Centuria Office Reit · ASX:COF
Centuria Office Reit — FY2026 Earnings Presentation
34 slides from Centuria Office Reit's earnings presentation, Aug 4, 2026
Slide 1: Centuria Office REIT FY26 results
4 AUGUST 2026 | ASX:COF Centuria Office REIT FY26 results 100 BROOKES STREET, FORTITUDE VALLEY QLD
Slide 2: Speakers
Speakers Grant Nichols Belinda Cheung Cameron Mullen Head of Listed Funds Fund Manager Deputy Fund Manager Centuria Capital Group Centuria Office REIT Centuria Office REIT Centuria ASX:COF 2
Slide 3: Agenda
825 ANN STREET, FORTITUDE VALLEY QLD Agenda • Overview • Financial results • Operational performance • Market outlook and guidance • Appendices Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owner
Slide 4: Centuria Capital Group: A leading Australasian ASX funds manager
Centuria Capital Group: A leading Australasian ASX 200 funds manager Centuria is highly aligned with COF as its external manager1 and largest unitholder Centuria Capital Group (ASX:CNI) 25+ year history servicing a Proven manager of high A diversified platform deep network of retail, conviction trad
Slide 5: Overview
101 MORAY STREET, SOUTH MELBOURNE VIC Overview SECTION ONE
Slide 6: COF: Vision, strategy and objectives
COF: Vision, strategy and objectives VISION A clear and simple strategy To be Australia’s Focused on generating sustainable and quality income streams and leading pure-play office executing initiatives to create value across a portfolio of quality REIT. Australian office assets. Centuria Office Key
Slide 7: FY26 highlights
FY26 highlights Strategy execution Portfolio Financial c.40,000sqm 91% 11.2cpu leasing terms agreed (47 deals) occupancy FFO delivered in line with FY26 guidance $1bn refinance 4.0 year 10.1cpu debt expiry extended to 4.3 years WALE distribution delivered in line with FY26 guidance c.30bps 7.04% $1.
Slide 8: Improving market conditions supports FY27 FFO stabilisation
Improving market conditions supports FY27 FFO FY27 guidance1 stabilisation FY27 FFO guidance 11.2 0.3 11.3 11.3 cpu 0.5 (0.7) FY27 distribution guidance 9.0 cpu FY27 distribution yield 2 10.1% FY26 FY26 Disposals LFL property FFO Debt costs FY27 Earnings stabilising NOI growth Capital Management Dis
Slide 9: Australian metro office markets
High replacement costs expected to constrain Australian metro office markets future supply and push rental growth Metro office supply pipeline1 (sqm) Comparison of market vs economic rents ($/sqm)2 500,000 $1,800 450,000 $1,600 +64% 400,000 $1,400 350,000 $1,200 +39% +50% 300,000 $1,000 250,000 $800
Slide 10: Financial results
8 CENTRAL AVENUE, EVELEIGH NSW Financial results SECTION TWO
Slide 11: Funds From Operations (FFO)
57 WYATT STREET, ADELAIDE SA Funds From Operations (FFO) Revenue FY26 FY25 Variance Net property income $m 128.1 128.6 (0.5) Interest income $m 0.6 0.8 (0.2) Total revenue $m 128.7 129.4 (0.7) Expenses Responsible entity fees $m (10.9) (10.8) (0.1) Finance costs $m (48.7) (46.2) (2.5) Management and
Slide 12: Capital management
Capital management Key debt metrics FY26 FY25 Facility limit $m 1,012.5 1,012.5 Drawn amount $m 832.5 871.0 Headroom $m 180.0 141.5 $1bn of debt refinanced in 76% of drawn debt hedged as Weighted average debt expiry years 4.3 3.1 FY26, reducing debt margins at 30 June 2026 by c.30bps Proportion hedg
Slide 13: Operational performance
NISHI, 2 PHILLIP LAW STREET, CANBERRA ACT Operational performance SECTION THREE
Slide 14: Portfolio overview
