Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 84

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 84
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 any other class or group of the Company’s or such other party’s security holders or other constituents (including, without
limitation, the allocation of any consideration to be received in the Merger amongst or within

54

such classes or groups of security holders or other constituencies). Raymond James expressed no opinion as to the impact of the Merger on the solvency or viability of the Company, Parent or any other party or the ability of the Company or Parent to pay its respective obligations when they come due. Material Financial Analyses The following summarizes the material financial analyses reviewed by Raymond James with the Board during its meeting on July 23, 2025. Unless the context indicates otherwise, the analyses relied upon the closing price of the common stock of the selected public companies listed below as of July 22, 2025. Unless otherwise indicated, for each of the following analyses performed by Raymond James, financial and market data and earnings estimates for the selected companies were based on such companies’ filings with the SEC and certain publicly available research analyst estimates for those companies. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by Raymond James, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses performed by Raymond James. Considering the data set forth in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by Raymond James. No company or transaction used in the analyses described below is identical or directly comparable to the Company or the contemplated Merger. Selected Companies Analysis.Raymond James analyzed the relative valuation multiples of four publicly traded domestic real estate investment trusts with market capitalizations below $5 billion that it deemed relevant and for which future financial estimates were publicly available. The selected publicly traded companies are below:

| •  Highwoods Properties, Inc.       |
| •  Brandywine Realty Trust          |
| •  Piedmont Realty Trust Inc.       |
| •  Franklin Street Properties Corp. |

Raymond James calculated and sourced from Wall Street research analysts various financial multiples for each company, including (i) net operating income divided by the implied real estate value of such company using the most recent closing price of the common stock of each selected company, which we refer to as the Implied Cap Rate, (ii) the