City Office REIT Announces Dividends for First Quarter 2023

Rhea-AI Summary

City Office REIT (NYSE: CIO) announced a quarterly dividend of $0.20 per share for Q1 2023, payable on April 25, 2023 to shareholders of record as of April 11, 2023. Additionally, a dividend of $0.4140625 per share will be distributed for its 6.625% Series A Cumulative Redeemable Preferred Stock. City Office focuses on acquiring and operating high-quality office properties, primarily in Sun Belt markets, currently owning or controlling 6.0 million square feet of office space. The company has opted for REIT tax treatment under U.S. federal law.

Positive

• Quarterly dividend of $0.20 per share increases shareholder income.
• Regular dividend of $0.4140625 for Series A Preferred Stock supports preferred investors.

Negative

• None.

VANCOUVER, March 14, 2023 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced today that its Board of Directors has authorized a quarterly dividend amount of $0.20 per share of common stock and common unit of partnership interest for the first 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 April 25, 2023 to all stockholders, preferred stockholders and operating partnership unitholders, as applicable, of record as of the close of business on April 11, 2023.

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 "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, 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.

FAQ

What is the dividend amount declared by City Office REIT for Q1 2023?

City Office REIT declared a dividend of $0.20 per share for Q1 2023.

When will the dividends be paid to City Office REIT shareholders?

The dividends will be paid on April 25, 2023.

What is the record date for City Office REIT's dividend payment?

The record date for the dividend payment is April 11, 2023.

What is the preferred stock dividend amount for City Office REIT?

The preferred stock dividend amount is $0.4140625 per share for the 6.625% Series A Cumulative Redeemable Preferred Stock.

Where does City Office REIT primarily operate its office properties?

City Office REIT primarily operates in the Sun Belt markets.