City Office REIT, Inc. (NYSE:CIO) Declares Quarterly Dividend of $0.10

City Office REIT, Inc. (NYSE:CIO) announced a quarterly dividend on Friday, September 13th, Wall Street Journal reports. Stockholders of record on Thursday, October 10th will be given a dividend of 0.10 per share by the real estate investment trust on Thursday, October 24th. This represents a $0.40 annualized dividend and a dividend yield of 6.69%. The ex-dividend date is Thursday, October 10th.

City Office REIT has decreased its dividend payment by an average of 4.3% annually over the last three years. City Office REIT has a payout ratio of -93.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect City Office REIT to earn $1.00 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 40.0%.

City Office REIT Price Performance

CIO opened at $5.98 on Tuesday. The company has a 50-day moving average of $5.77 and a 200-day moving average of $5.25. The company has a market capitalization of $239.92 million, a P/E ratio of -21.34, a PEG ratio of 0.96 and a beta of 1.95. City Office REIT has a 1-year low of $3.45 and a 1-year high of $6.70. The company has a debt-to-equity ratio of 1.00, a quick ratio of 2.80 and a current ratio of 2.80.

City Office REIT (NYSE:CIO) last released its earnings results on Thursday, August 1st. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). The company had revenue of $42.34 million during the quarter, compared to the consensus estimate of $43.27 million. City Office REIT had a negative return on equity of 1.07% and a negative net margin of 4.02%. During the same period in the previous year, the firm posted $0.35 EPS. Equities analysts expect that City Office REIT will post 1.04 EPS for the current fiscal 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.