Slide 1: Centuria Office REIT FY25 results
15 AUGUST 2025 | ASX:COF Centuria Office REIT FY25 results 825 ANN STREET, FORTITUDE VALLEY QLD
Slide 2: Speakers
Speakers Jesse Curtis Belinda Cheung Cameron Mullen Head of Funds Management – Fund Manager – Senior Fund Analyst – Centuria Capital Group Centuria Office REIT Centuria Office REIT Centuria ASX:COF 2
Slide 3: Agenda
101 MORAY STREET, SOUTH MELBOURNE VIC Agenda • Overview • Financial results • Portfolio • Market overview and guidance • Appendices Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owners of the lan
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 450+ real estate properties deep network of retail, conviction
Slide 5: Overview
8 CENTRAL AVENUE, SOUTH EVELEIGH NSW 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 Australian REIT. office assets. Centuria Office Key
Slide 7: FY25 highlights
FY25 highlights PORTFOLIO FINANCIAL $18m valuation growth in 2H $1.9bn 18yrs 11.8 cpu 7.7% First period of growth since FY22 Portfolio book value Average building FY25 FFO delivered Distribution yield7 in line across 19 assets age3 with 10.1cpu guidance 24,406 sqm of leasing terms agreed across 44 d
Slide 8: FY26 FFO guidance
FY26 FFO guidance Lease expiry profile by % income Proportion under negotiation 11.5 40.6% 11.1 Forecast downtime impedes FY26 earnings, primarily driven by vacancies at 201 Pac Hwy and 818 Bourke St 17.6% 13.5% 11.9% Potential upside to realise with 8.8% 7.7% incremental leasing due to conservative
Slide 9: Australian metro office markets
Australian metro office markets High replacement costs expected to constrain future supply and push rental growth Metro office supply pipeline1 Market vs economic rents2 Rent disparity is more evident in fringe and 450,000 $2,000 metro markets where economic rents 400,000 $1,800 exceed market by up
Slide 10: A-grade office replacement cost over 2x COF's implied value
201/203 PACIFIC HIGHWAY, ST LEONARDS NSW A-grade office replacement cost over 2x COF’s implied value 2025 $15,127 $6,925 $6,149 1 2 Replacement cost COF valuation Implied trading value 2020 $11,023 $7,895 1 Replacement cost COF valuation Values presented are dollars per square metre. 1. Hypothetical
Slide 11: Withdrawals in metropolitan Sydney markets
Withdrawals in metropolitan Sydney markets Over 90% of forecast Sydney office withdrawals will be for non-office Government initiatives including use1 Transport Oriented Development and Housing Development Authority projects to accelerate withdrawals Population growth driving need for 2020 - 2025 al
Slide 12: Withdrawals expected to shrink office market size and lower vacancy rates
Withdrawals expected to shrink office c.101,000sqm of office demand expected from displaced tenants market size and lower vacancy rates Metro Sydney withdrawals support future net absorption1 100 25% 80 60 10.2% of office to be withdrawn 20% 40 from the metro Sydney market by 20 15% 2030 and repurpo
Slide 13: Financial results
818 BOURKE STREET, DOCKLANDS VIC Financial results SECTION TWO
Slide 14: Funds from operations (FFO)
584 SWAN STREET, RICHMOND VIC Funds from operations (FFO) Revenue FY25 FY24 Variance Reflects impact of divestments Gross property income $m 171.4 183.2 (11.8) and higher vacancy Interest income $m 0.8 0.8 0.0 Total revenue $m 172.1 184.0 (11.9) Expenses Reflects impact of Direct property expenses $
Slide 15: Capital management
101 MORAY STREET, SOUTH MELBOURNE VIC Capital management COF debt covenants Pro forma debt maturity profile ($m) 385.0 LVR 60% 295.0 282.5 ICR 1.75x Ample headroom to covenants No debt expiry before FY28 50.0 FY26 FY27 FY28 FY29 FY30 2 FY31 $141.5m Key debt metrics FY25 FY24 Facility headroom1 Facil
Slide 16: Portfolio
154 MELBOURNE STREET, SOUTH BRISBANE QLD Portfolio Section three
Slide 17: COF provides exposure to a differentiated office portfolio
COF provides exposure to a differentiated office portfolio COF portfolio strategic metrics Included in the S&P/ASX 300 Index and FTSE/EPRA NAREIT Global Developed Index 18 years Average building age1 Young portfolio Accessible price point 93% Prime assets are generating greater Deeper investment dem
Slide 18: Portfolio overview
Portfolio overview Tenant mix (income) 75% 13% ASX Listed of income derived from 23% government, Government Portfolio snapshot FY25 12% multinational Listed multinational corporations and listed Number of assets # 19 Multinational entities 13% Book value1 $m 1,903.5 26% National 13% Other No single
Slide 19: Leasing summary
Leasing summary Current vacancy (>1,200 sqm) NLA (sqm) 16,985sqm of new leases >6,000sqm leased in St 818 Bourke Street, Docklands 7,373 and 7,421sqm of Leonards and Docklands 201 Pacific Highway, St Leonards (50% ownership) 5,716 renewals terms agreed1 assets 825 Ann Street, Fortitude Valley 3,202
