Core Viewpoint - Central Iron Ore Limited (CIO) has announced a drilling update for the British King Project, highlighting the completion of a second phase of reverse circulation (RC) drilling and upcoming mineral resource estimates [1][2]. Drilling Update - The second phase of RC drilling at the British King Project was completed in Q2 2025, covering tenements M37/30 and M37/631, targeting both lateral and vertical extensions of the British King lode [2]. - A total of 10,262 meters were drilled across seventy-seven drillholes, with 4,694 meters drilled over thirty holes on tenement M37/30 [2]. Assay Results and Future Plans - Assay results for the majority of the drilling program have been received, and quality assurance and quality control checks are nearing completion [3]. - Interpretation of the assay data is currently underway, and a decision regarding the need for additional infill drilling will be made subsequently [3]. - An updated Mineral Resource Estimate (MRE), following the 2024 revision, is scheduled for release in Q3 2025 [3]. Qualified Person - Mr. Andrew Bewsher, a director of BM Geological Services Pty Ltd, has compiled the information related to the RC drilling program and is recognized as a Qualified Person under NI 43-101 [5].

Group 1 - City Office REIT (CIO) shares increased by 24.1% to close at $6.9, with trading volume significantly higher than usual [1] - The rise in investor optimism is linked to City Office's merger agreement with MCME Carell Holdings, which will acquire all shares for $7 each [2] - The expected quarterly funds from operations (FFO) for City Office is $0.28 per share, unchanged from the previous year, with revenues projected at $42.8 million, a 1.1% increase year-over-year [3] Group 2 - The consensus FFO per share estimate for City Office has remained stable over the last 30 days, indicating that stock price movements may not continue without changes in FFO estimates [4] - City Office REIT holds a Zacks Rank of 3 (Hold), indicating a neutral outlook compared to other stocks in the same industry [5] - Gladstone Land, another company in the same REIT and Equity Trust - Other industry, has seen a 0.3% decline in its stock price, with a 6.6% return over the past month [5]

Group 1 - Halper Sadeh LLC is investigating City Office REIT, Inc. for potential violations related to its sale to MCME Carell Holdings at $7.00 per share in cash [1] - Colony Bankcorp, Inc. is involved in a merger with TC Bancshares, Inc., and Halper Sadeh LLC may seek increased consideration for shareholders [2] - The firm offers free consultations for shareholders to discuss their legal rights and options [3] Group 2 - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [3]

Core Viewpoint - City Office REIT, Inc. has entered into a definitive merger agreement with MCME Carell Holdings, under which MCME Carell will acquire all outstanding shares of City Office for $7.00 per share in cash, valuing the transaction at approximately $1.1 billion [1][2][3]. Transaction Details - The transaction price of $7.00 per share represents a 26% premium to City Office's closing share price on the NYSE prior to the announcement and a 39% premium to the volume weighted average share price over the previous 90 days [2]. - Holders of City Office's 6.625% Series A Cumulative Preferred Stock will receive $25.00 per share in cash, plus all accrued and unpaid distributions up to the date of transaction consummation [2]. - The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including shareholder approval [4]. Company Actions - City Office will pay its previously announced second quarter dividend but has resolved to suspend future common stock dividend payments until the transaction closes [5]. - Upon completion of the transaction, City Office will become a private company, and its shares will no longer trade on the NYSE [6]. Company Background - City Office REIT is focused on acquiring, owning, and operating office properties primarily in Sun Belt markets, currently owning or controlling 5.4 million square feet of office properties [8][9]. - MCME Carell is affiliated with Elliott Investment Management and Morning Calm Management, managing approximately $72.7 billion in assets [10].

Group 1 - City Office REIT, Inc. will release its financial results for the quarter ended June 30, 2025, before the market opens on July 31, 2025 [1] - A conference call will be held at 11:00 am Eastern Time on July 31, 2025, to discuss the financial results [2] - A supplemental financial package will be available on the company's website to accompany the discussion [2] Group 2 - City Office REIT is focused on acquiring, owning, and operating office properties primarily in Sun Belt markets [6] - The company currently owns or has a controlling interest in 5.4 million square feet of office properties [6] - City Office has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes [6]

