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 (CIO) is set to release its financial results for Q1 2022 on May 5, 2022, before market opening. A conference call is scheduled for 11:00 am ET on the same day to discuss the results, with a supplemental financial package available on their website. City Office focuses on acquiring and operating quality office properties in key U.S. markets, currently owning or controlling 6.2 million square feet of office space, and has opted for REIT taxation.
City Office REIT (NYSE: CIO) declared a quarterly dividend of $0.20 per common share for Q1 2022, payable on April 22, 2022, to shareholders on record as of April 8, 2022. Additionally, a dividend of $0.4140625 per share for its 6.625% Series A Cumulative Redeemable Preferred Stock was authorized. The company, which manages high-quality office properties across the Southern and Western U.S., owns approximately 6.2 million square feet of real estate. This announcement reflects the company's ongoing commitment to returning value to its investors.
City Office REIT (NYSE: CIO) reported strong financial results for Q4 2021, with rental revenues of $39.7 million and a GAAP net income of $431.2 million, or $9.76 per share. Key highlights include the sale of Sorrento Mesa for $576 million, generating a gain of $429.3 million, and the acquisition of premier properties worth $613.5 million in Raleigh, Phoenix, and Dallas. The company increased its dividend by 33.3% and announced an optimistic 2022 Core FFO guidance, expecting 16% growth over 2021. Portfolio occupancy was 84.9%, excluding new properties in lease-up phase.
City Office REIT (NYSE: CIO) announced the tax treatment of its 2021 distributions for common and preferred stockholders. Shareholders are advised to consult tax advisors regarding their specific tax treatment. The press release detailed contributions per share and the breakdown of ordinary dividends and capital gain distributions. The company reaffirms its commitment to assist shareholders with tax reporting by providing necessary tax information. For 2021, distributions include amounts qualifying as Section 199A dividends. Shareholders should review their Forms 1099 for accuracy.
City Office REIT (NYSE: CIO) announced its financial results for Q4 and the year ended December 31, 2021, will be released before market open on February 25, 2022. Management will host a conference call at 11:00 AM ET on the same day to discuss results. A supplemental financial package will be available on the Company’s website. City Office focuses on acquiring and operating high-quality office properties in key markets, currently managing 6.2 million square feet of office space and electing to be taxed as a REIT.
City Office REIT (NYSE: CIO) has successfully acquired Bloc 83, a premier office complex in Raleigh, North Carolina, for $330 million. The complex spans 494,000 square feet and features modern amenities including a fitness center and rooftop lounge. Currently, the first building is 93% leased with an average lease term of 10.3 years, while the second building is 67% leased. This acquisition positions City Office to expand in a growing market known for its educated workforce and thriving economy.
City Office REIT (NYSE: CIO) has announced a 33.3% increase in its quarterly dividend, raising it from $0.15 to $0.20 per share for Q4 2021. This decision follows the successful execution of its capital recycling strategy, which includes reinvesting from a recent life science portfolio sale into prime office properties. Additionally, a quarterly dividend of $0.4140625 per share for its 6.625% Series A Preferred Stock was authorized. Dividends will be payable on January 25, 2022, to those on record by January 11, 2022.
City Office REIT (NYSE: CIO) has completed the acquisition of The Terraces, a premier 173,000 square foot office building in Dallas, Texas, for $133.5 million. The building, which is LEED Gold certified, is located in the sought-after Preston Center submarket and is currently 99% leased with an average lease term of 8 years. This acquisition aligns with City Office's strategy to expand in high-demand markets and enhance cash flow stability from quality properties.
City Office REIT (NYSE: CIO) has announced the acquisition of Block 23, a premier office building in downtown Phoenix, Arizona, for $150 million. The 307,000 square foot property is 94% leased, featuring a tenant base that is approximately 70% investment grade with a weighted average lease term of about 12 years. CEO James Farrar emphasized the acquisition's strategic fit and its potential to generate long-term cash flow for shareholders. The property is situated in a desirable area, offering extensive amenities and a modern construction completed in 2019.
City Office REIT, Inc. (NYSE: CIO) announced the completion of its sale of holdings in the Sorrento Mesa submarket of San Diego for $576 million, with net proceeds of approximately $548 million. The sale generated a gain of over $425 million. The company plans to redeploy these funds into premier office properties in Dallas, Phoenix, and Raleigh through three acquisitions totaling approximately $613.5 million, which are expected to enhance portfolio performance and increase earnings per share.
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