Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 74

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 74
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LL Securities.

Net Asset Value Analysis

JLL Securities performed a net
asset value analysis of the Company by calculating a range of gross real estate asset values of its properties based on its professional judgment and expertise and on property-level net operating income and cash flows as provided by Company
management, adjusted to reflect the Phoenix Asset Sale. An implied per share equity value reference range for the Company was then calculated based on the Company’s total implied gross real estate value at share at three different levels (a
low point of $745 million and a high point of $823 million), plus the Company’s cash and cash equivalents totaling approximately $35 million, less the Company’s outstanding liabilities totaling approximately $509 million,
including secured mortgage debt, the balance on an unsecured credit facility and term loan, the liquidation preference of Preferred Stock outstanding, the negative equity value of certain assets, marked-to-market debt adjustments, net tangible liabilities, minority interest and transaction related expenses and costs, divided by the total number of fully diluted shares of common stock outstanding equal
to approximately 42 million, as provided by Company management. Gross real estate values were derived by regionally-based JLL teams using detailed property level data and projections provided by the Company and applying valuation techniques
such as direct capitalization approach, discounted cash flow approach and precedent transactions to determine the value of the properties.

Balances for
cash and cash equivalents and secured mortgages were as of June 30, 2025, as provided by Company management. and were adjusted to reflect the repayment of indebtedness with proceeds of the Phoenix

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Asset Sale per Company management’s guidance. The balance for the Company’s term loan that matures in January 2026 was provided by Company management. The liquidation preference of Preferred Stock outstanding was based on information from the Company’s Form 10-Kfor the fiscal year ended December 31, 2024. Balances for the other net tangible liabilities and transaction-related expenses and costs reflect Company management guidance provided to JLL Securities, after adjustment for the Phoenix Asset Sale. The marked-to-marketdebt adjustments were calculated by JLL Securities, and the minority interest was calculated based on the Company’s share of total net assets. This analysis indicated the following approximate implied per share equity value reference range for Company at each of the three levels of total implied gross real estate value, as compared to the per share consideration:

| Total Implied Gross Real 
 Estate Value             |     | Implied Per Share Equity 
 Value Reference Range    |      |     | Per Share Consideration