#1allon CITY OFFICE REIT INVESTOR PRESENTATION MAY 2022 NYSE: CIO#2FORWARD-LOOKING STATEMENTS CITY OFFICE REIT This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward- looking statements within the meaning of the federal securities laws and as such are based upon City Office REIT, Inc.'s ("CIO" or the "Company") current beliefs as to the outcome and timing of future events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "approximately," "anticipate," "assume," "believe," "budget," "contemplate,” “continue," "could," "estimate,” “expect,” “future," "hypothetical," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or other similar words or expressions. There can be no assurance that actual forward-looking statements, including projected capital resources, projected profitability and portfolio performance, estimates or developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include those pertaining to expectations regarding the Company's financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, estimated replacement costs of the Company's properties, the Company's expectations regarding tenant occupancy, re-leasing periods, projected capital improvements, expected sources of financing, expectations as to the likelihood and timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of the Company's current properties, anticipated near-term acquisitions and descriptions relating to these expectations, including, without limitation, the anticipated net operating income yield and cap rates, and changes in local, regional, national and international economic conditions, including as a result of the ongoing COVID-19 pandemic. Forward-looking statements presented in this presentation are based on management's beliefs and assumptions made by, and information currently available to, management. The forward-looking statements contained in this presentation are based on historical performance and management's current plans, estimates and expectations in light of information currently available to the Company and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described above, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in the Company's news releases and filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors" and in the Company's subsequent reports filed with the SEC, many of which are beyond the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove to be incorrect, the Company's actual results may vary in material respects from what the Company may have expressed or implied by these forward-looking statements. CIO cautions that you should not place undue reliance on any of CIO's forward-looking statements. Any forward-looking statement made by the Company in this presentation speaks only as of the date of this presentation. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company or its management to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this presentation are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of March 31, 2022 or relate to the quarter ended March 31, 2022. The Company has no obligation, and does not undertake, to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. 