LONDON, UK / ACCESSWIRE / March 13, 2018 / Active-Investors.com has just released a free research report on City Office REIT, Inc. (NYSE: CIO) ("CIO"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CIO as the Company's latest news hit the wire. On March 09, 2018, the Company disclosed that it has completed the sale of Washington Group Plaza property in Boise, Idaho. The property was sold for approximately $86.5 million excluding transaction and other costs at the time of closing. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, City Office REIT most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Details of the Deal
CIO had announced the sale of Washington Group Plaza property in February 2018 to St. Luke's Health System. CIO expects to realize a profit of over of $45 million from this sale. The Company plans to utilize approximately $32.1 million from the sale proceeds to pay off the mortgage taken on the property and use the balance for paying off existing debts, other corporate expenses and strategic acquisitions. The sale of the property was structured as a part of a reverse like-kind exchange under Section 1031 of the Internal Revenue Code, as amended.
Commenting on the sale of Washington Group Plaza, Greg Tylee, Chief Operating Officer and President of CIO, said:
"The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014. Since that time, we have implemented substantial operational improvements and cost savings, increased the square footage of the buildings by 23,000 square feet through re-measurement and most recently completed a 148,000 square foot lease to St. Luke's. These efforts demonstrate our ability to create and realize value for our shareholders at the property level."
About Washington Group Plaza Property
The Washington Group Plaza property is a 557,510 square foot, four-building office complex situated on 24 acres of land in Boise, Idaho. The property has 1,050 structured parking spaces and 896 surface spaces. The office property boasts of several first-class amenities at the site including a cafeteria and 250-seat auditorium. The recent renovation plans included elevator upgrades as well as a fitness facility.
The property is conveniently located in the heart of downtown Boise with easy access to the interstate highway, Boise State University, St. Luke's Regional Medical Center, and numerous downtown retail amenities including Idaho's only Whole Foods Market.
The office property houses several state and federal government offices and a major part of the property has already been leased to the buyer - St. Luke's Health System. The buildings also have several other smaller tenants.
About City Office REIT, Inc.
Vancouver, Canada-based CIO is an internally managed real estate Company. It is focussed on acquiring, owning, and operating high-quality office properties in metropolitan areas in the Southern and Western US. CIO currently owns 44 office buildings with a total net rentable area (NRA) of approximately 4.6 million square feet in metropolitan areas of Boise, Dallas, Denver, Orlando, Phoenix, Portland, San Diego, and Tampa. The Company is registered as a Maryland corporation based in Dallas Texas in the US and has elected to be taxed as a real estate investment trust (REIT) for US federal income tax purposes.
Stock Performance Snapshot
March 12, 2018 - At Monday's closing bell, City Office REIT's stock advanced 1.51%, ending the trading session at $11.40.
Volume traded for the day: 260.94 thousand shares.
Stock performance in the last month - up 8.88%
After yesterday's close, City Office REIT's market cap was at $394.44 million.
The stock has a dividend yield of 8.25%.
The stock is part of the Financial sector, categorized under the REIT - Office industry.
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