#1Alm CITY OFFICE REIT INVESTOR PRESENTATION NOVEMBER 2023 NYSE: CIO#2FORWARD-LOOKING STATEMENTS CITY OFFICE REIT This presentation contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have used the words "approximately," "anticipate," "assume,” “believe,” “budget," "contemplate," "continue," "could," "estimate," "expect," "future,” “intend," "may," "outlook,” “plan,” “potential," "predict,” “project,” “seek," "should," "target," "will" and similar terms and phrases to identify forward-looking statements in this presentation. All of our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we are expecting. 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, including the impact of inflation, estimated replacement costs of the Company's properties, the Company's expectations regarding tenant occupancy, re-leasing periods, the Company's ability to renew expiring leases, tenant compliance with contractual lease obligations, projected capital improvements, expected sources of financing and ability to service existing 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, lower than expected yields, increased interest rates, operating costs and costs of capital, 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, 2022 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 September 30, 2023 or relate to the quarter ended September 30, 2023. 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#3COMPANY OVERVIEW CITY OFFICE REIT City Office owns a diversified portfolio of premier office properties in high-growth Sun Belt markets 4% SEATTLE, WA CURRENT MARKETS (1) Market No. of Buildings NRA (000s SF) Annualized Gross Rent per SF Lease In Place Occupancy Term Remaining Phoenix, AZ 23 1,519 $32.02 71.1% 5.0 PORTLAND, OR 3% Raleigh, NC 2 495 $38.62 86.0% 8.8 Tampa, FL 5 1,052 $28.66 92.8% 4.3 13 Dallas, TX 2 284 $56.45 99.2% 4.8 DENVER, CO SAN DIEGO, CA 7% Alton Am 5% PHOENIX, AZ 27% RALEIGH, NC Denver, CO 6 805 $33.45 80.0% 4.9 Orlando, FL 8 720 $27.28 90.8% 3.7 20% San Diego, CA 4 281 $39.77 80.9% 4.1 DALLAS, TX ORLANDO, FL Seattle, WA 3 207 $29.86 100.0% 5.3 16% 8% 10% Portland, OR 5 331 $28.90 100.0% 2.0 TAMPA, FL Total 58 5,694 $32.70 85.4% 4.8 (1) The Terraces, Dallas Bloc 83, Raleigh Note: All information as of September 30, 2023 Percentages based on management's estimate of aggregate gross asset value in each market Block 23, Phoenix 3#4COMPANY HIGHLIGHTS CITY OFFICE REIT INVESTING IN LEADING SUN BELT MARKETS Bloc 83, Raleigh ☐ Attractive Sun Belt markets are capitalizing on labor force migration and corporate relocations ☐ Population shift to the Sun Belt has been accelerated by the pandemic City Office markets are the intersection of high quality of life, strong talent pool and relative affordability HIGH-QUALITY, DIVERSIFIED PORTFOLIO Mission City, San Diego ☐ 5.7 million square feet of well-located properties across 58 buildings Majority of the portfolio is Class A, core assets with strong tenancy Entire portfolio had 99%+ rental collections throughout the pandemic MANAGEMENT TEAM WITH AN EXCELLENT TRACK RECORD Sorrento Mesa, San Diego Vical CIO's eleven dispositions have generated over $560 million of gains on sale Successful execution on property repositionings 36% growth in Core FFO per share since the start of the pandemic TAKING ACTIVE STEPS TO POSITION