Company: CIO
Filing Date: 2025-07-31
Form Type: DEFA14A
Source: 0001193125-25-169837
Chunk: 5

Company: City Office REIT, Inc.
Filing Date: 2025-07-31
Form: DEFA14A
Chunk 5
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 excluding, the date the Transaction is consummated. The Transaction is valued at                                                                                                                                                                                                                          
 approximately $1.1 billion, including the assumption or repayment of indebtedness, the redemption of the Company’s issued and outstanding preferred stock, and the sale of the Company’s Phoenix portfolio.                                                                                                                                                                                                                                |

1

A reconciliation of certain non-GAAP financial
measures, including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash NOI and their equivalent per share measures, to the most directly comparable financial measure under U.S. generally accepted accounting principles (“GAAP”) can
be found at the end of this release.

Portfolio Operations

The Company reported that its total portfolio as of June 30, 2025 contained 5.4 million net rentable square feet and was 82.5%
occupied, or 86.8% including signed leases not yet occupied.

Same Store Cash NOI increased 1.8% for the three months ended June 30,
2025 as compared to the same period in the prior year. Same Store Cash NOI increased 3.1% for the six months ended June 30, 2025 as compared to the same period in the prior year.

Leasing Activity

The Company’s
total leasing activity during the second quarter of 2025 was approximately 355,000 square feet, which included 163,000 square feet of new leasing and 192,000 square feet of renewals. Approximately 306,000 square feet of leases signed within the
quarter are expected to take occupancy subsequent to quarter end.

New Leasing – New leases were signed with a weighted
average lease term of 8.4 years at a weighted average effective annual rent of $31.45 per square foot and at a weighted average cost of $8.30 per square foot per year.

Renewal Leasing – Renewal leases were signed with a weighted average lease term of 4.0 years at a weighted average effective
annual rent of $33.02 per square foot and at a weighted average cost of $3.91 per square foot per year.

Capital Structure

As of June 30, 2025, the Company had total principal outstanding debt of approximately $649.2 million. Approximately 81.9% of the
Company’s debt was fixed rate or effectively fixed rate due to interest rate swaps. City Office’s total principal outstanding debt had a weighted average maturity of approximately 1.4 years and a weighted average interest rate of