City Office REIT
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City Office REIT, Inc. (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. The last earnings update was 10 days ago. More info.
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CIO Share Price and Events
7 Day Returns
1 Year Returns
CIO Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| City Office REIT (CIO) | 1.4% | 8.6% | -1.1% | 4.3% | 6.7% | -3.1% |
| US REITs | 0.2% | -1.4% | 3.2% | 13% | 8.8% | 24% |
| US Market | -3.9% | -3.6% | 1.8% | 1.4% | 35.8% | 40.8% |
1 Year Return vs Industry and Market
- CIO underperformed the REITs industry which returned 13% over the past year.
- CIO outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
Related Companies
CIO Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
City Office REIT
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for City Office REIT.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.1% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 26.5%) (147.96%)) |
1.073 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.07 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.073 * 5.96%) |
9.13% |
Discounted Cash Flow Calculation for NYSE:CIO using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for City Office REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
City Office REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 9.13%) |
|
|---|---|---|---|
| 2019 | 35.44 | Analyst x5 | 32.47 |
| 2020 | 40.27 | Analyst x4 | 33.81 |
| 2021 | 37.00 | Analyst x1 | 28.47 |
| 2022 | 37.84 | Est @ 2.28% | 26.68 |
| 2023 | 38.76 | Est @ 2.41% | 25.04 |
| 2024 | 39.73 | Est @ 2.51% | 23.52 |
| 2025 | 40.75 | Est @ 2.57% | 22.11 |
| 2026 | 41.82 | Est @ 2.62% | 20.79 |
| 2027 | 42.93 | Est @ 2.65% | 19.56 |
| 2028 | 44.08 | Est @ 2.68% | 18.40 |
| Present value of next 10 years cash flows | $250.88 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $44.08 × (1 + 2.73%) ÷ (9.13% – 2.73%) |
$707.89 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $707.89 ÷ (1 + 9.13%)10 |
$295.57 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $250.88 + $295.57 |
$546.45 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $546.45 / 39.64 |
$13.79 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $13.79 |
| Current discount | Discount to share price of
$11.99
= -1 x ($11.99 - $13.79) / $13.79 |
13% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- City Office REIT's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- City Office REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for City Office REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
City Office REIT's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $-0.46 |
| NYSE:CIO Share Price ** | NYSE (2019-05-15) in USD | $11.99 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.37x |
| United States of America Market PE Ratio | Median Figure of 3,087 Publicly-Listed Companies | 17.79x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of City Office REIT.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:CIO Share Price ÷ EPS (both in USD) = 11.99 ÷ -0.46 |
-26.31x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- City Office REIT is loss making, we can't compare its value to the US REITs industry average.
- City Office REIT is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does
City Office REIT's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | -26.31x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
1.1%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 1.91x |
| United States of America Market PEG Ratio | Median Figure of 2,113 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to calculate PEG ratio for City Office REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
City Office REIT's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $6.90 |
| NYSE:CIO Share Price * | NYSE (2019-05-15) in USD | $11.99 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,195 Publicly-Listed Companies | 1.83x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:CIO Share Price ÷ Book Value per Share (both in USD) = 11.99 ÷ 6.90 |
1.74x |
* Primary Listing of City Office REIT.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- City Office REIT is good value based on assets compared to the US REITs industry average.
Value checks
We assess City Office REIT's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) City Office REIT has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
CIO Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Unable to compare City Office REIT's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
- Unable to compare City Office REIT's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
- City Office REIT's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:CIO Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 1.1% |
| NYSE:CIO Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 10.5% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.2% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | -15 | |||
| 2020-12-31 | 167 | -16 | 4 | |
| 2019-12-31 | 153 | -14 | 5 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 135 | 43 | -17 |
| 2018-12-31 | 129 | 42 | 31 |
| 2018-09-30 | 126 | 41 | 36 |
| 2018-06-30 | 118 | 36 | 36 |
| 2018-03-31 | 113 | 35 | 47 |
| 2017-12-31 | 106 | 37 | -2 |
| 2017-09-30 | 97 | 32 | -4 |
| 2017-06-30 | 91 | 29 | -2 |
| 2017-03-31 | 82 | 18 | 1 |
| 2016-12-31 | 72 | 19 | -3 |
| 2016-09-30 | 69 | 14 | 1 |
| 2016-06-30 | 65 | 10 | 0 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from City Office REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | ||||
| 2020-12-31 | -0.26 | -0.26 | -0.26 | 1.00 |
| 2019-12-31 | -0.29 | -0.27 | -0.31 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | -0.46 |
| 2018-12-31 | 0.82 |
| 2018-09-30 | 1.04 |
| 2018-06-30 | 1.08 |
| 2018-03-31 | 1.47 |
| 2017-12-31 | -0.05 |
| 2017-09-30 | -0.13 |
| 2017-06-30 | -0.08 |
| 2017-03-31 | 0.05 |
| 2016-12-31 | -0.13 |
| 2016-09-30 | 0.05 |
| 2016-06-30 | 0.02 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if City Office REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess City Office REIT's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
City Office REIT has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
CIO Past Performance
How has City Office REIT performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- City Office REIT does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
- Unable to compare City Office REIT's 1-year earnings growth to the 5-year average as it is not currently profitable.