Slide 20: Majority of portfolio valuation stabilised or increased in value
Majority of portfolio valuation stabilised or FY25 FY24 Valuation Valuation increased in value1 valuation ($’m) valuation movement2,3 movement2,3 ($’m) ($’m) (%) FY25 WACR4 FY24 WACR4 Movement WACR4 Portfolio/ weighted average 1,903.5 1,913.1 (9.6) (0.5) 6.89 6.58 0.31 summary5 $18m Like-for-like va
Slide 21: COF ESG highlights
WILLIAM SQUARE, 235 WILLIAM STREET, NORTHBRIDGE WA COF ESG highlights Climate change Valued stakeholders Responsible business (Environment) (Social) practices (Governance) Targeting zero scope 2 Centuria raised c.$500k for Targeting Portfolio-wide emissions by 20281 community groups and Green Star P
Slide 22: Market overview and guidance
WILLIAM SQUARE, 235 WILLIAM STREET, NORTHBRIDGE WA Market overview and guidance SECTION FOUR
Slide 23: Growth drivers remain strong for Australian office market medium term outlook
Growth drivers remain strong for Australian office market medium term outlook Current development Office withdrawals for Rental growth potential for feasibilities expected to conversion expected to supply constrained restrict future supply improve vacancy markets Benefits of enhanced transport infra
Slide 24: FY26 strategy and priorities
154 MELBOURNE STREET, SOUTH BRISBANE QLD FY26 strategy and priorities 1.Maintain high 2. Sustain high 3. Proactive capital occupancy portfolio quality management • Continue delivering • Assess asset allocation to • Proactively maintain occupancy above national improve portfolio quality. liquidity an
Slide 25: FY26 guidance
203 PACIFIC HIGHWAY, ST LEONARDS NSW FY26 guidance FFO1 11.1 – 11.5cpu Distribution1 10.1cpu Forecast FY26 distribution yield1,2 7.7% Distributions expected to be paid in quarterly instalments. 1. Guidance remains subject to unforeseen circumstances and material changes in operating conditions. 2. B
Slide 26: Appendices
8 CENTRAL AVENUE, SOUTH EVELEIGH NSW Appendices SECTION FIVE Appendix A: Income statement Appendix B: FFO reconciliation Appendix C: Balance sheet Appendix D: Hedging profile Appendix E: Geographic breakdown Appendix F: Like for like portfolio valuation summary Appendix G: Investment property portfo
Slide 27: Appendix A: Income statement
46 COLIN STREET, WEST PERTH WA Appendix A: Income statement $’000 FY25 FY24 Revenue Gross property income 171,363 183,206 Interest Income 768 779 Total revenue 172,131 183,985 Expenses Direct property expenses (42,741) (42,282) Responsible entity fees (10,842) (12,031) Finance costs (46,193) (45,811
Slide 28: Appendix B: FFO reconciliation
201 PACIFIC HIGHWAY, ST LEONARDS NSW Appendix B: FFO reconciliation #039;000 FY25 FY24 Statutory net profit (19,780) (168,745) (Gain)/loss on fair value of investment properties 48,430 211,282 (Gain)/loss on fair value of derivatives 12,915 9,047 Straight-lining of rental income and amortisation of lea
Slide 29: Appendix C: Balance sheet
NISHI, 2 PHILLIP LAW STREET, CANBERRA ACT Appendix C: Balance sheet #039;000 FY25 FY24 Cash 8,501 17,495 Investment properties1 1,935,918 1,945,584 Trade and other receivables 2,668 7,302 Derivative financial instruments - 4,288 Other assets 3,774 3,177 Total assets 1,950,861 1,977,846 Interest bearing
Slide 30: Appendix D: Hedging profile
77 MARKET STREET, WOLLONGONG NSW Appendix D: Hedging profile millions $800 4.0% 710 703 $700 3.7% 3.7% 3.7% $600 3.5% $500 481 $400 3.0% $300 $200 2.5% $100 $0 2.0% FY26 FY27 FY28 FY29 Avg. Hedging Avg. Hedge rate • Assumes all extendable swaptions are exercised Centuria ASX:COF Centuria ASX:COF 30
Slide 31: Appendix E: Geographic breakdown
Appendix E: Geographic 24,406sqm leased in FY251, representing 8.9% of total portfolio NLA breakdown WA 14% Qld 20% total COF portfolio 3 total COF portfolio 3 COF’s national 100% occupancy 1,2 93% occupancy 1,2 5.9yr WALE1,4 3.3yr WALE1,4 portfolio 352sqm FY25 leased1 9,542sqm FY25 leased1 91.2% NS
Slide 32: Appendix F: Like for like portfolio valuation summary
Appendix F: Like for like portfolio valuation summary1,2 Movement FY25 valuation FY24 valuation Valuation movement3 FY25 WACR4 FY24 WACR4 WACR4 State ($M) ($M) ($M) (%) (%) (%) (BPS) NSW 482.5 502.0 (19.5) (3.9) 6.94 6.52 42 Qld 380.5 384.5 (4.0) (1.0) 7.28 7.00 28 Vic 495.5 472.0 23.5 5.0 6.66 6.31
Slide 33: Appendix G: Investment property portfolio
Appendix G: Investment property portfolio Property State Ownership (%) Book value ($M) Capitalisation Rate (%) Area (SQM) Area ($/SQM) WALE (years)1 Occupancy (%)2 8 Central Avenue, Eveleigh NSW 50% 178.5 6.50% 36,570 9,762 5.8 99.7% 203 Pacific Highway, St Leonards NSW 100% 113.0 7.13% 11,727 9,636
Slide 34: 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 35: Australia
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