City Office REIT Announces Dividends for Second Quarter 2023

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May 05, 2023, 06:02 ET

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
[email protected]

SOURCE City Office REIT, Inc.