VANCOUVER, March 1, 2017 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") today announced the appointment of John W. Sweet, a finance, public company and real estate industry veteran, to its Board of Directors, effective immediately.
Mr. Sweet joins the Board of Directors with over 40 years of experience in numerous financial and real estate positions with public and private companies. Most recently, from 2013 to 2016, Mr. Sweet served as founder and Chief Investment Officer of Physicians Realty Trust, a leading publicly traded healthcare REIT that grew from approximately $125 million in real estate assets to almost $3 billion during his tenure. Prior to that endeavor, he was a Managing Director for the specialty investment firm BC Ziegler, where he sourced and managed a medical office building investment fund that became the initial portfolio for Physicians Realty Trust. Mr. Sweet also co-founded and played an integral role in the growth of Windrose Medical Properties Trust, a publicly traded medical office REIT that completed its initial public offering in 2002. Additionally, Mr. Sweet brings experience at the board level for public company, philanthropic and charitable organizations.
"We are thrilled to welcome John to the Company's Board of Directors," said John McLernon, Chairman of the Board. "John is highly respected by his industry peers and will be an invaluable resource for City Office and its Board in growing the Company prudently, implementing corporate best practices and creating long term value for shareholders."
Additionally, Samuel Belzberg has chosen to step down from the Board of Directors in order to pursue other business and personal interests.
"On behalf of the entire Company and the Board, we are deeply grateful to Sam for his outstanding contributions to the founding of City Office and for his service on the Board since its inception," said Mr. McLernon. "Sam played an integral part in the formation of the Company and its initial properties, and the wealth of real estate expertise he has bestowed upon City Office will continue to benefit the Company for years to come."
With the addition of Mr. Sweet as an Independent Director and the departure of Mr. Belzberg, the Company's Board will consist of seven Directors, six of whom the Board of Directors has determined meet the independence standards of the NYSE Listed Company Manual and the Company's corporate governance guidelines.
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 markets in the Southern and Western United States. City Office currently owns or has a controlling interest in 4.5 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.
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. These factors include, but are not limited to, the Company's ability to source, acquire and close on properties on the terms it expects, or at all; the Company's expectations and forecasts of its cash flows and future leasing activity at its current and future properties, and the Company's ability to accurately model the income yield, capitalization rate, and other financial metrics used to evaluate its properties. These and other material risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and any other documents filed by the Company from time to time, which are available from the Company and from the SEC, and you should read and understand these risks when evaluating any forward-looking statement. The Company does not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.
City Office REIT, Inc.
Anthony Maretic, CFO
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SOURCE City Office REIT, Inc.