Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 78

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 78
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20 |     | $             | 7.00 |
| Share Price Premium / (Discount) to NAV |     |       | -50%) - (20% |     | $                 | 6.00 to $9.59 |     | $             | 7.00 |
| Implied Cap Rate                        |     |       | 11.5% - 9.5% |     | $                 | 4.91 to $8.23 |     | $             | 7.00 |

49

No company or business used in this analysis is identical or directly comparable to the Company. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the public trading or other values of the companies or businesses to which the Company was compared. Selected Precedent Public REIT Mergers and Acquisitions (“M&A”) Transaction Analysis JLL Securities also performed an analysis of all precedent M&A transactions involving publicly traded REITs that have occurred since 2010. Based on publicly available information obtained from SEC filings and other data sources as of July 21, 2025, JLL Securities identified more than 100 publicly announced and completed transactions involving REITs since January 1, 2010, of which 6 involved office REIT targets and 20 were all-cash acquisitions of small cap REITs. JLL Securities reviewed, among other things, the premiums paid to the target companies’ unaffected stock prices (defined as the closing share price on the day immediately prior to when market rumors or other relevant news began to impact the target’s share price prior to transaction announcement). As unaffected stock price is not always reported consistently by targets, JLL Securities used its best efforts to standardize the metrics for the sake of comparability. The overall observed low and high unaffected stock price premiums paid in all transactions reviewed were 0% and 71% respectively. JLL Securities also reviewed the premiums or discounts paid to the target companies’ NAV (as determined by publicly available information). The overall observed low and high unaffected premium or discount to NAV in all transactions reviewed were a discount of (20%) and premium of 21%, respectively. JLL Securities then applied selected ranges, incorporating certain adjustments and assumptions, of premium to the Company’s unaffected share price as of July 21, 2025 and applied ranges of premium to estimated NAV per share (based on publicly available