City Office REIT, Inc.

Phoenix, AZ · Block 23(4) · 2019 · 100.0 · 307 · 89.0 · 27.66 · 29.23 · 32.73 · 7,277

(27.3% of NRA) · Pima Center · 2006-2008 · 100.0 · 272 · 58.5 · 27.86 · 29.67 · 29.67 · 4,720

SanTan · 2000-2003 · 100.0 · 267 · 53.1 · 32.18 · 33.47 · 33.47 · 4,739

5090 N 40th St · 1988 · 100.0 · 173 · 70.7 · 33.11 · 35.37 · 35.37 · 4,325

Camelback Square · 1978 · 100.0 · 174 · 74.1 · 34.04 · 36.53 · 36.53 · 4,708

The Quad · 1982 · 100.0 · 163 · 97.4 · 33.37 · 34.76 · 35.08 · 5,518

Papago Tech · 1993-1995 · 100.0 · 163 · 79.2 · 25.43 · 26.67 · 26.67 · 3,436

Tampa, FL · Park Tower · 1973 · 94.8 · 482 · 93.4 · 29.07 · 29.51 · 29.51 · 13,275

(19.0%) · City Center · 1984 · 95.0 · 245 · 75.8 · 33.38 · 34.48 · 34.48 · 6,404

Intellicenter · 2008 · 100.0 · 204 · 76.1 · 24.31 · 25.96 · 25.96 · 4,023

Carillon Point · 2007 · 100.0 · 124 · 100.0 · 30.41 · 31.63 · 31.63 · 3,928

Orlando, FL · Florida Research Park · 1999 · 96.6 · 398 · 99.7 · 26.23 · 27.06 · 28.46 · 10,722

(13.0%) · Central Fairwinds · 1982 · 97.0 · 168 · 86.4 · 27.64 · 29.23 · 29.23 · 4,249

Greenwood Blvd · 1997 · 100.0 · 155 · 100.0 · 24.84 · 25.25 · 25.25 · 3,915

Raleigh, NC · Bloc 83 · 2019; 2021 · 100.0 · 493 · 93.8 · 41.26 · 39.74 · 40.07 · 18,380

(8.9%)

Dallas, TX · The Terraces · 2017 · 100.0 · 173 · 85.6 · 39.00 · 38.86 · 59.36 · 5,742

(5.1%) · 2525 McKinnon · 2003 · 100.0 · 111 · 68.7 · 29.48 · 31.32 · 50.32 · 2,394

San Diego, CA · Mission City · 1990-2007 · 100.0 · 281 · 91.6 · 39.12 · 40.54 · 40.54 · 10,443

(5.0%)

Sun Belt - Subtotal / Weighted Average(5) · 4,353 · 84.3 · 31.57 · 32.41 · 34.10 · 118,198

Denver, CO · Denver Tech · 1997; 1999 · 100.0 · 381 · 85.6 · 23.58 · 24.51 · 32.58 · 7,999

(14.5%) · Circle Point · 2001 · 100.0 · 272 · 91.2 · 19.71 · 20.69 · 36.34 · 5,138

Superior Pointe(6) · 2000 · 100.0 · 152 · 69.5 · 17.42 · 19.28 · 33.78 · 2,041

Seattle, WA · Canyon Park · 1993; 1999 · 100.0 · 207 · 100.0 · 22.31 · 24.58 · 30.58 · 5,082

(3.6%)

Portland, OR · AmberGlen · 1984-1998 · 76.0 · 203 · 97.0 · 22.74 · 24.34 · 25.44 · 4,806

(3.6%)

Other - Subtotal / Weighted Average(5) · 1,215 · 89.2 · 21.70 · 23.11 · 31.88 · 25,066

Total / Weighted Average - December 31, 2024(5) · 5,568 · 85.4 · 29.32 · 30.29 · 33.60 · 143,264

Annualized Average Effective Rent accounts for the impact of straight-line rent adjustments, including the amortization of rent escalations and base rent concessions (e.g., free rent abatements) contained in the lease. The square foot result per property is calculated by multiplying (i) Average Effective Rent for the month ended December 31, 2024 by (ii) 12, divided by the occupied square footage in that period.

Annualized gross rent per square foot includes adjustment for estimated expense reimbursements of triple net leases.

Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended December 31, 2024 by (ii) 12.

Annualized base rent per square foot for Block 23 excludes percentage rent leases.

Averages weighted based on the property’s NRA, adjusted for occupancy.

