VANCOUVER, Dec. 17, 2021 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) ("City Office" or the "Company") announced today
that its Board of Directors has authorized a 33.3% increase in the
quarterly dividend, from $0.15 to
$0.20 per share of common stock and
common unit of partnership interest for the fourth quarter of
"Through the execution of our capital recycling strategy, City
Office is positioned to increase the Company's quarterly dividend
level," commented John McLernon,
Chairman of the Board of Directors. "Our strategy of
reinvesting the proceeds from the recent life science portfolio
sale into premier office properties has positioned City Office for
enhanced earnings per share and long-term cash flow growth."
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
The dividends will be payable on January
25, 2022, to all stockholders and operating partnership
unitholders of record as of the close of business on January 11, 2022.
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 in leading 18-hour cities in the Southern and
Western United States. City Office
currently owns or has a controlling interest in 5.7 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
This press release contains "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 "anticipate," "expect," "intend," "may" 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, the timing and amount of
repurchases of CIO's common stock, if any, 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, 2020 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.
City Office REIT, Inc.
Anthony Maretic, CFO
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SOURCE City Office REIT, Inc.