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).

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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

City Office REIT (CIO) reported Q3 in-place occupancy of 85.4% and executed approximately 119,000 square feet of new and renewal leases.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 11:18 am

City Office REIT has reiterated the components of its FY23 guidance, which was provided in its Q2 earnings press release. The company expects its Core FFO per diluted share to be between $1.38 and $1.40.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 11:15 am

City Office REIT (NYSE:CIO) reported Q3 earnings of $0.34 per share, a decrease of 12.82% YoY. However, the company's quarterly sales of $44.21 million beat the analyst consensus estimate of $43.97 million by 0.55%, despite being a 2.87% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 11:02 am

City Office REIT (NYSE:CIO) is set to pay a dividend of $0.10 per share on October 24, 2023, with an annualized dividend yield of 7.86%. The company's dividend per share has decreased from $0.94 in 2019 to $0.80 in 2022, while its earnings per share have increased from $1.18 to $1.55 over the same period. This suggests that the company is focusing on business growth by reinvesting profits.

Portfolio Pulse from Benzinga Insights

October 24, 2023 | 3:05 pm

City Office REIT (NYSE:CIO) has announced a quarterly dividend of 10 cents per share. The ex-dividend date is Monday, meaning the stock will likely trade lower to reflect the payout. Shareholders who own CIO as of the end of Friday's session are eligible to receive the dividend, which will be paid out on October 24, 2023.

Portfolio Pulse from Benzinga Insights

October 04, 2023 | 2:45 pm

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