Centuria Industrial Reit · ASX:CIP
Centuria Industrial Reit — FY2025 Earnings Presentation
44 slides from Centuria Industrial Reit's earnings presentation, Aug 6, 2025
Slide 1: Centuria Industrial REIT FY25 results
6 AUGUST 2025 | ASX:CIP Centuria Industrial REIT FY25 results SOUTHSIDE INDUSTRIAL ESTATE VIC
Slide 2: Speakers
Speakers Jesse Curtis Grant Nichols Michael Ching Head of Funds Management – Head of Listed Funds & Fund Manager – Assistant Fund Manager – Centuria Capital Limited Centuria Industrial REIT Centuria Industrial REIT Centuria ASX:CIP 2
Slide 3: Agenda
204-208 BANNISTER ROAD, CANNING VALE WA Acknowledgement of Country Our Group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owners of the land in each country, to their unique cultures and to their Elders past and present. Agenda 1.
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 CIP 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
12-13 & 14-17 DANSU COURT, HALLAM VIC Overview Section one
Slide 6: CIP: Vision, strategy and objectives
CIP: Vision, strategy and objectives VISION A clear and simple strategy To be Australia’s Deliver income and capital growth to investors from a portfolio of leading domestic pure high-quality Australian industrial assets. play industrial REIT. Key objectives Centuria Industrial REIT (CIP) Australia’
Slide 7: FY25 highlights
FY25 highlights PORTFOLIO FINANCIAL $140m divestments achieved 85% c.60% 17.5 cpu 5.8% Urban infill exposure Portfolio value FY25 FFO delivered Like-for-like NOI growth +12% premium to book1 underpinned by land3 in FY25 provides substantial opportunity for future valuation growth 95.1% 34% 33.2% $3.
Slide 8: Significant earnings upside remains
Significant earnings upside remains Earnings growth expected to accelerate over the medium term Lease expiry profile by % income Proportion under-rented 14.9% +5%p.a. average Net Operating 11.7% Income growth expected over the 18.5 medium term 8.9% Forecast downtime impedes FY26 earnings by 1.8 cent
Slide 9: Australian industrial markets: Low national vacancy with challenged supply pipeline
Australian industrial markets Low national vacancy with challenged supply pipeline Infill vacancy is almost half of urban fringe1 Market vs economic rents1 10.0% 300 250 Infill Non-Infill Vacancy Rate Vacancy Rate 200 2.4% 4.0% 5.0% 150 100 50 0.0% 0 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-24 Jun-20
Slide 10: Australian industrial markets
Australian industrial markets CIP average tenancy size of 7,600 sqm aligns with Urban infill markets and smaller tenancy sizes highest industrial leasing activity are outperforming Lease deals by warehouse size (by number)1 Vacancy by sub-market (‘000 sqm)1 100% 6% 1,200 11% 10% 11% 90% 19% 17% 80%
Slide 11: CIP’s infill portfolio construction capitalises on industry growth drivers
CIP’s infill portfolio construction capitalises on industry CIP portfolio growth drivers strategic metrics A predominantly infill portfolio Providing tenants with proximity to customer bases and Exposure to growth sub-sectors Significant portfolio exposure to ecommerce, data centres 85% reliable, sk
Slide 12: Financial results
7-11 & 25-27 GAUGE CIRCUIT, CANNING VALE WA Financial results Section two
Slide 13: Funds from operations (FFO)
67-69 MANDOON ROAD, GIRRAWEEN NSW Funds from operations (FFO)1 Revenue FY25 FY24 Variance Strong re-leasing spreads Net property income $m 192.3 180.9 11.5 driving 5.8% like for like NOI growth Other income $m (0.0) 2.2 (2.2) Share of net profit of equity accounted investments $m 3.5 3.1 0.4 Interes
Slide 14: Capital management
Capital management $455m refinanced Strong lender support on competitive terms in FY25 Strong balance sheet maintained with 33.2%1,2 proforma gearing. 86% debt hedged3 Baa2 stable Moody’s rating maintained Debt and hedge maturity profile ($m) Domestic and International banks 350 A$MTN Exchangeable n
Slide 15: Operational performance
82 RODEO DRIVE, GREGORY HILLS NSW Operational performance Section three
Slide 16: Australia’s largest listed domestic pure-play industrial REIT
Australia’s largest listed domestic 100% exposure to Australian industrial property pure-play industrial REIT Portfolio snapshot FY251 WA 9% Qld 20% Number of assets # 87 total portfolio total portfolio Book value $m 3,890 WACR % 5.86 5.1 yrs 9.2 yrs WALE WALE GLA sqm 1,293,790 Average asset size sq
Slide 17: High quality tenant customers