Core Insights - The article emphasizes the importance of value investing, highlighting the identification of undervalued companies through fundamental analysis and metrics [2][8] - It introduces Zacks' Style Scores system, which helps investors find stocks with specific traits, particularly those with high grades in the Value category [3] Company Analysis - Braemar Hotels & Resorts (BHR) has a Zacks Rank of 1 (Strong Buy) and an A grade for Value, with a Forward P/E ratio of 5.41, significantly lower than the industry average of 15.75 [4] - BHR's P/B ratio is 0.71, compared to the industry's average P/B of 1.80, indicating it is undervalued [5] - City Office REIT (CIO) holds a Zacks Rank of 2 (Buy) and an A grade for Value, with a Forward P/E ratio of 4.87 and a PEG ratio of 0.81, both favorable compared to the industry averages [6] - CIO's P/B ratio is 0.36, also lower than the industry's average P/B of 1.80, suggesting it is undervalued [7] Investment Outlook - Both BHR and CIO are highlighted as strong value stocks, likely undervalued based on their earnings outlook and valuation metrics [8]

Core Viewpoint - Investors in the REIT and Equity Trust - Other sector should consider City Office REIT (CIO) and Omega Healthcare Investors (OHI) as potential undervalued stocks [1] Valuation Metrics - Both CIO and OHI currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] - CIO has a forward P/E ratio of 4.86, while OHI has a forward P/E of 12.14, suggesting that CIO may be more undervalued [5] - The PEG ratio for CIO is 0.81, compared to OHI's PEG ratio of 2.08, indicating that CIO has a better expected EPS growth relative to its valuation [5] - CIO's P/B ratio is 0.36, significantly lower than OHI's P/B of 2.15, further supporting the argument that CIO is undervalued [6] - Based on these valuation metrics, CIO earns a Value grade of A, while OHI receives a Value grade of C, highlighting CIO as the superior value option [6][7]

Core Points - City Office REIT, Inc. has authorized a quarterly dividend of $0.10 per share for common stock and partnership units for Q2 2025 [1] - The company also declared a quarterly dividend of $0.4140625 per share for its 6.625% Series A Cumulative Redeemable Preferred Stock [1] - Dividends will be payable on July 24, 2025, to stockholders of record as of July 10, 2025 [2] Company Overview - City Office REIT is an internally-managed real estate company focused on acquiring, owning, and operating office properties primarily in Sun Belt markets [3] - The company currently owns or has a controlling interest in 5.4 million square feet of office properties [3] - City Office REIT has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes [3]

Financial Data and Key Metrics Changes - The company's net operating income (NOI) for the first quarter was $26 million, which is $500,000 higher than the previous quarter, driven by higher revenue and lower operating expenses [15] - Core funds from operations (FFO) were reported at $12.3 million or $0.30 per share, an increase of $600,000 from the previous quarter [15] - Adjusted funds from operations (AFFO) were $6.5 million or $0.16 per share, with no single tenant improvement or leasing commission impacting AFFO by more than $500,000 [16] - Same store cash NOI increased by 4.4% or $1.1 million compared to the first quarter of 2024 [16] Business Line Data and Key Metrics Changes - The company completed 144,000 square feet of new and renewal leasing in the first quarter, with the largest lease being a 34,000 square foot new lease at the Papago Tech property in Phoenix [11] - The Greenwood Boulevard property in Orlando was fully leased to a single tenant, with a new 66,000 square foot tenant set to take occupancy later this year [12] - The overall portfolio occupancy ended the quarter at 84.9%, slightly lower than the previous quarter due to known vacates [17] Market Data and Key Metrics Changes - Nationally, office leasing volume was 15% higher than a year ago, with JLL estimating that it has returned to approximately 89% of typical pre-pandemic levels [10] - Higher quality office spaces in Sunbelt markets continue to outperform, with significant leasing activity noted in Phoenix [10][41] Company Strategy and Development Direction - The company is redeveloping its City Center property in downtown St. Petersburg into a 49-story residential condominium and mixed-use tower, partnering with Property Markets Group [6] - The project is expected to capitalize on luxury demand and is anticipated to have significant long-term value creation potential for shareholders [9] - The company is focusing on Sunbelt markets for capital investment, where it sees the most value creation opportunities [41] Management's Comments on Operating Environment and Future Outlook - Management noted a positive trend in overall office real estate fundamentals and expects occupancy to increase as signed leases take effect [10][31] - The company anticipates a decrease in occupancy in the short term due to tenant downsizing but expects to return to guidance ranges by year-end [31][32] - Management expressed confidence in the leasing activity in Phoenix and other Sunbelt markets, indicating strong demand [41][42] Other Important Information - The company has $646 million in total debt as of March 31, with a net debt to EBITDA ratio of 6.7 times [19] - The credit facility matures in November 2025, with an option to extend to November 2026, which the company expects to exercise [20] - Two property debt maturities are scheduled for 2025, with ongoing discussions for term extensions [21] Q&A Session Summary Question: How did the new development project come about? - The project was initiated about two years ago, recognizing the strong market for development in Downtown St. Petersburg [23] Question: What is the timing for the project? - Presales are expected to commence soon, with a construction period of approximately three years following that [26] Question: Will there be any disruption to existing property during the redevelopment? - Alternative parking arrangements are being made for tenants to minimize disruption during the redevelopment [28] Question: What is the pace of occupancy this year? - The company has 143,000 square feet of leases that have yet to take occupancy, which is expected to positively impact occupancy in the coming quarters [30] Question: Will there be any vacancy at Greenwood Boulevard? - There will be a temporary dip in occupancy due to tenant downsizing, but it is expected to return to full occupancy before the end of the year [35] Question: How are the top Sunbelt markets performing? - The company is seeing strong performance in Phoenix and other Sunbelt markets, with significant leasing activity reported [41][42]

