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) 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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