Company: CIO
Filing Date: 2025-07-31
Form Type: DEFA14A
Source: 0001193125-25-169837
Chunk: 6

Company: City Office REIT, Inc.
Filing Date: 2025-07-31
Form: DEFA14A
Chunk 6
---
5.2%.

During the quarter, the Company entered into an amended and restated loan agreement for its Greenwood Blvd property in Orlando, Florida.
The loan amendment for $20.1 million extended the term by an additional three years to May 2028. The loan amendment also amended the interest rate from fixed to floating. In conjunction with the loan amendment, the Company entered into a
three-year interest rate swap agreement, effectively fixing the interest rate of the loan at 6.34% for the three-year term.

Real Estate Transactions

On June 18, 2025, the Company entered into a purchase and sale agreement (the “Phoenix Sale Agreement”) to sell Block
23, Pima Center, 5090 N 40th St, SanTan, Papago Tech, The Quad, and Camelback Square (the “Phoenix Portfolio”) for $296.0 million, which excludes closing costs and credits (the “Phoenix Portfolio Sale Transaction”). On
July 23, 2025, the Company and the purchaser of the Phoenix Portfolio entered into an amendment to the Phoenix Sale Agreement whereby both parties waived certain of their termination rights, making the Phoenix Sale Agreement non-refundable
except for standard closing conditions. The Company determined that the Phoenix Portfolio met the criteria for classification as held for sale as of June 30, 2025. Upon classification as held for sale, the Company recognized an impairment of
$102.2 million to lower the carrying amount of the Phoenix Portfolio to its estimated fair value less cost to sell. As of June 30, 2025, the Company had received an initial deposit of $2.0 million. Subsequent to June 30, 2025,
the Company received an additional deposit of $18.0 million and upon receipt, the total of the two deposits became non-refundable.

2

The sale is scheduled to close in the third quarter, subject to customary closing conditions.
Block 23 and Pima Center may close separately up to 365 and 210 days later, respectively. Further details can be found in the Company’s filing on Form 10-Q filed on July 31, 2025 and the filing made
by the Company on Form 8-K on July 24, 2025.

Dividends

On June 13, 2025, the Company’s Board of Directors approved and the Company declared a cash dividend of $0.10 per share of the
Company’s common stock for the three months ended June 30,