City Office REIT, Inc. (NYSE:CIO-A) Files An 8-K Results of Operations and Financial Condition
Item2.02.
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Results of Operations and Financial Condition. |
City Office REIT, Inc. (the Company) issued a press release on
March2, 2017 announcing its financial results for the quarter and
full year ended December31, 2016. A copy of the press release is
attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K,
including Exhibit 99.1 furnished to Item 9.01, shall not be
deemed filed for the purposes of Section18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities
under that Section. Furthermore, the information in Item 2.02 of
this Current Report on Form 8-K, including Exhibit 99.1 furnished
to Item 9.01, shall not be deemed to be incorporated by reference
into the filings of the Company under the Securities Act of 1933.
| Item5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers, Compensatory Arrangements of Certain Officers. |
Effective March1, 2017, Samuel Belzberg resigned from his
position as a member of the Board of Directors (the Board) of the
Company. Mr.Belzbergs resignation did not involve any
disagreement with the Company on any matter relating to the
Companys operations, policies, practices or otherwise.
On March1, 2017, the Company announced that, effective
immediately, at the recommendation of the Nominating and
Corporate Governance Committee of the Board, the Board appointed
John W. Sweet Jr. as a director to serve until his successor is
duly elected and qualified, and he will be nominated for
re-election at the Companys 2017 annual meeting of stockholders.
Mr.Sweet has been appointed to serve on the Compensation
Committee and Investment Committee of the Board.
In connection with Mr.Belzbergs resignation from the Board and in
recognition of his efforts and contributions in founding the
Company, the Board on March1, 2017 approved the immediate
accelerated vesting of 85,222 restricted stock units previously
granted to Mr.Belzberg.
Mr.Sweet, age 72, has 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
(NYSE: DOC), a leading healthcare real estate company that grew
from approximately $125million in real estate assets to almost
$3billion 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, including his recent appointment to the board of
Wheeler Real Estate Investment Trust (NASDAQ: WHLR), a publicly
traded retail REIT. Mr.Sweet has a bachelors degree in Business
Administration from St. John Fisher College and an M.B.A. from
Rochester Institute of Technology.
The Board determined that Mr.Sweet is independent under the
standards of the New York Stock Exchange and of the Companys
Amended and Restated Corporate Governance Guidelines. In
connection with his appointment, the Company entered into an
indemnification agreement with Mr.Sweet, substantially in the
form of the indemnification agreement the Company has entered
into with all other directors and previously filed by the Company
with the Securities and Exchange Commission.
Mr.Sweet will receive the same fees for his service as our other
independent directors. Annual cash compensation will be
pro-rated from the
date of Mr.Sweets election to the Board. In addition, Mr.Sweet
will participate in the Companys Equity Incentive Plan under the
same terms as our other independent directors.
| Item9.01 | Financial Statements and Exhibits. |
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Exhibit Number |
Description |
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| 99.1 | City Office REIT, Inc. Press Release, dated March2, 2017. |
City Office REIT, Inc. (NYSE:CIO-A) Recent Trading Information
City Office REIT, Inc. (NYSE:CIO-A) closed its last trading session down -0.15 at 25.05 with 6,996 shares trading hands.