- Unable to compare City Office REIT's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
All data from City Office REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 135.07 | -17.40 | 8.46 | |
| 2018-12-31 | 129.48 | 30.75 | 8.14 | |
| 2018-09-30 | 126.50 | 36.48 | 7.35 | |
| 2018-06-30 | 117.70 | 36.01 | 6.95 | |
| 2018-03-31 | 112.62 | 46.87 | 6.58 | |
| 2017-12-31 | 106.49 | -1.66 | 6.79 | |
| 2017-09-30 | 96.61 | -3.81 | 7.13 | |
| 2017-06-30 | 90.65 | -2.13 | 7.43 | |
| 2017-03-31 | 81.59 | 1.18 | 7.38 | |
| 2016-12-31 | 72.46 | -2.62 | 13.47 | |
| 2016-09-30 | 68.70 | 0.90 | 12.91 | |
| 2016-06-30 | 64.53 | 0.35 | 12.23 | |
| 2016-03-31 | 60.07 | -12.97 | 11.69 | |
| 2015-12-31 | 55.05 | -6.59 | 4.22 | |
| 2015-09-30 | 48.03 | -4.37 | 3.81 | |
| 2015-06-30 | 43.42 | -3.63 | 3.52 | |
| 2015-03-31 | 40.17 | -5.75 | 3.17 | |
| 2014-12-31 | 36.90 | -5.01 | 2.41 | |
| 2014-09-30 | 32.39 | -8.54 | 1.11 | |
| 2014-06-30 | 29.31 | -6.59 | 0.47 | |
| 2014-03-31 | 25.39 | -4.07 | -0.06 | |
| 2013-12-31 | 20.89 | -4.13 | ||
| 2013-09-30 | 18.36 | -1.91 | 0.48 | |
| 2012-12-31 | 12.02 | -1.60 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- It is difficult to establish if City Office REIT has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
- City Office REIT used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- It is difficult to establish if City Office REIT improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
Past performance checks
We assess City Office REIT's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
City Office REIT has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
CIO Health
How is City Office REIT's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up City Office REIT's finances.
The net worth of a company is the difference between its assets and liabilities.
- City Office REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- City Office REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from City Office REIT Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 386.39 | 703.17 | 15.31 |
| 2018-12-31 | 398.38 | 645.35 | 16.14 |
| 2018-09-30 | 415.75 | 546.02 | 13.70 |
| 2018-06-30 | 386.15 | 479.61 | 14.66 |
| 2018-03-31 | 396.94 | 421.79 | 18.51 |
| 2017-12-31 | 359.83 | 489.51 | 12.30 |
| 2017-09-30 | 302.13 | 532.11 | 18.90 |
| 2017-06-30 | 312.91 | 411.11 | 68.15 |
| 2017-03-31 | 312.66 | 400.76 | 50.63 |
| 2016-12-31 | 256.06 | 370.06 | 13.70 |
| 2016-09-30 | 156.60 | 302.77 | 12.02 |
| 2016-06-30 | 162.68 | 289.84 | 7.66 |
| 2016-03-31 | 66.90 | 345.12 | 8.20 |
| 2015-12-31 | 73.72 | 341.28 | 8.14 |
| 2015-09-30 | 78.79 | 344.95 | 10.52 |
| 2015-06-30 | 81.89 | 241.10 | 11.29 |
| 2015-03-31 | 87.18 | 189.67 | 23.99 |
| 2014-12-31 | 91.24 | 189.94 | 34.86 |
| 2014-09-30 | 96.23 | 190.20 | 36.54 |
| 2014-06-30 | 57.29 | 155.00 | 10.18 |
| 2014-03-31 | 32.01 | 159.39 | 6.53 |
| 2013-12-31 | 27.71 | 109.92 | 7.13 |
| 2013-09-30 | 26.72 | 108.91 | 7.55 |
| 2012-12-31 | 6.01 | 53.26 | 3.11 |
- City Office REIT's level of debt (182%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (493.5% vs 182% today).
- Debt is not well covered by operating cash flow (6.1%, less than 20% of total debt).
- City Office REIT is making a loss, therefore interest payments are not well covered by earnings.
Financial health checks
We assess City Office REIT's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) City Office REIT has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
CIO Dividends
What is City Office REIT's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
City Office REIT
shares you are expected to receive
$157
in your first year as a dividend.
