City Office REIT Inc. (CIO) shares surged 30.23% in after-hours on Friday, August 20, 2021, and closed the weekly trading at $16.80 per share. In the regular trading session of Friday, CIO’s stock gained 0.23%. CIO shares have risen 56.55% over the last 12 months, and they have moved down 2.42% in the past week. Over the past three months, the stock has gained 13.36%, while over the past six months, it has declined 24.28%.
Let’s see what are the recent news about the company?
CIO Sold Life Science Portfolio
On August 20, 2021, City Office REIT, Inc (CIO) entered into definitive agreements to sell all of its holdings in the Sorrento Mesa submarket of San Diego for $576 million. The company will get net proceeds of $546 million, which equates to $12.38 per common share. The properties to be sold are unencumbered by debt.
CIO recent financial results announcement
On August 5, 2021, City Office REIT, Inc. (CIO) released its financial results for the quarter ended June 30, 2021.
Q2 2021 financial highlights
- CIO reported total revenue of $40.0 million for Q2 2021 which was the same in Q2 2020.
- Total operating expenses were $32.2 million in Q2 2021 compared o $31.86 million in Q2 2020.
- It suffered a net loss of approximately $0.2 million, or $0.00per fully diluted share in Q2 2021 compared to a net loss of $1.4 million or $0.03 per fully diluted share in Q2 2020.
FY 2021 financial outlook
The company revised its financial outlook for FY 2021 and is now expecting
- Net Operating Income in the range of $104.5 million to $106.0 million.
- General & Administrative expenses in the range of $11.5 million to $12.0 million.
- Core FFO per diluted share in the range of $1.40 to $1.43.
Recent Dividend Declaration
On June 15, 2021, the Board of directors of City Office REIT Inc (CIO) authorized a quarterly dividend amount of $0.15 per share of common stock and common unit of a partnership interest for the second quarter of 2021.
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.
The dividends will be payable on July 23, 2021, to all stockholders and operating partnership unitholders of record as of the close of business on July 9, 2021.
Conclusion
The recent selling of its assets at a good price could be the reason behind its exceptional performance on Friday and we hope that it will commence the new trading week with the same positive momentum.
