Latest news with #PropertyMarketsGroup
Yahoo
03-05-2025
- Business
- Yahoo
City Office REIT Inc (CIO) Q1 2025 Earnings Call Highlights: Strategic Developments and ...
Net Operating Income (NOI): $26.0 million, an increase of $500,000 from the previous quarter. Cash Available for Distribution (COFO): $12.3 million or $0.30 per share, $600,000 higher than the previous quarter. Adjusted Funds from Operations (AFO): $6.5 million or $0.16 per share. Same Store Cash NOI Growth: Increased by 4.4% compared to the previous year. Portfolio Occupancy: Ended the quarter at 84.9%. Total Debt: $646 million as of March 30th. Net Debt to EBITDA: 6.7 times. Credit Facility Availability: $42 million undrawn and authorized. Cash and Restricted Cash: $37 million as of quarter-end. Warning! GuruFocus has detected 7 Warning Signs with CIO. Release Date: May 02, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. City Office REIT Inc (NYSE:CIO) announced a partnership with Property Markets Group to redevelop a property in downtown St. Petersburg, Florida, into a luxury residential and mixed-use tower. The company completed 144,000 square feet of new and renewal leasing in the first quarter, including a significant 34,000 square foot lease at Papagotech property in Phoenix. City Office REIT Inc (NYSE:CIO) achieved an 8.5% positive cash releasing spread on renewals over the last 12 months, indicating strong rent growth. The company's same store cash NOI increased by 4.4% in the first quarter compared to the previous year, driven by strong performance in Raleigh. City Office REIT Inc (NYSE:CIO) is on track to meet its earnings and occupancy guidance for the year, with expectations of year-end occupancy between 85% to 87%. Portfolio occupancy ended the quarter at 84.9%, slightly lower than the previous quarter, with expectations of further decreases in the second quarter. The company anticipates a temporary dip in occupancy due to tenant transitions at Greenwood Boulevard and a vacate at the Amber property in Portland. City Office REIT Inc (NYSE:CIO) has two property debt maturities in 2025, requiring extensions and discussions with lenders. The company's net debt to EBITDA ratio is relatively high at 6.7 times, indicating significant leverage. There are concerns about potential disruptions to existing properties during the redevelopment of the parking structure in St. Petersburg. Q: How did the new development project in downtown St. Petersburg come about? A: James Farrar, CEO, explained that the project was initiated about two years ago due to the strong development market in downtown St. Petersburg. They conducted a thorough analysis to determine the best execution strategy, resulting in a partnership with Property Markets Group to generate significant value over time. Q: Can you provide more details on the timeline and process for the new development project? A: James Farrar, CEO, mentioned that pre-sales are about to commence, with a sales center nearly complete. They anticipate approximately one year for pre-sales and three years for construction, totaling around four years for the full project. Q: Will there be any disruption to existing properties due to the new development? A: James Farrar, CEO, stated that alternative parking arrangements, including valet services, are being planned for tenants during construction. Once completed, the new structure will replace the existing parking for the office building. Q: What is the expected pace of occupancy for the year to reach the midpoint of 86%? A: Anthony Maretic, CFO, noted that 143,000 square feet of leases signed by March 31st have yet to take occupancy, representing about 2.7% of the portfolio. These will move in over the next two quarters, with additional activity at Greenwood Boulevard expected to bring occupancy back within the guidance range by year-end. Q: Regarding the Greenwood Boulevard transaction, will there be any vacancy, and how does it affect the rent? A: Anthony Maretic, CFO, confirmed that the property will dip in occupancy temporarily but will return to 100% by year-end. The new tenant's rent will step up over time, eventually exceeding the current rate, while the existing tenant extends their lease on favorable terms. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Business Journals
22-04-2025
- Business
- Business Journals
PMG, LNDMRK Development to build Twenty Sixth & 2nd Wynwood Residences condo in Miami with Airbnb
Story Highlights PMG and LNDMRK to launch Miami condo with Airbnb-managed offices. Twenty Sixth & 2nd Wynwood Residences will feature 233 furnished condos. Studio units start at $500,000, larger condos from $700,000. Property Markets Group (PMG) and LNDMRK Development will soon launch sales for a condo in Miami's Wynwood that will include office suites in partnership with Airbnb. The developers have the 1.1-acre site at 2600 N.W. 2nd Ave. under contract from ASG Wynwood LLC, part of New York-based ASG Equities. The seller will own the retail portion of the condo and hold a minority interest in the residential space in the building. Trending: Sunbeam reveals 1st high-rise tower in major waterfront development Twenty Sixth & 2nd Wynwood Residences would feature 233 fully furnished condos, about 25,000 square feet of office and 26,000 square feet of ground-floor retail space. The condo buyers would also receive a deeded office suite with room for a desk, a chair and a TV. There would also be a shared conference room, lounge and kitchen for the office suites. Airbnb would provide full-service management of the property to allow owners to list both their residential and office spaces [together and not separately] for daily rentals. The studio units are priced from $500,000 and the larger condos start at $700,000. 'As it has expanded, Wynwood has positioned itself as an ideal destination for those who wish to live, work and enjoy the best of Miami while experiencing the best of its iconic cultural year-round,' said Ryan Shear, managing partner at PMG. 'With this first-ever iteration of hosting both one's condominium and office space on Airbib, we are confident this property will further Wynwood's success and raise expectations for world-class living throughout South Florida.' Miami-based Cube3 designed the project. Twenty Sixth & 2nd Wynwood Residences would have more than 32,000 square feet of amenities, including a garden with yoga and meditation space, steam rooms, saunas, a cold plunge pool, private treatment rooms, a fitness center, a rooftop pool deck, and an outdoor bar. 'Twenty Sixth & 2nd Wynwood Residences is a highly innovative project, infusing the abundant creative spirit of Wynwood and the exclusive comforts of Miami to create an extraordinary living and working experience,' said Alex Karakhanian, principal of LNDMRK Development. PMG's in-house sales team will handle condo sales for the project. Sign up here for the Business Journal's free morning and afternoon daily newsletters to receive the latest business news impacting South Florida. Download the free Business Journal app for breaking news alerts on your phone. Condominium Developers by South Florida Starts June 2024 starts Rank Prior Rank Company / URL 1 1 Property Markets Group 2 2 Okan Group 3 3 Romagnole Investment Properties LLC View this list
