City Office REIT, Inc. (CIO): Análisis de la Matriz ANSOFF [Actualizado en Ene-2025]

En el panorama dinámico de los bienes raíces comerciales, City Office REIT, Inc. (CIO) está a la vanguardia de la innovación estratégica, elaborando una hoja de ruta audaz que trasciende los enfoques de inversión tradicionales. Al navegar meticulosamente la matriz de Ansoff, la compañía presenta una estrategia integral diseñada para transformar los desafíos del mercado en oportunidades sin precedentes en toda la penetración del mercado, el desarrollo, la evolución del producto y la diversificación. Desde optimizar las carteras existentes hasta las soluciones pioneras en el espacio de trabajo de vanguardia, el CIO demuestra un compromiso visionario para remodelar el ecosistema de bienes raíces comerciales urbanos con precisión y espíritu empresarial con visión de futuro.

City Office REIT, Inc. (CIO) - Ansoff Matrix: Penetración del mercado

Aumentar los esfuerzos de arrendamiento en los mercados de oficinas existentes

A partir del cuarto trimestre de 2022, la cartera de la Oficina de la Ciudad de REIT incluye 5.6 millones de pies cuadrados alquilados en mercados clave, incluidos Denver, Phoenix y Seattle. La tasa de ocupación actual es de 87.3%. La compañía posee 16 propiedades de oficina en estos submercados estratégicos.

Mercado	Total de pies cuadrados	Tasa de ocupación	Número de propiedades
Denver	1.2 millones	89.5%	4
Fénix	1.8 millones	85.7%	6
Seattle	2.6 millones	86.2%	6

Implementar programas agresivos de retención de inquilinos

La oficina de la ciudad REIT informó una tasa de retención de inquilinos del 68.4% en 2022. Las tasas de renovación promedio de arrendamiento oscilan entre 92-95% con términos competitivos.

• Término de arrendamiento promedio: 5.2 años
• Incentivos de renovación: 3-5% Tasas de alquiler reducidas
• Asignaciones de mejora del inquilino: $ 25-35 por pie cuadrado

Optimizar la ocupación de la propiedad actual

El presupuesto de marketing asignado para la adquisición de inquilinos en 2023 es de $ 1.2 millones. Los incentivos de la Comisión de Broker varían del 3-4% del valor total del arrendamiento.

Mejorar la eficiencia de gestión de la propiedad

Objetivo de reducción de costos operativos: 6-8% para 2023. Gastos operativos actuales: $ 12.3 millones anuales.

Categoría de gastos	Costo anual	Objetivo de reducción
Mantenimiento	$ 4.5 millones	7%
Utilidades	$ 3.2 millones	6%
Administrativo	$ 4.6 millones	8%

Aprovechar las estrategias de marketing digital

Gasto de marketing digital para 2023: $ 450,000. Objetivo de generación de leads en línea: Aumento en un 25% en comparación con 2022.

• Presupuesto de publicidad en redes sociales: $ 125,000
• Marketing de motores de búsqueda: $ 175,000
• Marketing de contenido: $ 150,000

City Office REIT, Inc. (CIO) - Ansoff Matrix: Desarrollo del mercado

Expandir la huella geográfica en áreas metropolitanas impulsadas por la tecnología emergente

City Office REIT, Inc. ha identificado 12 mercados metropolitanos emergentes con un significativo crecimiento del sector tecnológico, incluidos Austin, Nashville y Charlotte. A partir del cuarto trimestre de 2022, estos mercados demostraron una apreciación del valor de la propiedad de la oficina de 7.2%.

Área metropolitana	Crecimiento del empleo tecnológico	Tasa de vacantes de oficina
Austin, TX	15.3%	12.5%
Nashville, TN	11.7%	10.2%
Charlotte, NC	9.6%	11.8%

Mercados secundarios objetivo con un fuerte crecimiento económico

El enfoque estratégico del CIO incluye mercados secundarios con tasas anuales de crecimiento económico que excede el 3.5%. La compañía ha identificado 8 mercados clave con una robusta infraestructura comercial.

