City Office Reit, Inc. (CIO): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizado]

No cenário dinâmico de imóveis comerciais, o City Office Reit, Inc. (CIO) fica na vanguarda da inovação estratégica, criando um roteiro ousado que transcende abordagens de investimento tradicionais. Ao navegar meticulosamente na matriz Ansoff, a empresa revela uma estratégia abrangente projetada para transformar os desafios do mercado em oportunidades sem precedentes na penetração do mercado, desenvolvimento, evolução do produto e diversificação. Desde a otimização de portfólios existentes até as soluções pioneiras na área de trabalho de ponta, o CIO demonstra um compromisso visionário em reformular o ecossistema imobiliário comercial urbano com precisão e espírito empreendedor de visão avançada.

City Office REIT, Inc. (CIO) - ANSOFF MATRIX: Penetração de mercado

Aumentar os esforços de leasing nos mercados de escritórios existentes

A partir do quarto trimestre de 2022, o portfólio do City Office REIT inclui 5,6 milhões de pés quadrados alugáveis ​​nos mercados -chave, incluindo Denver, Phoenix e Seattle. A taxa de ocupação atual é de 87,3%. A empresa possui 16 propriedades do escritório nesses submercados estratégicos.

Mercado	Pés quadrados totais	Taxa de ocupação	Número de propriedades
Denver	1,2 milhão	89.5%	4
Fênix	1,8 milhão	85.7%	6
Seattle	2,6 milhões	86.2%	6

Implementar programas agressivos de retenção de inquilinos

O City Office REIT registrou uma taxa de retenção de inquilinos de 68,4% em 2022. As taxas médias de renovação de arrendamento variam entre 92-95% com termos competitivos.

• Termo médio de arrendamento: 5,2 anos
• Incentivos de renovação: 3-5% reduziu as taxas de aluguel
• Subsídios de melhoria do inquilino: US $ 25-35 por pé quadrado

Otimizar a ocupação atual da propriedade

O orçamento de marketing alocado para aquisição de inquilinos em 2023 é de US $ 1,2 milhão. Os incentivos da Comissão de Corretores variam de 3-4% do valor total do arrendamento.

Aumentar a eficiência do gerenciamento de propriedades

Medição de redução de custo operacional: 6-8% para 2023. Despesas operacionais atuais: US $ 12,3 milhões anualmente.

Categoria de despesa	Custo anual	Alvo de redução
Manutenção	US $ 4,5 milhões	7%
Utilitários	US $ 3,2 milhões	6%
Administrativo	US $ 4,6 milhões	8%

Aproveite estratégias de marketing digital

Gastes de marketing digital para 2023: US $ 450.000. Alvo de geração de leads on -line: Aumentar 25% em comparação com 2022.

• Orçamento de publicidade de mídia social: US $ 125.000
• Marketing de mecanismo de pesquisa: US $ 175.000
• Marketing de conteúdo: US $ 150.000

City Office REIT, Inc. (CIO) - Ansoff Matrix: Desenvolvimento de Mercado

Expanda a pegada geográfica para áreas metropolitanas emergentes de tecnologia

O City Office Reit, Inc. identificou 12 mercados metropolitanos emergentes com um crescimento significativo do setor de tecnologia, incluindo Austin, Nashville e Charlotte. A partir do quarto trimestre de 2022, esses mercados demonstraram uma apreciação de valor da propriedade do escritório de 7,2% em relação ao ano anterior.

Área metropolitana	Crescimento de empregos em tecnologia	Taxa de vacância do escritório
Austin, TX	15.3%	12.5%
Nashville, TN	11.7%	10.2%
Charlotte, NC	9.6%	11.8%

Mercados secundários direcionados com forte crescimento econômico

O foco estratégico da CIO inclui mercados secundários com taxas anuais de crescimento econômico superior a 3,5%. A empresa identificou 8 mercados -chave com infraestrutura de negócios robusta.

• Orlando, FL: crescimento econômico de 4,2%
• Salt Lake City, UT: crescimento econômico de 3,9%
• Raleigh-Durham, NC: crescimento econômico de 4,1%

Explore potenciais aquisições de propriedades de escritório

Em 2022, o escritório da cidade REIT alocou US $ 175 milhões para possíveis aquisições de propriedades de escritórios em regiões de alto crescimento. A estratégia de aquisição da empresa tem como alvo as propriedades com:

• Receita operacional líquida mínima de US $ 2,5 milhões
• Taxas de ocupação acima de 85%
• Potencial para valorização de valor

Desenvolver parcerias estratégicas

A CIO estabeleceu parcerias com 6 organizações regionais de desenvolvimento econômico, representando possíveis mercados de investimentos com produção econômica combinada de US $ 287 bilhões.

Pesquisa de mercado abrangente

Foco na pesquisa de mercado	Potencial de investimento
Mercados de corredor de tecnologia	US $ 425 milhões
Centros de negócios emergentes	US $ 312 milhões
Centros de crescimento regional	US $ 268 milhões

Pesquisa de mercado realizada em 2022 identificou 15 mercados potenciais de escritórios urbanos com potencial de crescimento projetado em 5 anos de mais de US $ 1 bilhão em valor total de mercado.