Superior Pointe property was under contract for sale at December 31, 2024.

Lease Maturity Profile

The chart below sets out the percentage of NRA of our properties subject to lease expiration during the periods shown without regard to renewal options.

Percentage represents the NRA of the leases divided by the total NRA of the portfolio, as of December 31, 2024.

2.2% represents the leases under contract but not yet in occupancy as of December 31, 2024.

The following table sets forth the lease expirations for leases in place in our properties as of December 31, 2024, plus available space, for each of the calendar years ending December 31, 2025 to December 31, 2034 and thereafter. The information set forth in the table assumes that tenants exercise no renewal options and do not exercise early termination rights. Leases in place have a weighted average term to maturity of 4.5 years.

Year of Lease Expiration · Numberof LeasesExpiring · NRA ofExpiringLeases(000s) · Percentageof NRA · AnnualizedBase Rent (1)(000s) · Percentageof TotalPropertiesRent · AnnualizedBase Rentper LeasedSquare FootExpiring (2) · AnnualizedBase Rent(includingRentAbatementat Dec 31,2024) · AnnualizedBase Rentper LeasedSquare FootExpiring(includingRentAbatementat Dec 31,2024)

Vacant · — · 693 · 12.4 · — · — · — · — · —

Contracted · — · 121 · 2.2 · — · — · — · — · —

2025 · 58 · 540 · 9.7 · 16,123 · 11.3 · 29.86 · 16,123 · 29.86

2026 · 45 · 549 · 9.9 · 15,751 · 11.0 · 28.69 · 15,634 · 28.48

2027 · 48 · 741 · 13.3 · 21,280 · 14.9 · 28.72 · 21,280 · 28.72

2028 · 57 · 641 · 11.5 · 18,100 · 12.6 · 28.24 · 17,972 · 28.04

2029 · 45 · 641 · 11.5 · 19,615 · 13.7 · 30.60 · 18,698 · 29.17

2030 · 34 · 456 · 8.2 · 15,880 · 11.1 · 34.82 · 14,829 · 32.52

2031 · 15 · 307 · 5.5 · 8,797 · 6.1 · 28.65 · 8,134 · 26.50

2032 · 13 · 173 · 3.1 · 5,927 · 4.1 · 34.26 · 4,623 · 26.72

2033 · 13 · 273 · 4.9 · 9,784 · 6.8 · 35.84 · 9,784 · 35.84

2034 & Thereafter · 17 · 433 · 7.8 · 12,007 · 8.4 · 29.38 · 8,073 · 19.75

Total / Weighted Average · 345 · 5,568 · 100.0 · 143,264 · 100.0 · 30.29 · 135,150 · 28.57

Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month of December 31, 2024, by (ii) 12.

