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Here are 1-3 brief analogies for City Office REIT (CIO):

• It's like **Public Storage**, but for office buildings in growing U.S. cities instead of self-storage units.
• Think of it as the **Equity Residential** of office spaces, focusing on properties in the Sun Belt.
• It's like **Simon Property Group**, but for office buildings rather than shopping malls.

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• Office Space Leases: Providing tenants with access to various sizes of office space under lease agreements.
• Property Management Services: Offering comprehensive management, maintenance, and operational services for its portfolio of office properties.

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City Office REIT (CIO) primarily sells its services (leasing office space) to other companies rather than individuals.

Due to its diversified portfolio strategy, City Office REIT does not have any single "major customer" that accounts for a significant portion of its annualized rental revenue. According to their investor presentations, no single tenant represents more than 2.8% of their total annualized rent. This indicates a broad tenant base across various industries and company sizes, preventing over-reliance on any specific company.

Therefore, specific names of major customer companies cannot be listed, as none meet the threshold to be considered individually major.

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James Farrar, Chief Executive Officer & Director

Mr. Farrar has 25 years of experience in the real estate, private equity, and corporate finance industries. He has been Chief Executive Officer of City Office REIT since its initial public offering in 2014. In 2009, he co-founded Second City Real Estate, a private equity real estate firm that contributed the initial properties to form City Office REIT. Prior to Second City Real Estate, Mr. Farrar was a senior executive of a family office with a diversified portfolio concentrated in the real estate and hospitality sectors. He was also an investment professional with the private equity group of TD Bank (now Birch Hill Equity Partners).

Anthony Maretic, Chief Financial Officer, Secretary & Treasurer

Mr. Maretic has over 20 years of experience, including more than 15 years in senior financial and operational roles. He has served as Chief Financial Officer, Secretary, and Treasurer of City Office REIT since its initial public offering in 2014. Before joining City Office, Mr. Maretic was the Chief Operating Officer and Chief Financial Officer of Earls Restaurants Ltd. He has also held several financial management positions with a U.S.-based senior living REIT and with the predecessor of Bentall Kennedy, a public real estate company listed on the Toronto Stock Exchange.

Greg Tylee, President & Chief Operating Officer

Mr. Tylee has been President and Chief Operating Officer of City Office REIT since its initial public offering in 2014. He joined Second City Real Estate, the private equity real estate firm that formed City Office REIT, in 2010 as a Managing Director. Over his career, he has been involved in more than $2.5 billion of real estate acquisitions. Prior to joining Second City, Mr. Tylee served as President of Bosa Properties Inc.

Stephanie Chung, Senior Vice President, Finance

Ms. Chung is a Senior Vice President of Finance for City Office REIT.

Ken Pool, Senior Vice President, Operations

Mr. Pool has over 35 years of commercial real estate experience, with a focus on the office sector. He joined City Office REIT in 2017. Previously, he was the Senior Managing Director and City Lead for Asset Services with Cushman & Wakefield in Dallas, Texas, where he was responsible for over 10 million square feet of commercial properties. He has also held positions as Director of Property Management and Vice President of Asset Management for Cousins Properties REIT.

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The public company City Office REIT (CIO) faces several key risks to its business operations and financial performance.

1. Real Estate Market Risks and Economic Conditions: City Office REIT is significantly exposed to the inherent risks of the commercial real estate market and broader economic downturns. These risks include fluctuations in property values, reduced demand for office space (exacerbated by ongoing work-from-home trends and potential future pandemics), and general economic events like inflation and rising interest rates. Such factors can adversely affect occupancy rates, rental income, and the overall financial performance of the company.
2. High Indebtedness and Interest Rate Sensitivity: The company carries a substantial amount of outstanding debt, which exposes it to significant interest rate fluctuation risk. This indebtedness can impact its ability to pay distributions to shareholders and increases the risk of default on its debt obligations.
3. Risk of Losing REIT Status: Maintaining its qualification as a Real Estate Investment Trust (REIT) is crucial for City Office REIT. Failure to meet the complex requirements for REIT status would lead to substantial tax consequences, severely impacting its business operations and financial stability. Furthermore, covenants on its credit facilities could inhibit its ability to make necessary distributions to maintain this status.