• Orlando, FL: 4.2% de crecimiento económico
• Salt Lake City, UT: 3.9% de crecimiento económico
• Raleigh-Durham, NC: 4.1% de crecimiento económico

Explore las posibles adquisiciones de propiedad de la oficina

En 2022, la oficina de la ciudad REIT asignó $ 175 millones para posibles adquisiciones de propiedades de la oficina en regiones de alto crecimiento. La estrategia de adquisición de la compañía se dirige a las propiedades con:

• Ingresos operativos netos mínimos de $ 2.5 millones
• Tasas de ocupación superiores al 85%
• Potencial de apreciación del valor

Desarrollar asociaciones estratégicas

CIO ha establecido asociaciones con 6 organizaciones regionales de desarrollo económico, que representan posibles mercados de inversión con una producción económica combinada de $ 287 mil millones.

Investigación de mercado integral

Enfoque de investigación de mercado	Potencial de inversión
Mercados de corredores de tecnología	$ 425 millones
Centros de negocios emergentes	$ 312 millones
Centros de crecimiento regionales	$ 268 millones

La investigación de mercado realizada en 2022 identificó 15 mercados potenciales de oficinas urbanas con un potencial de crecimiento proyectado a 5 años de más de $ 1 mil millones en valor de mercado total.

City Office REIT, Inc. (CIO) - Ansoff Matrix: Desarrollo de productos

Introducir configuraciones flexibles del espacio de trabajo

City Office REIT, Inc. asignó $ 12.7 millones en 2022 para una adaptación flexible de la reducción de su cartera. La compañía convirtió 127,500 pies cuadrados de espacio de oficina tradicional en entornos de trabajo flexibles.

Tipo de espacio de trabajo	Pies cuadrados	Inversión
Áreas de escritura caliente	42,500 pies cuadrados	$ 4.3 millones
Cápsulas de reunión privadas	35,000 pies cuadrados	$ 3.9 millones
Zonas colaborativas	50,000 pies cuadrados	$ 4.5 millones

Desarrollar propiedades de oficina de uso mixto

La oficina de la ciudad REIT invirtió $ 87.3 millones en proyectos de desarrollo de uso mixto durante 2022, dirigiendo propiedades con espacios minoristas, gastronómicos y oficinas integrados.

• Adquisiciones de propiedad de uso mixto total: 3 propiedades
• Valor de propiedad combinada: $ 123.6 millones
• Tasa de ocupación promedio: 82.5%

Crear entornos de oficina sostenibles

La compañía comprometió $ 16.5 millones a mejoras de edificios sostenibles, logrando la certificación LEED Gold para 7 propiedades en 2022.

Métrica de sostenibilidad	Actuación
Reducción de eficiencia energética	24.3%
Conservación del agua	18.7%
Reducción de emisiones de carbono	22.9%

Implementar tecnologías de construcción inteligentes

La oficina de la ciudad REIT invirtió $ 9.2 millones en tecnologías de construcción inteligente en 12 propiedades, mejorando la infraestructura tecnológica.

• Instalaciones del sensor IoT: 3.200 unidades
• Sistemas de control climático inteligente: 18 edificios
• Tecnologías de seguridad avanzadas: 22 propiedades

Estrategias de reutilización adaptativa de diseño

La compañía ejecutó estrategias de reutilización adaptativa para 5 propiedades comerciales, invirtiendo $ 43.6 millones en proyectos de transformación.

Tipo de propiedad	Costo de conversión	Nuevo uso
Antiguo almacén	$ 8.7 millones	Centro de innovación tecnológica
Edificio de oficinas obsoleto	$ 12.3 millones	Desarrollo de uso mixto
Complejo industrial	$ 22.6 millones	Espacio de oficina creativo

City Office REIT, Inc. (CIO) - Ansoff Matrix: Diversificación

Inversiones en sectores de ciencias de la vida y edificios de oficinas médicas

A partir del cuarto trimestre de 2022, la oficina de la ciudad REIT asignó $ 127.3 millones en edificios de consultorio médico. El mercado inmobiliario de Life Sciences se valoró en $ 84.6 mil millones en 2022, con una tasa compuesta anual proyectada de 12.4% hasta 2030.

Tipo de propiedad	Valor de inversión	Crecimiento del mercado
Edificios de consultorio médico	$ 127.3 millones	8.5% de crecimiento anual
Vida de bienes raíces en las ciencias	Tamaño del mercado de $ 84.6 mil millones	12.4% CAGR

Entrada estratégica en el centro de datos y bienes inmuebles centrados en la tecnología

El mercado global del centro de datos se estimó en $ 215.8 mil millones en 2022, con un crecimiento esperado a $ 376.5 mil millones para 2029.