2#3Block 23, Phoenix wework Bloc 83, Raleigh 四期 FIRST HORIZON CUAD The Terraces, Dallas The Quad, Phoenix THE retail CONNECTION BB&T Bloc 83, Raleigh we work City Center, Tampa The Terraces, Dallas 2525 McKinnon, Dallas Park Tower, Tampa#4COMPANY OVERVIEW CITY OFFICE REIT City Office owns a diversified portfolio of premier office properties across the South and West 5% SEATTLE, WA Market No. of Buildings NRA (000s SF) Annualized Gross Rent per SF In Place Occupancy Lease Term Remaining Phoenix, AZ 23 1,520 $29.88 88.1% 4.2 CURRENT MARKETS (1) PORTLAND, OR 4% Tampa, FL 5 1,044 $27.02 83.2% 4.0 Denver, CO 6 805 $31.79 81.7% 4.9 Dallas, TX 5 750 $37.79 88.4% 5.3 5% SAN DIEGO, CA allm PHOENIX, AZ கூட DENVER, CO 9% RALEIGH, NC Alim Orlando, FL 8 720 $26.45 86.9% 4.4 Raleigh, NC 2 495 $37.08 62.3% 7.8 23% DALLAS, TX 15% 18% ORLANDO, FL Portland, OR 5 331 $27.82 99.0% 3.0 San Diego, CA 4 281 $37.70 86.5% 3.8 film 8% Seattle, WA 3 207 $27.17 100.0% 6.8 Total 61 6,153 $30.58 85.7% 5.0 Dedicated Premier Office Owner Targeted High Growth, 18-Hour Cities TAMPA, FL 13% 00 Diversified Note: All information as of March 31, 2022 Percentages based on management's estimate of aggregate gross asset value in each market (1) (2) Common stock total return includes reinvestment of dividends Tenant Base Experienced Management Team $ 112% Total Return In 2021 (2) 4#5INVESTING IN LEADING CITIES IN THE SOUTH AND WEST CITY OFFICE REIT NATION-LEADING OFFICE DEMAND DRIVERS (1) ATTRACTIVE MARKET CHARACTERISTICS ✓ "18-hour cities" with a high-quality urban living experience ✓ Low or no state taxes in most markets Diverse employment bases with national and international employers Educated workforces Low-cost centers for businesses to operate Sound transportation infrastructure with lower congestion Strong and stable demand generators such as state capitals or university proximity PROJECTED EMPLOYMENT GROWTH 2022 - 2027 4.1% 3.8% 5.4% PROJECTED POPULATION GROWTH 2022 - 2027 3.3% 3.2% 4.4% Gateway National Markets Avg CIO Markets Gateway National Markets Avg CIO Markets 2021 NET MIGRATION FAVORS SOUTH AND WEST (2) Balanced Inbound Outbound CIO INVESTS IN DESIRABLE SUBMARKETS ☐ Phoenix: Downtown, Scottsdale, Tempe, Camelback Corridor, Chandler ☐ Tampa: Downtown Tampa, Downtown St. Petersburg 3* * Highest growth states ப ☐ Denver: Denver Technology Center, Northwest Corridor Dallas: Preston Center, Uptown ☐ ப ☐ ப ☐ ㅁ Orlando: Downtown Orlando, Florida Research Park Raleigh: Downtown - Glenwood South Portland: Sunset Corridor San Diego: Mission Valley ☐ Seattle: Eastside / Bothell (1) Source: S&P Global, as of February 1, 2022. Gateway markets represent New York, NY, Boston, MA, Chicago, IL, Los Angeles, CA, San Francisco, CA and Washington, D.C. (2) Source: U.S. Census Bureau, net change in state population between July 1, 2020 and July 1, 2021. Map shows top ten states for both positive and negative net migration 5#6EXPANDING FOOTPRINT INTO RALEIGH CITY OFFICE REIT STRONG MARKET FUNDAMENTALS WITH VIBRANT OUTLOOK Raleigh MSA was ranked as the top market for overall U.S. real estate prospects per ULI's 2021 Emerging Trends report Tied for 1st in U.S. Office Property Buy Recommendations for 2021 Strong real GDP growth over the past decade (4.1% annually from 2010-2020) that ranks it as one of the fastest growth markets Home to 20 colleges and universities that produce 65,000 graduates annually, including three tier-one research universities that form the Research Triangle, making Raleigh one of the most talent-rich metros in the country Tremendous growth in STEM and life science industries with notable job announcements from Apple, Google, Biogen and Eli Lilly Raleigh has one of the lowest corporate tax rates in the nation (2.5% state-wide for North Carolina) Great quality of life and affordable cost of living Bloc 83, Raleigh Bloc 83, Raleigh 6#7PORTFOLIO WITH PREMIER PROPERTIES CITY