Dividend Amount
- City Office REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- City Office REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.94 | 1.00 |
| 2020-12-31 | 0.94 | 3.00 |
| 2019-12-31 | 0.94 | 5.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-15 | 0.940 | 8.245 |
| 2018-12-21 | 0.940 | 8.320 |
| 2018-09-14 | 0.940 | 8.229 |
| 2018-06-15 | 0.940 | 7.352 |
| 2018-03-21 | 0.940 | 8.023 |
| 2017-12-15 | 0.940 | 8.128 |
| 2017-11-07 | 0.940 | 7.247 |
| 2017-11-06 | 0.940 | 7.349 |
| 2017-08-04 | 0.940 | 7.236 |
| 2017-08-03 | 0.940 | 7.499 |
| 2017-03-21 | 0.940 | 7.563 |
| 2016-12-21 | 0.940 | 7.406 |
| 2016-09-15 | 0.940 | 7.497 |
| 2016-06-20 | 0.940 | 7.166 |
| 2016-03-15 | 0.940 | 8.110 |
| 2015-12-18 | 0.940 | 7.997 |
| 2015-09-15 | 0.940 | 8.256 |
| 2015-06-15 | 0.940 | 7.888 |
| 2015-03-19 | 0.940 | 7.318 |
| 2014-12-15 | 0.940 | 7.387 |
| 2014-09-15 | 0.940 | 7.176 |
| 2014-05-12 | 0.940 | 7.448 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, City Office REIT has been paying a dividend for less than 10 years.
- City Office REIT has only been paying a dividend for 5 years, and since then there has been no growth.
Current Payout to shareholders
What portion of
City Office REIT's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (56.5x coverage).
Income/ dividend checks
We assess City Office REIT's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can City Office REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) City Office REIT has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
CIO Management
CEO
| COMPENSATION | $1,624,006 |
| AGE | 42 |
| TENURE AS CEO | 5.1 years |
CEO Bio
Mr. James Thomas Farrar, also known as Jamie, serves as Chief Executive Officer and Director at City Office REIT Inc. since April 2014. He has extensive experience in the private equity, real estate and corporate finance industry. Mr. Farrar joined Second City Real Estate in 2009 as a Managing Director and prior to this, spent seven years as an executive at a family office with a diversified portfolio primarily concentrated in the real estate sector. From August 2003, prior to joining Second City, Mr. Farrar served as the Vice President of Ken Fowler Enterprises Limited, a family office with a diversified portfolio concentrated primarily in the real estate and hospitality sectors. At Ken Fowler Enterprises Limited, Mr. Farrar was responsible for leading acquisitions, divestitures and portfolio management. Prior to this, Mr. Farrar was an investment professional with TD Capital, the private equity unit of TD Bank. Mr. Farrar has extensive experience in acquisitions and divestitures and has been involved in the acquisition of approximately $2.0 billion of commercial real estate. Mr. Farrar received a bachelor’s degree in business administration from Wilfrid Laurier University and is a chartered accountant, a chartered business valuator and a CFA charterholder. Mr. Farrar brings to our Board of Directors extensive executive management experience gained over 20 years of involvement in the private equity, real estate and corporate finance industries.
CEO Compensation
- Jamie's compensation has increased whilst company is loss making.
- Jamie's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the City Office REIT management team in years:
- The average tenure for the City Office REIT management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Jamie Farrar
CEO & Director
$2M
42
5.1 yrs
Greg Tylee
COO & President
$2M
46
5.1 yrs
Tony Maretic
CFO, Treasurer & Secretary
$999K
46
5.1 yrs
Board of Directors Tenure
Average tenure and age of the City Office REIT board of directors in years:
- The tenure for the City Office REIT board of directors is about average.
Board of Directors
John McLernon
Chairman of the Board
$101K
77
5.1 yrs
Jamie Farrar
CEO & Director
$2M
42
5.1 yrs
Mark Murski
Independent Director
$91K
42
5.1 yrs
Stephen Shraiberg
Independent Director
$86K
71
5.1 yrs
Will Flatt
Independent Director
$96K
43
5.1 yrs
John Sweet
Independent Director
$86K
74
2.2 yrs
Sabah Mirza
Independent Director
43
0.2 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by City Office REIT insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 09. May 19 | Buy | John Sweet | Individual | 08. May 19 | 08. May 19 | 3,000 | $11.84 | $35,520 | ||
| 06. Mar 19 | Buy | James Farrar | Individual | 06. Mar 19 | 06. Mar 19 | 8,000 | $11.41 | $91,120 | ||
| 28. Dec 18 | Buy | Gregory Tylee | Individual | 27. Dec 18 | 27. Dec 18 | 5,000 | $9.83 | $49,150 | ||
| 29. Nov 18 | Buy | John Sweet | Individual | 29. Nov 18 | 29. Nov 18 | 1,000 | $10.70 | $10,700 | ||
| 06. Nov 18 | Buy | Stephen Shraiberg | Individual | 05. Nov 18 | 05. Nov 18 | 35,000 | $10.81 | $377,500 | ||
Management checks
We assess City Office REIT's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) City Office REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
CIO News
Simply Wall St News
A Holistic Look At City Office REIT, Inc. (NYSE:CIO)
Help shape the future of investing tools and you could win a $250 gift card! … As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.
