City Office REIT Declares Third Quarter Dividends for 2024
City Office REIT Announces Third Quarter Dividends
City Office REIT, Inc. (CIO) has made an announcement regarding its dividend policy for the third quarter of 2024. This internally-managed real estate investment trust has authorized a quarterly dividend of $0.10 per share for its common stock and common units of partnership interest. This dividend reflects City Office's ongoing commitment to its shareholders and their investments.
Details of the Dividend Declaration
The dividends are expected to be distributed on October 24, 2024. The payments will be made to stockholders, preferred stockholders, and operating partnership unitholders who are on record as of the close of business on October 10, 2024. This proactive measure ensures that eligible parties receive their due rewards promptly.
Preferred Stock Dividend Information
Additionally, the Board of Directors has also authorized a quarterly dividend of $0.4140625 per share for holders of the Company’s Series A Cumulative Redeemable Preferred Stock. This decision is indicative of the Company's robust cash flow management and its ability to reward investors consistently, enhancing investor trust.
About City Office REIT
Founded with a vision to capitalize on market opportunities, City Office REIT is a leading real estate investment trust focused specifically on acquiring and managing office properties. Primarily targeting the vibrant Sun Belt regions, City Office holds a significant portfolio, encapsulating approximately 5.6 million square feet of prime office space. The Company's strategic decisions are fueled by a dedicated team and an optimized investment approach, contributing to its reputation within the industry.
Company Tax Structure and Shareholder Value
The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. This status allows City Office to provide value through dividends, contributing positively to shareholder returns while maintaining operational efficiency. By focusing on high-growth markets and managing a diversified property portfolio, City Office continues to prove its potential for growth and profitability.
Communication with Stakeholders
Effective communication with stakeholders is crucial for City Office REIT. The Company ensures transparency by providing regular updates about its financial health and strategic endeavors. This openness allows shareholders to stay informed and engaged with the Company's performance and future directions.
Contact Information for Investor Relations
For any inquiries, investors can reach out to Anthony Maretic, the Chief Financial Officer of City Office REIT, at +1-604-806-3366 or via email at investorrelations@cityofficereit.com. The management team is committed to fostering a strong relationship with shareholders, continuing to bolster their confidence in investments.
Frequently Asked Questions
What is the dividend amount announced by City Office REIT?
The announced quarterly dividend is $0.10 per share for common stockholders and $0.4140625 per share for preferred stockholders.
When will the dividends be paid to shareholders?
Dividends will be paid on October 24, 2024, to shareholders recorded by October 10, 2024.
What is the focus area of City Office REIT?
City Office REIT primarily focuses on acquiring and managing office properties located predominantly in the Sun Belt markets of the United States.
Who can shareholders contact for more information?
Shareholders can contact Anthony Maretic, CFO, for inquiries regarding the Company.
How does City Office REIT ensure transparent communication?
City Office REIT prioritizes transparency by providing regular updates about its financial performance and strategies to its investors.
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