Financial Data and Key Metrics Changes - The company's net operating income (NOI) for the first quarter was $26 million, which is $500,000 higher than the previous quarter, driven by higher revenue and lower operating expenses [15] - Core funds from operations (FFO) were reported at $12.3 million or $0.30 per share, an increase of $600,000 from the previous quarter [15] - Adjusted funds from operations (AFFO) were $6.5 million or $0.16 per share, with no significant impacts from tenant improvements or leasing commissions [16] - Same store cash NOI increased by 4.4% or $1.1 million compared to the first quarter of 2024 [16] Business Line Data and Key Metrics Changes - The company completed 144,000 square feet of new and renewal leasing in the first quarter, with the largest lease being a 34,000 square foot new lease at the Papago Tech property in Phoenix [11] - The Greenwood Boulevard property in Orlando was fully leased to a single tenant, with a new 66,000 square foot tenant set to take occupancy later this year [12] - The overall portfolio occupancy ended the quarter at 84.9%, slightly lower than the previous quarter, with expectations of a decrease in the second quarter due to tenant downsizing [17] Market Data and Key Metrics Changes - Nationally, office leasing volume was 15% higher than a year ago, with JLL estimating that it has returned to approximately 89% of pre-pandemic levels [10] - Higher quality office spaces in Sunbelt markets continue to outperform, with significant leasing activity noted in Phoenix [10][41] Company Strategy and Development Direction - The company is focused on the redevelopment of its City Center property in downtown St. Petersburg, Florida, into a luxury residential condominium and mixed-use tower [5] - An agreement was made with Property Markets Group to lead the development, with expectations of significant long-term value creation [7] - The company is strategically investing in Sunbelt markets, where it sees the most value, while avoiding capital investments in underperforming markets like Portland [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall office real estate fundamentals and the positive trends in leasing activity [10] - The company anticipates occupancy will dip in the short term but expects to recover by year-end as signed leases take occupancy [31] - Management is confident in achieving year-end occupancy within the original guidance range of 85% to 87% [18] Other Important Information - Total debt as of March 31 was $646 million, with a net debt to EBITDA ratio of 6.7 times [18] - The company has approximately $42 million undrawn on its credit facility, which matures in November 2025 [19] - Two property debt maturities are scheduled for 2025, with ongoing discussions for extensions [21] Q&A Session Summary Question: How did the new development project come about? - The project was initiated two years ago, recognizing the strong market in Downtown St. Petersburg, leading to a well-structured agreement with PMG [23][24] Question: What is the timing for the project? - Presales are expected to commence soon, with a projected timeline of about one year for presales and three years for construction, totaling approximately four years for the full project [26] Question: Will there be any disruption to existing tenants during the redevelopment? - Alternative parking arrangements are being made for tenants, and they have been kept informed about the changes [27] Question: What is the pace of occupancy expected this year? - The company has 143,000 square feet of leases that have yet to take occupancy, which will contribute to occupancy levels in the coming quarters [30] Question: Will there be any vacancy at Greenwood Boulevard? - There will be a temporary dip in occupancy due to tenant downsizing, but it is expected to return to 100% occupancy before the end of the year [36] Question: How are the top Sunbelt markets performing, particularly Phoenix? - The company is seeing strong performance in Phoenix, with significant leasing activity contributing to overall positive cash spreads [40][41]