OFFICE REIT Recently acquired $614 million of properties in Raleigh, Phoenix and Dallas Best-in-class properties: superb locations, new construction, leading amenities and modern tenant spaces Strong tenancies with long weighted average lease terms, generating long-term, stable cash flow CASILLA BLOC 83, RALEIGH (DECEMBER 2021) $330 million / 495,000 square feet / 81% leased (1) / ~5.2% expected year 3 cash NOI cap rate Located in the pre-eminent live-work-play district of downtown Raleigh, highly walkable Newly constructed with modern, high-end tenant buildouts and amenities BLOCK 23, PHOENIX (DECEMBER 2021) $150 million / 307,000 square feet / 94% leased (1) / ~5.3% expected year 1 cash NOI cap rate (2) Located in the heart of downtown Phoenix's most vibrant, walkable district New-build construction and top-of-the line on-site amenities, including rooftop amenity deck THE TERRACES, DALLAS (DECEMBER 2021) $134 million / 173,000 square feet / 99% leased (1) / ~5.2% expected year 1 cash NOI cap rate (2) Located in the high barrier to entry Preston Center submarket, walkability to surrounding amenities Newest building in the submarket, certified LEED Gold, best-in-class tenant suite finishes (1) As of March 31, 2022, includes leases signed but not yet in occupancy (2) Year 1 cash NOI cap rate includes bridge rent paid for by seller 7#8VALUE CREATION OPPORTUNITIES CITY OFFICE REIT Generate strong returns by driving property cash flow growth, enhancing NAV and a focused growth strategy 2022 ACTIVE APPROACH TO CREATING VALUE ☐ Focus on value-enhancing leasing and growing property cash flow . Invest in spec suites, common area upgrades and select repositionings to win greater leasing market share Recycle capital strategically to unlock value Enhance portfolio through acquisition of premier properties in leading submarkets Bloc 83, Raleigh PROVEN CAPITAL RECYCLING EXECUTION ☐ Over $570 million of gains generated to date ☐ ם Ten dispositions, including pending disposition discussed below Sale of life science portfolio in 2021 was transformational ㅁ Pending sale of Lake Vista Pointe property in Dallas $43.8 million sale price, expected to close in June 2022 (1) ☐ $22 million estimated gain on sale ם Translates to 6.1% expected cash capitalization rate (2) Lake Vista Pointe, Dallas (1) (2) Gross sale price inclusive of certain transaction costs that the buyer is responsible for paying. Closing is subject to customary closing conditions Cap rate calculation includes an adjustment for an unfunded tenant improvement allowance 8#9RECENT HIGHLIGHTS AND 2022 OUTLOOK CITY OFFICE REIT FIRST QUARTER 2022 Core FFO per share of $0.40 and AFFO per share of $0.19 ☐ Highest Core FFO per share in the Company's history Quarterly common dividend of $0.20 per share Executed approximately 221,000 square feet of new and renewal leases Invested approximately $800,000 on creation of spec suites and vacancy conditioning to enhance leasing prospects 2022 GUIDANCE (1) Full Year 2022 Planned Acquisitions Planned Dispositions Net Operating Income Core FFO per Share December 31, 2022 Occupancy Same Store Cash NOI Change Low High $0.0M $0.0M $0.0M $44.0M $113.0M $115.0M $1.56 $1.60 86.5% 88.5% (6.0%) (4.0%) Midpoint of 2022 Core FFO per Share guidance is 16% higher than actual 2021 Core FFO per Share Same Store Cash NOI Change impacted by several anticipated move-outs and free rent periods in 2022 Assumes no capital raising or share repurchases Amenity Deck, Block 23, Phoenix (1) See the Company's Q4 2021 and Q1 2022 earnings