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 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.
City Office REIT (NYSE: CIO) reported Q3 2021 results, revealing rental revenues of $44.9 million and a net loss of $1 million, or $(0.02) per share. Core FFO was $14.1 million ($0.32/share), and AFFO was $8.5 million ($0.19/share). A significant highlight was the agreement to sell its San Diego life science portfolio for $576 million, expected to yield a $430 million gain. Total occupancy was 88.7%, with a 1.4% Same Store Cash NOI increase. The company declared dividends of $0.15 and $0.414 per share for common and preferred stock, respectively.
City Office REIT (NYSE: CIO) announced it will release its financial results for Q3 2021 on November 3, 2021. A conference call is scheduled for 11:00 AM ET the same day to discuss the results, with a supplemental financial package to be made available on its website. City Office, focused on high-quality office properties in key U.S. cities, currently owns or controls 5.6 million square feet of office space. The company operates as a real estate investment trust for federal income tax purposes.
City Office REIT (NYSE: CIO) has announced a quarterly dividend of $0.15 per share for Q3 2021, payable on October 22, 2021. Shareholders must be on record by the close of business on October 8, 2021. Additionally, a dividend of $0.4140625 will be paid for the 6.625% Series A Cumulative Redeemable Preferred Stock. City Office REIT focuses on acquiring and managing office properties across the Southern and Western United States, owning 5.6 million square feet of such properties.
FAQ
What is the current stock price of CITY OFFICE REIT (CIO)?
What is the market cap of CITY OFFICE REIT (CIO)?
What does City Office REIT, Inc. do?
How large is City Office REIT's portfolio?
What are the key markets for City Office REIT?
What is City Office REIT's dividend policy?
How does City Office REIT manage its debt?
What are City Office REIT's recent financial highlights?
What recent leasing activities has City Office REIT undertaken?
What is City Office REIT's outlook for 2024?
Where can I find City Office REIT's financial results?
How can I participate in City Office REIT's earnings conference calls?