High quality tenant customers CIP’s portfolio is constructed to attract and service some of Australia's best industrial Leveraging CIP’s scale to tenant customers generate a ‘networking effect’ to grow and service customers Tenant industry sector diversifications 1 across multiple locations. Strong
Slide 18: Disposals consistently above book value support buy-back rationale
Disposals consistently FY25 non-core divestments above book value support buy-back rationale $140m of divestments in FY25 at an average 12% premium to book value1 69 RIVERGATE PLACE, MURARRIE QLD2 680 BOUNDARY ROAD, RICHLANDS QLD3 $42.0m / 15% premium to book value $38.0m / 23% premium to book value
Slide 19: FY25 strategic acquisitions
FY25 strategic Unlocking organic • Strong track record in creating critical mass and future redevelopment optionality in land constrained markets. growth opportunities acquisitions across CIP’s deliberately • Strategic consolidation achieved through targeted individual acquisitions. • Fit for purpos
Slide 20: Portfolio valuations
Portfolio valuations FY25 valuation FY24 Valuation valuation movement4 FY25 FY24 Movement ($’000) ($’000) ($’000) WACR1 WACR1 WACR1 Like for like portfolio/ weighted 3,841 3,737 104 5.86% 5.79% 0.07% average summary5,6 c.42% of the portfolio by value Acquisitions 20 - 20 6.18% externally revalued in
Slide 21: CIP ESG highlights
21 JAY STREET, TOWNSVILLE QLD CIP ESG highlights Climate change (Environment) Responsible business practices (Governance) Targeting zero scope 2 emissions by 20281 Targeting portfolio-wide Green Star Performance v2.0 rating Valued stakeholders (Social) GRESB participation with results expected in Oc
Slide 22: Development
ARTIST IMPRESSION: 346 BOUNDARY ROAD, DERRIMUT VIC Development Section four
Slide 23: Development summary
Development summary Strategic divestments can continue to support development funding requirements CIP has established a track record in unlocking embedded value from Current project estimates infill sites. 1 ~21,000 sqm ~$34m ~$47m project GLA Devex end value2 Completed projects 12-24 month pipelin
Slide 24: CIP data centre exposure
TELSTRA DATA CENTRE, CLAYTON VIC CIP data centre exposure Next wave of data centre expansion • CIP manages over $450 million • Cloud and enterprise co-location remains strong but of data centre properties. the growth of AI workloads is driving demand for data centre capacity, power and cooling. • Bl
Slide 25: Outlook and guidance
870 & 876 LORIMER STREET, PORT MELBOURNE VIC Outlook and guidance Section five
Slide 26: FY26 priorities
9-13 CARIBOU DRIVE, DIREK SA FY26 priorities Generate further earnings growth through leasing and +5.0% p.a. mark to market of significant under-renting. Projected NOI growth over the medium term Generate earnings and NTA accretion via conducting c.20% under-renting1 an on market buy-back. +12% prem
Slide 27: FY26 guidance
WETHERILL PARK INDUSTRIAL ESTATE NSW FY26 guidance1 FFO per unit1 18.0c – 18.5c Up to 6% above FY25 Distribution per unit1 16.8c 3% above FY25 Distributions expected to be paid in quarterly instalments 1. Guidance remains subject to unforeseen circumstances and material changes in operating conditio
Slide 28: Appendices
STUDLEY COURT INDUSTRIAL ESTATE VIC Appendices Section six Appendix A: Growth drivers for industrial real estate Appendix B: Sydney and Melbourne industrial land supply Appendix C: Exposure to the major industrial sub-sectors Appendix D: CIP portfolio Appendix F: Lease expiry by state Appendix F: Ke
Slide 29: Appendix A: Growth drivers for industrial real estate
Appendix A: Growth drivers for industrial real estate Key themes providing market tailwinds Increased ecommerce Demographics1 Supply imbalance1 adoption1 • Each additional c.$1bn of online sales requires c.300,000 – • Recent population growth indicates c.5.5sqm of Australian • Higher construction co
Slide 30: Appendix B: Sydney and Melbourne industrial land supply
Appendix B Sydney industrial land supply • New land supply concentrated around the new Badgerys Creek Airport precinct, Kemps Creek and Eastern Creek. • Current planning delays and increased infrastructure costs delaying new supply coming to market. CIP’s portfolio is well positioned in supply const
Slide 31: Appendix C: Exposure to the major industrial sub-sectors
