Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 77

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 77
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 consensus or Green Street estimate of net operating income for the selected REITs (as adjusted for the Phoenix Asset Sale). Financial data for the selected REITs was based on publicly available consensus estimates. Financial data for the Company was based on estimates provided by Company management and publicly available consensus estimates for NAV. For additional information regarding the estimates provided by Company management, please see the section of this proxy statement titled “Projections”. The implied overall low to high estimated EBITDA multiples for the selected REITs for calendar year 2026 were 10.0x to 12.0x. The implied overall low to high estimated FFO multiples for the selected REITs for calendar year 2026 were 5.0x to 8.0x. The implied overall discount to NAV was (50.0%) at the low end and (20.0%) at the high end, when compared to the closing stock price as of July 21, 2025 of the selected REITs. The implied cap rates for the selected REITs implied by their closing stock prices as of July 21, 2025 were 11.5% at the low end and 9.5% at the high end. JLL Securities then applied selected ranges of estimated FFO multiples based on its professional judgment and expertise and derived from the selected REITs, estimated EBITDA multiples derived from the selected REITs, the premium or discount represented by the ratio of stock prices to Wall Street analysts’ consensus estimated NAV and the implied cap rates (each for calendar year 2026), excluding transaction costs as provided by the management of the Company. The following table reflects the results of this analysis:

|                                         |     | Range |              |     | Implied Per Share 
 Equity Value      
 Reference Range   |               |     | Per Share     
 Consideration |      |
|:----------------------------------------|:----|:------|:-------------|:----|:------------------|:--------------|:----|:--------------|-----:|
| Enterprise Value to 2026E EBITDA        |     |       | 10.0x -12.0x |     | $                 | 4.43 to $7.47 |     | $             | 7.00 |
| Price to 2026E FFO per Share            |     |       | 5.0x - 8.0x  |     | $                 | 4.50 to $7.