City Office REIT, Inc. Financial Ratios — CIO Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Return on Common Equity (%)	- -	- -	-31.05	- -	- -	- -	- -	- -	- -	- -	- -	3.63	-4.27	-12.49
Return on Assets (%)	- -	-2.97	-4.05	-1.37	-1.78	-0.15	0.74	3.82	0.15	0.38	35.12	1.07	-0.17	-1.19
Return on Capital (%)	- -	- -	- -	- -	- -	3.13	4.3	9.87	4.75	5.06	61.05	4.01	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	1.43	2.02	1.99	2.61	2.8	2.54	2.42	- -	- -
Gross Margin (%)	66.43	47.47	58.68	61.16	62.91	60.94	59.73	61.48	63.33	63.75	64.64	62.47	60.92	59.41
EBITDA Margin (%)	51.35	47.47	58.68	52.79	53.77	51.91	53.35	55.2	56.25	57.1	55.2	54.83	52.63	50.53
Operating Margin (%)	17.2	13.12	20.74	12.87	14.49	10.27	14.29	14.77	18.4	19.57	20.26	20.21	17.46	15.86
Incremental Operating Margin (%)	- -	-2.88	30.52	3.04	17.79	-3.09	22.85	16.99	35.93	59.76	54.95	19.7	374.23	51.78
Pretax Margin (%)	-7.3	-16.34	-20.38	-13.31	-13.93	0.52	8.6	29.86	1.56	3.19	295.83	9.8	-1.14	-10.01
Profit Margin (%)	-6.73	-13.85	-20.17	-8.23	-11.97	-1.16	5.41	29.48	1.15	2.81	295.29	9.41	-1.5	-10.33
Net Income to Common Margin (%)	-6.73	-13.85	-20.17	-8.23	-11.97	-3.62	-1.55	23.75	-3.6	-1.8	290.77	5.3	-5.64	-14.67
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-30.41	-634.9	-35.51	-90.39	-164.75	-10,247.31	560.21	109.41	-940.08	-1,998.7	5.45	309.94	-271.56	-66.86
Sustainable Growth Rate (%)	- -	- -	-42.07	- -	- -	- -	- -	- -	- -	- -	- -	-7.61	-15.85	-20.84

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Total Debt	27	53	110	190	341	370	523	645	607	677	654	690	670	647
ST Debt	- -	- -	- -	- -	50	52	34	148	- -	75	142	200	200	255
LT Debt	27	53	110	190	291	318	490	498	607	602	512	490	470	392
Total Debt/EBITDA	5.72	9.74	9.14	9.75	11.53	9.84	9.21	9.03	6.91	7.37	7.22	6.97	7.1	7.48
Net Debt/EBITDA	5.41	9.17	8.55	7.96	11.25	9.47	8.99	8.8	6.11	7.1	6.98	6.69	6.78	7.26
Total Debt/EBIT	17.07	35.25	25.86	40	42.78	49.74	34.37	33.75	21.12	21.52	19.67	18.92	21.41	23.83
Net Debt/EBIT	16.14	33.19	24.19	32.66	41.76	47.9	33.57	32.9	18.68	20.72	19.03	18.15	20.45	23.14
EBITDA to Interest Expense	2.15	1.78	2.38	2.48	2.79	2.73	3.03	3.2	3.1	3.48	3.89	3.84	2.96	2.62
EBITDA-CapEx/Interest Expense	1.06	0.59	1.61	-9.45	-13.45	-15.94	-10.72	3.2	3.1	3.48	3.89	3.84	2.96	2.62
EBIT to Interest Expense	0.72	0.49	0.84	0.6	0.75	0.54	0.81	0.86	1.01	1.19	1.43	1.41	0.98	0.82
Interest Expense	2	3	5	8	11	14	19	22	28	26	23	26	32	33
Common Equity/Total Assets	- -	- -	18.62	-3.71	-6.7	-8.07	-9.66	-8.33	-11.55	-14.91	17.23	16	14.66	12.38
Long-Term Debt/Equity (%)	145.87	886.15	396.69	208.19	395.11	124.02	136.04	124.97	110.58	144.12	58.77	60.96	60.77	53.36
