City Office REIT : Q3 2022 Supplemental Financial Information

THIRD QUARTER 2022

SUPPLEMENTAL FINANCIAL INFORMATION

www.cioreit.com

TABLE OF CONTENTS
Overview
Company Overview ...................................................................................................................................................	3
Financial Highlights....................................................................................................................................................	4
Property Overview .....................................................................................................................................................	5
Financial Information
Net Income ................................................................................................................................................................	6
Balance Sheet ...........................................................................................................................................................	7
Statement of Cash Flows ..........................................................................................................................................	8
FFO, Core FFO and AFFO Reconciliation ................................................................................................................	9
Net Operating Income Reconciliation ......................................................................................................................	10
Revenue Detail ........................................................................................................................................................	10
EBITDA Reconciliation ............................................................................................................................................	11
Debt Profile
Debt Summary and Maturity....................................................................................................................................	12
Leverage and Coverage Ratios...............................................................................................................................	13
Portfolio Data
Same Store Analysis ...............................................................................................................................................	14
Tenant Profile ..........................................................................................................................................................	15
Lease Expirations - Next Four Quarters .................................................................................................................	15
Leasing Activity........................................................................................................................................................	16
Lease Expirations ....................................................................................................................................................	17
Leasing and Capital Expenditures...........................................................................................................................	18
Definitions .............................................................................................................................................................	19

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 the current beliefs of City Office REIT, Inc. (the "Company") 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. Examples of forward-looking statements include those pertaining to expectations regarding our financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, 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.

The forward-looking statements contained in this presentation speak only as of the date of this presentation are based on historical performance and management's current plans, beliefs, estimates and expectations in light of information currently available to us and are subject to uncertainty and changes in circumstances. 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 to predict all of them. 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. 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 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 our subsequent reports filed with the SEC, many of which are beyond our control.

The Company cautions that you should not place undue reliance on any forward-looking statements. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of September 30, 2022 or relate to the quarter ended September 30, 2022. The Company undertakes no obligation 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

COMPANY OVERVIEW

City Office REIT, Inc. (NYSE: CIO) ("CIO") invests in high-quality office properties predominantly in Sun Belt markets with strong economic fundamentals. Our strategy is to continue to generate strong returns through a combination of internal cash flow growth initiatives and a focused value creation strategy.

MANAGEMENT TEAM	INVESTOR RELATIONS
Jamie Farrar - CEO & Director	Tony Maretic
Greg Tylee - President & COO	604 806 3366
Tony Maretic - CFO, Treasurer & Secretary	[e-mail]
BOARD OF DIRECTORS
John McLernon - Chairman	Sabah Mirza - Director
Jamie Farrar - CEO & Director	Mark Murski - Director
William Flatt - Director	John Sweet - Director

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FINANCIAL HIGHLIGHTS

(in thousands, except per share data)

		Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
INCOME ITEMS
Net income	$	2,164	$	3,063	$	24,691	$	433,175	$	1,244
NOI	$	28,110	$	28,662	$	28,363	$	25,143	$	29,709
Same Store Cash NOI Change		(4.3%)			(7.1%)			(4.7%)			(0.5%)			1.4%
Net income/(loss) per common share - diluted	$	0.00	$	0.02	$	0.51	$	9.76	$	(0.02)
Core FFO / Share	$	0.39	$	0.40	$	0.40	$	0.36	$	0.32
AFFO / Share	$	0.18	$	0.18	$	0.19	$	0.17	$	0.19
EBITDA (CIO share)	$	25,177	$	25,642	$	25,411	$	23,722	$	21,830
CAPITALIZATION
Common shares		39,719			43,331			43,554			43,554			43,554
Unvested restricted shares		727			721			892			560			558
Total common shares - diluted		40,446			44,052			44,446			44,114			44,113
Weighted average common shares outstanding - diluted1		42,125			44,482			44,406			44,162			44,112
Share price at quarter end	$	9.97	$	12.95	$	17.66	$	19.72	$	17.86
Market value of common equity	$	403,248	$	570,474	$	784,915	$	869,929	$	787,854
Total Series A preferred shares outstanding		4,480			4,480			4,480			4,480			4,480
Liquidation preference per preferred share	$	25.00	$	25.00	$	25.00	$	25.00	$	25.00
Aggregate liquidation preference of preferred shares	$	112,000	$	112,000	$	112,000	$	112,000	$	112,000
Net debt (CIO share)	$	632,594	$	584,224	$	614,360	$	611,218	$	530,818
Total enterprise value (including net debt)	$	1,147,842	$	1,266,698	$	1,511,275	$	1,593,147	$	1,430,672
DEBT STATISTICS AND RATIOS
Total principal debt (CIO share)	$	673,449	$	651,953	$	660,317	$	651,860	$	599,484
Weighted average maturity		3.5 years			3.8 years			4.0 years			4.2 years			4.0 years
Weighted average interest rate		4.1%			3.7%			3.4%			3.4%			3.6%
Fixed rate debt as a percentage of total debt2		72.8%			75.4%			77.2%			78.4%			85.5%
LEASING STATISTICS
In-Place occupancy		85.8%			86.9%			85.7%			84.9%			88.7%
Weighted average remaining lease term		5.0 years			4.9 years			5.0 years			4.9 years			4.4 years

