City Office REIT Inc Price, Forecast, Insider, Ratings, Fundamentals & Signals

Vancouver , may 3, 2024 /prnewswire/ -- city office reit, inc. (nyse: cio) (the "company," "city office," "we" or "our") today announced its results for the quarter ended march 31, 2024. first quarter highlights rental and other revenues were $44.5 million.

Vancouver , april 5, 2024 /prnewswire/ -- city office reit, inc. (nyse: cio) ("city office" or the "company") announced today it will release its financial results for the quarter ended march 31, 2024, before the market opens on friday, may 3, 2024. city office's management will hold a conference call at 11:00 am eastern time on may 3, 2024 to discuss the company's financial results.

New york , march 19, 2024 /prnewswire/ -- purcell & lefkowitz llp announces that it is investigating city office reit, inc. (nyse: cio) on behalf of the company's shareholders.  the investigation seeks to determine whether city office reit's directors breached their fiduciary duties in connection with recent corporate actions.

Vancouver , march 15, 2024 /prnewswire/ -- city office reit, inc. (nyse: cio) ("city office," "cio" or the "company") announced today that its board of directors has authorized a quarterly dividend amount of $0.10 per share of common stock and common unit of partnership interest for the first quarter of 2024. additionally, the board of directors authorized a regular quarterly dividend of $0.4140625 per share of the company's 6.625% series a cumulative redeemable preferred stock.

Vancouver , feb. 22, 2024 /prnewswire/ -- city office reit, inc. (nyse: cio) (the "company," "city office," "we" or "our") today announced its results for the quarter and full year ended december 31, 2023. fourth quarter highlights rental and other revenues were $44.3 million.

VANCOUVER , April 5, 2024 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced today it will release its financial results for the quarter ended March 31, 2024, before the market opens on Friday, May 3, 2024. City Office's management will hold a conference call at 11:00 am Eastern Time on May 3, 2024 to discuss the Company's financial results.

Some people make decent money dumpster diving, as seen in a Business Insider article about a couple who make up to $3,000 a month selling their trash treasures. The office REIT space is currently under tremendous pressure, reflected in the stock prices of three high-risk office plays: City Office REIT, Orion Office, and Net Lease Office Properties. These stocks offer value for investors willing to take on elevated risks, but caution is warranted due to the challenges facing the office real estate sector.

City Office REIT's preferreds are a strong investment with a 9.7% yield on cost and the ability to cover annual preferred payments with core FFO generated in a single quarter. The REIT's lease expirations and debt maturities are well managed, reducing credit risk for the preferreds. The preferreds are currently trading at a discount to their liquidation value and stand to benefit from future Fed rate cuts.

City Office REIT (CIO) came out with quarterly funds from operations (FFO) of $0.33 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.38 per share a year ago.

City Office REIT is trading at a nearly 70% discount to book value per share at the end of its most recent quarter. The Sun Belt office-focused REIT is currently paying out a 7.3% dividend yield after a series of cuts over the last few years. The quarterly distribution was 150% covered by adjusted FFO which dipped 3 cents year-over-year.

Office REITs are facing challenges as the hybrid work model becomes more popular, leading to downsizing and increased vacancies. Major companies like Charles Schwab, Johnson & Johnson, Dropbox, and Microsoft have already downsized their office spaces. Office REITs like Boston Properties, Kilroy Realty, City Office REIT, and SL Green are experiencing negative cash spreads and declining occupancy rates, indicating more trouble ahead.

REITs are performing well and expected to continue to rise, with potential for a 45% increase in the next 2-3 years. If the Fed reduces the prime rate, REIT yields will become more competitive with bonds and treasuries. REIT balance sheets are in good condition, with low debt ratios and valuations coming back into the low end of their normal range.

Some high-yielding REITs have unsafe dividends, leading to potential dividend cuts and decline in share value. This article provides a list of 11 cash COW REITs with safe dividends, including companies from the cannabis and office sectors. There is also a list of high-yield REITs with slightly more risk but still considered safe by the Seeking Alpha Quant Ratings system.

Since the publication of my initial buy article City Office REIT's preferred shares have performed slightly better than CIO's equity, registering a more balanced ride and a 7% total return. The company's ample liquidity, strong cash retention, and improving fundamentals were the initial factors behind the buy rating for the preferred shares. The most recent Q3 results entail mixed signals. The underlying FFO and occupancy ratio declined and the struggles with WeWork could inflict further damage down the road.

REITs have experienced a significant drop in value due to rising interest rates and inflation. However, with inflation under control and interest rates expected to stabilize or decrease, REITs are poised for a surge. A list of 28 undervalued REITs with a yield of 5% or better is provided, along with 10 additional REITs to consider.