• Potencial de inversión del centro de datos: $ 47.2 millones
• Tecnología Tamaño del mercado inmobiliario: $ 62.5 mil millones
• Tecnología proyectada Crecimiento inmobiliario: 14.3% anual

Desarrollos de propiedad híbrida residencial-comercial

El mercado de desarrollo de uso mixto alcanzó los $ 71.6 mil millones en 2022, con una expansión anticipada a $ 108.3 mil millones para 2027.

Tipo de desarrollo	Valor de mercado actual	Crecimiento proyectado
Propiedades de uso mixto	$ 71.6 mil millones	8.7% de crecimiento anual

Oportunidades internacionales de inversión inmobiliaria comercial

Mercado de bienes raíces comerciales globales valorado en $ 32.7 billones en 2022, con inversiones transfronterizas que alcanzan $ 274.5 mil millones.

• Potencial de inversión internacional: $ 53.6 millones
• Volumen de transacción transfronterizo: $ 274.5 mil millones
• Crecimiento inmobiliario del mercado emergente: 11.2% anual

Tipos de propiedades comerciales alternativas: logística y almacenamiento

El tamaño del mercado inmobiliario de Logistics fue de $ 236.4 mil millones en 2022, con un segmento de almacenamiento que crece al 9.7% anual.

Tipo de propiedad	Tamaño del mercado	Índice de crecimiento
Bienes raíces logísticos	$ 236.4 mil millones	9.7% anual
Segmento de almacenamiento	$ 89.3 mil millones	10.2% anual

City Office REIT, Inc. (CIO) - Ansoff Matrix: Market Penetration

You're looking at how City Office REIT, Inc. can maximize revenue from its current portfolio of office properties in its existing Sun Belt markets. This is about squeezing more value out of what City Office REIT, Inc. already owns.

The immediate goal involves pushing the in-place occupancy rate. The target is to move from the 82.5% level recorded as of June 30, 2025, to a level exceeding 90% across core markets. This is a significant jump from the 82.5% in-place occupancy reported for the second quarter of 2025.

Driving Same Store Cash NOI (Net Operating Income) growth is key. The plan is to exceed the 4.4% year-over-year increase achieved in the first quarter of 2025. This growth is directly tied to lease renewals, which previously delivered a healthy 8.5% cash re-leasing spread over the last twelve months ending March 31, 2025.

To capture tenants with shorter time horizons, City Office REIT, Inc. is focused on offering flexible lease structures. This contrasts with the historical norm where renewal leases signed in Q1 2025 had a weighted average lease term of 5.1 years, and Q2 2025 renewals had a weighted average lease term of 4.0 years.

Capital investment is planned to support leasing spreads. The aim is to maintain the 8.5% cash re-leasing spread seen over the last twelve months ending Q1 2025. For context on recent pricing, new leases signed in Q2 2025 had a weighted average effective annual rent of $31.45 per square foot, while renewals in that same quarter averaged $33.02 per square foot.

Maximizing the utilization of the 5.4 million net rentable square feet portfolio is central to this strategy. Targeting existing tenants for expansion space helps secure occupancy and rental income across the total square footage.

Here are the key operational metrics relevant to this market penetration push:

Metric	Value	Period Reference
Target In-Place Occupancy	Over 90%	Goal from Q2 2025 level
Q2 2025 In-Place Occupancy	82.5%	As of June 30, 2025
Q2 2025 Occupancy (Including Signed Leases)	86.8%	As of June 30, 2025
Total Net Rentable Square Feet	5.4 million	As of June 30, 2025
Q1 2025 Same Store Cash NOI Growth (YoY)	4.4%	For the three months ended March 31, 2025
Cash Re-leasing Spread (LTM)	8.5%	Twelve months ending March 31, 2025

The leasing activity provides further detail on the current environment City Office REIT, Inc. is operating in:

• Executed approximately 355,000 square feet of new and renewal leases in Q2 2025.
• Q2 2025 New Leasing Weighted Average Lease Term was 8.4 years.
• Q1 2025 Renewal Leases Weighted Average Effective Annual Rent was $33.87 per square foot.
• Q2 2025 Renewal Leases Weighted Average Effective Annual Rent was $33.02 per square foot.

The focus remains on extracting maximum revenue from the existing 5.4 million square feet base.

