Streetbeat News

CIO

City Office REIT, Inc.

https://www.cityofficereit.com

Industry

REIT - Office

City Office REIT, Inc. (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At September 30, 2020, CIO owned office complexes comprising 5.8 million square feet of net rentable area (NRA).

Open

4.79

Mkt cap

198M

Volume

268K

High

4.92

P/E Ratio

-11.71

52-wk high

6.71

Low

4.75

Div yield

0.08

52-wk low

4.02

The article highlights the top 3 oversold real estate stocks, which are Office Properties Income Trust (OPI), Orion Office REIT Inc. (ONL), and City Office REIT, Inc. (CIO), based on their RSI values indicating potential undervaluation. OPI reported positive quarterly sales but saw a significant price drop. ONL faced a decline after posting worse-than-expected financial results and a disappointing FY24 Core FFO guidance. CIO also experienced a decrease in stock price following downbeat quarterly sales, despite positive leasing activity momentum.

Portfolio Pulse from Avi Kapoor

February 29, 2024 | 12:26 pm

City Office REIT (CIO) has provided guidance for its 2024 core FFO (Funds From Operations) per share, expecting it to be in the range of $1.18-$1.22. This forecast falls below the estimated $1.32 by analysts.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 11:18 am

City Office REIT (CIO) reported Q4 Core FFO per share of $0.33, surpassing the $0.32 estimate, but its sales of $44.32M fell short of the $44.93M estimate. This represents a 13.16% decrease in Core FFO per share and a 0.65% decrease in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 11:16 am

Earnings reports for various companies are scheduled for February 22, 2024, covering a wide range of industries. These reports include both earnings per share and revenue forecasts, with some companies expected to report losses.

Portfolio Pulse from Benzinga Insights

February 22, 2024 | 10:27 am

Treasury Secretary Janet Yellen expressed concerns over the commercial real estate sector and the risks associated with digital assets, including stablecoins, in a House Financial Services Committee address. Despite these concerns, she offered an optimistic view of the U.S. economy, highlighting its strong growth and labor market resilience. Yellen called for enhanced regulatory frameworks for digital assets and discussed the efforts to manage commercial real estate risks. The VanEck Office and Commercial REIT ETF (DESK) and City Office REIT Inc. (CIO) were mentioned as experiencing declines.

Portfolio Pulse from Piero Cingari

February 06, 2024 | 5:12 pm

City Office REIT (NYSE:CIO) is set to pay a dividend of $0.10 per share with an annualized yield of 6.02%. The ex-dividend date was January 9, 2024. Despite a decrease in dividend per share from $0.60 in 2020 to $0.50 in 2023, City Office REIT has shown growth in earnings per share from $1.15 to $1.44 over the same period. This suggests a strategic focus on reinvesting profits rather than higher dividend payouts. Office Props IT (NASDAQ:OPI) has the highest annualized dividend yield in the industry at 21.11%.

Portfolio Pulse from Benzinga Insights

January 24, 2024 | 3:05 pm

City Office REIT (NYSE:CIO) announced a quarterly dividend of 10 cents per share, with the ex-dividend date set for Tuesday. Shareholders owning the stock by the end of Monday are eligible for the dividend, which will be paid on January 24, 2024. The stock is expected to open 10 cents lower on the ex-dividend date.

Portfolio Pulse from Benzinga Insights

January 04, 2024 | 2:45 pm

The article discusses the potential benefits for real estate stocks due to the Fed's anticipated rate cuts in 2024. It highlights three real estate stocks trading at attractive valuations: Forestar Group Inc. (FOR), City Office REIT Inc. (CIO), and EPR Properties (EPR). FOR is noted for its land development and sales to builders, CIO for managing office properties in Sun Belt markets, and EPR for investing in experiential properties. The stocks are trading at significant discounts to their sector medians, making them potentially favorable investments in light of expected lower interest rates.

Portfolio Pulse from Surbhi Jain

January 03, 2024 | 2:49 pm

Three REIT subsectors have outperformed others in the past month due to a tame CPI report and a pause in Federal Reserve interest rate hikes. Mortgage REITs (mREITs), specialized REITs, and office REITs are leading, with companies like Hannon Armstrong Sustainable Infrastructure Capital Inc. (HASI), Cherry Hill Mortgage Investment Corp. (CHMI), and Granite Point Mortgage Trust Inc. (GPMT) showing significant gains. Specialized REITs such as Outfront Media Inc. (OUT), Uniti Group Inc. (UNIT), and Safehold Inc. (SAFE) have also performed well, along with office REITs including Franklin Street Properties Corp. (FSP), City Office REIT Inc. (CIO), and Office Properties Income Trust (OPI).

Portfolio Pulse from Ethan Roberts

November 22, 2023 | 2:54 pm

City Office REIT Inc (NYSE:CIO) reported Q3 FY23 rental and other revenues of $44.21 million, beating the consensus of $43.97 million. Core FFO per share was $0.34, down from $0.39 a year ago. Same Store Cash NOI increased 2.2% Y/Y. Total leasing activity was around 119,000 square feet in Q3. Net operating income was $26.6 million. As of September 30, 2023, cash and cash equivalents stood at $52.3 million, and total principal outstanding debt was around $674.3 million. CIO reiterated the outlook for FY23.

Portfolio Pulse from Lekha Gupta

November 09, 2023 | 3:34 pm

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