Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 85

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 85
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 per share price divided by the consensus funds from operations, which we refer to as the FFO Multiple, estimated for calendar years ending December 31, 2025 and 2026, which we refer to as 2025E and 2026E, respectively, as well as (iii) the per share price divided by the consensus adjusted funds from operations, which we refer to as the AFFO Multiple, 2025E and 2026E. The estimates published by Wall Street research analysts were not prepared in connection with the Merger or at the request of Raymond James and may or may not prove to be accurate. Raymond James reviewed the high and the low relative valuation multiples of the selected public companies and compared them to corresponding valuation multiples for the Company implied by the Common Stock Merger Consideration. Raymond James excluded Franklin Street Properties Corp. from the FFO multiples and AFFO multiples set forth below because it is covered by just one analyst and that its AFFO estimates are negative for 2025E and 2026E. The results of the selected public companies analysis are summarized below:

|                     |     | Implied Multiples |       |   |     |      |       |   |
|                     |     | Low               |       |   |     | High |       |   |
| Implied Cap Rate    |     |                   |  11.6 | % |     |      |   8.5 | % |
| 2025E FFO Multiple  |     |                   |  5.3x |   |     |      |  9.1x |   |
| 2026E FFO Multiple  |     |                   |  5.3x |   |     |      |  8.6x |   |
| 2025E AFFO Multiple |     |                   | 11.5x |   |     |      | 14.9x |   |
| 2026E AFFO Multiple |     |                   |  9.0x |   |     |      | 14.7x |   |

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Furthermore, Raymond James applied the low and the high relative valuation multiples for each of the metrics to the Company’s actual and projected financial results and determined the implied equity price per share of the Common Shares and then compared those implied equity values per share to the Common Stock Merger Consideration. The results of this are summarized below:

|                                   |     | Implied equity value per