FOR LONG TERM SUCCESS The Terraces, Dallas Strategic investments in property upgrades and spec suites to optimally position the portfolio for leasing Selective disposition of non-core properties to focus portfolio and enhance liquidity and flexibility Long term opportunities: acquisitions, development, redevelopment and investment participation options 4#5(1) (2) (3) INVESTING IN LEADING SUN BELT MARKETS CITY OFFICE REIT NATION-LEADING OFFICE DEMAND DRIVERS CIO PORTFOLIO UTILIZATION (2) ☐ Steady increase in utilization over time % PROJECTED POPULATION GROWTH 2023 - 2028 (1) % PROJECTED EMPLOYMENT GROWTH 2023 - 2028 (1) 0.1% 1.1% 0.5% 0.4% 0.3% 80% 0.9% 60% Gateway Markets National Avg CIO Markets Gateway National Markets Avg CIO Markets 40% 20% Q4 2020 20% 0% Q3 2023 65% 2022 NET MIGRATION FAVORS SOUTH AND WEST (3) PORTFOLIO LOCATED IN DESIRABLE SUBMARKETS ☐ Phoenix: Downtown, Scottsdale, Tempe, Camelback Corridor, Chandler ☐ Raleigh: Downtown - Glenwood South ☐ Tampa: Downtown Tampa, Downtown St. Petersburg ☐ ப Dallas: Preston Center, Uptown ☐ Denver: Denver Technology Center, Northwest Corridor Green is top-10 Red is bottom-10 ☐ Orlando: Downtown Orlando, Florida Research Park ☐ ப San Diego: Mission Valley ☐ Seattle: Eastside / Bothell ☐ Portland: Sunset Corridor Source: Emerging Trends in Real Estate 2023. Gateway markets represent New York, NY, Boston, MA, Chicago, IL, Los Angeles, CA, San Francisco, CA and Washington, D.C. Initially measured as individuals in office divided by total seats as observed by property managers. In October 2022, the methodology was updated to be measured as individuals in office divided by assigned seats Source: National Association of Realtors aggregation of US Census Bureau data for 2022 domestic net migration 5#6HIGH-QUALITY, DIVERSIFIED PORTFOLIO ☐ 5.7 million square feet of properties across nine high-growth markets predominantly in the Sun Belt ☐ High-quality urban living experiences in amenitized settings desired by tenants ㅁ Am CITY OFFICE REIT Acquisition of three properties in Raleigh, Phoenix and Dallas for $614 million in December 2021 enhanced and diversified the portfolio ☐ Best-in-class properties: superb locations, new construction, leading amenities and modern tenant spaces Bloc 83 Raleigh, NC Top Raleigh asset at epicenter of amenities JISTI Block 23 Phoenix, AZ The Terraces Dallas, TX Park Tower Tampa, FL New building in desirable Preston Center Renovated tower within heart of CBD Adjacent to Phoenix Suns arena Mathers Tres Bab 2525 McKinnon Dallas, TX Irreplaceable location in the heart of Uptown City Center Tampa, FL Walkable amenities and views in St. Petersburg Canyon Park Seattle, WA Seattle Genetics (~$40B market cap) campus The Square Phoenix, AZ Irreplaceable location in Old Town Scottsdale 6#7$15 $30 $35 $25 $19.78 $20 Q4 2014 Q4 2015 OVER $560 MILLION OF GAINS ACROSS 11 DISPOSITIONS 2021 life science portfolio sale generated $429 million gain ☐ $22 million gain from Lake Vista Pointe sale in June 2022 S MANAGEMENT TEAM WITH AN EXCELLENT TRACK RECORD CITY OFFICE REIT SUCCESSFUL EXECUTION ON PROPERTY REPOSITIONINGS 65% GROWTH IN GROSS RENT PER SF SINCE 2014 IPO ☐ Active leasing, strong markets, upgraded properties Annualized Gross Rent per SF Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q3 2023 Lake