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) will announce its financial results for the quarter ending March 31, 2023, on May 5, 2023, before market opening. A conference call is scheduled for 11:00 am ET on the same day, where management will discuss these results. Interested parties can access the webcast through the investor relations section of City Office's website. The company focuses on acquiring and operating quality office properties in Sun Belt markets, owning or controlling 6.0 million square feet of office space. City Office REIT is taxed as a real estate investment trust in the U.S.
City Office REIT (NYSE: CIO) announced a quarterly dividend of $0.20 per share for Q1 2023, payable on April 25, 2023 to shareholders of record as of April 11, 2023. Additionally, a dividend of $0.4140625 per share will be distributed for its 6.625% Series A Cumulative Redeemable Preferred Stock. City Office focuses on acquiring and operating high-quality office properties, primarily in Sun Belt markets, currently owning or controlling 6.0 million square feet of office space. The company has opted for REIT tax treatment under U.S. federal law.
City Office REIT, Inc. (NYSE: CIO) has announced significant changes to its Board of Directors. Effective immediately, Michael Mazan joins the Board, bringing over 30 years of finance and investment experience. He will also serve as Chairman of the Audit Committee. Concurrently, John Sweet has been appointed as the new Chairman of the Board, succeeding John McLernon, who remains an Independent Director. Additionally, William Flatt is stepping down after nearly ten years of service. The Board now consists of six directors, five of whom meet the independence standards set by the NYSE.
City Office REIT, ticker CIO, reported its Q4 and full-year 2022 results, highlighting rental revenues of $44.6 million and a GAAP net loss of $14.3 million, or ($0.36) per share. Core FFO was $15.4 million, a 15% increase from the previous year. The company's in-place occupancy rate was 86.2%. They executed about 108,000 square feet of new leases and renewals in Q4. The company declared a dividend of $0.20 per common share, paid on January 24, 2023. City Office also recognized a $13.4 million impairment in real estate assets. For 2023, guidance estimates Core FFO per share between $1.38 and $1.43.
City Office REIT, Inc. (NYSE: CIO) has announced the tax treatment of its 2022 distributions to shareholders, pertaining to common stock and preferred stock. Shareholders are advised to consult their tax advisors for accurate reporting. Key distribution details include a total of $0.200 per share in ordinary dividends and specific capital gain distributions for various dates throughout 2022. The company emphasizes the importance of reviewing Forms 1099 for accuracy against the provided tax information. City Office REIT operates primarily in Sun Belt markets, owning approximately 6.0 million square feet of office space, and has elected REIT tax status.
City Office REIT, Inc. (NYSE: CIO) will release its financial results for Q4 and FY 2022 on February 23, 2023, before market opening. A conference call is scheduled for 11:00 am ET on the same day, where management will discuss the results. Investors can access a supplemental financial package on the company’s website. City Office owns or has controlling interests in 6.0 million square feet of office properties primarily in Sun Belt markets and has elected to be taxed as a real estate investment trust.
City Office REIT (NYSE: CIO) has announced a quarterly dividend of $0.20 per common share for Q4 2022. Additionally, a dividend of $0.4140625 has been authorized for its 6.625% Series A Cumulative Redeemable Preferred Stock. Both dividends will be payable on January 24, 2023, to stockholders of record as of the close of business on January 10, 2023. City Office focuses on high-quality office properties primarily in Sun Belt markets, owning or controlling 6 million square feet of assets.
City Office REIT (NYSE: CIO) reported its third-quarter 2022 results, with rental and other revenues totaling $45.5 million. GAAP net income reached $0.1 million, translating to $0.00 per diluted share. Key highlights include a core FFO of $16.5 million (or $0.39 per share) and AFFO of $7.7 million (or $0.18 per share). Occupancy stood at 85.8%. The company repurchased $50 million in shares and declared a quarterly dividend of $0.20 per share. CEO James Farrar emphasized the company's strong positioning amid macroeconomic challenges, particularly in Sun Belt markets.
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