Company: CIO
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052437
Chunk: 70

Company: City Office REIT, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 70
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59 million of non-cashdepreciation and amortization. In 2023, the Company’s Net Income was negative, in part due to approximately $63 million of non-cashdepreciation and amortization. In 2022, the Company’s Net Income was positive. In 2021, Net Income was substantial due to a gain on sale associated with the sale of the Company’s life science portfolio. Compensation Actually Paid and Revenue Percent Change Revenue Percent Change indicates the increase or decrease in rental and other revenues as compared to the prior year. This measure can indicate a change in the Company’s portfolio or a change in the amount of revenues derived from the Company’s properties. In 2024, Revenue Percent Change was negative 4.5%. The Company disposed of a property in each of 2024 and 2023, while not acquiring any properties, which negatively impacted revenue in 2024. The Company’s significant leasing in 2024 is expected to contribute more to 2025 revenue than to 2024 revenue. In 2023, Revenue Percent Change was effectively flat at negative 0.8%. The Company disposed of one property during 2023 and did not acquire any properties, and otherwise had a relatively stable portfolio. In 2022, the 10.0% Revenue Percent Change was primarily driven by the successful purchase, integration and stabilization of three properties that were acquired in December 2021. In 2021, the 2.0% Revenue Percent Change was indicative of a growth in revenues, strong rent collection and a relatively stable asset base. These positive factors were considered by the Compensation Committee in determining executive compensation.

Financial Performance Measures

As described in more detail in the Compensation Discussion and Analysis section, our executive compensation program reflects a philosophy of aligning the Company’s interests with those of our management. The metrics that we use for our long-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures we use to link executive compensation actually paid to our NEOs, for the most recently completed fiscal year, to our performance are as follows:

| • |     | Achievement of Leasing Targets |

| • |     | Core FFO per Share |

| • |     | Total Shareholder Return |

| • |     | Achievement of Occupancy and Rent Collection Targets |

| • |     | Leverage and Liquidity Metrics |

| • |     | Achievement of Acquisition and Disposition Targets