Long-Term Debt/Capital (%)	94.51	100.26	79.87	100.04	91.12	73.76	89.23	74.69	104.96	97.5	49.08	46.43	46.79	41.7
Long-Term Debt/Total Assets (%)	58.04	87.28	76.87	63	66.17	48.01	54.6	45.24	49.43	52.04	31.95	31.1	31.07	26.93
Total Debt/Equity (%)	145.87	886.15	396.69	208.19	462.94	144.52	145.35	162	110.58	162.07	75.08	85.92	86.65	88.08
Total Debt/Capital (%)	94.51	100.26	79.87	100.04	106.76	85.95	95.34	96.81	104.96	109.65	62.7	65.45	66.72	68.83
Total Debt/Total Assets (%)	58.04	87.28	76.87	63	77.53	55.94	58.34	58.65	49.43	58.52	40.81	43.83	44.3	44.44
Net Debt to Equity	137.93	834.46	370.97	169.98	451.9	139.17	141.93	157.94	97.81	156.01	72.63	82.41	82.76	85.51
Net Debt/Capital (%)	94.21	100.28	78.77	100.05	106.93	85.49	95.23	96.73	105.65	110.06	61.92	64.5	65.69	68.2
EBITDA	5	5	12	19	30	38	57	71	88	92	91	99	94	86
EBITDA-CapEx	2	2	8	-74	-143	-220	-201	71	88	92	91	99	94	86
Operating Income (Loss)	2	2	4	5	8	7	15	19	29	31	33	36	31	27

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Cash Ratio	1.86	1.96	1.37	2.97	0.12	0.17	0.32	0.09	1.71	0.22	0.12	0.11	0.12	0.06
Current Ratio	8.52	4.73	3.75	4.67	0.58	0.61	2.48	0.42	3.02	1.11	0.4	0.35	0.4	0.32
Quick Ratio	8.18	3.4	2.27	3.65	0.33	0.38	0.84	0.23	2.49	0.52	0.29	0.29	0.34	0.23
CFO/Avg Current Liab	- -	4.53	2.13	0.92	0.36	0.26	0.61	0.38	0.44	0.78	0.5	0.49	0.23	0.21
Common Equity/Total Assets	- -	- -	18.62	-3.71	-6.7	-8.07	-9.66	-8.33	-11.55	-14.91	17.23	16	14.66	12.38
Long-Term Debt/Equity (%)	145.87	886.15	396.69	208.19	395.11	124.02	136.04	124.97	110.58	144.12	58.77	60.96	60.77	53.36
Long-Term Debt/Capital (%)	94.51	100.26	79.87	100.04	91.12	73.76	89.23	74.69	104.96	97.5	49.08	46.43	46.79	41.7
Long-Term Debt/Total Assets (%)	58.04	87.28	76.87	63	66.17	48.01	54.6	45.24	49.43	52.04	31.95	31.1	31.07	26.93
Total Debt/Equity (%)	145.87	886.15	396.69	208.19	462.94	144.52	145.35	162	110.58	162.07	75.08	85.92	86.65	88.08
Total Debt/Capital (%)	94.51	100.26	79.87	100.04	106.76	85.95	95.34	96.81	104.96	109.65	62.7	65.45	66.72	68.83
Total Debt/Total Assets (%)	58.04	87.28	76.87	63	77.53	55.94	58.34	58.65	49.43	58.52	40.81	43.83	44.3	44.44
CFO/Total Liabilities	4.1	9.77	6.27	3.7	3.86	4.72	6.81	6.01	7.29	8.1	10.02	13.83	7.75	8.16
CFO/CapEx	0.48	1.48	1.86	0.08	0.08	0.07	0.14	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.5	0.41	0.4	0.47	0.14	0.19	0.38	0.15	0.49	0.31	0.9	0.53	0.46	0.37

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Accounts Receivable Turnover	- -	78.07	8.28	14.02	93.87	55.48	54.21	60.39	59.39	62.84	64.85	48.16	36.52	37.94