Vista Pointe, Dallas $0.45 $32.70 $0.40 $0.35 $0.30 $0.25 $0.25 $0.20 Q4 2019 Q1 2020 Park Tower, Tampa 36% GROWTH IN CORE FFO / SHARE SINCE PANDEMIC Core FFO per Share Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Camelback Square, Phoenix $0.34 uite # 3300 SISENSE#8ACTIVE STEPS TO POSITION FOR LONG TERM SUCCESS CITY OFFICE REIT Enhancing portfolio through strategic renovations, focus on leasing and pruning non-core properties 2023/2024 ACTIVE APPROACH TO CREATING VALUE ☐ Strategic property and common area enhancements to optimally position the portfolio ☐ Tenant demand highest for well-amenitized, modern spaces ☐ Invest in ready-to-lease spec suites and vacancy conditioning to win greater leasing market share ☐ Inventory of 92,000 SF of completed spec suites, with approx. 67,000 SF under construction or planned for 2023/2024 (1) ם In active leasing discussions on approx. 27,000 SF of spec suites (2) ☐ Enhance cash flow through stabilization of recent acquisitions and lease-up of portfolio vacancy ☐ Strategically dispose of non-core assets ப ☐ Long term: acquisitions, strategic development and select redevelopment to a higher and better use (1) As of September 30, 2023 (2) As of November 1, 2023 SanTan, Phoenix Rooftop Deck, Bloc 83, Raleigh 5090 N 40th St, Phoenix 8#9IMPACTFUL DRIVERS OF GROWTH PIMA CENTER (117,000 SF AVAILABLE) Approx. $3 million renovation under way ☐ $80 million new F&B / entertainment / retail development adjoining Pima Center will also be a significant benefit CITY OFFICE REIT CAMELBACK SQUARE (21,000 SF AVAILABLE) $3 million renovation and repositioning complete 18,000 SF spec suite recently completed construction Rendering of under construction new tenant lounge Activated tenant courtyard OTHER OPPORTUNITIES 51,000 SF of new leases have been signed but not yet commenced SanTan, Phoenix (138,000 SF available) - white box of vacant building complete Bloc 83, Raleigh (62,000 SF available) - active first generation lease-up Mission City, San Diego (48,000 SF available) - 13,000 SF of completed spec suites available Block 23, Phoenix (17,000 SF available) - 12,000 SF spec suite available 9#10☐ ப RECENT HIGHLIGHTS AND 2023 OUTLOOK THIRD QUARTER 2023 Core FFO per share of $0.34 and AFFO per share of $0.15 Executed 119,000 SF of new and renewal leases in the quarter Same Store Cash NOI increased 2.2% as compared to the third quarter of 2022 2023 GUIDANCE (1) Bloc 83, Raleigh Full Year 2023 Acquisitions Low High Dispositions $0.0M $0.0M $38.6M $60.0M Net Operating Income $109.0M $110.0M Interest Expense Core FFO per Share December 31, 2023 Occupancy Same Store Cash NOI Change Updated in Q2 2023, reiterated in Q3 2023 On track for positive Same Store Cash NOI growth in 2023 Assumes no share issuances or repurchases $32.5M $33.0M $1.38 $1.40 85.0% 86.0% 3.0% 4.0% CITY OFFICE REIT (1) See the Company's Q2 2023 and Q3 2023 earnings press releases and the Company's Annual Report on Form 10-K for the year ended December 31, 2022 under the heading "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" 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 10#11DIVERSE TENANT PROFILE DIVERSIFIED TENANT BASE (1)(2) Other 4% Construction 2% Accomodation and Food 3% Government 7% Real Estate 8% Technology and Information 10% Health Care and Life Sciences 