Portfolio overview Tenant mix (income) 9% 21% ASX Listed Government 74% Portfolio snapshot FY26 17% of income derived from Listed Multinational government, Number of assets # Multinational multinational 18 12% National corporations and listed Book value1 $m 1,842.0 25% Other entities WACR % 7.04 16%
Slide 15: Strong leasing outcomes achieved across COF portfolio
Strong leasing outcomes achieved across COF portfolio Leasing success achieved: • 39,821sqm leased across 47 deals (14.5% of portfolio) • Terms agreed for 17,026sqm of new leases and 22,795sqm of renewals 8 Central Avenue, 101 Moray Street, 203 Pacific Highway, 825 Ann Street, • 5% FY26 re-leasing s
Slide 16: Lease expiry profile by % income
Lease expiry profile by % income Current vacancy (>1,200 sqm) Income (%) NLA (sqm) 818 Bourke Street, Docklands 4.5% 10,894 201 Pacific Highway, St Leonards (50%) 1.3% 4,829 26.4% 584 Swan Street, Richmond 1.1% 2,780 825 Ann Street, Fortitude Valley 0.7% 1,601 17.7% 2 Kendall Street, Williams Landin
Slide 17: Valuation summary
Valuation summary Portfolio valuations continued to stabilise throughout FY262,3 $2,018m $1,992m 6.88% 7.04% 6.58% $1,842m 5.52% 5.94% $1,829m $1,824m $1,842m portfolio value1 7.04% WACR Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Portfolio Value ($m) Portfolio WACR (%) Underlying rental growth continues to
Slide 18: COF's trading price is misaligned to market evidence and replacement cost
COF’s trading price is misaligned to market evidence and replacement cost $15,582 $6,936 $5,212 Replacement cost 1 COF Valuation Implied trading value 2 7.04% 9.38% Portfolio WACR Implied cap rate2 Value discount to replacement cost -55% -67% Note: Values presented are dollars per square metre. 1. R
Slide 19: COF has executed $230m of divestments since FY22
COF has executed $230m of divestments since FY22 Strategic divestment of 9 Help St1 Prudent divestment improves portfolio construction, mitigates forward expiries and strengthens balance sheet. 35 Robina Town 1 Richmond Road, 9 Help Street, Centre, Robina Keswick Chatswood AUG 2023 APR 2024 JUN 2026
Slide 20: COF ESG highlights
COF ESG highlights Responsible business Climate change Valued stakeholders practices (Environment) (Social) (Governance) Targeting zero scope 2 emissions by Tenant engagement: 2026 GRESB4 participation. 20281 • Delivered c.40 site events & annual 2,000+ compliance courses completed • NABERS Energy S
Slide 21: Market outlook and guidance
144 STIRLING STREET, PERTH WA Market outlook and guidance SECTION FOUR
Slide 22: Growth drivers remain strong for Australian office
Growth drivers remain strong for Australian office Continued forecast AI is further driving rent growth for bifurcation and the Future office supply prime assets demand for quality remains constrained Resilient economic office trajectory relative to Replacement costs continue to Demonstrated rent gr
Slide 23: FY27 strategy and priorities
FY27 strategy and priorities 1 2 3 Maintain high occupancy Sustain high portfolio Proactive capital quality management • Continue delivering occupancy above • Assess asset allocation to • Proactively maintain national average. improve portfolio quality. liquidity and debt covenant headroom. • Improv
Slide 24: FY27 guidance
485-517 KINGSFORD SMITH DRIVE, HAMILTON QLD FY27 guidance1 FFO 11.3cpu Distribution 9.0cpu FY27 distribution yield2 10.1% Distributions expected to be paid in quarterly instalments. 1. Guidance remains subject to unforeseen circumstances and material changes in operating conditions. 2. Yield based o
