Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 74

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 74
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 estimated present value of the Company’s future unlevered free cash flows as provided by the management of the Company and terminal value per share ranging between $606 million and $752 million, less the Company’s outstanding liabilities (as adjusted for the Phoenix Asset Sale), including secured mortgage debt, balance on an unsecured credit facility and term loan, the liquidation preference of Preferred Stock outstanding and net tangible liabilities, plus cash and cash equivalents totaling approximately $454 million, divided by the total number of fully diluted shares of common stock outstanding equal to approximately 42 million, as provided by Company management. Balances for cash and cash equivalents, secured mortgage debt, the balance on unsecured credit facility and term loan and the liquidation preference of Preferred Stock outstanding, other net tangible assets and total number of fully diluted shares of common stock were derived in the same manner as described above under “ Net Asset Value Analysis” This analysis indicated the following approximate implied per share equity value reference range for the Company, as compared to the per share consideration:

| Implied Per Share Equity Value Reference Range |     | Per Share Consideration |      |
|:-----------------------------------------------|:----|:------------------------|-----:|
| $3.64 - $7.13                                  |     | $                       | 7.00 |

48

Comparable Public Companies Analysis JLL Securities reviewed publicly available financial and stock market information of the Company and the following four selected companies that JLL Securities viewed as generally comparable to the Company, based on, but not limited to, the following qualities: (i) focus on office investment; (ii) focus on similar geographic markets, i.e., non-gateway;(iii) small- or mid-capcompany value; (iv) well-covered by research analysts; and (v) proven public market liquidity, collectively referred to as the “selected REITs”:

| • |     | Cousins Properties Incorporated |

| • |     | Highwoods Properties, Inc. |

| • |     | Piedmont Realty Trust, Inc. |

| • |     | Brandywine Realty Trust |

JLL Securities reviewed, among other items, enterprise value of the selected REITs as a multiple of estimated earnings before interest, taxes, depreciation and amortization (adjusted for the Phoenix Asset Sale), referred to as the “EBITDA multiple,” for calendar year 2026, and closing stock prices of the selected REITs on July 21, 2025, as a multiple of estimated funds from operations per share (as adjusted for the Phoenix