1. Q3 2022, Q2 2022, 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 September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.
2. 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.

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PROPERTY OVERVIEW

					Annualized	Annualized	Annualized
Metropolitan		Economic	NRA	In Place	Base Rent	Gross Rent	Base Rent2
Area	Property	Interest	(000s SF)	Occupancy	per SF	per SF1	(000s)
	Block 23	100.0%	307	94.0%	$29.63	$31.88	$8,552
	Pima Center	100.0%	272	43.7%	$27.99	$27.99	$3,324
Phoenix, AZ	SanTan	100.0%	267	46.3%	$31.60	$31.60	$3,899
5090 N 40th St	100.0%	176	96.1%	$31.93	$31.93	$5,386
(25.3% of NRA)
Camelback Square	100.0%	172	77.9%	$33.87	$33.87	$4,533
	The Quad	100.0%	163	100.0%	$31.45	$31.76	$5,126
	Papago Tech	100.0%	163	86.1%	$23.57	$23.57	$3,302
	Park Tower	94.8%	479	88.6%	$27.45	$27.45	$11,643
Tampa, FL	City Center	95.0%	245	89.4%	$27.24	$27.24	$5,956
(17.5%)	Intellicenter	100.0%	204	100.0%	$25.64	$25.64	$5,219
	Carillon Point	100.0%	124	100.0%	$30.07	$30.07	$3,734
Denver, CO	Denver Tech	100.0%	381	93.2%	$24.10	$28.21	$8,465
Circle Point	100.0%	272	82.6%	$19.51	$33.38	$4,383
(13.4%)
Superior Pointe	100.0%	152	93.2%	$18.78	$31.78	$2,667
Orlando, FL	Florida Research Park	96.5%	393	82.2%	$25.56	$27.48	$8,184
Central Fairwinds	97.0%	168	94.6%	$27.57	$27.57	$4,387
(12.0%)
Greenwood Blvd	100.0%	155	100.0%	$24.25	$24.25	$3,760
Dallas, TX	190 Office Center	100.0%	303	75.5%	$27.11	$27.11	$6,210
The Terraces	100.0%	173	99.0%	$38.45	$58.45	$6,569
(9.8%)
2525 McKinnon	100.0%	111	94.8%	$29.98	$48.98	$3,165
Raleigh, NC	Bloc 83	100.0%	495	79.8%	$37.32	$37.41	$14,752
(8.3%)
Portland, OR	AmberGlen	76.0%	203	98.4%	$23.55	$26.45	$4,695
(5.5%)	Cascade Station	100.0%	128	100.0%	$28.82	$30.73	$3,691
San Diego, CA	Mission City	100.0%	281	86.8%	$38.40	$38.40	$9,374
(4.7%)
Seattle, WA	Canyon Park	100.0%	207	100.0%	$23.17	$27.17	$4,791
(3.5%)
Total / Weighted Average - September 30, 2022³		5,994	85.8%	$28.40	$31.29	$145,767

1. Annualized gross rent per square foot includes adjustment for estimated expense reimbursements of triple net leases.
2. Annualized base rent is calculated by multiplying (i) rental payments (defined as cash rents before abatements) for the month ended September 30, 2022 by (ii) 12.
3. Averages weighted based on the property's NRA, adjusted for occupancy.

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