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

City Office REIT, Inc. (NYSE:CIO) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Stockholders of record on Thursday, January 9th 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 annualized dividend and a dividend yield of 7.60%. The ex-dividend date of this dividend is Thursday, January 9th.

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 -87.0% 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 $1.03 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 6.9 %

NYSE:CIO opened at $5.26 on Thursday. City Office REIT has a 1-year low of $4.02 and a 1-year high of $6.63. The firm has a market capitalization of $211.21 million, a price-to-earnings ratio of -12.52, a PEG ratio of 0.91 and a beta of 1.99. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 1.02. The business’s fifty day moving average price is $5.46 and its 200 day moving average price is $5.49.

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