Days Sales Outstanding	- -	4.68	44.08	26.04	3.89	6.58	6.73	6.04	6.15	5.81	5.63	7.58	9.99	9.62
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	7.21	4.46	3.18	2.61	2.8	2.29	2.1	2.15	2.21	5	- -	- -
Accounts Payable Turnover Days	- -	- -	50.62	81.85	114.62	140.05	130.14	159.17	174.1	169.63	165.23	73.01	- -	- -
Cash Conversion Cycle	- -	4.68	-6.54	-55.81	-110.73	-133.47	-123.4	-153.13	-167.96	-163.82	-159.6	-65.44	9.99	9.62
Inventory to Cash Days	- -	4.68	44.08	26.04	3.89	6.58	6.73	6.04	6.15	5.81	5.63	7.58	9.99	9.62
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Market Capitalization	- -	- -	- -	52	77	148	233	245	411	343	670	291	222	218
- Cash & Cash Equivalents	1	3	7	35	8	14	12	16	70	25	21	28	30	19
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	112	112	112	112	112	112	112	112	112
+ Minority/Non Controlling Interest	2	- -	1	11	8	2	- -	1	1	1	1	- -	- -	1
+ Total Debt	27	53	110	190	341	370	523	645	607	677	654	690	670	647
Enterprise Value	27	50	104	218	418	619	856	987	1,061	1,108	1,415	1,066	974	958
Total Capital	29	53	138	190	320	431	549	667	579	618	1,043	1,054	1,004	940
Total Debt/Capital (%)	94.51	100.26	79.87	100.04	106.76	85.95	95.34	96.81	104.96	109.65	62.7	65.45	66.72	68.83
Total Debt / EV	1	1.06	1.06	0.87	0.82	0.6	0.61	0.65	0.57	0.61	0.46	0.65	0.69	0.68
EV/Sales	2.95	4.34	5.07	5.92	7.59	8.54	8.04	7.62	6.79	6.89	8.63	5.9	5.44	5.6
EV/EBITDA	5.74	9.15	8.64	11.21	14.12	16.44	15.07	13.81	12.07	12.06	15.63	10.77	10.34	11.08
EV/EBIT	17.13	33.1	24.44	45.98	52.4	83.14	56.26	51.61	36.9	35.2	42.59	29.22	31.15	35.31
EV/Cash Flow to Firm	8.09	5.92	8.46	13.96	16.88	18.77	15.49	15.3	13.62	12.84	14.67	8.05	10.93	10.44
EV/Free Cash Flow to Firm	4.73	4.14	6.42	2	2.12	2.13	2.74	15.3	13.62	12.84	14.67	8.05	10.93	10.44
Diluted Market Cap	- -	- -	- -	52	77	148	233	247	411	343	680	297	222	218
Diluted Enterprise Value	27	50	104	218	418	619	856	989	1,061	1,108	1,425	1,071	974	958
EV per Share	3.37	6.24	12.97	25.76	33.69	30.23	28.35	26.45	24.12	23.46	32.53	25.34	24.4	23.87
TTM Sales	9	12	20	37	55	72	106	129	156	161	164	180	179	171
TTM EBITDA	5	5	12	19	30	38	57	71	88	92	91	99	94	86
TTM Operating Income	2	2	4	5	8	7	15	19	29	31	33	36	31	27
TTM Cash Flow to Firm	3	8	12	16	25	33	55	65	78	86	96	132	89	92
TTM Free Cash Flow to Firm	6	12	16	109	197	291	313	65	78	86	96	132	89	92

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Price/Free Cash Flow	- -	- -	- -	0.51	0.41	0.54	0.79	5.86	8.3	5.72	9.28	2.78	3.89	3.7
EV/EBIT	17.13	33.1	24.44	45.98	52.4	83.14	56.26	51.61	36.9	35.2	42.59	29.22	31.15	35.31
Enterprise Value	27	50	104	218	418	619	856	987	1,061	1,108	1,415	1,066	974	958