press release for further discussion of the material assumptions underlying the Company's guidance. This outlook reflects management's current view of current and future operations and market conditions, which management cannot guarantee will occur as expected, or at all, including the impact of the COVID-19 pandemic, which is impossible to predict 9#10DIVERSE TENANT PROFILE DIVERSIFIED TENANT BASE (1)(2) Other 3% Construction 2% Accomodation and Food 3% Government 6% Real Estate 7% Health Care and Life Sciences 10% Technology and Information 10% Professional and Technical Services 31% Finance and Insurance 28% CITY OFFICE REIT TOP TEN TENANTS OF OUR PROPERTIES (2) Tenant/Parent Credit Rating Tenant (S&P / Moody's) Since NRA (000s) % of Net Rentable Area Seattle Genetics Inc. 2019 207 3.5% WeWork 2019 177 3.0% United Healthcare Services, Inc. Ally Financial Inc. A+ 2008 173 2.9% BBB- 2008 163 2.7% HF Management Services LLC -- 2012 155 2.6% H. Lee Moffitt Cancer Center A2 2008 155 2.6% Toyota Motor Credit Corporation Jackson National Life Insurance Paychex, Inc. GSA US Attorneys Office A+ 2011 133 2.2% A 2007 122 2.0% 2009 120 2.0% (3) AA+ 1998 108 1.8% Total 1,513 25.3% LEASE MATURITIES - STABLE, LONG-TERM TENANCY PROFILE WITH WELL-STAGGERED EXPIRATIONS (2) 30% 25% 20% 5.4% Contracted 13.4% 13.4% 15% 11.1% 8.3% 7.9% 8.4% 6.9% 7.0% 10% 6.3% 3.0% 5% 8.9% 0% Vacant & Contracted 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 & Thereafter Represents percentages of occupied net rentable area (1) (2) As of March 31, 2022 (3) Credit rating indicated is for the United States Government 10#11CONSERVATIVE STRUCTURE WITH STRONG LIQUIDITY DEBT METRICS AS OF MARCH 31, 2022 3.4% weighted average interest rate ㅁ 6.0x Net Debt to Annualized Adjusted EBITDA (1) 77.2% fixed rate debt (2) 4.0 year weighted average debt maturity ☐ No debt maturities until September 2023 WELL-STAGGERED DEBT MATURITIES ($000s) - MARCH 31, 2022 CITY OFFICE REIT LIQUIDITY AS OF MARCH 31, 2022 $27 million of cash and cash equivalents $21 million of restricted cash at property level $350 million unsecured credit facility of which $50 million is a term loan and $300 million is a revolving line of credit $152 million of the $300 million revolving line of credit was drawn at March 31, 2022 $700,000 $600,000 Debt Balance: $667.0 million (3)(4) $500,000 $400,000 $300,000 $244,930 Interest Rate: 2.71% $200,000 $100,000 $121,391 Interest Rate: $42,433 Interest Rate: 3.47% 3.10% $187,979 Interest Rate: 4.10% Credit Facility $70,250 Interest Rate: 4.36% $0 2022 2023 2024 2025 2026 2027 2028 2029 2030 (1) Net debt calculated as debt principal less cash, cash equivalents and restricted cash (2) (3) (4) Included in fixed rate debt is $50 million of term loan debt that has been effectively fixed throughout the duration of the term loan pursuant to a swap agreement $667.0 million represents the principal debt balance as of March 31, 2022 before deferred financing costs and unamortized fair value adjustments $6.7 million of indebtedness attributable to non-controlling interests 11#12COMPANY HIGHLIGHTS CITY OFFICE REIT INVESTMENT IN LEADING CITIES IN THE SOUTH AND WEST Raleigh ☐ Diversified portfolio of 6.2 million square feet across leading cities in the Southern and Western U.S. (1) Portfolio with premier properties and high-quality cash flow Markets positioned to outperform, driven by outsized employment and population growth PROVEN VALUE CREATION APPROACH Sorrento Mesa, San Diego ㅁ Vical CIO's ten dispositions, including the