VANCOUVER, May 5, 2023
/PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City
Office," "CIO" or the "Company") announced today that its Board of
Directors has authorized a quarterly dividend amount of
$0.10 per share of common stock and
common unit of partnership interest for the second quarter of 2023.
Additionally, the Board of Directors authorized a regular
quarterly dividend of $0.4140625 per
share of the Company's 6.625% Series A Cumulative Redeemable
Preferred Stock.
The dividends will be payable on July 21,
2023 to all stockholders, preferred stockholders and
operating partnership unitholders, as applicable, of record as of
the close of business on July 7,
2023.
"Given the backdrop of today's economic conditions, we feel it
is prudent to adjust the dividend at this time," commented
James Farrar, the Company's Chief
Executive Officer. "Our commitment to delivering sustainable
shareholder value remains strong and we continue to believe the
dividend is an important component of total shareholder return. The
new dividend allows us to retain $16
million per year of additional liquidity and we believe this
adjusted dividend will best position our Company for the current
environment."
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company
focused on acquiring, owning and operating high-quality office
properties located predominantly in Sun Belt markets. City Office
currently owns or has a controlling interest in 6.0 million square
feet of office properties. The Company has elected to be taxed as a
real estate investment trust for U.S. federal income tax
purposes.
Forward-looking Statements
This press release contains both historical and "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that are based on management's current
expectations, assumptions and beliefs. Forward-looking statements
can often be identified by words such as "approximately,"
"anticipate," "assume," "believe," "budget," "contemplate,"
"continue," "could," "estimate," "expect," "future," "intend,"
"may," "outlook," "plan," "potential," "predict," "project,"
"seek," "should," "target," "will" and similar expressions, and
variations or negatives of these words. They are not guarantees of
future results and are subject to risks, uncertainties and
assumptions that could cause actual results to differ materially
from those expressed in any forward-looking statement. Factors that
could cause actual results to differ materially include, among
other things, changes to CIO's expected liquidity position and the
risk factors set forth in CIO's Annual Report on Form 10-K for the
year ended December 31, 2022 and
subsequent filings with the Securities and Exchange Commission. The
statements made herein speak only as of the date of this press
release, and, except as required by law, CIO does not undertake any
obligation to publicly update or revise any forward-looking
statements.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.
