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

City Office REIT, Inc. (NYSE:CIO) announced 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 by an average of 12.6% annually over the last three years. City Office REIT has a payout ratio of -125.0% meaning 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 $1.03 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 Down 0.7 %

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

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

About City Office REIT

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.