024, with most of its debt being fixed rate or effectively fixed due to interest rate swaps.
City Office REIT is proactive in managing its capital structure and entered into amended and restated loan agreements to extend loan terms by an additional five years at an effective interest rate of 7.05%. The company continues to pay quarterly dividends, with the latest being $0.10 per share for common stock and $0.4140625 per share for its Series A Preferred Stock as of March 15, 2024.
Looking ahead, City Office REIT has issued guidance for 2024, expecting Core FFO per fully diluted share to range between $1.18 and $1.22. The company also foresees higher portfolio occupancy levels by the end of 2024, driven by positive leasing trends, despite challenges from macroeconomic conditions and the work-from-home trend.
Stay updated on City Office REIT's performance and latest developments by visiting their official website or tuning into their quarterly financial results webcast.
City Office REIT (NYSE: CIO) has announced significant leasing achievements at two key properties. At the Terraces property in Dallas, an existing tenant has signed a 60,000 square foot lease, extending their current 44,000 square foot space until 2036 and adding 16,000 square feet. This expansion, set to begin in early 2026, brings the property's occupancy to 95%. Additionally, at Bloc 83 in Raleigh, the commencement of a 29,000 square foot tenant lease has elevated the office component's occupancy to 98%.
City Office REIT (NYSE: CIO) has declared its dividends for Q4 2024. The company will pay a quarterly dividend of $0.10 per share of common stock and common unit of partnership interest. Additionally, a quarterly dividend of $0.4140625 per share will be paid on the 6.625% Series A Cumulative Redeemable Preferred Stock. Both dividends will be distributed on January 23, 2025, to stockholders of record as of January 9, 2025.
City Office REIT reported Q3 2024 results with rental revenues of $42.4 million and a GAAP net loss of $4.5 million ($0.11 per share). Core FFO was $11.1 million ($0.27 per share), while AFFO reached $4.8 million ($0.12 per share). The company's portfolio occupancy stood at 83.4%, or 87.0% including signed leases not yet occupied. During Q3, they executed 141,000 square feet of new and renewal leases and completed a $50.0 million term loan repayment. Same Store Cash NOI increased 0.2% for Q3 2024 compared to the previous year. The company updated its 2024 guidance, raising expectations for year-end occupancy to 85.0-86.0% and projecting Core FFO of $1.15-$1.17 per share.
City Office REIT (NYSE: CIO) has announced the release date for its third quarter 2024 financial results. The company will publish its results on Thursday, October 31, 2024, before the market opens. Following the release, City Office's management will host a conference call at 11:00 am Eastern Time to discuss the results.
Investors can access the webcast through the company's website at www.cioreit.com under the 'Investor Relations' section. For those preferring a telephone conference, domestic callers can dial 1-833-470-1428, while international participants should use 1-404-975-4839, with the passcode 102833. A replay of the call will be available until January 29, 2025, accessible via phone or the company's website.
City Office REIT (NYSE: CIO) has announced its dividend distributions for the third quarter of 2024. The company's Board of Directors has authorized a quarterly dividend of $0.10 per share for common stock and common unit of partnership interest. Additionally, a regular quarterly dividend of $0.4140625 per share has been declared for the company's 6.625% Series A Cumulative Redeemable Preferred Stock. Both dividends are scheduled to be paid on October 24, 2024, with a record date of October 10, 2024 for all stockholders, preferred stockholders, and operating partnership unitholders.
City Office REIT (NYSE: CIO) reported its Q2 2024 results, with rental and other revenues of $42.3 million. The company experienced a GAAP net loss of $5.6 million, or ($0.14) per share. Core FFO was $11.5 million, or $0.28 per share, while AFFO was $5.3 million, or $0.13 per share. In-place occupancy stood at 83.0%, or 87.3% including signed leases not yet occupied. CIO executed 269,000 square feet of new and renewal leases, with renewal cash rents increasing by 4.3%. The company completed loan renewals on two properties, declared a $0.10 per share common stock dividend, and a $0.4140625 per share Series A Preferred Stock dividend.
City Office REIT announced it will release its Q2 2024 financial results on August 1, 2024, before the market opens. The company will also host a conference call at 11:00 am ET the same day to discuss the earnings. A supplemental financial package will be available on their official website.
Interested parties can join the webcast through the 'Investor Relations' section on the company's website or participate via a telephone conference call. Replay options will be available on the same day, continuing through December 5, 2024.
City Office REIT (NYSE: CIO) announced a quarterly dividend of $0.10 per share of common stock for Q2 2024, payable on July 24, 2024, to shareholders of record by July 10, 2024.
The Board also authorized a quarterly dividend of $0.4140625 per share of the 6.625% Series A Cumulative Redeemable Preferred Stock.
This announcement is aimed at providing returns to shareholders and indicates the company's ongoing commitment to dividend payments.
City Office REIT, Inc. (NYSE: CIO) reported Q1 2024 results with $44.5 million in revenue, $2.4 million net loss, and $13.5 million in Core FFO. They signed significant leases and updated guidance due to WeWork modifications. They expect a $1.8 million reduction in Core FFO for 2024.
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