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• We may be unable to secure funds for future tenant or other capital improvements or payment of leasing commissions, which could limit our ability to attract or replace tenants and adversely impact our ability to make cash distributions to our stockholders.
• We may be required to, and currently make, rent or other concessions and significant capital expenditures to improve our properties in order to retain and attract tenants, which could adversely affect our financial condition, results of operations and cash flow.
• We may not be able to obtain additional capital to further our business objectives.
• Covenants in the Credit Agreement governing our Unsecured Credit Facility may cause us to fail to qualify as a REIT.
• We have a substantial amount of indebtedness outstanding which may affect our ability to pay distributions to our stockholders, may expose us to interest rate fluctuation risk and may expose us to the risk of default under our debt obligations.
• We could become highly leveraged in the future because our organizational documents contain no limitations on the amount of debt that we may incur.
• Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.
• Failure of the U.S. federal government to manage its fiscal matters or to raise or further suspend the debt ceiling, and changes in the amount of federal debt, may negatively impact the economic environment and adversely impact our results of operations.
• We may engage in hedging transactions, which can limit our gains and increase exposure to losses.
• Economic conditions and global events may adversely affect the real estate market and our financial condition, results of operations and cash flow.
• Inflation and price volatility in the global economy could negatively impact our tenants and our results of operations.
• Our joint venture investments could be adversely affected by the capital markets, our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and any disputes that may arise between us and our joint venture partners.
• We could incur significant costs related to government regulation and private litigation over environmental matters involving the presence, discharge or threat of discharge of hazardous or toxic substances, which could adversely affect our operations, the value of our properties and our ability to make distributions to our stockholders.
• Our properties may contain asbestos or develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem, which could adversely affect the value of the affected property and our ability to make distributions to our stockholders.
• Potential losses, including from adverse weather conditions, natural disasters, climate change and title claims, may not be covered by insurance.
• We may be limited in our ability to diversify our investments making us more vulnerable economically than if our investments were diversified.
• We may acquire properties with lock-out provisions, or agree to such provisions in connection with obtaining financing, which may prohibit us from selling or refinancing a property during the lock-out period.
• Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.
• If we sell properties by providing financing to purchasers, we will bear the risk of default by the purchaser.
• If a tenant defaults or declares bankruptcy, we may be unable to collect balances due under relevant leases and may become subject to uncertainty and increased expenses, which could have a material adverse effect on our financial condition and ability to pay distributions.
• We may face additional risks and costs associated with owning properties occupied by government tenants, which could negatively impact our financial condition, results of operations, cash flows, or the market price of our common stock or preferred stock.
• Some of the leases at our properties contain “early termination” provisions which, if triggered, may allow tenants to terminate their leases without further payment to us, which could adversely affect our financial condition and results of operations and the value of the applicable property.
• We may be unable to complete acquisitions and dispositions, and even if acquisitions are completed, we may fail to successfully operate acquired properties.
• Acquired properties may be located in new markets where we may face risks associated with investing in an unfamiliar market.
• Adverse market and economic conditions could cause us to recognize impairment charges or otherwise impact our performance.
• We may invest in properties with other entities, and our lack of sole decision-making authority or reliance on a joint-venturer’s financial condition could make these joint venture investments risky and expose us to losses or impact our ability to maintain our qualification as a REIT.
• Compliance with the Americans with Disabilities Act and similar laws may require us to make significant unanticipated expenditures.
• Our property taxes could increase due to property tax rate changes or reassessment or inability to use any tax assets, which may adversely impact our cash flows.
• It may be difficult to enforce civil liabilities against members of our Board of Directors or our executive officers.
• Our commitments to Second City Real Estate II Corporation (“Second City”), Clarity Real Estate Ventures GP, Limited Partnership (“Clarity”), and their respective affiliates may give rise to various conflicts of interest.
• Our failure to maintain our qualification as a REIT would result in significant adverse tax consequences to us and would adversely affect our business and the value of our stock.
• To maintain our qualification as a REIT, we may be forced to borrow funds during unfavorable market conditions to make distributions to our stockholders.
• Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
• The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.
• We may face risks in connection with like-kind exchanges pursuant to section 1031 of the Code (“Section 1031 Exchanges”).
• To maintain our qualification as a REIT, we may be forced to forego otherwise attractive opportunities.
• We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the market price of our shares of capital stock.
• Conflicts of interest exist or could arise in the future between the interests of our stockholders and the interests of holders of units in our Operating Partnership, which may impede business decisions that could benefit our stockholders.
• The consideration that we pay for the properties and assets we own may exceed their aggregate fair market value.
• We are a holding company with no direct operations and, as such, we rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders are structurally subordinated to all liabilities and obligations of our Operating Partnership and its subsidiaries.
• We may have assumed unknown liabilities in connection with our acquisition of properties and any properties we may acquire in the future may expose us to unknown liabilities.
• We face risks associated with our tenants being designated “Prohibited Persons” by the Office of Foreign Assets Control.
• Tax protection agreements may limit our ability to sell or otherwise dispose of certain properties and may require our Operating Partnership to maintain certain debt levels that otherwise would not be required to operate our business.
• Our charter, our amended and restated bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction and may prevent our stockholders from receiving a premium for their shares.
• Our charter contains ownership limits that may delay, defer or prevent a change of control transaction.
• We could authorize and issue stock without stockholder approval that may delay, defer or prevent a change of control transaction.
• Certain provisions of Maryland law could delay, defer or prevent a change of control transaction.
• The ability of our Board of Directors to revoke our REIT status without stockholder approval may cause adverse consequences to our stockholders.
• Our Board of Directors may amend our investing and financing guidelines without stockholder approval, and, accordingly, you would have limited control over changes in our policies that could increase the risk that we default under our debt obligations or that could harm our financial condition, results of operations, cash flows, or the market price of our common stock or preferred stock.
• Our rights and the rights of our stockholders to take action against our directors and officers are limited.
• We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties, which could have an adverse impact on our financial condition, results of operations, cash flows, or the market price of our common stock and preferred stock.
• Climate change may adversely affect our business.
• Litigation may result in unfavorable outcomes.
• Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting.
• Our business and operations would suffer in the event of system failures.
• We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our IT networks and related systems.