pending Lake Vista Pointe sale, have generated over $570 million of gains Disposition of life science portfolio for $576 million was transformational for CIO Disciplined underwriting and active asset management to generate long-term value creation opportunities STRONG BALANCE SHEET WITH CAPACITY FOR GROWTH Mission City, San Diego ☐ ☐ Conservative balance sheet operating with lower leverage 6.0x Net Debt to Annualized Adjusted EBITDA (1) 4.0 year weighted average debt maturity; no near-term maturities (1) EXPERIENCED AND COMMITTED MANAGEMENT TEAM Central Fairwinds, Orlando Average over 20 years of experience with over $3.0 billion of real estate acquisitions since 2010 Deep relationships in CIO markets and strong reputation for execution (1) As of March 31, 2022 2 12#13APPENDIX: EXECUTIVES AND BOARD OF DIRECTORS CITY OFFICE REIT JAMIE FARRAR, CHIEF EXECUTIVE OFFICER ☐ Over 20 years of real estate, private equity and corporate finance industry experience Completed the acquisition of over $3.0 billion of real estate since 2010 Prior experience with a family office focused on real estate and hospitality as well as the private equity group of the TD Bank GREG TYLEE, CHIEF OPERATING OFFICER & PRESIDENT Over 20 years of diverse real estate experience that includes acquisitions of income-producing properties as well as high-rise development Involved in real estate transactions, including development and management, with a combined enterprise value of over $4.0 billion ☐ Former President of Bosa Properties Inc., a prominent real estate development company with over 400 employees TONY MARETIC, CHIEF FINANCIAL OFFICER, SECRETARY & TREASURER ☐ Over 20 years of experience in senior financial and operational roles Former Chief Operating Officer and Chief Financial Officer of Earls Restaurants Ltd., a multi-national hospitality company Held financial management positions with BentallGreenOak and a senior living real estate company BOARD OF DIRECTORS John McLernon, Chairman Jamie Farrar, CEO & Director William Flatt, Director ✓ Sabah Mirza, Director ✓ Mark Murski, Director✓ John Sweet, Director ✓ Indicates Independent Director 13 3#14(1) (2) (3) (4) APPENDIX: PROPERTY OVERVIEW Annualized Metropolitan Area Phoenix, AZ Property Pima Center Economic NRA In Place Base Rent Annualized Gross Rent Annualized Base Rent Interest (000s SF) Occupancy per SF per SF1 (000s)2 100.0% 272 71.7% $28.62 $28.62 $5,580 San Tan 100.0% 267 96.5% $29.77 $29.77 $7,660 5090 N 40th St 100.0% 176 91.1% $30.86 $30.86 $4,937 CITY OFFICE REIT Largest Tenant by NRA First American Title Insurance Toyota Motor Credit Corporation Bar-S-Foods Co. Camelback Square 100.0% 172 82.5% $32.86 $32.86 $4,654 Digital Air Strike The Quad 100.0% 163 97.4% $30.81 $31.13 $4,891 Papago Tech 100.0% 163 97.4% $23.68 $23.68 $3,754 Tampa, FL Park Tower 94.8% 472 72.9% $26.69 $26.69 $9,195 City Center 95.0% 244 80.7% $28.01 $28.01 $5,521 Intellicenter 100.0% 204 100.0% $25.09 $25.09 $5,105 Opendoor Labs, Inc. Regional Acceptance Corp. GSA US Attorneys Office Kobie Marketing, Inc. H. Lee Moffitt Cancer Center Carillon Point 100.0% 124 100.0% $29.52 $29.52 $3,666 Paychex, Inc. Denver, CO Denver Tech 100.0% 381 93.2% $23.77 $27.88 $8,347 Jackson National Life Insurance Company Circle Point 100.0% 272 75.4% $19.32 $33.18 $3,964 Epsilon Data Management, LLC Superior Pointe 100.0% 152 86.9% $18.80 $31.80 $2,478 KeyBank National Association Orlando, FL Florida Research Park 96.6% 397 79.9% $25.27 $27.22 $7,932 Sedgwick Claims Central Fairwinds 97.0% 168 91.4% $27.10 $27.10 $4,167 Greenwood Blvd 100.0% 155 100.0% $24.25 $24.25 $3,760 Dallas, TX 190 Office Center 100.0% 303 76.1% $27.12 $27.12 $6,260 The Terraces 100.0% 173 95.9% $37.75 $57.75 $6,249 Fairwinds Credit Union HF Management Services LLC United Healthcare Services, Inc. WeWork 2525 McKinnon 100.0% 111 93.0% $29.16 $48.16 $3,019 The Retail Connection Portland, OR AmberGlen 76.0% 203 98.4% $23.32 $26.22 $4,648 Planar Systems, Inc. Cascade Station 100.0% 128 100.0% $28.40 $30.32 $3,638 Wells Fargo Bank, N.A. San Diego, CA Mission City 100.0% 281 86.5% $37.70 $37.70 $9,173 Willis Towers Watson Seattle, WA Canyon Park 100.0% 207 100.0% $23.17 $27.17 $4,791 Seattle Genetics Inc. Total / Weighted Average - Excl Acquisitions in Lease-Up³ 5,188 87.5% $27.24 $30.24 $123,389 Raleigh, NC Bloc 83 100.0% 495 62.3% $36.32 $37.08 $11,191 Envestnet Asset Mgmt Phoenix, AZ Block 23 100.0% 307 87.0% $29.25 $31.69 $7,818 Western Alliance Bank Total/Weighted Average - Excl Sales-Type Lease 5,990 85.4% $27.89 $30.73 $142,398 Dallas, TX 4 Lake Vista Pointe' 100.0% 163 100.0% $17.00 $26.00 $2,777 Ally Financial Inc. Total/Weighted Average - March 31, 2022 6,153 85.7% $27.56 $30.58 $145,175 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 March 31, 2022 by (ii) 12 Averages weighted based on the property's NRA, adjusted for occupancy. Including contracted leases, occupancy was 80.7% at Bloc 83 and 94.5% at Block 23 as of March 31, 2022 Lake Vista Pointe property was under contract for sale as of March 31, 2022, scheduled to close June 2022 14#15(1) (2) APPENDIX: FINANCIAL HIGHLIGHTS (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 INCOME ITEMS Net income $ 24,691 $ 433,175 $ SA 1,244 $ 1,852 $ 49,009 ΝΟΙ $ 28,363 $ 25,143 $ 29,709 $ 25,785 $ 25,398 Same Store Cash NOI Change (4.7%) (0.5%) 1.4% 2.7% 5.0% Net income/(loss) per common share - diluted $ 0.51 $ 9.76 $ EA (0.02) Core FFO/Share $ 0.40 $ 0.36 $ 0.32 AFFO/Share $ 0.19 $ EBITDA (CIO share) $ 25,411 $ 0.17 $ 23,722 $ 0.19 $ 21,830 SASASASA $ 0.00 $ 1.07 $ 0.35 $ 0.33 0.22 $ 0.26 $ 22,958 $ 22,817 CAPITALIZATION Common shares 43,554 43,554 43,554 43,554 43,397 Unvested restricted shares 892 560 558 554 725 Total common shares - diluted 44,446 44,114 44,113 44,109 44,122 Weighted average common shares outstanding - diluted¹ 44,406 44,162 44,112 44,116 44,043 Share price at quarter end $ 17.66 $ 19.72 $ 17.86 $ 12.43 $ 10.62 Market value of common equity $ 784,915 $ 869,929 $ 787,854 $ 548,272 $ 468,572 Total Series A preferred shares outstanding 4,480 4,480 4,480 4,480 4,480 Liquidation preference per preferred share Aggregate liquidation preference of preferred shares SS $ 25.00 $ 25.00 $ Net debt (CIO share) $ Total enterprise value (including net debt) $ 112,000 614,360 $ 1,511,275 $ 112,000 $ SS 25.00 $ 25.00 SA $ 25.00 112,000 $ $ 611,218 $ 1,593,147 $ 530,818 $ 574,088 112,000 $ 112,000 $ 537,578 $ 1,430,672 $ 1,234,360 $ 1,118,150 DEBT STATISTICS AND RATIOS Total principal debt (CIO share) Weighted average maturity Weighted average interest rate Fixed rate debt as a percentage of total debt² LEASING STATISTICS In-Place occupancy Weighted average remaining lease term $ 660,317 $ 4.0 years 651,860 4.2 years $ 599,484 4.0 years $ 608,915 $ 569,425 4.2 years 4.7 years 3.4% 3.4% 3.6% 3.6% 3.7% 77.2% 78.4% 85.5% 84.4% 90.5% 85.7% 84.9% 88.7% 89.7% 90.5% 5.0 years 4.9 years 4.4 years 4.3 years 4.4 years Q1 2022 and Q4 2021 are calculated in accordance with ASC 260 guidance on contingently issuable shares and include approximately 49,000 additional