Low Price	- -	- -	- -	11.91	10.09	10.65	11.43	9.73	10.02	6.12	9.26	8.15	3.46	4.02
EV/Sales	2.95	4.34	5.07	5.92	7.59	8.54	8.04	7.62	6.79	6.89	8.63	5.9	5.44	5.6
EV/EBITDA	5.74	9.15	8.64	11.21	14.12	16.44	15.07	13.81	12.07	12.06	15.63	10.77	10.34	11.08
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	7.96	- -	- -	1.4	30.45	- -	- -
Price/Earnings Average	- -	- -	- -	-16.62	-11.34	-51.29	-133.86	8.91	-65.24	-111.46	0.96	47.56	-20.42	-8.01
Price/Earnings High	- -	- -	- -	-38.43	-25.42	-108.62	-254.17	16.02	-113.48	-231.14	1.81	95.35	-40.47	-10.39
Price/Earnings Low	- -	- -	- -	-33.24	-19	-83.04	-208.56	11.81	-78.42	-99.9	0.84	35.81	-13.67	-6.43
Price/Book Value	- -	- -	- -	-4.66	-2.61	-2.78	-2.69	-2.67	-2.9	-1.99	2.43	1.16	1	1.21
Price/Book Value Average	- -	- -	- -	-4.51	-2.54	-2.52	-2.56	-2.99	-2.59	-1.87	1.67	1.81	0.93	1.12
Price/Book Value High	- -	- -	- -	-10.42	-5.68	-5.34	-4.86	-5.37	-4.5	-3.88	3.13	3.62	1.84	1.45
Price/Book Value Low	- -	- -	- -	-9.02	-4.25	-4.08	-3.98	-3.96	-3.11	-1.68	1.46	1.36	0.62	0.9
Price/Tangible Book Value	- -	- -	- -	0.84	2.35	1.69	1.28	1.16	1.11	1.31	0.97	0.46	0.36	0.37
Price/Tangible Book Value Average	- -	- -	- -	0.82	2.28	1.53	1.21	1.3	0.99	1.23	0.67	0.72	0.33	0.34
Price/Tangible Book Value High	- -	- -	- -	1.89	5.12	3.24	2.3	2.34	1.73	2.55	1.25	1.44	0.66	0.44
Price/Tangible Book Value Low	- -	- -	- -	1.63	3.83	2.48	1.89	1.72	1.19	1.1	0.58	0.54	0.22	0.27
Price/Sales	- -	- -	- -	1.41	1.4	2.05	2.19	1.89	2.63	2.13	4.08	1.61	1.24	1.27
Price/Sales Average	- -	- -	- -	1.37	1.36	1.86	2.08	2.11	2.35	2	2.81	2.52	1.15	1.17
Price/Sales High	- -	- -	- -	3.16	3.04	3.93	3.95	3.8	4.08	4.16	5.27	5.06	2.28	1.52
Price/Sales Low	- -	- -	- -	2.74	2.27	3.01	3.24	2.8	2.82	1.8	2.46	1.9	0.77	0.94
Price/Cash Flow	- -	- -	- -	6.69	5.44	7.75	6.38	5.8	8.3	5.72	9.15	2.73	3.89	3.7
Price/Cash Flow Average	- -	- -	- -	6.48	5.28	7.03	6.06	6.49	7.41	5.38	6.29	4.27	3.6	3.42
Price/Cash Flow High	- -	- -	- -	14.99	11.83	14.89	11.51	11.68	12.89	11.16	11.8	8.55	7.14	4.43
Price/Cash Flow Low	- -	- -	- -	12.96	8.84	11.38	9.44	8.61	8.91	4.82	5.5	3.21	2.41	2.74
Price/Free Cash Flow Average	- -	- -	- -	0.5	0.4	0.49	0.75	6.55	7.41	5.38	6.38	4.35	3.6	3.42
Price/Free Cash Flow High	- -	- -	- -	1.15	0.9	1.03	1.43	11.79	12.89	11.16	11.98	8.72	7.14	4.43
Price/Free Cash Flow Low	- -	- -	- -	0.99	0.67	0.79	1.17	8.69	8.91	4.82	5.58	3.27	2.41	2.74
EV/Sales Average	2.95	4.34	5.07	5.87	7.55	8.35	7.93	7.85	6.51	6.76	7.35	6.81	5.35	5.5
EV/Sales High	2.95	4.34	5.07	7.67	9.24	10.42	9.8	9.54	8.24	8.91	9.81	9.35	6.48	5.85