11% Professional and Technical Services 36% Finance and Insurance 19% CITY OFFICE REIT TOP TEN TENANTS OF OUR PROPERTIES (2) Tenant/Parent Credit Rating Tenant (S&P / Moody's) Seattle Genetics Inc. WeWork Since 2019 NRA (000s) 207 Lease Expiration 2029 % of Net Rentable Area 3.6% 2019 177 2032/2035 3.1% HF Management Services LLC. H. Lee Moffitt Cancer Center Jackson National Life Insurance Envestnet Asset Management GSA US Attorneys Office (3) Paychex, Inc. 2012 155 2028 2.7% A2 2008 155 2027 2.7% A2 2007 122 2027 2.1% -- 2021 109 2033 1.9% AA+ 1998 108 2026 1.9% 2009 93 2029 1.6% Epsilon Data Management, LLC Sedgwick Claims 2018 83 2031 1.5% B 2022 78 2027 1.4% Total 1,287 22.5% LEASE MATURITIES – STABLE, LONG-TERM TENANCY PROFILE WITH WELL-STAGGERED EXPIRATIONS (2) (1) (2) (3) 30% 25% 0.9% 20% Contracted 15% 10% 13.7% 12.5% 11.3% 10.2% 8.4% 8.7% 9.0% 5.8% 3.7% 12.9% 2.9% 5% 0% Vacant & 2023 2024 2025 2026 2027 2028 2029 2030 2031 Contracted 2032 & Thereafter Represents percentages of occupied net rentable area As of September 30, 2023 Credit rating indicated is for the United States Government 11#12CONSERVATIVE STRUCTURE WITH STRONG LIQUIDITY DEBT METRICS AS OF SEPTEMBER 30, 2023 ㅁ ☐ 4.8% weighted average interest rate 6.5x Net Debt to Annualized Adjusted EBITDA (1) Over 90% fixed rate debt (2) 2.8 year weighted average debt maturity □ In Q3, extended two property loans totaling $40.8 million by 5 years, to 2028. Effective fixed interest rate of 7.05% on each CITY OFFICE REIT LIQUIDITY AS OF SEPTEMBER 30, 2023 $37 million of cash and cash equivalents ☐ $16 million of restricted cash at property level $375 million unsecured credit facility of which $75 million are term loans and $300 million is a revolving line of credit ☐ Over $90 million of undrawn authorized on the revolving line of credit WELL-STAGGERED DEBT MATURITIES ($000s) - SEPTEMBER 30, 2023 $700,000 Debt Balance: $674.3 million (3)(4) $600,000 $500,000 $400,000 $300,000 $200,000 $102,766 Interest Rate: 3.33% $251,833 Interest Rate: 5.62% $25,000 Interest Rate: 6.00% $184,492 Interest Rate: 4.10% Interest Rate: 5.36% $110,223 $100,000 Credit Facility (5) $0 2023 2024 2025 2026 2027 2028 2029 2030 (1) (2) Net debt calculated as debt principal less cash, cash equivalents and restricted cash Includes $255.7 million of debt that is effectively fixed due to swap agreements. (3) (4) $674.3 million represents the principal debt balance as of September 30, 2023 before deferred financing costs and unamortized fair value adjustments $6.6 million of indebtedness attributable to non-controlling interests (5) The credit facility may be extended by one year to November 2026 subject to certain standard conditions and with the payment of an extension fee 12 2#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 Bentall GreenOak and a senior living real estate company BOARD OF DIRECTORS John Sweet, Chairman Jamie Farrar, CEO & Director Michael Mazan, Director John McLernon, Director Sabah Mirza, Director Mark Murski, Director Indicates Independent Director 13#14APPENDIX: PROPERTY OVERVIEW Annualized Metropolitan Area Phoenix, AZ Economic NRA In Place Base Rent Property Interest (000s SF) Occupancy per SF per SF¹ (000s)² Block 23 100.0% 307 94.5% $30.20 $32.49 $8,760 Pima Center 100.0% 272 52.1% $29.71 $29.71 $4,205 Annualized