Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 73

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 73
---
 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 |      |
|:-------------------------|:----|:-------------------------|-----:|:----|:------------------------|-----:|
| Low: $745 million        |     | $                        | 6.56 |     | $                       | 7.00 |
| High: $823 million       |     | $                        | 8.27 |     | $                       | 7.00 |

Discounted Cash Flow Analysis JLL Securities performed a discounted cash flow analysis of the Company by calculating the estimated present value as of June 30, 2025, of the standalone unlevered, free cash flows that the Company was forecasted to generate during the six-monthperiod ending December 31, 2025 and the twelve-month periods ending December 31, 2026 through December 31, 2030, adjusted for the Phoenix Asset Sale, according to the Projections prepared by the Company management through the 2030 calendar year. For additional information regarding the Projections, please see the section of this proxy statement titled “Projections.” JLL Securities calculated terminal values for the Company by applying a selected range of perpetuity growth rates of 1.25% to 1.75%, to the Company’s standalone terminal unlevered free cash flows based on its professional judgment and expertise, taking into consideration the market expectations regarding long-term growth of office real estate in the Company’s markets. The unlevered free cash flows and terminal values were then discounted to present value June 30, 2025 using a selected range of discount rates of 7.2% to 8.2% (reflecting JLL Securities’ analysis of the Company’s weighted average cost of capital, determined using the “Capital Asset Pricing Model” and based on information provided to JLL Securities by Company management and other considerations that JLL Securities deemed relevant in its professional judgment and experience, taking into account certain metrics including levered and unlevered betas for a comparable group of companies). An implied per share equity value reference range for the Company was then calculated based on the