City Office REIT Enters into Definitive Agreement for Sale at $7.00 per Share of Common Stock in Transaction Valued at Approximately $1.1 Billion

Core Viewpoint - City Office REIT, Inc. has entered into a definitive merger agreement with MCME Carell Holdings, under which MCME Carell will acquire all outstanding shares of City Office for $7.00 per share in cash, valuing the transaction at approximately $1.1 billion [1][2][3]. Transaction Details - The transaction price of $7.00 per share represents a 26% premium to City Office's closing share price on the NYSE prior to the announcement and a 39% premium to the volume weighted average share price over the previous 90 days [2]. - Holders of City Office's 6.625% Series A Cumulative Preferred Stock will receive $25.00 per share in cash, plus all accrued and unpaid distributions up to the date of transaction consummation [2]. - The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including shareholder approval [4]. Company Actions - City Office will pay its previously announced second quarter dividend but has resolved to suspend future common stock dividend payments until the transaction closes [5]. - Upon completion of the transaction, City Office will become a private company, and its shares will no longer trade on the NYSE [6]. Company Background - City Office REIT is focused on acquiring, owning, and operating office properties primarily in Sun Belt markets, currently owning or controlling 5.4 million square feet of office properties [8][9]. - MCME Carell is affiliated with Elliott Investment Management and Morning Calm Management, managing approximately $72.7 billion in assets [10].