City Office REIT, Inc. (CIO) - Ansoff Matrix: Market Development

Market Development for City Office REIT, Inc. (CIO) centers on expanding its geographic footprint into new, high-growth metropolitan areas while maintaining its focus on high-quality office assets predominantly located in Sun Belt markets. This strategy is heavily supported by recent capital recycling activities, specifically the divestiture of non-core assets.

Acquire high-quality office assets in new, high-growth Sun Belt cities like Austin or Charlotte.

City Office REIT, Inc. already has a strong concentration in Sun Belt markets, which represented 88% of its estimated gross asset value as of December 31, 2024, adjusted for the January 2025 sale of the Superior Pointe property in Denver. The portfolio size as of the second quarter of 2025 was 5.4 million net rentable square feet. The Market Development thrust here is to target new high-growth Sun Belt cities beyond the existing footprint, which includes Dallas, Orlando, Tampa, Raleigh, San Diego, and Seattle. The goal is to deploy capital into markets exhibiting nation-leading employment and population growth trends. You're looking to enter markets like Austin or Charlotte, which are known for strong economic resilience, to further concentrate the portfolio in areas aligning with tenant preferences for quality and amenitized assets.

Enter Southeastern U.S. markets, such as Atlanta, to diversify the Sun Belt concentration.

While City Office REIT, Inc. has a presence in the Southeast via Orlando and Tampa, expanding into a major hub like Atlanta would diversify the existing Sun Belt concentration. This move would be a calculated step to capture growth in a market that shares the desirable characteristics City Office REIT, Inc. seeks: high quality of life and a strong talent pool. The strategy here is about reducing single-market risk within the broader Sun Belt thesis.

Establish a presence in secondary Western markets outside the current footprint of Denver and San Diego.

City Office REIT, Inc. has actively been pruning its Western exposure, having closed the disposition of the Superior Pointe property in Denver, Colorado, for a gross sale price of $12.0 million in January 2025. The company still holds assets in San Diego, which was 5% of the estimated gross asset value at the end of 2024. Market Development in the West would mean looking at secondary markets adjacent to or similar to San Diego, perhaps targeting areas showing strong post-pandemic office demand, but outside the current Seattle and Portland presence. This is about finding the next tier of growth markets.

Use the capital from the Phoenix portfolio sale to fund a focused acquisition strategy in one new market.

This is the immediate action enabling the Market Development. City Office REIT, Inc. completed the first closing of its Phoenix portfolio sale for gross proceeds of $266 million, with the final property, Pima Center, under contract for an additional $30 million, totaling a $296 million gross sale value. This capital, which helps reduce the total principal outstanding debt of approximately $649.2 million as of June 30, 2025, is earmarked to fund a focused acquisition strategy, likely accelerating the move into a single, high-conviction new market. The sale itself was a condition for the $1.1 billion merger closing in Q4 2025. The quick math shows that the sale proceeds provide significant liquidity to execute on this expansion.

Here's a look at the capital event funding the expansion:

Transaction Component	Gross Proceeds (Millions USD)	Date/Status
Phoenix Portfolio First Closing	266.0	August 15, 2025
Pima Center (Pending Sale)	30.0	Under Contract
Superior Pointe (Denver Sale)	12.0	Closed January 2025
Total Capital Event Proceeds	308.0	As of August 2025

Partner with local developers in target cities to quickly establish market knowledge and deal flow.

To mitigate the learning curve in a new geography, City Office REIT, Inc. has shown a willingness to partner. For example, subsequent to Q1 2025, the company entered an agreement with Property Markets Group (PMG) to redevelop a portion of its City Center property in St. Petersburg, Florida, with PMG investing $17 million in predevelopment costs for a 50% interest. This precedent suggests that forming joint ventures with local experts in new markets like Austin or Atlanta could be the most efficient way to source proprietary deals and gain immediate, on-the-ground expertise, which is crucial when deploying significant capital from a portfolio sale.

The company's current financial positioning, with a Q2 2025 Core FFO of $11.8 million and 2025 guidance between $1.10 to $1.14 per share, provides a stable base, but the Market Development hinges on successfully deploying the Phoenix capital into accretive new markets. The stock price as of November 26, 2025, was $6.80.