Simply Wall St - – Full articleA Closer Look At City Office REIT, Inc.'s (NYSE:CIO) Impressive ROE
Our data shows City Office REIT has a return on equity of 9.7% for the last year. … That means that for every $1 worth of shareholders' equity, it generated $0.097 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDo Institutions Own City Office REIT, Inc. (NYSE:CIO) Shares?
Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … We also tend to see lower insider ownership in companies that were previously publicly owned. … City Office REIT is a smaller company with a market capitalization of US$433m, so it may still be flying under the radar of many institutional investors.
Simply Wall St - – Full articleDoes City Office REIT, Inc.'s (NYSE:CIO) CEO Salary Compare Well With Others?
Jamie Farrar has been the CEO of City Office REIT, Inc. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jamie Farrar's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleWhat Kind Of Shareholder Appears On The City Office REIT Inc's (NYSE:CIO) Shareholder Register?
A look at the shareholders of City Office REIT Inc (NYSE:CIO) can tell us which group is most powerful. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … City Office REIT is a smaller company with a market capitalization of US$442m, so it may still be flying under the radar of many institutional investors.
Simply Wall St - – Full articleIs City Office REIT Inc's (NYSE:CIO) CEO Salary Justified?
In 2014 Jamie Farrar was appointed CEO of City Office REIT Inc (NYSE:CIO). … How Does Jamie Farrar's Compensation Compare With Similar Sized Companies. … Our data indicates that City Office REIT Inc is worth US$422m, and total annual CEO compensation is US$1m.
Simply Wall St - – Full articleCan City Office REIT Inc (NYSE:CIO) Continue To Outperform Its Industry?
The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … With an ROE of 11.3%, City Office REIT Inc (NYSE:CIO) outpaced its own industry which delivered a less exciting 6.6% over the past year. … See our latest analysis for City Office REIT
Simply Wall St - – Full articleHow Does City Office REIT Inc (NYSE:CIO) Fare As A Dividend Stock?
Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Over the past 4 years, City Office REIT Inc (NYSE:CIO) has returned an average of 8.00% per year to shareholders in terms of dividend yield. … Does City Office REIT tick all the boxes of a great dividend stock?
Simply Wall St - – Full article3 Days Left Before City Office REIT Inc (NYSE:CIO) Will Start Trading Ex-Dividend, Should Investors Buy?
See our latest analysis for City Office REIT How I analyze a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is it paying an annual yield above 75% of dividend payers? … NYSE:CIO Historical Dividend Yield Apr 6th 18 Does City Office REIT pass our checks? … Next Steps: After digging a little deeper into City Office REIT's yield, it's easy to see why you should be cautious investing in the company just for the dividend.
Simply Wall St - – Full articleOne Metric To Rule Them All: City Office REIT Inc (NYSE:CIO)
City Office REIT Inc is a US$374.53M small-cap real estate investment trust (REIT) based in Vancouver, Canada. … Check out our latest analysis for City Office REIT Funds from Operations (FFO) is a higher quality measure of CIO's earnings compared to net income. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks.
Simply Wall St - – Full articleCIO Company Info
Description
City Office REIT, Inc. (NYSE: CIO) invests in high-quality office properties in 18-hour cities with strong economic fundamentals, primarily in the Southern and Western United States. At March 31, 2019, CIO owned office complexes comprising 5.7 million square feet of net rentable area (“NRA”).
Details
| Name: | City Office REIT, Inc. |
| CIO | |
| Exchange: | NYSE |
| Founded: | 2013 |
| $475,233,158 | |
| 39,635,793 | |
| Website: | http://www.cityofficereit.com |
| Address: |
City Office REIT, Inc. 666 Burrard Street, Suite 3210, Vancouver, British Columbia, V6C 2X8, Canada |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | CIO | Common Stock | New York Stock Exchange | US | USD | 15. Apr 2014 | |
| NYSE | CIO.PRA | RED PFD SER A | New York Stock Exchange | US | USD | 27. Sep 2016 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/16 02:37 |
| End of day share price update: | 2019/05/15 00:00 |
| Last estimates confirmation: | 2019/05/07 |
| Last earnings filing: | 2019/05/06 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