Gross Rent Annualized Base Rent CITY OFFICE REIT Largest Tenant by NRA Western Alliance Bank First American Title Insurance SanTan 100.0% 267 47.0% $32.04 $32.04 $4,016 Dialog Semiconductor 5090 N 40th St 100.0% 175 69.9% $34.38 $34.38 $4,210 OpenTV Camelback Square 100.0% 172 85.9% $34.57 $34.57 $5,119 The Quad 100.0% 163 87.1% $33.31 $33.67 $4,728 Papago Tech 100.0% 163 67.8% $25.67 $25.67 $2,834 Tampa, FL Park Tower 94.8% 480 90.1% $28.39 $28.39 $12,293 City Center 95.0% 244 88.4% $30.29 $30.29 $6,530 Intellicenter 100.0% 204 100.0% $26.21 $26.21 $5,333 Carillon Point 100.0% 124 100.0% $30.82 $30.82 $3,828 Responselogix, Inc Paradox, LLC Regional Acceptance Corp. GSA US Attorneys Office Kobie Marketing, Inc. H. Lee Moffitt Cancer Center Paychex, Inc. Denver, CO Denver Tech 100.0% 381 85.6% $24.63 $29.08 $7,839 Jackson National Life Insurance Co Circle Point 100.0% 272 90.6% $20.05 $34.92 $4,942 Epsilon Data Management, LLC Superior Pointe 100.0% 152 71.7% $18.62 $31.62 $2,033 KeyBank National Association Orlando, FL Florida Research Park 96.6% 397 87.2% $26.08 $27.85 $8,925 Sedgwick Claims Central Fairwinds 97.0% 168 90.7% $28.56 $28.56 $4,357 Fairwinds Credit Union Greenwood Blvd 100.0% 155 100.0% $24.75 $24.75 $3,837 HF Management Services LLC Raleigh, NC Bloc 83 100.0% 495 86.0% $38.35 $38.62 $16,323 Envestnet Asset Mgmt Portland, OR AmberGlen 76.0% 203 100.0% $23.97 $27.17 $4,877 Planar Systems, Inc. Cascade Station 100.0% 128 100.0% $29.74 $31.65 $3,808 Dallas, TX The Terraces 100.0% 173 100.0% $39.34 $59.34 $6,792 Wells Fargo Bank, N.A. WeWork 2525 McKinnon 100.0% 111 97.8% $30.82 $51.82 $3,359 The Retail Connection San Diego, CA Mission City 100.0% 281 80.9% $39.77 $39.77 $9,047 Willis Towers Watson Seattle, WA Canyon Park 100.0% 207 100.0% $23.86 $29.86 $4,934 Seattle Genetics Inc. Total/Weighted Average - September 30, 20233 5,694 85.4% $29.44 $32.70 $142,929 (1) (2) (3) 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 September 30, 2023 by (ii) 12 Averages weighted based on the property's NRA, adjusted for occupancy 14#15APPENDIX: FINANCIAL HIGHLIGHTS (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 INCOME ITEMS Net income/(loss) $ 130 $ ΝΟΙ $ 26,570 $ (516) 27,358 $ $ 873 $ (12,238) $ 2,164 28,237 $ 27,610 $ 28,110 Same Store Cash NOI Change 2.2% 7.5% 3.0% (1.2%) (4.3%) Net (loss)/income per share - diluted $ (0.05) $ Core FFO/Share $ 0.34 $ 5969 (0.06) $ (0.03) $ (0.36) $ 0.00 0.35 $ 0.37 $ 0.38 $ 0.39 AFFO/Share EBITDA (CIO share) SS $ 0.15 $ 23,610 SA S $ 0.18 $ $ 24,270 SAS 0.20 $ 0.12 $ 0.18 $ 25,062 $ 24,952 $ 25,177 CAPITALIZATION Common shares Unvested restricted shares 39,938 867 39,938 39,938 39,719 39,719 859 844 736 727 Total common shares - diluted 40,805 40,797 40,783 40,455 40,446 Weighted average common shares outstanding - diluted 40,803 40,793 40,702 40,502 42,125 Share price at quarter end $ 4.25 $ 5.57 $ 6.90 $ 8.38 $ 9.97 Market value of common equity $ 173,421 $ 227,239 $ 281,400 $ 339,009 $ 403,248 Total Series A preferred shares outstanding 4,480 Liquidation preference per preferred share $ 25.00 Aggregate liquidation preference of preferred shares $ 112,000 $ Net debt (CIO share) $ 616,351 $ Total enterprise value (including net debt) $ 901,772 SSS A $ $ 4,480 25.00 $ 25.00 $ 112,000 $ 112,000 $ 623,280 962,519 