Slide 25: Appendices
584 SWAN STREET, RICHMOND VIC Appendices SECTION FIVE Appendix A: Income statement Appendix B: FFO reconciliation Appendix C: Balance sheet Appendix D: Geographic breakdown Appendix E: Like for like portfolio valuation summary Appendix F: Investment property portfolio
Slide 26: Appendix A: Income statement
235 WILLIAM STREET, NORTHBRIDGE WA Appendix A: Income statement $’000 FY26 FY25 Net property income 128,067 128,622 Interest income 584 768 Total revenue 128,651 129,390 Expenses Responsible entity fees (10,891) (10,842) Finance costs (48,714) (46,193) Management and other administrative expenses (2
Slide 27: Appendix B: FFO reconciliation
485-517 KINGSFORD SMITH DRIVE, HAMILTON QLD Appendix B: FFO reconciliation $'000 FY26 FY25 Statutory net profit 55,191 (19,780) (Gain)/loss on fair value of investment properties (3,084) 48,430 (Gain)/loss on fair value of derivatives (16,150) 12,915 Straight-lining of rental income and amortisation
Slide 28: Appendix C: Balance sheet
818 BOURKE STREET, DOCKLANDS VIC Appendix C: Balance sheet $'000 FY26 FY25 Cash 9,248 8,501 Investment properties1 1,874,349 1,935,918 Trade and other receivables 1,514 2,668 Derivative financial instruments 7,524 - Other assets 2,497 3,774 Total assets 1,895,132 1,950,861 Interest bearing liabiliti
Slide 29: Appendix D: Geographic breakdown
Appendix D: Geographic 39,821sqm leased in FY261, representing 14.6% of total portfolio NLA breakdown WA 14% total COF portfolio Qld 22% total COF portfolio COF’s national 100% occupancy 5.1-year WALE 97% occupancy 4.3-year WALE portfolio 865 sqm FY26 leased1 11,944 sqm FY26 leased1 91% occupancy NS
Slide 30: Appendix E: Like for like portfolio valuation summary
Appendix E: Like for like portfolio valuation summary1 Movement 2 FY26 valuation HY26 valuation Valuation movement FY26 WACR HY26 WACR WACR State ($M) ($M) ($M) (%) (%) (%) (BPS) NSW 413.8 418.3 (4.6) (1.1) 6.98 6.89 9 Qld 407.5 400.8 6.8 1.7 7.30 7.27 3 Vic 486.5 497.8 (11.3) (2.3) 6.91 6.69 22 ACT
Slide 31: Appendix F: Investment property portfolio
Appendix F: Investment property portfolio Property State Ownership (%) Book value ($M) Capitalisation Rate (%) Area (SQM) Area ($/SQM) WALE (years) Occupancy (%) 8 Central Avenue, Eveleigh NSW 50% 191.0 6.50% 36,618 10,432 6.5 99.7% 203 Pacific Highway, St Leonards NSW 100% 107.5 7.38% 11,727 9,167
Slide 32: Definitions
Definitions All in cost of Calculated as the average effective interest cost, which includes floating rate, all-in NABERS SPI National Australian Built Environment Rating System Sustainable Portfolios Index debt margin (base and line fees) and fixed interest costs under existing swaps, (NABERS SPI)
Slide 33: Disclaimer
Disclaimer This presentation has been prepared by Centuria Property Funds Limited (ABN 11 086 553 639, AFSL 231 149) (CPFL) as responsible entity of Centuria Office REIT (ARSN 124 364 718) (‘COF’ or the ‘Trust’). This presentation contains selected in summary information and does not purport to be a
Slide 34: Office locations
AUSTRALIA Sydney (head office) Melbourne (02) 8923 8923 (03) 9616 6500 Level 41, Chifley Tower Level 47 2 Chifley Square 101 Collins Street Sydney NSW 2000 Melbourne Vic 3000 Brisbane Perth (07) 3905 7000 (08) 9321 7133 Suite 2802, Riverside Centre Level 27 Level 28, 123 Eagle Street 140 St Georges