Appendix C: Exposure to the major industrial sub-sectors1 A well-balanced portfolio across the major industrial sub-sectors Distribution centres Manufacturing and Transport logistics Data centres Cold storage production 42% portfolio 24% portfolio 14% portfolio 12% portfolio 7% portfolio value value
Slide 32: Appendix D: CIP portfolio
1 ASHBURN ROAD, BUNDAMBA QLD Appendix D: CIP portfolio An active portfolio providing exposure to strong market rental growth and value-add opportunities Active portfolio1,2 Long WALE portfolio 85 2 assets assets Active portfolio • An active portfolio providing exposure to strong market $3,221m $670m
Slide 33: Appendix E: Leasing expiry by state
Appendix E: Leasing expiry by state Sub portfolio expiry profile (% by income) WALE OCCUPANCY GLA WALE OCCUPANCY GLA NSW Vic 4.1yrs 90.9% 388,483 sqm 9.4yrs 97.2% 406,611sqm 50.6 52.9 19.7 14.3 11.7 14.0 7.8 9.1 8.5 4.8 3.9 2.8 Vacant FY26 FY27 FY28 FY29 FY30+ Vacant FY26 FY27 FY28 FY29 FY30+ WALE O
Slide 34: Appendix F: Key vacancies and upcoming expiries
23-41 GALWAY AVENUE, MARLESTON SA Appendix F: Key vacancies and upcoming expiries Current key vacancies1 GLA (SQM) % of portfolio area 56-88 Lisbon Street, Fairfield East 23,588 1.8 22 Hawkins Crescent, Bundamba 18,956 1.5 90 Bolinda Road, Campbellfield 9,311 0.7 164-166 Newton Road, Wetherill Park
Slide 35: Appendix G: Income statement
149 KERRY ROAD, ARCHERFIELD QLD Appendix G: Income statement FY25 FY24 Revenue Net property income $’000 192,323 180,812 Other income $’000 0 2,231 Share of net profit of equity accounted investments $’000 3,468 3,117 Interest income $’000 1,364 1,436 Total revenue $'000 197,155 187,596 Expenses Res
Slide 36: Appendix H: FFO Reconciliation
140 FULTON DRIVE, DERRIMUT VIC Appendix H: FFO Reconciliation FY25 FY24 Statutory net profit (attributable to CIP) ($'000) 133,061 48,149 Straight lining of rental income ($'000) (8,782) (6,179) Net (gain) on fair value of investment properties ($'000) (47,416) 37,880 (Gain) / loss on swap revaluati
Slide 37: Appendix I: Balance sheet
29 PENELOPE CRESCENT, ARNDELL PARK NSW Appendix I: Balance sheet FY25 FY24 Cash $’000 15,038 16,536 Investment properties $’000 3,819,555 3,764,000 Equity accounted investments $’000 71,168 71,015 Trade & other receivables $’000 22,149 19,488 Derivative financial instruments $’000 510 12,380 Total a
Slide 38: Appendix J: Hedging profile
60-80 SOUTHLINK ROAD, PARKINSON QLD Appendix J: Hedging profile millions $800 3.5% 751 $700 3.2% 3.2% 3.2% 3.0% 3.0% $600 $500 2.5% 417 $400 2.0% $300 217 $200 1.5% $100 34 $0 1.0% FY26 FY27 FY28 FY29 1 Avg. hedging Avg. hedge rate • Average hedging and hedge rate above excludes the $300m exchangeab
Slide 39: Appendix K: Portfolio valuation summary
10-12 WILLIAMSON ROAD, INGLEBURN NSW FY25 FY24 Movement Appendix K: valuation valuation Valuation movement3 FY25 WACR4 FY24 WACR4 WACR4 ($M) ($M) ($M) (%) (%) (%) (BPS) Portfolio valuation State NSW 1,229 1,167 62 10.7% 5.78% 5.72% 0.06% summary1,2 Vic Qld 1,383 774 1,349 776 35 (2) 2.7% (0.3%) 5.60
Slide 40: Appendix L: Investment portfolio
Appendix L: Investment portfolio Property Ownership Book value ($m) Cap rate GLA (SQM) WALE (YRS)1 Occupancy %1 Sub sector NSW 56-88 Lisbon Street, Fairfield East 100% 200.0 5.50% 60,223 0.7 53.0% Distribution Centre 2 Woolworths Way, Warnervale 100% 105.0 6.25% 54,196 6.1 100.0% Distribution Centre
Slide 41: Appendix L: Investment portfolio
Appendix L: Investment portfolio Property Ownership Book value ($m) Cap rate GLA (SQM) WALE (YRS)1 Occupancy %1 Sub sector Vic (continued) 14-17 Dansu Court, Hallam 100% 35.0 6.25% 17,070 4.3 100.0% Transport Logistics 500 Princes Highway, Noble Park 100% 33.3 7.00% 13,925 2.7 91.0% Transport Logist
Slide 42: Appendix L: Investment portfolio
Appendix L: Investment portfolio Property Ownership Book value ($m) Cap rate GLA (SQM) WALE (YRS)1 Occupancy %1 Sub sector Qld (continued) 21 Jay Street, Townsville 100% 28.3 7.50% 10,291 6.9 100.0% Distribution Centre 1 Ashburn Road, Bundamba 50% 24.0 6.75% 13,314 4.6 100.0% Distribution Centre 5/2
Slide 43: Disclaimer
Disclaimer This presentation has been prepared by Centuria Property Funds No.2 Limited (ABN 38 133 363 185, AFSL 340304) (CPF2L) as responsible entity of Centuria Industrial REIT (ARSN 099 680 252) (‘CIP’ or the ‘Trust’). This presentation contains selected summary information and does not purport t
Slide 44: 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
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