Company: CIO
Filing Date: 2025-08-15
Form Type: DEFA14A
Source: 0001193125-25-181889
Chunk: 227

Company: City Office REIT, Inc.
Filing Date: 2025-08-15
Form: DEFA14A
Chunk 227
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 at a $30 million gross sales price. The sale of the Pima Center property is expected to close at a later date, subject to the Company obtaining certain approvals related to the property’s ground lease. The Company will receive total gross sales proceeds of $296.0 million and remove the full carrying value of the Phoenix Portfolio properties as shown below, with such amounts having been presented as assets held for sale of $296.2 million and liabilities related to assets held for sale of $16.8 million as at June 30, 2025. Net sales proceeds from the Phoenix Portfolio sale transaction will be approximately $278.1 million.

| (In thousands)                                                   |     |   |          |   |
|:-----------------------------------------------------------------|:----|:--|---------:|:--|
| Gross sales price                                                |     | $ |  296,000 |   |
| Estimated closing and transaction costs                          |     |   |  (12,400 | ) |
| Estimated working capital adjustments                            |     |   |   (5,518 | ) |
| Net sales proceeds                                               |     |   |  278,082 |   |
| Less: Carrying value of real estate assets                       |     |   | (261,507 | ) |
| Less: Carrying value of unamortized lease intangible assets      |     |   |   (3,276 | ) |
| Less: Carrying value of unamortized deferred leasing costs       |     |   |   (5,801 | ) |
| Less: Carrying value of other assets                             |     |   |  (25,583 | ) |
| Less: Carrying value of unamortized lease intangible liabilities |     |   |    1,081 |   |
| Less: Carrying value of other liabilities                        |     |   |   15,735 |   |
| Pro forma loss                                                   |     | $ |   (1,269 | ) |

(B) The net sales proceeds will first be used to settle $80.5 million of property-level debt related to the Phoenix Portfolio disposition and the remaining proceeds of $197.6 million will be used to pay down the Company’s term loan and revolving credit facility. As such, there is a $278.1 million pro forma adjustment to debt. 2. Adjustments to Unaudited Pro Forma Consolidated Statement of Operations and Unaudited Pro Forma Consolidated Statement of Comprehensive Income (AA) These