City Office REIT, Inc. (CIO) - ANSOFF MATRIX: Desenvolvimento de produtos

Introduzir configurações de espaço de trabalho flexíveis

O City Office REIT, Inc. alocou US $ 12,7 milhões em 2022 para adaptação flexível da área de trabalho em seu portfólio. A empresa converteu 127.500 pés quadrados de espaço de escritório tradicional em ambientes de trabalho flexíveis.

Tipo de espaço de trabalho	Metragem quadrada	Investimento
Áreas de desejos a quente	42.500 pés quadrados	US $ 4,3 milhões
Pods de reunião privada	35.000 pés quadrados	US $ 3,9 milhões
Zonas colaborativas	50.000 pés quadrados	US $ 4,5 milhões

Desenvolver propriedades de escritório de uso misto

O City Office REIT investiu US $ 87,3 milhões em projetos de desenvolvimento de uso misto durante 2022, visando propriedades com espaço integrado de varejo, refeições e escritórios.

• Total de uso de propriedades de uso misto: 3 propriedades
• Valor da propriedade combinada: US $ 123,6 milhões
• Taxa média de ocupação: 82,5%

Crie ambientes de escritório sustentáveis

A empresa comprometeu US $ 16,5 milhões a atualizações sustentáveis ​​de edifícios, alcançando a certificação LEED Gold para 7 propriedades em 2022.

Métrica de sustentabilidade	Desempenho
Redução de eficiência energética	24.3%
Conservação de água	18.7%
Redução de emissões de carbono	22.9%

Implementar tecnologias de construção inteligentes

O City Office REIT investiu US $ 9,2 milhões em tecnologias de construção inteligentes em 12 propriedades, aprimorando a infraestrutura tecnológica.

• Instalações do sensor de IoT: 3.200 unidades
• Sistemas de controle climático inteligentes: 18 edifícios
• Tecnologias de segurança avançadas: 22 propriedades

Projetar estratégias de reutilização adaptativa

A empresa executou estratégias de reutilização adaptativa para 5 propriedades comerciais, investindo US $ 43,6 milhões em projetos de transformação.

Tipo de propriedade	Custo de conversão	Novo uso
Antigo armazém	US $ 8,7 milhões	Centro de Inovação em Tecnologia
Construção de escritórios obsoletos	US $ 12,3 milhões	Desenvolvimento de uso misto
Complexo industrial	US $ 22,6 milhões	Espaço de escritório criativo

City Office REIT, Inc. (CIO) - Anoff Matrix: Diversificação

Investimentos em ciências da vida e setores de construção de escritórios médicos

A partir do quarto trimestre de 2022, o escritório da cidade REIT alocou US $ 127,3 milhões em prédios de consultórios médicos. O mercado imobiliário de ciências da vida foi avaliado em US $ 84,6 bilhões em 2022, com um CAGR projetado de 12,4% a 2030.

Tipo de propriedade	Valor de investimento	Crescimento do mercado
Edifícios de consultórios médicos	US $ 127,3 milhões	8,5% de crescimento anual
VIDA CIÊNCIAS DE VIDA	Tamanho do mercado de US $ 84,6 bilhões	12,4% CAGR

Entrada estratégica no data center e imóveis focados na tecnologia

O mercado global de data center foi estimado em US $ 215,8 bilhões em 2022, com um crescimento esperado para US $ 376,5 bilhões até 2029.

• Potencial de investimento do data center: US $ 47,2 milhões
• Tecnologia do mercado imobiliário: US $ 62,5 bilhões
• Crescimento imobiliário de tecnologia projetada: 14,3% anualmente

Desenvolvimentos de propriedades híbridas residenciais-comerciais

O mercado de desenvolvimento de uso misto atingiu US $ 71,6 bilhões em 2022, com expansão prevista para US $ 108,3 bilhões até 2027.

Tipo de desenvolvimento	Valor de mercado atual	Crescimento projetado
Propriedades de uso misto	US $ 71,6 bilhões	8,7% de crescimento anual

Oportunidades internacionais de investimento imobiliário comercial

O mercado imobiliário comercial global avaliado em US $ 32,7 trilhões em 2022, com investimentos transfronteiriços atingindo US $ 274,5 bilhões.

• Potencial de investimento internacional: US $ 53,6 milhões
• Volume de transação transfronteiriça: US $ 274,5 bilhões
• Crescimento imobiliário emergente do mercado: 11,2% anualmente

Tipos de propriedades comerciais alternativas: logística e armazenamento

O tamanho do mercado imobiliário de logística foi de US $ 236,4 bilhões em 2022, com o segmento de armazenamento crescendo em 9,7% anualmente.

Tipo de propriedade	Tamanho de mercado	Taxa de crescimento
Logistics Real Estate	US $ 236,4 bilhões	9,7% anualmente
Segmento de armazenamento	US $ 89,3 bilhões	10,2% anualmente

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.