• Portfolio NRSF as of June 30, 2025: 5.4 million square feet.
• In-place Occupancy as of June 30, 2025: 82.5%.
• New Leasing Spread (Q2 2025): Weighted average effective annual rent of $31.45 per square foot.
• Total Debt as of June 30, 2025: Approximately $649.2 million.

Finance: draft initial acquisition criteria for the single new market by next Tuesday.

City Office REIT, Inc. (CIO) - Ansoff Matrix: Product Development

You're looking at how City Office REIT, Inc. (CIO) plans to develop new offerings or significantly enhance existing ones within its current markets, which is the Product Development quadrant of the Ansoff Matrix. This strategy relies on making material changes to the physical product-the office space itself-to capture higher rents and better tenant demand.

Repositioning Older Assets and Adding Amenities

City Office REIT, Inc. is actively pursuing significant capital upgrades to reposition older assets, aiming for Class A status. The company expects these strategic property upgrades to be a positive catalyst for driving leasing results. Evidence of this focus is seen in the leasing metrics achieved through Q1 2025, where the company reported a healthy $\mathbf{8.5\%}$ cash re-leasing spread over the trailing twelve months. For new leases executed in Q1 2025, the weighted average effective annual rent was $\mathbf{\$29.97}$ per square foot, while renewals averaged $\mathbf{\$33.87}$ per square foot. By the second quarter of 2025, renewal leasing showed a weighted average effective annual rent of $\mathbf{\$33.02}$ per square foot. These figures suggest that enhancements are supporting strong rental rates relative to the existing base. The portfolio, totaling $\mathbf{5.4}$ million net rentable square feet as of June 30, 2025, saw its Same Store Cash NOI increase by $\mathbf{4.4\%}$ in Q1 2025 compared to Q1 2024, though this growth moderated to $\mathbf{1.8\%}$ for Q2 2025 versus Q2 2024. Specific examples of these enhancements mentioned include lobby and amenity renovation at City Center, amenity renovation at Pima Center, and upgrades to outdoor spaces at 5090.

The focus on tenant-focused amenities is a key part of this product enhancement. The company has highlighted strategic property and common area enhancements to optimally position the portfolio, knowing that tenant demand is highest for well-amenitized, modern spaces.

The following table summarizes key portfolio and leasing metrics relevant to the success of these repositioning efforts through mid-2025:

Metric	Value (Q1 2025 or Latest Available)	Date/Period
Total Net Rentable Square Feet	5.4 million SF	As of June 30, 2025
In-Place Occupancy	82.5%	As of June 30, 2025
Same Store Cash NOI Growth	4.4%	Q1 2025 vs Q1 2024
Same Store Cash NOI Growth	1.8%	Q2 2025 vs Q2 2024
Cash Re-leasing Spread	8.5%	Trailing Twelve Months (as of Q1 2025)
New Lease Weighted Avg. Effective Rent	$29.97 / SF	Q1 2025

Exploring Mixed-Use Conversion of Parking Structures

City Office REIT, Inc. is actively executing a major mixed-use conversion project at its City Center property in St. Petersburg, Florida, by transforming the stand-alone parking garage. This project received unanimous site plan approval from the City of St. Petersburg. City Office REIT is entering a partnership with Property Markets Group (PMG) for this redevelopment. The plan is to build an approximately $\mathbf{49}$-story multi-use waterfront tower. The resulting structure is planned to contain approximately $\mathbf{70,000}$ square feet of office space, $\mathbf{15,000}$ square feet of retail space, and $\mathbf{432,000}$ square feet of luxury residential condominium units, marketed under the Waldorf Astoria Residences brand. PMG will handle all predevelopment activities and costs, anticipated at $\mathbf{\$17}$ million in cash for its $\mathbf{50\%}$ membership interest, while City Office REIT contributes the land parcel. Construction is expected to span approximately $\mathbf{three}$ years once preconditions are met.

Converting Office Space to Specialized Labs

While specific 2025 data on new life science conversions isn't detailed in recent reports, City Office REIT, Inc. has prior experience in this product type, having generated a $\mathbf{\$429}$ million gain from a life science portfolio sale in $\mathbf{2021}$. This historical success suggests an established understanding of the requirements for converting underutilized office space into specialized life science or medical office labs, positioning it as a viable product development exploration within their existing markets.

