City Office Reit Inc Stock Price, News & Analysis

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.

City Office REIT (CIO) reported a Q4 2020 revenue of $39.8 million with a net loss of $1.5 million or $(0.03) per share. Core FFO was $14.1 million ($0.32/share), and AFFO was $7.5 million ($0.17/share). Occupancy stood at 90.5%, with a 0.4% increase in Same Store Cash NOI. The sale of the Cherry Creek property brought in $95 million and a $47.4 million gain. A dividend of $0.15 per share was declared, paid on January 25, 2021. For 2021, Core FFO guidance is $1.20-$1.24 per diluted share amid ongoing pandemic uncertainties.

City Office REIT (NYSE: CIO) announced the successful sale of its Cherry Creek property in Denver for a gross price of $95.0 million. The three-building campus, totaling 356,000 square feet, was fully leased to the State of Colorado at the time of sale. This transaction reflects a capitalization rate of approximately 5.8% based on net operating income. CEO James Farrar emphasized the sale's role in showcasing the portfolio's value and expressed intentions to pursue further acquisitions as market conditions improve.

City Office REIT (NYSE: CIO) announced the tax treatment for its 2020 distributions to common and preferred stockholders. The Company provided shareholders with necessary information for tax reporting on dividends. Key figures include ordinary dividends of $0.189706, $0.121089, and others for various payment dates. Shareholders should consult tax advisors for personalized guidance based on their unique situations, reviewing their Forms 1099 for accuracy against the provided data. City Office continues to operate high-quality office properties across the Southern and Western U.S.

City Office REIT (NYSE: CIO) will release its financial results for Q4 2020 on February 25, 2021, before market opening. The management will hold a conference call at 11:00 AM ET to discuss the results, with a supplemental financial package available on their website. Investors can join the call using domestic or international dial-in numbers. A replay will be accessible from the call's conclusion until May 25, 2021. The company, focusing on high-quality office properties in the U.S., owns or controls 5.8 million square feet of office space.

City Office REIT, Inc. (NYSE: CIO) has announced a quarterly dividend of $0.15 per share for Q4 2020. Additionally, a quarterly dividend of $0.4140625 per share on its 6.625% Series A Cumulative Redeemable Preferred Stock has also been authorized. Both dividends are payable on January 25, 2021, to shareholders of record by January 11, 2021. City Office REIT specializes in acquiring quality office properties across key cities in the Southern and Western U.S., currently managing 5.8 million square feet of office space.

City Office REIT (NYSE: CIO) has successfully completed a ten-year lease renewal at its 163,336 square foot Lake Vista property in Dallas, Texas. The lease extension, now effective until April 30, 2032, covers 100% occupancy and starts with a renewal rate of $17.50 per square foot, reflecting a 6.1% increase over the previous rate. The agreement includes a three-month rent abatement and approximately $5.5 million for leasing commissions and tenant improvements. Additionally, the tenant has the option to purchase the property before July 31, 2022.

City Office REIT (CIO) reported its Q3 2020 results, showing a GAAP net income of approximately $1.0 million, or $0.02 per diluted share. Core FFO was $15.3 million ($0.35/share), while AFFO stood at $9.9 million ($0.22/share). The company achieved over 99% rent collection for Q3. In-place occupancy was at 93.1%. Notably, a 136,000 sq. ft. lease with a life science tenant in San Diego is expected to generate an additional $2.8 million in annual base rental revenue. The company also disposed of land for $6.5 million and declared dividends totaling $0.15 per common share and $0.4140625 for preferred stock.