Company: CIO
Filing Date: 2025-07-24
Form Type: DEFA14A
Source: 0001193125-25-163769
Chunk: 217

Company: City Office REIT, Inc.
Filing Date: 2025-07-24
Form: DEFA14A
Chunk 217
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 to the announcement of the Transaction, and a 39% premium to the volume weighted average share price on the NYSE over the previous 90 days. Upon the closing of the Transaction,
holders of the Company’s 6.625% Series A Cumulative Preferred Stock will receive cash equal to $25.00 per share, plus all accrued and unpaid distributions (whether or not declared, and subject to deduction for any withholding tax) up
to, but excluding, the date the Transaction is consummated. The Transaction is valued at approximately $1.1 billion, including the assumption or repayment of indebtedness, the redemption of the Company’s issued and outstanding
preferred stock, and the sale of the Company’s Phoenix portfolio.

“After conducting an extensive process to explore potential strategic
alternatives, we are pleased to have reached an agreement with MCME Carell” said James Farrar, City Office’s Chief Executive Officer. “In light of a challenging environment for the office sector, this Transaction delivers immediate
and significant value to our shareholders.”

“We are pleased to have reached an agreement with City Office to effectuate this
Transaction. This opportunity underscores our partnership’s continued belief in the recovery of the office sector and our interest in acquiring high-quality office assets in strong growth markets,” said Mukang Cho, Chief Executive Officer
of Morning Calm Management, LLC.

Transaction Terms, Timing and Approvals

The Transaction is expected to close in the fourth quarter of 2025 and is subject to the satisfaction of a number of customary closing conditions more
thoroughly described in the Merger Agreement, including the approval of City Office shareholders. The Transaction has been unanimously approved by City Office’s Board of Directors. The Transaction is not conditioned upon the receipt of
financing by the Buyer.

City Office will pay its previously announced second quarter dividend on July 24, 2025, but the City Office Board of
Directors has resolved to suspend future quarterly common stock dividend payments through the expected close of the Transaction. City Office will continue to pay regular quarterly dividends on its Series A Cumulative Preferred Stock.

Upon completion of the Transaction, City Office will become a private company and shares of City Office Common Stock and
Series A Cumulative Preferred Stock will no longer trade on the NYSE.

As a result of today’s announcement, the Company does not plan to host a
conference call or webcast to discuss its financial results for the quarter ended June 30, 2025, but expects to announce earnings before the market opens on July