Company: CIO
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052437
Chunk: 69

Company: City Office REIT, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 69
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| (6) | The peer group used for this purpose is the following published industry index: the Dow Jones U.S. Real Estate Office Index. TSR is calculated based on market capitalization weighting of the component companies comprising the index. |

| (7) | The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year. |

| (8) | Revenue percent changeindicates the year-over-year percent change in rental and other revenues as reflected in our audited financial statements for the applicable years. |

Analysis of the Information Presented in the Pay versus Performance Table As described in more detail in the section “Compensation Discussion and Analysis,” our executive compensation program incorporates a philosophy of aligning the Company’s interests with those of our management. While we utilize several performance measures to align executive compensation with our performance, not all of those performance measures are presented in the Pay Versus Performance table. Moreover, we generally seek to incentivize long-term performance, and therefore we do not specifically align our performance measures with compensation that is actually paid (as computed in accordance with SEC rules) for a particular year. In accordance with SEC rules, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance table. 46

Compensation Actually Paid and Total Shareholder Return TSR is a component of executive performance evaluated by the Compensation Committee and therefore TSR and TSR relative to the peer group have a direct impact on executive compensation. In 2024, 2023 and 2022, the Company’s TSR was lower than the Peer Group TSR. This negatively impacted Compensation Actually Paid, noting that an offsetting factor for 2023 and 2022 was better performance of Company TSR as compared to the Peer Group TSR on a five-year basis. Compensation Actually Paid for the PEO and non-PEONEOs was lower in 2023 and 2022 than in 2021. In 2021 the Company’s TSR on an absolute basis and as compared to the peer group was exceptional, which contributed to higher executive compensation. Compensation Actually Paid and Net Income Net Income is not a measure directly considered by the Compensation Committee and therefore has an indirect impact on executive compensation. Net Income can be impacted by non-cashitems and significant one-timeevents, such as gains or losses on sale, which can cause Net Income to be a non-indicativemeasure of overall performance in certain years. In 2024, the Company’s Net Income was negative, in part due to approximately $