performance stock units that had not yet been issued as of March 31, 2022 and December 31, 2021, respectively The fixed rate debt percentage factors in an interest rate swap applied against the $50 million Term Loan which effectively fixes the 30-day LIBOR rate component of the Term Loan at 1.27% throughout the duration of the loan 15#16APPENDIX: FFO, CORE FFO AND AFFO (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 $ $ Net income/(loss) attributable to common stockholders $ 22,665 $ (+) Depreciation and amortization (-) Net gain on sale of real estate property Non-controlling interests in properties: (+) Share of net income (-) Share of FFO Funds from Operations ("FFO") (+) Stock based compensation Core FFO 15,815 431,194 13,299 $ (989) 14,648 (193) 14,954 $ 46,962 14,415 (21,658) (429,250) (47,400) 16,822 15,243 13,659 14,761 13,977 171 126 378 190 192 (319) (282) (563) (340) (342) 16,674 $ 15,087 $ 13,474 $ 14,611 $ 13,827 904 665 666 666 645 17,578 $ 15,752 $ 14,140 $ 15,277 $ 14,472 (+) Net recurring straight-line rent/expense adjustment (+) Net amortization of above and below market leases (1,210) (963) 310 114 (12) 62 61 (18) 194 103 (+) Net amortization of deferred financing costs and debt fair value 310 460 265 270 327 (-) Net recurring tenant improvements and incentives (3,759) (4,548) (2,400) (1,702) (734) (-) Net recurring leasing commissions (-) Net recurring capital expenditures Adjusted Funds from Operations ("AFFO") FFO per common share (2,217) (1,222) (2,805) (2,773) (2,063) (2,513) (1,850) (958) (1,469) (858) $ 8,251 $ 7,690 $ 8,534 $ 9,911 $ 11,235 $ 0.38 $ 0.34 $ 0.31 $ 0.33 $ 0.31 $ 0.40 $ 0.36 $ 0.32 $ 0.35 $ 0.33 $ 0.19 $ 0.17 $ 0.19 $ 0.22 $ 0.26 Core FFO per common share AFFO per common share Dividends declared per common share $ 0.20 $ 0.20 $ 0.15 $ 0.15 $ 0.15 FFO Payout Ratio 53% 59% 49% 45% 48% Core FFO Payout Ratio 51% 56% 47% 43% 46% AFFO Payout Ratio 108% 115% 78% 67% 59% Weighted average common shares outstanding - diluted 44,406 44,162 44,112 44,116 44,043 16#17APPENDIX: COMMITMENT TO ESG olton OUR ESG GOALS CITY OFFICE REIT Creating sustainable, long-term results for stakeholders and the environment ✓ Foster a culture committed to strengthening ESG initiatives ✓ Increase sustainability tracking, benchmarking and reporting Invest in opportunities to reduce resource consumption, waste production and emissions ✓ Promote diversity, equality and inclusion at all levels Support the health and wellbeing of our tenants and employees Operate in a transparent, ethical and stockholder-friendly manner ✓ Promote long-term value creation through strong governance CONTINUED FOCUS & ENHANCEMENT ✓ Implemented a board diversity policy and human rights policy Executive pay linked with ESG performance ✓ Annual ESG report to enhance accountability and disclosure ✓ Annual employee satisfaction survey; created various programs to promote employee satisfaction ESG HIGHLIGHTS 1,368 solar panels installed at our Mission City, San Diego property ✓ Active support for employee engagement in charity and volunteerism ✓ 100% of employees believe CIO has a positive company culture (1) Solar installation at Mission City, San Diego Electric vehicle charging stations at SanTan, Phoenix (1) Based on the 2021 CIO employee satisfaction survey Outdoor tenant amenity space at The Quad, Phoenix 17#18Alm CITY OFFICE REIT CITY OFFICE REIT, INC. E: [email protected] | T: 604 806 3366 Suite 3210 666 Burrard Street Vancouver, BC V6C 2X8 Suite 2960 500 North Akard Street Dallas, TX 75201