EV/Sales Low	2.95	4.34	5.07	7.24	8.47	9.5	9.09	8.54	6.98	6.55	7	6.19	4.97	5.27
EV/EBITDA Average	5.74	9.15	8.64	11.12	14.05	16.08	14.86	14.22	11.57	11.84	13.31	12.42	10.16	10.89
EV/EBITDA High	5.74	9.15	8.64	14.53	17.18	20.08	18.37	17.28	14.65	15.61	17.78	17.04	12.31	11.58
EV/EBITDA Low	5.74	9.15	8.64	13.72	15.75	18.29	17.04	15.46	12.41	11.48	12.68	11.29	9.44	10.43
EV/EBIT Average	17.13	33.1	24.44	45.64	52.12	81.29	55.5	53.13	35.37	34.55	36.28	33.71	30.64	34.7
EV/EBIT High	17.13	33.1	24.44	59.59	63.74	101.51	68.59	64.57	44.8	45.55	48.44	46.25	37.12	36.9
EV/EBIT Low	17.13	33.1	24.44	56.27	58.44	92.49	63.63	57.8	37.94	33.49	34.55	30.63	28.46	33.24
Last Price	- -	- -	- -	6.15	6.21	7.25	7.72	6.56	9.34	7.26	15.4	6.93	5.57	5.42
High Price	- -	- -	- -	13.77	13.5	13.93	13.93	13.2	14.5	14.16	19.87	21.7	10.24	6.5
Enterprise Value Average	27	50	104	217	416	605	844	1,016	1,017	1,087	1,206	1,229	958	942
Enterprise Value High	27	50	104	283	509	755	1,044	1,235	1,288	1,434	1,610	1,687	1,161	1,002
Enterprise Value Low	27	50	104	267	466	688	968	1,105	1,091	1,054	1,148	1,117	890	902

Shares Outstanding	8	8	8	12	13	24	36	40	55	43	44	40	40	40
Diluted Weighted Avg Shares	8	8	8	8	12	20	30	38	44	47	44	43	40	40
Basic Weighted Avg Shares	8	8	8	8	12	20	30	37	44	47	43	42	40	40
Revenue per Share	1.15	1.44	2.56	4.35	4.44	3.54	3.53	3.47	3.55	3.41	3.77	4.29	4.49	4.26
EBITDA per Share	0.59	0.68	1.5	2.3	2.39	1.84	1.88	1.92	2	1.94	2.08	2.35	2.36	2.15
Operating Income per Share	0.2	0.19	0.53	0.56	0.64	0.36	0.5	0.51	0.65	0.67	0.76	0.87	0.78	0.68
Basic EPS, GAAP	-0.08	-0.2	-0.52	-0.36	-0.53	-0.13	-0.05	0.82	-0.13	-0.06	10.97	0.23	-0.25	-0.63
Basic EPS from Cont Ops	-0.08	-0.23	-0.52	-0.58	-0.62	0.02	0.3	1.04	0.06	0.11	11.16	0.42	-0.05	-0.43
Diluted EPS, GAAP	-0.08	-0.2	-0.52	-0.36	-0.53	-0.13	-0.05	0.82	-0.13	-0.06	10.8	0.22	-0.25	-0.63
Diluted EPS from Cont Ops	-0.08	-0.23	-0.52	-0.58	-0.62	0.02	0.3	1.03	0.06	0.11	10.99	0.41	-0.05	-0.43
Dividend per Share	0.03	1.72	0.19	0.72	1.16	1.02	1.2	1.13	1.09	0.87	0.77	0.98	0.79	0.58
Cash Flow per Share	0.14	0.67	0.9	0.92	1.14	0.94	1.21	1.13	1.13	1.27	1.68	2.54	1.43	1.47
Free Cash Flow per Basic Share	-0.15	0.22	0.42	-10.14	-12.74	-11.66	-7.32	1.13	1.13	1.27	1.68	2.54	1.43	1.47
Cash & Equivalents per Share	0.18	0.39	0.89	4.11	0.66	0.67	0.41	0.43	1.59	0.54	0.49	0.67	0.75	0.47
Book Value per Share	- -	- -	3.32	-1.32	-2.38	-2.61	-2.87	-2.46	-3.22	-3.65	6.34	5.99	5.55	4.49
Tangible Book Value per Share	1.85	0.25	1.74	7.3	2.64	4.29	6.05	5.65	8.4	5.54	15.86	15.12	15.49	14.65

City Office REIT, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)