4,480 4,480 4,480 25.00 $ 25.00 112,000 $ 112,000 $ 654,088 $ 1,047,488 $ 643,567 $ 632,594 $ 1,094,576 $ 1,147,842 DEBT STATISTICS AND RATIOS Total principal debt (CIO share) Weighted average maturity Weighted average interest rate Fixed rate debt as a percentage of total debt¹ LEASING STATISTICS In-Place occupancy Weighted average remaining lease term (1) The fixed rate debt percentage includes the impact of interest rate swaps $ 667,724 $ 675,088 $ 2.8 years 2.8 years 705,498 3.0 years $ 687,168 3.2 years $ 673,449 3.5 years 4.8% 4.6% 4.5% 4.4% 4.1% 91.1% 90.4% 92.2% 71.1% 72.8% 85.4% 85.6% 84.9% 86.2% 4.8 years 4.9 years 4.8 years 4.9 years 85.8% 5.0 years 15#16APPENDIX: FFO, CORE FFO AND AFFO (in thousands, except per share data) (unaudited) CITY OFFICE REIT Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Net (loss)/income attributable to common stockholders (+) Depreciation and amortization $ (1,898) $ 14,723 (2,535) $ (1,151) $ 15,768 15,304 (14,274) 15,423 $ 134 15,555 134 (+) Net loss on disposition of real estate property (+) Impairment of real estate Non-controlling interests in properties: (+) Share of net income (-) Share of FFO Funds from Operations ("FFO") (+) Stock based compensation Core FFO (-) Net recurring straight-line rent/expense adjustment (+/-) Net amortization of above and below market leases 13,444 12,825 13,367 14,153 14,593 15,689 173 164 169 181 175 (332) (332) (325) (337) (325) $ 12,666 $ 13,199 $ 13,997 $ 14,437 $ 15,539 1,024 1,023 1,024 992 992 $ 13,690 $ 14,222 $ 15,021 $ 15,429 $ 16,531 (831) (953) (1,530) (994) (701) 34 25 9 5 (9) (+) Net amortization of deferred financing costs and debt fair value 330 321 321 299 300 (-) Net recurring tenant improvements and incentives (3,655) (4,353) (2,938) (6,478) (4,202) (-) Net recurring leasing commissions (-) Net recurring capital expenditures Adjusted Funds from Operations ("AFFO") FFO per common share (1,027) (654) (843) (834) (1,691) (2,228) (1,338) (1,797) (2,462) (2,566) $ 6,313 $ 7,270 $ 8,243 $ 4,965 $ 7,662 $ 0.31 $ 0.32 $ 0.34 $ 0.36 $ 0.37 $ 0.34 $ 0.35 $ 0.37 $ 0.38 $ 0.39 $ 0.15 $ 0.18 $ 0.20 $ 0.12 $ 0.18 Core FFO per common share AFFO per common share Dividends declared per common share $ 0.10 $ 0.10 $ 0.20 $ 0.20 $ 0.20 FFO Payout Ratio 32% 31% 58% 56% 54% Core FFO Payout Ratio 30% 29% 54% 53% 51% AFFO Payout Ratio 65% 56% 99% 163% 110% Weighted average common shares outstanding - diluted 40,803 40,793 40,702 40,502 42,125 16#17APPENDIX: COMMITMENT TO ESG OUR ESG GOALS Allm 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 Commenced software-driven tracking of energy, water and GHG ✓ Third party portfolio efficiency audit ✓ Implemented a board diversity policy and human rights policy Executive pay linked with ESG performance ESG HIGHLIGHTS ✓ 2022 ESG Report published to cioreit.com ✓ 1,368 solar panels installed at our Mission City, San Diego property ✓ 100% of employees believe CIO has a positive company culture (1) ✓ Active support for employee engagement in charity and volunteerism Solar installation at Mission City, San Diego Electric vehicle charging stations at SanTan, Phoenix The Terraces, Dallas was awarded LEED GOLD Core and Shell on 2018 (1) Based on respondents to the 2022 CIO employee satisfaction survey 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