Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 45

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 45
---
 and planned property tours commencing on July 31 in Orlando. After such meeting, Morning Calm was given
access to the VDR.

On July 31, 2024, the Board held a meeting, which included members of management, representatives of the Financial Advisors and
DLA Piper, to discuss the process for identifying potential Strategic Alternatives and planned next steps. Representatives of the Financial Advisors updated the Board on discussions and progress made thus far. Management then provided an update on
its discussions with various groups to date, including its communications with representatives of Morning Calm. The Board discussed various topics, including slight improvement in the office leasing sector and also discussed challenges relating to
tenant downsizing, higher tenant turnover, elevated tenant improvement costs, lack of debt financing, and the likelihood of significant losses that may be realized over time. The Board discussed the benefits of continuing to evaluate the various
Strategic Alternatives and expressed a desire to widen the number of groups the representatives of the Financial Advisors would solicit to pursue a Strategic Alternative, including to potentially acquire the Company or a subset of its properties in
order to maximize stockholder value. The Board instructed management to continue the process to explore all opportunities to maximize value for stockholders and instructed them to provide select information to certain parties under non-disclosure agreements in order to help evaluate and validate their potential offers.

30

Between July 22 and August 22, 2024, the Company had discussions with 11 possible investors, including
Bidder A, and entered into non-disclosure agreements with five additional parties, including Morning Calm, each with the aim of exploring various Strategic Alternatives. The Company advised such parties
that letters of intent and indications of interest were to be submitted by the first week of September. During this period, Morning Calm and Bidder A (who each had previously signed a non-disclosure agreement) and three other counterparties toured
various Company properties in Dallas, Raleigh, Orlando, Tampa, and Phoenix as well as conducted detailed asset review calls with the Company’s management and senior market leaders.

Between September 4 and September 11, 2024, the Company received letters of intent, indications of interests, or verbal messages of interests from
various parties including from “Bidder B” to acquire two of the Company’s properties known as Bloc 83 and Terraces for $280 million, “Bidder C” to acquire two of the Company’s properties known as Bloc 83 and
Terraces for $300 million to 315