City Office REIT, Inc.: M&A transaction — City Office REIT closes $266M Phoenix portfolio sale; condition met for merger

City Office REIT, Inc.

Sold six Phoenix office properties for gross proceeds of $266M; Pima Center ($30M) still under contract.
Net proceeds of ~$278M used to repay $80.5M property-level debt and reduce term loan/revolving facility.
Credit facility amended: revolver reduced to $150M, assets pledged, term loan repaid with proceeds.
Sale satisfies a closing condition in the pending merger agreement with MCME Carell Holdings.
Pro forma balance sheet shows estimated $1.3M loss on sale; total debt reduced to $369M.

item 1.01 item 2.01 item 9.01 item 2.03 item 8.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

City Office REIT, Inc. completed a disposition involving an unaffiliated buyer for $266 million (closed 2025-08-15).

Action: disposition
Counterparty: an unaffiliated buyer
Consideration: $266 million
Closing: 2025-08-15

Exact text from the filing

On August 15, 2025, the Company closed on the sale of six of the Company’s previously-announced dispositions of its seven office properties located in Phoenix, Arizona (the “First Phoenix Closing”) to an unaffiliated buyer for an aggregate purchase price of $266 million.

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Source: SEC EDGAR

accession 0001193125-25-181880

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