30 slides from Centurion Accommodation Reit's earnings presentation, Feb 23, 2026
Slide 1: Centurion Accommodation REIT Financial Period 2025 Financial Results
Centurion Accommodation REIT Financial Period 2025 Financial Results 23 February 2026 Westlite Ubi, Singapore
Slide 2: Important Notice
IMPORTANT NOTICE The past performance of Centurion Accommodation REIT ("CAREIT") is not indicative of the future performance of CAREIT. Similarly, the past performance of the Centurion Asset Management Pte. Ltd., as manager of CAREIT (the "Manager") is not indicative of the future performance of the
Slide 3: Key Highlights Portfolio Management Financial Performance
01 Key Highlights 04 Portfolio Management 02 Financial Performance 05 Market Outlook 03 Capital Management 06 Key Strategies dwell Manchester Student Village United Kingdom
Slide 4: Key Highlights
01 Key Highlights Epiisod Macquarie Park, Australia
Slide 5: Key Highlights
Key Highlights For financial period from 12 August 2025 (Date of Constitution) to 31 December 2025 Financial Performance Capital Management Portfolio Management Actual(1) Forecast(2) Actual(1) Forecast(3) Actual(1) Forecast(3) Revenue S$50.7m Aggregate 30.7% PBWA S$49.0m (22.1% as at 31 31.0% Portfo
Slide 6: Key Highlights PBWA Portfolio Updates since IPO
Key Highlights PBWA Portfolio Updates since IPO Westlite Toh Guan Westlite Mandai Westlite Ubi Key Updates Key Updates Key Updates 1. Toh Guan Development of New Block (c.1,764 beds) 1. 10 February 2026: Received provisional permission 1. Mandai Development of New Block (c.3,696 beds) ▪ 25 October 2
Slide 7: Key Highlights PBSA Portfolio Updates since IPO
Key Highlights PBSA Portfolio Updates since IPO Epiisod Macquarie Park Key Updates 1. 13 January 2026: Acquisition of 732-bed Epiisod Macquarie Park following the receipt of Practical completion Structure 1. Master Lease in place with Vendor until 31 December 2027 2. Master Lease provides fixed rent
Slide 8: Key Highlights since IPO
Key Highlights since IPO Industry Recognition 6 Rated Analyst Coverage Sustainability IFR Asia Awards 2025 Singapore Capital Markets Deal of the Year Level 2 EDGE Advanced certification achieved for Westlite Woodlands and The Asset Triple A Awards for Westlite Toh Guan Sustainable Finance 2026 Signi
Slide 9: Distribution Details & Comparative Yields
Distribution Details & Comparative Yields Centurion Accommodation REIT (Code: 8C8U) Comparative Yields(2) 7.00% (1) Distribution per Unit 1.739 Singapore cents 5.84% 6.00% 25 September 2025 Distribution Period 4.73% to 31 December 2025 5.00% 4.56% 4.31% Ex-Date 2 March 2026, Monday 4.00% 3.00% Recor
Slide 10: Financial Performance
02 Financial Performance Westlite Juniper, Singapore
Slide 11: Financial Performance
Financial Performance For financial period from 12 August 2025 (Date of Constitution) to 31 December 2025 S$’000 +/(-) Actual Forecast(1) unless otherwise stated % Gross revenue 50,651 49,006 3.4% Net Property Income of S$36.1 million was 4.1% higher than Forecast due to higher rental rates achieved
Slide 12: Balance Sheet
Balance Sheet As at 31 December 2025 S$’000 As at unless otherwise stated 31 December 2025 Investment Properties 1,884,420 Other Assets include cash and bank balances of S$78.6 Other Assets 115,641 million and acquisition cost for an investment property acquired subsequent to year end of S$16.7 mill
Slide 13: Capital Management
03 Capital Management dwell Hotwells House, United Kingdom
Slide 14: Proactive Capital Management
Proactive Capital Management As at 31 December 2025 Forecast Gross Borrowings Outstanding S$376.1m - Aggregate Leverage(1) 22.1% - 55.8% 44.2% Weighted Average Financing Cost 3.46%(2) 4.16% Fixed rates Variable rates Weighted Average Debt Maturity 4.3 years - Interest Coverage Ratio(3) 6.60x 4.70x 5
Slide 15: Debt Maturity Profile
Debt Maturity Profile Post-acquisition of Epiisod Macquarie Park ▪ Aggregate Leverage at 30.7% with debt headroom of S$348.0 million based on 40% gearing ▪ No debt maturing till FY2028 ▪ Debt drawn in local currency to provide natural hedge Debt Profile 6.8% 32.4% 60.8% 190.0 S$ (million) S$233.2m U
Slide 16: Portfolio Management
04 Portfolio Management dwell Weston Court, United Kingdom
