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) 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.
City Office REIT (NYSE: CIO) announced the sale of its Sorrento Mesa submarket holdings in San Diego for $576 million. The expected net proceeds are approximately $546 million, or $12.38 per share. The sales are planned in two phases: closing the northern part for $395 million in December 2021 and the southern part for $181 million in February 2023. CEO James Farrar highlighted this transaction as a transformative opportunity aimed at enhancing the company's office portfolio and overall shareholder value.
City Office REIT (CIO) reported its Q2 results for 2021, revealing total revenues of $40 million and a slight net loss of $0.2 million. Core FFO reached $15.3 million, equating to $0.35 per diluted share, while AFFO stood at $9.9 million or $0.22 per share. Same Store Cash NOI increased by 2.7%. The company executed 249,000 square feet in leases and acquired two properties in San Diego for $43.3 million. A dividend of $0.15 per common share was declared, contributing to shareholder value amidst ongoing strategic initiatives.
City Office REIT (NYSE: CIO) will release its financial results for Q2 2021 on August 5, 2021, before market opening. A conference call to discuss the results is scheduled for 11:00 AM ET on the same day. Investors can access a supplemental financial package on the company's website. City Office specializes in high-quality office properties in growing cities across the Southern and Western U.S., managing 5.5 million square feet of properties. The company is taxed as a real estate investment trust (REIT).
City Office REIT announced a quarterly dividend of $0.15 per share for Q2 2021, payable on July 23, 2021, to stockholders of record as of July 9, 2021. Additionally, a dividend of $0.4140625 per share on the Company's 6.625% Series A Cumulative Redeemable Preferred Stock was authorized. City Office focuses on high-quality office properties in 18-hour cities across the Southern and Western U.S., owning or controlling 5.5 million square feet of office space.
City Office REIT (CIO) reported its Q1 2021 results with revenues of $39.5 million and a GAAP net income of $47 million, or $1.07 per diluted share. The company collected over 99% of rental income, achieved a 5% increase in Same Store Cash NOI, and closed at 90.5% occupancy. Key transactions included a $95 million property sale generating a $47.4 million gain and a $43.3 million property acquisition pending in San Diego. A dividend of $0.15 per share was declared. The revised full-year guidance suggests an increase in Core FFO expectations and optimistic outlook for cash flow growth as office utilization recovers.
City Office REIT (NYSE: CIO) will release its financial results for Q1 2021 before the market opens on May 7, 2021. A conference call is scheduled for 11:00 AM ET on the same day to discuss these results, with a supplemental financial package available on their website. City Office REIT focuses on high-quality office properties in key U.S. cities, currently managing 5.5 million square feet of office space. The Company is structured as a real estate investment trust for federal income tax purposes.
City Office REIT, Inc. (NYSE: CIO) has announced a quarterly dividend of $0.15 per share for Q1 2021, payable on April 23, 2021. This dividend is for all stockholders of record as of April 9, 2021. Additionally, the Board approved a quarterly dividend of $0.4140625 per share for the 6.625% Series A Cumulative Redeemable Preferred Stock. City Office focuses on high-quality office properties across the Southern and Western U.S., owning or controlling 5.5 million square feet.
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