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 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.
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.