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The widespread and sustained adoption of remote and hybrid work models by businesses represents a clear emerging threat. This structural shift fundamentally reduces the demand for traditional office footprints, leading to increased vacancies, lower rental rates, and diminished long-term leasing activity across the office real estate sector.

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The main product and service of City Office REIT (CIO) is the acquisition, ownership, and operation of high-quality office properties, which they then lease to tenants. These properties are predominantly located in metropolitan areas within the Southern and Western United States, often referred to as Sun Belt and secondary markets.

The addressable market for their services is the U.S. Office Real Estate Market. This market is estimated to be USD 369.58 billion in 2025 and is projected to grow to USD 436.81 billion by 2030, with a compound annual growth rate (CAGR) of 3.40% during this forecast period.

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City Office REIT (CIO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Increased Occupancy and Leasing Momentum: City Office REIT anticipates an increase in portfolio occupancy as signed leases commence and through ongoing strong leasing activity, particularly within its Sunbelt markets. This focus on increasing occupied space is a primary driver for enhanced rental income and core FFO growth.

2. Positive Same Store Cash Net Operating Income (NOI) Growth and Rent Increases: The company expects to achieve positive Same Store Cash NOI growth, indicating improved performance from its existing properties. This is further supported by the company's demonstrated ability to realize healthy cash re-leasing spreads, such as a 5.9% cash rent roll-up on renewals in 2024 and an 8.5% positive cash re-leasing spread over the 12 months ending Q1 2025.

3. Strategic Property Upgrades and Active Asset Management: City Office REIT is set to benefit from extensive renovation programs that have been completed over recent years, positioning its portfolio of office assets favorably. The company's strategy involves active asset management and value creation opportunities, utilizing these strategic property upgrades to drive leasing results and long-term cash flow growth.

4. Targeted Investment in Sunbelt Markets: A significant portion of City Office REIT's growth strategy is concentrated on its properties located in high-demand Sunbelt markets. These markets are characterized by strong leasing dynamics and improving office real estate fundamentals, with the majority of expected occupancy growth anticipated from these regions.

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Share Repurchases

• City Office REIT completed a share repurchase program in 2022, buying back 4,006,897 shares of common stock for approximately $50.0 million at an average price of $12.48 per share.
• The company's outlook for both 2024 and 2025 assumes no share repurchase activity.

Share Issuance

• City Office REIT did not issue any shares of common stock or Series A Preferred Stock under its ATM Program during the fiscal year ended December 31, 2022.
• The company's guidance for 2024 and 2025 anticipates no share issuances.

Inbound Investments

• On July 23, 2025, City Office REIT entered into a definitive merger agreement to be acquired by MCME Carell Holdings, LP and MCME Carell Holdings, LLC for $7.00 per share of common stock in cash.
• This acquisition transaction is valued at approximately $1.1 billion.

Outbound Investments

• City Office REIT announced the sale of its Phoenix portfolio for $296 million, resulting in a $102.2 million impairment recognized in the second quarter of 2025.
• The company's dispositions have generated $550 million in gains on sale across 13 properties.
• Dispositions of properties in 2024, including Cascade Station and 190 Office Center, led to a decrease in rental and other revenues.

Capital Expenditures

• Capital expenditures were reported as $28 million and $26 million in recent years, though specific annual breakdowns for 2021-2024 from the provided snippets are not clearly delineated.
• The primary focus of capital expenditures includes enhancing properties through capital improvement initiatives, modern build-outs, fitness facilities, and impactful collaboration and recreation spaces to optimally position them within their competitive set.
• For 2025, the company expects to benefit from extensive renovation programs that were completed over the past few years.