City Office REIT Announces Dividends for First Quarter 2020
25 Marzo 2020 - 9:05PM
Business Wire
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 $0.15 per share of common
stock and common unit of partnership interest for the first quarter
of 2020. 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 24, 2020 to all stockholders and operating
partnership unitholders of record as of the close of business on
April 9, 2020.
As of March 24, 2020, the Company has over $140 million in
unrestricted cash and cash equivalents and over $90 million of
further availability under its unsecured credit facility. The
Company also announced that it has paused its acquisition activity
and now expects that it will not acquire any properties in 2020.
Instead, the Company intends to allocate capital to the previously
announced $100 million share repurchase program and to continue to
operate with lower leverage.
“City Office has diversified and high-quality tenants with
strong credit and low exposure to the industries currently most
impacted by COVID-19,” commented James Farrar, the Company’s Chief
Executive Officer. “However, given the uncertain operating
environment and the potential for an elongated economic recovery,
we are taking steps to optimally position ourselves. The Company
intends to operate with lower leverage, greater liquidity and
position ourselves for healthy long-term cash flow growth. The
adjusted common stock dividend has been established at a level we
believe will be defensive under these economic conditions and help
to achieve these goals. Further, we believe that it is in the best
interest of shareholders to allocate some of our capital to the
recently commenced common stock buy back program given the
discounted valuation of our stock.”
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 5.8 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. These
forward-looking statements include, but are not limited to,
statements regarding repurchases of CIO's common stock. 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, the possibility that the repurchase
program may be suspended or discontinued at any time and the risk
factors set forth in CIO's Annual Report on Form 10-K for the year
ended December 31, 2019 and any 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200325005649/en/
City Office REIT, Inc. Anthony Maretic, CFO +1-604-806-3366
investorrelations@cityofficereit.com
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