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Investor Presentaiton

APPENDIX: 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
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