LONDON, UK / ACCESSWIRE / October 6, 2017 / Pro-Trader Daily takes a closer look at City Office REIT, Inc. (NYSE: CIO) as the Company’s stock will begin trading ex-dividend on October 10, 2017. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on October 09, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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On September 15, 2017, City Office REIT announced that its Board of Directors authorized a quarterly dividend of $0.235 per share of common stock and common unit of partnership interest for the third quarter of 2017. The dividends will be payable on October 25, 2017, to all stockholders and operating partnership unitholders of record as of the close of business on October 11, 2017.
City Office REIT’s indicated dividend represents a yield of 6.83%, which is substantially above the average dividend yield of 3.10% for the financial sector.
City Office REIT has a dividend payout ratio of 97.9%, which indicates that the Company distributes approximately $0.98 for every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts’ estimates, City Office REIT is forecasted to report earnings of $0.43 for the next year compared to its annualized dividend of $0.94 City Office is a Real Estate Investment Trust (REIT) which is structured by law to distribute at least 90% of earnings. Moreover, since REITs generate income from owning portfolios of investment real estate, they are likely to have higher depreciation charges.
As of June 30, 2017, City Office REIT’s cash and cash equivalents were worth $68.15 million compared to cash worth $13.70 million as on December 31, 2016. The Company’s total assets were $757.35 million on June 30, 2017, compared to total liabilities of $444.44 million as on December 31, 2016. The Company’s strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for City Office REIT
On October 02, 2017, City Office REIT announced the closing of a portfolio in San Diego, California for an aggregate purchase price of approximately $174.5 million.
On September 29, 2017, City Office REIT closed the previously announced acquisition of a ten-building, 669,653 SF portfolio located in San Diego for an aggregate purchase price of $174.5 million, exclusive of closing costs. The San Diego Portfolio is comprised of Mission City Corporate Center and the Sorrento Mesa portfolio (“Sorrento Mesa”), which includes a five-acre land parcel. The acquisition is anticipated to generate a combined pro forma net operating income yield of approximately 7.4% inclusive of estimated closing costs, reserves for planned capital improvements and the cost of the land parcel.
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading markets in the Southern and Western US. City Office REIT currently owns or has a controlling interest in 5.0 million square feet of office properties.
At the closing bell, on Thursday, October 05, 2017, City Office REIT’s stock rose slightly by 0.15%, ending the trading session at $13.78. A total volume of 182.32 thousand shares have exchanged hands, which was higher than the 3-month average volume of 121.28 thousand shares. The Company’s stock price rallied 10.84% in the last three months, 11.47% in the past six months, and 12.75% in the previous twelve months. Moreover, the stock gained 4.78% since the start of the year. The stock has a dividend yield of 6.81% and currently has a market cap of $417.04 million.
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