City Office REIT Announces Phoenix Acquisition

0
59
City Office REIT Announces Phoenix Acquisition
City Office REIT Announces Phoenix Acquisition

VANCOUVER, Dec. 7, 2021 / PRNewswire / – City Office REIT, Inc. (NYSE: CIO) (“City Office” or the “Company”) announced today that it has completed the acquisition of Block 23, a leading office building in the Downtown Phoenix, Arizona, for a gross purchase price of $ 150.0 million, excluding closure charges. City Office REIT Logo (PRNewsfoto / City Office REIT, Inc.) The 307,000 square foot lot is an exceptional asset with strong rental performance. Block 23 is located in a very desirable live work play environment in downtown Phoenix, right next to restaurants, entertainment, and transportation alternatives. The newly built property was delivered in 2019 with first-class surfaces, modern tenant suite extensions and floor-to-ceiling windows on every floor. Block 23 has an unmatched range of amenities for tenants, including an expansive rooftop terrace and three high quality grocery and grocery options. The property is 94% let to an investment grade rating of approximately 70% with a weighted average remaining term of approximately 12 years, “commented James Farrar, Company Chief Executive Officer.” It is in a top spot -Located within our presence in the growing markets of the south and west. The vibrant location, new build, and extensive on-site amenities have attracted an incredible number of growing tenants. The completion of this transaction has enriched our portfolio and will generate predictable, long-term cash flow for our shareholders. “For a detailed presentation of the transaction, please visit the Investor Relations section of the company’s website at www.cioreit.com. About City Office REIT, Inc .City Office REIT is an internally managed real estate company focused on buying, owning and operating high quality office properties in leading 18-hour cities in the southern and western US. City Office currently owns or currently has a controlling interest in 5.5 Millions of square feet of office space. The company has selected to be taxed as a real estate investment trust for US federal income tax purposes 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements in this press release, including those that express a belief, expectation or intention and those that are not historical facts, are forward-looking statements within the meaning of federal securities laws and, as such, are based on the company’s current beliefs with respect to results and the timing of future events. Forward-looking statements are generally identified by forward-looking terminology such as “approximately”, “anticipate”, “assume”, “believe”, “budget”, “consider”, “continue”, “could”, “estimate”, “expect” “,” Future “,” hypothetical “,” intend “,” can “,” outlook “,” plan “,” potentially “,” predict “,” project “,” strive for “,” should “,” aim “, “Will” or other similar words or expressions. There can be no assurance that actual forward-looking statements will match 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 statements, including with respect to the conditions and timing of future acquisitions or sales, if any . Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company’s expected liquidity position, uncertainties regarding acquisitions, divestitures, or our operations, and those in the Company’s Annual Report on Form 10-K for the financial year as of December 31, 2020 and subsequent filings with the United States Securities and Exchange Commission (the “SEC”). The forward-looking statements contained in this press release are based on management’s beliefs and beliefs made by management and the information currently available to it. 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 the information currently available to us and are subject to uncertainties and changes in circumstances. There can be no guarantee that future developments affecting us will correspond to those expected by us. Actual results could vary materially 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 deviate from these expectations, including, but not limited to, those described in our Annual Report on Form 10-K for the year ended December 31, 2020 under the heading “Risk Factors” and in our subsequent reports filed with the SEC by many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should our assumptions prove incorrect, our actual results could differ materially from what we expressed or implied in these forward-looking statements. We caution you not to rely on our forward-looking statements. All forward-looking statements by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ from time to time, and we cannot predict all of them. The company does not guarantee that the assumptions underlying the forward-looking statements in this press release will be free of error. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, unless required by applicable securities laws. Contact City Office REIT, Inc. Anthony Maretic, CFO 1-604 -806-3366investorrelations@cioreit.comCision View original content to download multimedia: https: //www.prnewswire.com/news-releases/city-office-reit-announces-phoenix-acquisition-301438509.htmlSOURCE City Office REIT, Inc.

[ad_2]