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 (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.
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.
FAQ
What is the current stock price of City Office Reit (CIO)?
What is the market cap of City Office Reit (CIO)?
