VANCOUVER, May 12, 2014 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO), a real estate company focused on the
acquisition, ownership and management of high quality office
properties in targeted markets across the
United States, announced today that its Board of Directors
declared a second quarter dividend of $0.183, payable on July
17, 2014 to all stockholders of record as of the close of
business on July 3, 2014. The
dividend payment has been pro-rated for the portion of the second
quarter that City Office REIT has been in existence as a public
company. On an annualized basis, this dividend rate equates to
$0.940 per share, or an annual
distribution yield of 7.5% based on the initial public offering
pricing of $12.50 per share for the
common stock of City Office REIT.
James Farrar, Chief Executive
Officer of City Office REIT, stated, "The Board of Directors are
pleased to declare our inaugural dividend. This dividend is the
initial dividend following completion of City Office REIT's initial
public offering. We believe that our portfolio of well-located
properties provides both stable and predictable cash flow and
exposure to attractive real estate markets. We are excited about
the opportunities to grow City Office REIT and benefit our
stockholders."
"In the future, City Office REIT anticipates that the
declaration and timing of quarterly dividends, if any, and the
announcement of any such dividends will be normalized to correspond
with the middle of the last month of each of City Office REIT's
fiscal quarters."
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company focused on
owning high-quality office properties in attractive markets
primarily in the Southern and Western United States. City
Office REIT owns or has an interest in 1.85 million square feet of
office properties as of January 1,
2014. Additional information about City Office REIT is
available on the company's website at www.cityofficereit.com. The
Company intends to elect to be taxed as a real estate investment
trust (REIT) for U.S. federal income tax purposes.
Forward-looking Statements
This press release contains "forward looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. All statements that are not statements of
historical facts are, or may be deemed to be, forward looking
statements. Forward looking statements reflect our current
expectations concerning future results, objectives, plans and
goals, and involve known and unknown risks, uncertainties and other
factors that are difficult to predict and which may cause future
results, performance or achievements to differ. These risks,
uncertainties and other factors include factors described in our
news releases and filings with the Securities and Exchange
Commission. The Company does not have any obligation to
publicly update any forward looking statements to reflect
subsequent events or circumstances.
Contact
City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
SOURCE City Office REIT, Inc.