Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 76

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 76
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 million, divided by the total number of fully diluted shares of common stock outstanding equal to approximately 42 million, as provided by Company management. Balances for cash and cash equivalents, secured mortgage debt, the balance on unsecured credit facility and term loan and the liquidation preference of Preferred Stock outstanding, other net tangible assets and total number of fully diluted shares of common stock were derived in the same manner as described above under “ Net Asset Value Analysis” This analysis indicated the following approximate implied per share equity value reference range for the Company, as compared to the per share consideration:

| Implied Per Share Equity Value Reference Range |     | Per Share Consideration |      |
|:-----------------------------------------------|:----|:------------------------|-----:|
| $3.64 - $7.13                                  |     | $                       | 7.00 |

48

Comparable Public Companies Analysis JLL Securities reviewed publicly available financial and stock market information of the Company and the following four selected companies that JLL Securities viewed as generally comparable to the Company, based on, but not limited to, the following qualities: (i) focus on office investment; (ii) focus on similar geographic markets, i.e., non-gateway;(iii) small- or mid-capcompany value; (iv) well-covered by research analysts; and (v) proven public market liquidity, collectively referred to as the “selected REITs”:

| • |     | Cousins Properties Incorporated |

| • |     | Highwoods Properties, Inc. |

| • |     | Piedmont Realty Trust, Inc. |

| • |     | Brandywine Realty Trust |

JLL Securities reviewed, among other items, enterprise value of the selected REITs as a multiple of estimated earnings before interest, taxes, depreciation and amortization (adjusted for the Phoenix Asset Sale), referred to as the “EBITDA multiple,” for calendar year 2026, and closing stock prices of the selected REITs on July 21, 2025, as a multiple of estimated funds from operations per share (as adjusted for the Phoenix Asset Sale), referred to as the “FFO multiple,” for calendar year 2026. JLL Securities also analyzed the premium or discount represented by the ratio of the closing stock prices of the selected REITs to Wall Street or Green Street analysts’ consensus estimated net asset value (as adjusted for the Phoenix Asset Sale), referred to as “NAV”, and the cap rate implied by the closing stock prices of the selected REITs and Wall Street