City Office REIT Announces Tax Treatment of 2024 Distributions

Rhea-AI Summary

City Office REIT (NYSE: CIO) has released the tax treatment details for its 2024 distributions for both common stock and 6.625% Series A Cumulative Redeemable Preferred Stock holders. For common stock, quarterly distributions were $0.100 per share, with $0.008539 classified as ordinary dividends and $0.091461 as return of capital. For Preferred Stock, quarterly distributions were $0.414063 per share, fully classified as ordinary dividends. No qualified dividends or capital gain distributions were made for either stock class. All ordinary dividend amounts qualify as Section 199A dividends.

Positive

• Consistent quarterly dividend payments maintained throughout 2024
• 100% of preferred stock dividends qualify as Section 199A dividends
• Common stock distributions include significant return of capital component (91.461%), which can be tax-advantageous for shareholders

Negative

• Only 8.539% of common stock distributions classified as ordinary dividends
• No qualified dividends or capital gain distributions for either stock class

VANCOUVER, Jan. 24, 2025 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("the Company"), today announced the tax treatment of its 2024 distributions to holders of the Company's common stock and 6.625% Series A Cumulative Redeemable Preferred Stock ("Preferred Stock"). The tax information provided below should not be construed as tax advice and shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of the Company's distributions. This information is being provided to assist shareholders with tax reporting requirements related to dividend distributions of taxable income by the Company. Shareholders should review their Forms 1099 as well as other 2024 tax statements that they will receive from their brokerage firms or other institutions to ensure that the statements agree with the information provided below.

The CUSIP number for the Company's common stock is 178587101.

Record Date	Payment Date	Total Distribution per Share	Ordinary Dividends	Qualified Dividends	Capital Gain Distributions	Return of Capital	Amount Qualifying as a Section 199A Dividend
01/10/2024	01/24/2024	$ 0.100	$ 0.008539	$ -	$ -	$ 0.091461	$ 0.008539
04/10/2024	04/24/2024	$ 0.100	$ 0.008539	$ -	$ -	$ 0.091461	$ 0.008539
07/10/2024	07/24/2024	$ 0.100	$ 0.008539	$ -	$ -	$ 0.091461	$ 0.008539
10/10/2024	10/24/2024	$ 0.100	$ 0.008539	$ -	$ -	$ 0.091461	$ 0.008539
Form 1099-DIV  Box			1a	1b	2a	3	5

 

The CUSIP number for the Company's Preferred Stock is 178587200.

Record Date	Payment Date	Total Distribution per Share	Ordinary Dividends	Qualified Dividends	Capital Gain Distributions	Return of Capital	Amount Qualifying as a Section 199A Dividend
01/10/2024	01/24/2024	$ 0.414063	$ 0.414063	$ -	$ -	$ -	$ 0.414063
04/10/2024	04/24/2024	$ 0.414063	$ 0.414063	$ -	$ -	$ -	$ 0.414063
07/10/2024	07/24/2024	$ 0.414063	$ 0.414063	$ -	$ -	$ -	$ 0.414063
10/10/2024	10/24/2024	$ 0.414063	$ 0.414063	$ -	$ -	$ -	$ 0.414063
Form 1099-DIV  Box			1a	1b	2a	3	5

About City Office REIT, Inc.

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 5.4 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 "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements that are not statements of historical facts are, or may be deemed to be, forward looking statements. Forward looking statements reflect our current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause future results, performance or achievements to differ. These risks, uncertainties and other factors include factors described in our news releases and filings with the United States Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the SEC. Readers of this press release are cautioned to consider these risks and uncertainties and not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to matters discussed in this press release, except as may be required by applicable securities laws.

Contact

City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com

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SOURCE City Office REIT, Inc.

FAQ

What is the quarterly dividend amount for CIO common stock in 2024?

City Office REIT (CIO) paid quarterly dividends of $0.100 per share for common stock throughout 2024.

How much of CIO's 2024 common stock distribution is return of capital?

$0.091461 per share of each quarterly distribution (91.461%) is classified as return of capital.

What is the quarterly dividend for CIO's Preferred Stock in 2024?

CIO's Preferred Stock received quarterly dividends of $0.414063 per share in 2024.

Are any of CIO's 2024 distributions qualified dividends?

No, none of CIO's 2024 distributions for either common or preferred stock were classified as qualified dividends.

What percentage of CIO's common stock distributions qualify as Section 199A dividends?

8.539% ($0.008539 per share) of each quarterly common stock distribution qualifies as a Section 199A dividend.