City Office Reit Inc Stock Price, News & Analysis

City Office REIT, Inc. (NYSE: CIO) has finalized the sale of its Lake Vista Pointe property in Dallas, Texas, for $43.8 million, generating a gain of $22 million. This transaction yields a cash capitalization rate of 6.1% and is part of a larger trend, as the company has seen over $570 million in gains from ten dispositions thus far. Proceeds will be allocated to repaying $16.8 million in mortgage debt, with remaining funds earmarked for various corporate purposes, including potential reinvestment or share repurchase.

On May 5, 2022, City Office REIT reported Q1 2022 results, highlighting rental revenues of $44.9 million and net income of $22.7 million, or $0.51 per diluted share. Core FFO was $17.6 million ($0.40/share), while AFFO stood at $8.3 million ($0.19/share). The company agreed to sell Lake Vista Pointe for $43.8 million, anticipating a $22 million gain. However, Same Store Cash NOI fell 4.7% year-over-year, and portfolio occupancy was 85.7%, impacted by acquisitions. The company declared a dividend of $0.20 per common share, paid on April 22, 2022.

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.