Press Release

City Office REIT Announces Dividend Increase of 33.3%

Company Release - 12/17/2021

VANCOUVER, Dec. 17, 2021 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced today that its Board of Directors has authorized a 33.3% increase in the quarterly dividend, from $0.15 to $0.20 per share of common stock and common unit of partnership interest for the fourth quarter of 2021.  

"Through the execution of our capital recycling strategy, City Office is positioned to increase the Company's quarterly dividend level," commented John McLernon, Chairman of the Board of Directors.  "Our strategy of reinvesting the proceeds from the recent life science portfolio sale into premier office properties has positioned City Office for enhanced earnings per share and long-term cash flow growth."

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 January 25, 2022, to all stockholders and operating partnership unitholders of record as of the close of business on January 11, 2022.

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 5.7 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, 2020 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.


City Office REIT, Inc.
Anthony Maretic, CFO

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SOURCE City Office REIT, Inc.