VANCOUVER, March 1, 2017 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) ("City Office" or the "Company") today announced
the appointment of John W. Sweet, a
finance, public company and real estate industry veteran, to its
Board of Directors, effective immediately.
Mr. Sweet joins the Board of Directors with over 40 years of
experience in numerous financial and real estate positions with
public and private companies. Most recently, from 2013 to
2016, Mr. Sweet served as founder and Chief Investment Officer of
Physicians Realty Trust, a leading publicly traded healthcare REIT
that grew from approximately $125
million in real estate assets to almost $3 billion during his tenure. Prior to that
endeavor, he was a Managing Director for the specialty investment
firm BC Ziegler, where he sourced and managed a medical office
building investment fund that became the initial portfolio for
Physicians Realty Trust. Mr. Sweet also co-founded and played
an integral role in the growth of Windrose Medical Properties
Trust, a publicly traded medical office REIT that completed its
initial public offering in 2002. Additionally, Mr. Sweet
brings experience at the board level for public company,
philanthropic and charitable organizations.
"We are thrilled to welcome John to the Company's Board of
Directors," said John McLernon,
Chairman of the Board. "John is highly respected by his
industry peers and will be an invaluable resource for City Office
and its Board in growing the Company prudently, implementing
corporate best practices and creating long term value for
shareholders."
Additionally, Samuel Belzberg has
chosen to step down from the Board of Directors in order to pursue
other business and personal interests.
"On behalf of the entire Company and the Board, we are deeply
grateful to Sam for his outstanding contributions to the founding
of City Office and for his service on the Board since its
inception," said Mr. McLernon. "Sam played an integral part
in the formation of the Company and its initial properties, and the
wealth of real estate expertise he has bestowed upon City Office
will continue to benefit the Company for years to come."
With the addition of Mr. Sweet as an Independent Director and
the departure of Mr. Belzberg, the Company's Board will consist of
seven Directors, six of whom the Board of Directors has determined
meet the independence standards of the NYSE Listed Company Manual
and the Company's corporate governance guidelines.
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 markets in the Southern and
Western United States. City Office
currently owns or has a controlling interest in 4.5 million square
feet of office properties. Additional information about City Office
is available on the Company's website at
www.cityofficereit.com. 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 "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. These factors include, but are not limited to,
the Company's ability to source, acquire and close on properties on
the terms it expects, or at all; the Company's expectations and
forecasts of its cash flows and future leasing activity at its
current and future properties, and the Company's ability to
accurately model the income yield, capitalization rate, and other
financial metrics used to evaluate its properties. These and other
material risks are described in the Company's Annual Report on Form
10-K for the year ended December 31,
2015 and any other documents filed by the Company from time
to time, which are available from the Company and from the SEC, and
you should read and understand these risks when evaluating any
forward-looking statement. 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, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.