Slide 17: CAREIT Portfolio as at December 2025
CAREIT Portfolio as at 31 December 2025 with exposure to PBWA and PBSA 97.6% S$1.88b 14 c.25,154 6 cities PBWA occupancy Portfolio Valuation operational properties operational beds in 3 countries 99.1% United Kingdom PBSA occupancy Singapore Australia Woodlands Manchester 3 10 Mandai 6 8 2 4 Liverpo
Slide 18: Portfolio Occupancy as at December 2025
Portfolio Occupancy as at 31 December 2025 FP 2025(1) FP 2025(1) Location Title and Tenure Number of Beds Occupancy rate Singapore PBWA 22,382 97.6% Leasehold 60 yrs 1 Westlite Toh Guan Toh Guan Road East 8,430(2) 94.6% (from 1 Dec 1997) Leasehold 32 yrs 2 Westlite Mandai Mandai Estate 6,290(3) 98.7
Slide 19: Portfolio Valuation as at December 2025
Portfolio Valuation as at 31 December 2025 Valuation Valuation Variance (S$m) Capitalisation Rates As at 31 Dec 2025(1) (S$m) At IPO(2) (S$m) Singapore PBWA portfolio 1,398.0 1,348.3 49.7 Westlite Toh Guan 459.0(3) 448.2(4) 10.8 Westlite Mandai 544.0(5) 500.0(6) 44.0 SG PBWA Westlite Woodlands 182.0
Slide 20: Portfolio Composition as at December 2025
Portfolio Composition as at 31 December 2025 Freehold or Leasehold Remaining Leasehold Remaining Leasehold Remaining >30 years(1)(2) 25 - 30 years(1)(2) < 25 years(1)(2) 84.5% 5.8% 9.7% Portfolio by Valuation (2) Portfolio by Net Property Income (4) AU 2.90% AU 2.81% UK UK 22.90% 20.13% S$1.88b Port
Slide 21: PBWA Top Tenants & Sector Contribution
PBWA Top 10 Tenants & Sector Contribution By Gross Rental Income 79% of revenue is derived from the construction industry, while the top 10 tenants(1) contribute only 7.26% of gross rental income, reflecting low concentration risk Tenant Sector Contribution 6.0% 6.0% 9.0% 79.0% (2) Construction Mari
Slide 22: PBSA Sector Contribution
PBSA Sector Contribution By Gross Rental Income United Kingdom Australia(2) United Kingdom (Domestic) China India China India Malaysia 62% 18% 4% 71% 7% 4% Nationality Malaysia Taiwan Others Australia Vietnam Others 2% 1% 13% (Domestic) 3% 3% 12% Others(1) Others(1) (1%) Post-Graduate Post-Graduate
Slide 23: Market Outlook
05 Market Outlook Westlite Woodlands, Singapore
Slide 24: Singapore PBWA continues to benefit from favorable fundamentals
Singapore PBWA continues to benefit from favorable fundamentals High demand for foreign workers, driven by strength in construction and processing sectors… 2025(1) (Marine Shipyard) (Process) Singapore Construction Marine & Offshore Singapore Dormitory Transition Scheme (DTS) introduced to Chemicals
Slide 25: United Kingdom PBSA
United Kingdom PBSA Resilient Demand Supported by Domestic Student Growth and Moderating Supply Resilient UK PBSA demand, supported by domestic-led student growth… 2025 UK Study visa main applicants(1) 473,667 5.0% CAGR 426,300 United Kingdom PBSA Supply(4) 404,985 ▲ 7,725 beds ▲1.0% 2023 2024 2025
Slide 26: Australia PBSA
Australia PBSA International-Led Student Growth Continues to Outpace Supply Strong international-led student growth in Australia… 295,000 cap limit (▲ 9% from 2025’s limit) for 2026 National Planning Level New Overseas Student Commencements(1) Australia PBSA Supply & Pipeline(3) Australia higher edu
Slide 27: Key Strategies
06 Key Strategies dwell Princess Street, United Kingdom
Slide 28: CAREIT Strategy Framework
CAREIT Strategy Framework To invest, directly or indirectly, in income-producing PBWA, PBSA and other accommodation assets Investment Mandate globally (excluding Malaysia), as well as real estate-related assets Key Objective To deliver attractive and sustainable returns through stable distributions
Slide 29: CAREIT Sponsored by Centurion Corporation Ltd
CAREIT Sponsored by Centurion Corporation Ltd Committed and Reputable sponsor with significant unitholding to provide alignment and long-term growth visibility CAREIT benefits from sponsor’s operating scale, local market Owner, developer and manager of Global Living Sector Assets with expertise and
Slide 30: The End
The End For enquiries, please contact: Ms Chen Xin Yu, Investor Relations Manager Tel: (65) 6501 3161 | Email: xinyu.chen@ca-reit.com https://www.careit.com.sg | https://www.linkedin.com/company/centurion-accommodation-reit dwell East End Adelaide, Australia