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City Office REIT Announces Tax Treatment of 2022 Distributions

VANCOUVER, Jan. 30, 2023 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("the Company"), today announced the tax treatment of its 2022 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 2022 tax statements that they will receive from their brokerage firms or other institutions to ensure that the statements agree with the information provided below.

City Office REIT Logo (PRNewsfoto/City Office REIT, Inc.)
City Office REIT Logo (PRNewsfoto/City Office REIT, Inc.)

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

Record
Date

Payment Date

Total
Distribution
per Share

Ordinary
Dividends
(1)

Capital Gain
Distributions
(2)

Unrecaptured
Section 1250
Gain
(3)

Section 897
Capital Gain
(4)

Return of
Capital

Amount
Qualifying
as a Section
199A
Dividend

01/11/2022

01/25/2022

$ 0.200

$ 0.102810

$ 0.097190

$ 0.029355

$ 0.097190

$ -

$ 0.102810

04/08/2022

04/22/2022

$ 0.200

$ 0.102810

$ 0.097190

$ 0.029355

$ 0.097190

$ -

$ 0.102810

07/08/2022

07/22/2022

$ 0.200

$ 0.102810

$ 0.097190

$ 0.029355

$ 0.097190

$ -

$ 0.102810

10/07/2022

10/21/2022

$ 0.200

$ 0.102810

$ 0.097190

$ 0.029355

$ 0.097190

$ -

$ 0.102810

Form 1099-DIV Box



1a

2a

2b

2f

3

5

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

Record
Date

Payment Date

Total
Distribution
per Share

Ordinary
Dividends
(1)

Capital Gain
Distributions
(2)

Unrecaptured
Section 1250
Gain
(3)

Section 897
Capital Gain
(4)

Return of
Capital

Amount
Qualifying as a
Section 199A
Dividend

01/11/2022

01/25/2022

$ 0.414063

$ 0.212850

$ 0.201213

$ 0.060774

$ 0.201213

$ -

$ 0.212850

04/08/2022

04/22/2022

$ 0.414063

$ 0.212850

$ 0.201213

$ 0.060774

$ 0.201213

$ -

$ 0.212850

07/08/2022

07/22/2022

$ 0.414063

$ 0.212850

$ 0.201213

$ 0.060774

$ 0.201213

$ -

$ 0.212850

10/07/2022

10/21/2022

$ 0.414063

$ 0.212850

$ 0.201213

$ 0.060774

$ 0.201213

$ -

$ 0.212850

Form 1099-DIV Box



1a

2a

2b

2f

3

5



(1)

For U.S. federal income tax purposes, none of the Company's ordinary dividends are characterized as qualified dividends.

(2)

For purposes of Section 1061 and Treasury Regulation §1.1061-6(c), the aggregate "One Year Amounts Disclosure" and "Three Year Amounts Disclosure" are $0 (0% of Box 2a) per share and $0 (0% of Box 2a) per share, respectively. Such additional information generally pertains to shares held through "applicable partnership interests" subject to Section 1061.

(3)

Unrecaptured Section 1250 gains are a subset of, and included in, the total capital gain amount.

(4)

These amounts reflect a distribution's composition of gains from the disposition of "United States real property interests" under Section 897. Generally, such information is relevant only to non-U.S. shareholders that own more than 10% of the Company's stock, as determined for purposes of Section 897, and certain entities through which non-U.S. shareholders own the Company's stock.

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 predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 6.0 million square feet of office properties. Additional information about City Office is available on the Company's website at www.cityofficereit.com. 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, 2021, 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

Cision
Cision

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SOURCE City Office REIT, Inc.