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. (CIO) generated a range of news items related to its operations as an office-focused real estate investment trust and its eventual acquisition by an affiliate of Elliott Investment Management L.P. and Morning Calm Management, LLC. As an internally managed REIT concentrated on acquiring, owning and operating office properties located predominantly in Sun Belt markets, the company’s news flow frequently covered portfolio performance, leasing, capital markets activity and strategic transactions.
News releases documented quarterly financial results, where City Office REIT reported rental and other revenues, net income or loss, funds from operations (FFO), core FFO, adjusted funds from operations (AFFO), occupancy levels and leasing activity. The company also highlighted metrics such as same store cash net operating income and detailed the volume of new and renewal leases signed across its portfolio, providing insight into tenant demand and property-level trends.
Another key category of news involved real estate transactions and balance sheet actions. City Office REIT announced a purchase and sale agreement to dispose of its Phoenix portfolio and later reported the first closing of this sale, noting that the transaction satisfied a closing condition in its merger agreement. Additional releases described amendments to its credit facilities, preferred stock dividend declarations and the suspension of common stock dividends in connection with a pending merger.
Merger and governance developments formed a major theme in later news. The company issued press releases about entering into a definitive merger agreement with MCME Carell Holdings, LP and MCME Carell Holdings, LLC, the approval of the merger by stockholders at a special meeting, and the ultimate completion of the acquisition. Other news items included communications from shareholders such as Oksenholt Capital Management LLC commenting on the proposed transaction and the company’s leadership. Together, these articles provide a historical record of CIO’s strategic decisions, capital allocation and transition from a publicly traded REIT to a privately held entity.
City Office REIT (NYSE: CIO) has announced its dividend distributions for the third quarter of 2024. The company's Board of Directors has authorized a quarterly dividend of $0.10 per share for common stock and common unit of partnership interest. Additionally, a regular quarterly dividend of $0.4140625 per share has been declared for the company's 6.625% Series A Cumulative Redeemable Preferred Stock. Both dividends are scheduled to be paid on October 24, 2024, with a record date of October 10, 2024 for all stockholders, preferred stockholders, and operating partnership unitholders.
City Office REIT (NYSE: CIO) reported its Q2 2024 results, with rental and other revenues of $42.3 million. The company experienced a GAAP net loss of $5.6 million, or ($0.14) per share. Core FFO was $11.5 million, or $0.28 per share, while AFFO was $5.3 million, or $0.13 per share. In-place occupancy stood at 83.0%, or 87.3% including signed leases not yet occupied. CIO executed 269,000 square feet of new and renewal leases, with renewal cash rents increasing by 4.3%. The company completed loan renewals on two properties, declared a $0.10 per share common stock dividend, and a $0.4140625 per share Series A Preferred Stock dividend.
City Office REIT announced it will release its Q2 2024 financial results on August 1, 2024, before the market opens. The company will also host a conference call at 11:00 am ET the same day to discuss the earnings. A supplemental financial package will be available on their official website.
Interested parties can join the webcast through the 'Investor Relations' section on the company's website or participate via a telephone conference call. Replay options will be available on the same day, continuing through December 5, 2024.
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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