Branded Flexible Workspace Offering

The company's strategy focuses on high-quality, modern, amenitized office assets in Sun Belt markets. While the specific launch details or square footage dedicated to a branded flexible workspace (co-working) offering within Dallas or Tampa properties are not quantified with 2025 financial figures, the general strategy is supported by the leasing activity, which includes securing $\mathbf{144,000}$ square feet of new and renewal leases in Q1 2025, filling the Papago Tech property in Phoenix entirely. The pursuit of higher effective rents and winning greater leasing market share through spec suites indicates an openness to flexible leasing products to meet tenant demand.

• The company's general strategy includes enhancing cash flow through stabilization of recent acquisitions and lease-up of portfolio vacancy.
• They are investing in ready-to-lease spec suites and vacancy conditioning to win greater leasing market share.
• The portfolio is concentrated in Sun Belt markets displaying nation-leading employment and population growth trends.

City Office REIT, Inc. (CIO) - Ansoff Matrix: Diversification

You're looking at City Office REIT, Inc.'s (CIO) moves to shift its business mix, which is a classic diversification play, even as the company navigates a major transaction. The numbers we have for Q2 2025 show the operational baseline from which these strategic shifts are funded or contextualized.

For the second quarter ended June 30, 2025, City Office REIT reported Core Funds From Operations (FFO) of approximately $11.8 million, translating to $0.28 per fully diluted share. This figure is key, as it represents the cash flow available before considering capital expenditures, which would be the source for any small, non-office real estate venture funding you mentioned.

The most concrete example of moving into a new asset class, though within a joint venture structure, is the St. Petersburg City Center project. City Office REIT, Inc. entered an agreement on April 14, 2025, with an affiliate of Property Markets Group (PMG) to redevelop a portion of the City Center property in St. Petersburg, Florida. This redevelopment targets a 49-story residential condominium and mixed-use tower. This is a clear step outside the core office focus, even if it leverages an existing office asset base. The existing 242,115-square-foot Class A office building at that location, owned by a joint venture including CIO, Feldman Equities, and Tower Realty Partners, saw its renovation complete around February 2025.

When mapping out potential diversification into multi-family residential or industrial/logistics, we look at the existing footprint. City Office REIT, Inc. owned or had a controlling interest in 5.4 million net rentable square feet as of June 30, 2025, concentrated in Sun Belt metropolitan areas like Dallas, Denver, Orlando, Portland, Raleigh, San Diego, Seattle, and Tampa. While the core remains office, the planned mixed-use tower in St. Petersburg suggests an appetite for residential components. Regarding industrial or logistics, the search results confirm CIO's focus on office properties in Sun Belt markets; there is no specific reported financial data on CIO acquiring or developing industrial or logistics real estate as a new asset class, nor is there a reported joint venture with a retail developer outside of the mixed-use component at City Center or the street-level retail at Bloc 83 in Raleigh.

Here's a look at the scale and context of the portfolio and the planned divestiture, which frees up capital:

Metric	Value	Date/Context
Total Portfolio Net Rentable Square Feet	5.4 million square feet	June 30, 2025
Q2 2025 Core FFO	$11.8 million	Q2 2025
Q2 2025 Core FFO Per Share	$0.28 per share	Q2 2025
St. Petersburg City Center Office Size	242,115 square feet	Class A Office Building
Phoenix Portfolio Sale Price	$296.0 million	Aggregate Sale Price
Merger Price Per Share (Cash)	$7.00 per share	Definitive Agreement

The use of the $0.28 per share Core FFO for funding smaller ventures must be viewed against the backdrop of the pending merger. The company declared a common stock dividend of $0.10 per share for Q2 2025, paid July 24, 2025, but has since suspended future common stock dividends pending the merger close. The total transaction value is approximately $1.1 billion, and the deal is expected to close in the fourth quarter of 2025. This pending transaction fundamentally changes the near-term capital allocation strategy away from organic diversification funding.

Key operational and strategic data points related to the portfolio and diversification efforts include:

• In-place occupancy as of June 30, 2025: 82.5%.
• Occupancy including signed leases not yet occupied: 86.8%.
• Total leasing activity in Q2 2025: approximately 355,000 square feet.
• Same Store Cash NOI increase for the three months ended June 30, 2025: 1.8% year-over-year.
• Preferred Stock (6.625% Series A) dividend paid Q2 2025: $0.4140625 per share.

Finance: draft pro-forma balance sheet reflecting the $296.0 million Phoenix sale by next Tuesday.