City Office REIT, Inc. (CIO) to Issue Quarterly Dividend of $0.10 on January 23rd

City Office REIT, Inc. (NYSE:CIO) declared a quarterly dividend on Friday, December 13th,Wall Street Journal reports. Shareholders of record on Friday, January 10th will be paid a dividend of 0.10 per share by the real estate investment trust on Thursday, January 23rd. This represents a $0.40 dividend on an annualized basis and a yield of 7.37%. The ex-dividend date of this dividend is Friday, January 10th.

City Office REIT has decreased its dividend payment by an average of 12.6% per year over the last three years. City Office REIT has a payout ratio of -125.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect City Office REIT to earn $1.03 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 38.8%.

City Office REIT Stock Performance

NYSE:CIO opened at $5.43 on Wednesday. The stock’s 50-day moving average is $5.41 and its 200-day moving average is $5.54. The stock has a market cap of $218.04 million, a P/E ratio of -12.93, a price-to-earnings-growth ratio of 0.91 and a beta of 1.98. City Office REIT has a 1-year low of $4.02 and a 1-year high of $6.50. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 1.02.

City Office REIT (NYSE:CIO) last announced its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.36). The business had revenue of $42.37 million during the quarter, compared to analyst estimates of $42.02 million. City Office REIT had a negative net margin of 5.56% and a negative return on equity of 1.48%. During the same quarter last year, the company posted $0.34 earnings per share. Equities research analysts anticipate that City Office REIT will post 1.05 earnings per share for the current year.

City Office REIT Company Profile

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 5.7 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S.