City Office REIT Announces $95.0 Million Property Sale
11 Febbraio 2021 - 12:00PM
Business Wire
City Office REIT, Inc. (NYSE: CIO) (“City Office” or the
“Company”) announced today that it has completed the sale of its
Cherry Creek property in Denver, Colorado for a gross sale price of
$95.0 million before customary closing and transaction costs.
The three-building, 356,000 square foot campus was 100% occupied
by the State of Colorado at the time of sale. The transaction
represented a capitalization rate of approximately 5.8% based on
in-place cash net operating income.
“The Cherry Creek sale metrics highlight the inherent value of
our portfolio,” said James Farrar, the Company’s Chief Executive
Officer. “Cherry Creek is a great example of buying well-located
real estate, enhancing the value of the property through a focused
leasing and reinvestment strategy and monetizing at an attractive
valuation. We remain focused on unlocking further value across our
portfolio and positioning City Office to take advantage of
acquisition opportunities as market conditions improve.”
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 5.5 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 certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Certain statements contained in this press release, including those
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon the Company’s current beliefs as to the outcome
and timing of future events. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as “approximately,” “anticipate,” “assume,” “believe,” “budget,”
“contemplate,” “continue,” “could,” “estimate,” “expect,” “future,”
“hypothetical,” “intend,” “may,” “outlook,” “plan,” “potential,”
“predict,” “project,” “seek,” “should,” “target,” “will” or other
similar words or expressions. There can be no assurance that actual
forward-looking statements will be those anticipated by the
Company. 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, including with respect to future
acquisition or disposition activity, if any, the terms on which we
may acquire or dispose of property in the future, if at all, and
future or expected cap rates. Factors that could cause actual
results to differ materially include, among other things, changes
to the Company’s expected liquidity position, uncertainty regarding
acquisitions, dispositions or our operations, and the risk factors
set forth in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2019 and subsequent filings with the United
States Securities and Exchange Commission. Forward-looking
statements presented in this press release are based on
management’s beliefs and assumptions made by, and information
currently available to, management. The forward-looking statements
contained in this press release are based on historical performance
and management’s current plans, estimates and expectations in light
of information currently available to us and are subject to
uncertainty and changes in circumstances. There can be no assurance
that future developments affecting us will be those that we have
anticipated. Actual results may differ materially from these
expectations due to the factors, risks and uncertainties described
above, changes in global, regional or local political, economic,
business, competitive, market, regulatory and other factors
described in our news releases and filings with the SEC, including
but not limited to those described in our Annual Report on Form
10-K for the year ended December 31, 2019 under the heading “Risk
Factors” and in our subsequent reports filed with the SEC, many of
which are beyond our control. Should one or more of these risks or
uncertainties materialize, or should any of our assumptions prove
to be incorrect, our actual results may vary in material respects
from what we may have expressed or implied by these forward-looking
statements. We caution that you should not place undue reliance on
any of our forward-looking statements. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. The Company does not
guarantee that the assumptions underlying such forward-looking
statements contained in this press release are free from errors. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by applicable
securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210211005190/en/
City Office REIT, Inc. Anthony Maretic, CFO +1-604-806-3366
investorrelations@cioreit.com
Grafico Azioni City Office REIT (NYSE:CIO)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni City Office REIT (NYSE:CIO)
Storico
Da Lug 2023 a Lug 2024