City Office REIT to be acquired by MCME Carell for $7.00/share in $1.1B all-cash deal

City Office REIT, Inc.

Merger consideration $7.00/share cash, 26% premium to last close; preferred stock redeemed at $25.00/share plus accrued dividends.
Transaction valued at ~$1.1B including debt assumption and Phoenix portfolio sale; expected close Q4 2025.
Phoenix portfolio sold separately for $296M to third party; closing expected Aug 14, 2025; proceeds used to repay debt.
Common stock dividends suspended after Q2 2025 dividend; preferred dividends continue.
CEO James Farrar receives $25,000 payment for extending restrictive covenants in amended employment agreement.

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