City Office REIT Announces Dividends for Fourth Quarter 2024

Rhea-AI Summary

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.

Positive

• Consistent dividend payment maintained for both common and preferred stockholders
• Regular quarterly dividend distribution demonstrates financial stability

Negative

• None.

Insights

Financial Analyst

This quarterly dividend announcement reveals important financial information for CIO investors. The $0.10 per share common dividend represents a relatively modest yield of approximately 5.7% based on current share prices, while the preferred stock dividend of $0.4140625 per share maintains the 6.625% yield as expected. The maintenance of dividend levels provides stability for income-focused investors, though the common dividend remains at reduced levels compared to historical payments, reflecting the challenging environment in the office REIT sector. The January 2025 payment timeline and record date of January 9 gives investors clear parameters for dividend qualification.

VANCOUVER, Dec. 13, 2024 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office," "CIO" or the "Company") announced today that its Board of Directors has authorized a quarterly dividend amount of $0.10 per share of common stock and common unit of partnership interest for the fourth quarter of 2024.  

Additionally, the Board of Directors authorized a regular quarterly dividend of $0.4140625 per share of the Company's 6.625% Series A Cumulative Redeemable Preferred Stock. 

The dividends will be payable on January 23, 2025 to all stockholders, preferred stockholders and operating partnership unitholders, as applicable, of record as of the close of business on January 9, 2025.

About City Office REIT, Inc.

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 5.6 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.

Forward-looking Statements

This press release contains both historical and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "approximately," "anticipate," "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will" and similar expressions, and variations or negatives of these words. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include, among other things, changes to CIO's expected liquidity position and the risk factors set forth in CIO's Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the Securities and Exchange Commission. The statements made herein speak only as of the date of this press release, and, except as required by law, CIO does not undertake any obligation to publicly update or revise any forward-looking statements.

Contact

City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com 

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SOURCE City Office REIT, Inc.

FAQ

What is City Office REIT's Q4 2024 dividend amount for common stockholders?

City Office REIT (CIO) announced a quarterly dividend of $0.10 per share for common stockholders in Q4 2024.

When is the payment date for CIO's Q4 2024 dividends?

The dividends will be payable on January 23, 2025.

What is the record date for City Office REIT's Q4 2024 dividend?

The record date for CIO's Q4 2024 dividend is January 9, 2025.

What is CIO's preferred stock dividend rate for Q4 2024?

CIO's 6.625% Series A Cumulative Redeemable Preferred Stock will pay a quarterly dividend of $0.4140625 per share.