VANCOUVER, June 15,
2022 /PRNewswire/ -- City Office REIT, Inc. (NYSE:
CIO) ("City Office" or the "Company") announced today that it has
completed the previously announced sale of its Lake Vista Pointe
property in Dallas, Texas for a
gross sale price of $43.8 million
inclusive of certain transaction costs that the buyer is
responsible for paying.
The disposition represents a gain on sale of $22 million and translates to a 6.1% cash
capitalization rate, including an adjustment for an unfunded tenant
improvement allowance. Including this sale, the Company's ten
dispositions to date have generated over $570 million of gains.
Net proceeds from the sale will be used to repay $16.8 million of mortgage debt and the balance
will be held for general corporate purposes, which may include
reinvestment in a tax-efficient exchange, a special dividend
distribution, further debt reduction or a share repurchase.
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 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, the timing and amount of
repurchases of CIO's common stock, if any, 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, 2021 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.