Company: CIO
Filing Date: 2025-07-31
Form Type: DEFA14A
Source: 0001193125-25-169837
Chunk: 9

Company: City Office REIT, Inc.
Filing Date: 2025-07-31
Form: DEFA14A
Chunk 9
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 other REITs’ AFFO.

Net Operating Income (“NOI”) – We define NOI as rental and other revenues less property operating expenses.

We consider NOI to be an appropriate supplemental performance measure to net income because we believe it provides information useful in
understanding the core operations and operating performance of our portfolio.

Same Store Net Operating Income (“Same Store NOI”) and Same Store Cash Net Operating Income (“Same Store Cash NOI”) – Same Store NOI is calculated as the NOI attributable to the properties continuously owned and operated for the entirety of the reporting periods
presented, and Same Store Cash NOI is calculated as Same Store NOI less non-recurring other income, termination fee income, straight-line rent / expense, deferred market rent and the non-controlling interest’s share of cash NOI. The Company’s definitions of Same Store NOI and Same Store Cash NOI exclude properties that were not stabilized during both of the applicable reporting
periods. These exclusions may include, but are not limited to, acquisitions, dispositions and properties undergoing repositioning or significant renovations.

4

We believe Same Store NOI and Same Store Cash NOI are important measures of comparison
because each allows for comparison of operating results of stabilized properties owned and operated for the entirety of both applicable periods and therefore eliminates variations caused by acquisitions, dispositions or repositionings during such
periods. Other REITs may calculate Same Store NOI and Same Store Cash NOI differently and our calculation should not be compared to that of other REITs.

Additional Information and Where to Find It

This press release may be deemed solicitation material in respect of the proposed acquisition of the Company by Buyer. A full description of
the terms of the Merger, the Merger Agreement, the Phoenix Portfolio Sale Transaction and the Phoenix Sale Agreement will be provided in the proxy statement that the Company intends to file with the Securities and Exchange Commission
(“SEC”) to be used at its special meeting of shareholders in lieu of an annual meeting to approve the Merger. SHAREHOLDERS ARE ADVISED TO READ, WHEN AVAILABLE, THE COMPANY’S PRELIMINARY PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT
IN CONNECTION WITH THE SOLICITATION OF PROXIES FOR THE SPECIAL MEETING BECAUSE THESE STATEMENTS WILL CONTAIN IMPORTANT INFORMATION. The definitive proxy statement will be mailed to shareholders as of a record date to be established for voting on the
proposed merger. Shareholders will also be able to obtain a copy of the proxy statement, without charge, by directing a request to: