ARENA REIT. — AGM Information 2021

Nov 24, 2021

AR ENA REIT

Annual General Meeting

25 November 2021

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ARENA DIRECTORS

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From left: Gareth Winter, David Ross, Rob de Vos, Rosemary Hartnett, Dennis Wildenburg, Simon Parsons.

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AGENDA

Instructions for virtual meeting 4 Chair’s address 7 Managing Director’s report 11 Questions 16 Formal Business 17 Meeting Close 26 Important Notice 27

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ASKING QUESTIONS VIA LUMI

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• Type your question in the

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ASKING QUESTIONS VIA LUMI

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VOTING VIRTUALLY VIA LUMI

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CHAIR’S ADDRESS David Ross Chair

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FY21 HIGHLIGHTS

Continuing strong portfolio, investment and community outcomes

$165.4 million

Statutory net profit +116% on FY20

$51.9 million

Net operating profit

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+18.5% on FY20
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• 18.5% growth in net operating profit driven by contracted rental growth, acquisitions and development completions and lower finance costs.

• 15% growth in NAV reflects the essential nature of early learning (ELC) and healthcare properties.

• $106 million of capital deployed in FY21:

• $40 million acquisition of seven operating ELC properties; and

• Continued delivery of development completions and expanded development pipeline.

• Divestment of six ELC properties at 16% premium to book value.

15.2 cents

14.8 cents

Earnings per security[4] Distributions per (EPS) security (DPS)

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+4.5% on FY20
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+5.7% on FY20
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• Existing long WALE further increased to 20.1[1] years.

• .

• Gearing ratio of 19.9%[2]

• FY22 DPS guidance of 15.8 cents per security, an increase of 6.8%[3 ] on FY21.

• Post balance date portfolio lease renegotiation with Goodstart included an increase of 25 years of term on 87 ELC properties.

• Gearing calculated as ratio of net borrowings over total assets less cash.

• Guidance is estimated on a status quo basis assuming no new acquisitions or disposals, all developments in progress are completed in line with forecast assumptions, tenants comply with their existing or adjusted lease obligations and is based on Arena’s current assessment of the future impact of COVID-19 pandemic (which is subject to a wide range of uncertainties) and assumes ongoing government support of the early learning sector.

• EPS is calculated as net operating profit over weighted average number of securities on issue.

$2.56

Net Asset Value (NAV) per security

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+15% on FY20
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20.1 years[1]

Weighted Average Lease Expiry (WALE)

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+6.1 years on FY20
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• SUSTAINABILTY Investment proposition and approach drives sustainable and commercial outcomes

Key FY2021 Sustainability Outcomes

• Completed external stakeholder materiality assessment.

• Completed independent review of remuneration framework for implementation in FY22.

• Reported fully against the GRI, partially against SASB and in more detail against the UN SDG’s.

• Additional 45% of properties agreed to install solar renewable energy; 67% of total properties have now agreed to install solar renewable energy.

• Created a dedicated renewable energy dashboard for tenants.

• Developing model to forecast future savings of electricity, carbon emissions and monetary saving.

• Results of employee engagement survey improved.

• Tenant partner survey results informed Arena’s approach to actively engage on Partnerships for Change.

• Commenced inaugural community partnership with RizeUp.

Key FY2022 Sustainability Goals

• Collaborate with tenant partners on appropriately identified ESG initiatives and report progress.

• Report on collaboration with tenant partners regarding installing solar renewable energy systems.

• Report on renewable energy production for properties where it has been installed.

• Outline an organisational carbon emission reduction plan.

• Outline a carbon emission reduction plan for Arena’s property portfolio.

• Outline a plan to align with the TCFD.

• Voluntarily opt into Modern Slavery reporting.

• Extend and disclose Arena’s approach to various employee initiatives including relevant statistics.

• Implement company specific policies/procedures for managing ESG risks.

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DELIVERING ON INVESTMENT OBJECTIVE

To generate attractive and predictable distributions to investors with earnings growth prospects over the medium to long term.

• FY22 DPS guidance of 15.8 CPS +6.8% on FY21[1.]

• Earnings and distribution growth underpinned by core earnings drivers.

• FY22 distribution guidance is estimated on a status quo basis assuming no new acquisitions or disposals, all developments in progress are completed in line with forecast assumptions, tenants comply with their existing or adjusted lease obligations and is based on Arena’s current assessment of the future impact of COVID-19 pandemic (which is subject to a wide range of uncertainties) and assumes ongoing government support of the early learning sector.

Earnings and distributions per security (cents)

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15.8
15.2
14.8
14.6
15
14.0
13.8
13.5
13.1
12.8
12.3
12.0
11.1
10.9
10.2
10.0
10
8.8 8.9
5
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
- - -
DPS (cents) EPS (cents) DPS Guidance (cents)
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MANAGING DIRECTOR’S REPORT

Rob de Vos Managing Director

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DELIVERING ON STRATEGY Strategy discipline and working in partnership continue to deliver positive outcomes

Working in partnership:

Portfolio management:

• Portfolio weighted average lease expiry (by income) increased to 20.1[1,2] years.

• Six ELC properties sold at average premium of 16% to book value.

• • Net valuation uplift of $107.6 million.

• • Portfolio weighted average passing yield 5.77%.

Lease management:

• Post balance date portfolio lease renegotiation with Goodstart on 87 .

• ELC properties across Australia[2]

• • 100% portfolio occupancy.

• Average FY21 like-for-like rent increase of +3.3%[3] .

• Pro-forma WALE as at 30 June 2021.

• Arena REIT (ASX: ARF) ASX Announcement Market Update 29 July 2021.

• Continue to rollout the installation of renewable energy systems.

• • Completed rejuvenation of six ELCs in partnership with two tenant groups.

• • All tenant partners remain compliant with .

• COVID-19 rent relief agreements[4]

Investment and developments:

• Seven operating properties acquired at an average net initial yield of 6.1% on total cost with initial weighted average lease expiry of 27.3 years.

• 14 ELC developments completed at an average net initial yield on total cost of 6.6% with initial weighted average lease expiry of 20.8 years.

• Nine new ELC development projects acquired with forecast total cost of $54 million[5] .

1. Includes 25 market rent reviews from FY20 which were all resolved at an average increase of +6.5%.

2. Under the National Cabinet Mandatory Code of Conduct landlords are obliged to provide eligible tenants rental relief in proportion to the reduction in trade resulting from COVID-19.

3. Excludes two ELC projects that were conditionally contracted prior to, and one ELC project that was unconditionally contracted post, 30 June 2021.

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• CONTRIBUTORS TO EPS GROWTH Rental growth and development completions supporting EPS growth

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0.85 - 0.15 - 0.60 15.20
16
14.55 0.55
14
12
10
8
6
FY20 EPS Contracted like-for-like Completed developments, Net operating expenses and Funding mix - equity FY21 EPS
rental income growth acquisitions and disposals other income
cents per share
1
EPS
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1. EPS is calculated as net operating profit over weighted average number of securities on issue.

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PORTFOLIO OVERVIEW	PORTFOLIO OVERVIEW	PORTFOLIO OVERVIEW	PORTFOLIO OVERVIEW	PORTFOLIO OVERVIEW	PORTFOLIO OVERVIEW	PORTFOLIO OVERVIEW
	Number of assets	30 June 2021 valuation	Net valuation movement versus 30 June 2020		30 June 2021 passing yield	Change versus 30 June 2020
		$m	$m	%	%	bps
ELC portfolio	238	959	+92.0	+11.8%	5.84%	(40)
Healthcare portfolio	11	153	+15.6	+11.4%	5.34%	(78)
Total portfolio	249	1,112	+107.6	+11.8%	5.77%	(45)
86% 14% Sector diversity (by value) ELC Healthcare 34% 29% 20% 8% 6% 3% 1% Geographic diversity (descending by value) QLD VIC NSW WA SA TAS NT 27 17 10% 7% 6% 6% 4% 3% 2% 18% Tenant diversity (descending by income) Goodstart Green Leaves BGH Fund Affinity G8 Education Edge Petit Oxanda SACare Other

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Goodstart
Green Leaves 18%
27%
BGH Fund
Affinity
2%
G8 Education
3%
Edge
Petit 4%
Oxanda
6%
SACare
Other
6%
17%
7%
10%
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Totals may not add due to rounding.

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OUTLOOK

• Long term income predictability with inflation protection

INCOME GROWTH

• FY22 distribution guidance of 15.8 cents per security, an increase of 6.8%[1] on FY21.

• Annual rent increases:

• 76% of rent reviews in FY22 and FY23 will increase at the higher of an agreed fixed amount or CPI; and

• o 16% of FY24 reviews are market rent reviews.

• Full impact of FY21 and partial impact of FY22 acquisitions and development completions.

• .

• $91 million development pipeline comprising 15 ELC projects[2]

OUTLOOK

• Essential nature of early learning and healthcare reinforced through COVID-19 period.

• Gearing[3] at 19.9%, no debt expiry until March 2024.

• Proven ability to secure and execute on high quality opportunities while maintaining a disciplined investment process for opportunities that meet Arena’s preferred property characteristics.

• Guidance is estimated on a status quo basis assuming no new acquisitions or disposals, all developments in progress are completed in line with forecast assumptions, tenants comply with their existing or adjusted lease obligations and is based on Arena’s current assessment of the future impact of COVID-19 pandemic (which is subject to a wide range of uncertainties) and assumes ongoing government support of the early learning sector.

• Includes two ELC projects that were conditionally contracted prior to, and one ELC project that was unconditionally contracted post, 30 June 2021.

Investment objective: To deliver an attractive and predictable distribution to investors with earnings growth prospects over the medium to long term.

1. Gearing calculated as ratio of net borrowings over total assets less cash.

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QUESTIONS

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FORMAL BUSINESS

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ORDINARY BUSINESS

Financial Reports

To receive and consider the Financial Report, the Directors’ Report and the Auditor’s Report, each for the financial year ended 30 June 2021.

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ORDINARY BUSINESS Resolution 1: Non-binding advisory vote on the Remuneration Report To consider and, if thought fit, pass the following as an advisory resolution of the Company:

• ‘That the Remuneration Report for the financial year ended 30 June 2021 be adopted.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 1(%)	95.67%	3.75%	0.58%
Proxyvotes for Resolution 1(quantity)	205,318,047	8,057,425	1,234,732	8,857,467

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OTHER BUSINESS Resolution 2: Election of Mr Dennis Wildenburg as a director of the Company To consider and, if thought fit, pass the following as an ordinary resolution of the Company:

• ‘That Mr Dennis Wildenburg who retires by rotation in accordance with ASX Listing Rules 14.4 and 14.5 and,

• being eligible, offers himself for re-election, be re-elected as a director of the Company.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 2(%)	96.18%	3.26%	0.56%
Proxyvotes for Resolution 2(quantity)	208,041,562	7,051,585	1,216,294	8,943,766

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OTHER BUSINESS Resolution 3: Grant of deferred STI rights to Mr Rob de Vos

• To consider and, if thought fit, pass the following as separate ordinary resolutions of the Company and each of the Trusts: ‘That for the purposes of ASX Listing Rule 10.14 and for all other purposes, the grant to the Managing

• Director, Mr Rob de Vos, of rights as his deferred short term incentive under the Arena REIT Deferred Short Term and Long Term Incentive Plan on the terms set out in the Explanatory Memorandum to this Notice of Meeting, is approved.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 3(%)	99.11%	0.32%	0.57%
Proxyvotes for Resolution 3(quantity)	212,964,126	696,379	1,221,283	9,583,640

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OTHER BUSINESS Resolution 4: Grant of LTI performance rights to Mr Rob de Vos

• To consider and, if thought fit, pass the following as separate ordinary resolutions of the Company and each of the Trusts: ‘That for the purposes of ASX Listing Rule 10.14 and for all other purposes, the grant to the Managing

• Director, Mr Rob de Vos, of performance rights as his long term incentive under the Arena REIT Deferred Short Term and Long Term Incentive Plan on the terms set out in the Explanatory Memorandum to this Notice of Meeting, is approved.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 4(%)	99.06%	0.37%	0.57%
Proxyvotes for Resolution 4(quantity)	212,869,332	792,763	1,221,283	9,582,050

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OTHER BUSINESS Resolution 5: Grant of deferred STI rights to Mr Gareth Winter

To consider and, if thought fit, pass the following as separate ordinary resolutions of the Company and each of the Trusts:

• ‘That for the purposes of ASX Listing Rule 10.14 and for all other purposes, the grant to the chief financial

• officer and an executive director of the Responsible Entity, Mr Gareth Winter, of rights as his deferred short term incentive under the Arena REIT Deferred Short Term and Long Term Incentive Plan on the terms set out in the Explanatory Memorandum to this Notice of Meeting, is approved.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 5(%)	99.08%	0.35%	0.57%
Proxyvotes for Resolution 5(quantity)	212,904,489	754,159	1,221,283	9,582,050

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OTHER BUSINESS Resolution 6: Grant of LTI performance rights to Mr Gareth Winter

To consider and, if thought fit, pass the following as separate ordinary resolutions of the Company and each of the Trusts:

• ‘That for the purposes of ASX Listing Rule 10.14 and for all other purposes, the grant to the chief financial

• officer and an executive director of the Responsible Entity, Mr Gareth Winter, of performance rights as his long term incentive under the Arena REIT Deferred Short Term and Long Term Incentive Plan on the terms set out in the Explanatory Memorandum to this Notice of Meeting, is approved.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 6(%)	99.06%	0.37%	0.57%
Proxyvotes for Resolution 6(quantity)	212,865,885	790,263	1,223,783	9,582,050

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OTHER BUSINESS

Resolution 7: Remuneration of non-executive directors

• To consider and, if thought fit, pass the following as an ordinary resolution of the Company: ‘That, in accordance with clause 2.11(a) of the Company constitution and ASX Listing Rule 10.17, the

• maximum total aggregate amount of fees payable to the non-executive directors be increased to $1,000,000 per annum.’

Proxy voting results	For	Against	Open	Abstain
Proxyvotes for Resolution 7(%)	99.02%	0.32%	0.58%
Proxyvotes for Resolution 7(quantity)	212,734,243	692,277	1,246,639	8,791,065

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MEETING CLOSE

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IMPORTANT NOTICE

This presentation has been prepared by Arena REIT (Arena) comprising Arena REIT Limited (ACN 602 365 186), Arena REIT Management Limited (ACN 600 069 761 AFSL No. 465754) as responsible entity of Arena REIT No.1 (ARSN 106 891 641) and Arena REIT No.2 (ARSN 101 067 878 ) and is authorised to be given to the ASX by Gareth Winter, The information contained in this document is current as at 30 June 2021 or as otherwise stated herein. This document is for information Company Secretary. only purposes only and only intended for the audience to whom it is presented. This document contains selected information and should be read in conjunction with the Annual Report for the full-year ended 30 June 2021 lodged with the ASX on 28 September 2021 and other ASX announcements released from time to time. This document may not be reproduced or distributed without Arena’s prior written consent. The information contained in this document is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Arena has not considered the investment objectives, financial circumstances or particular needs of any particular recipient. You should consider your own financial situation, objectives and needs, conduct an independent investigation of, and if necessary obtain professional advice in relation to, this document.

Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this document. By receiving this document and to the extent permitted by law, you release Arena and its directors, officers, employees, agents, advisers and associates from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or any loss or damage arising from negligence) arising as a result of the reliance by you or any other person on anything contained in or omitted from this document.

This document contains certain forward-looking statements along with certain forecast financial information. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “guidance”, “estimate”, “outlook”, “upside”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan”, and other similar expressions are intended to identify forward-looking statements. The forward-looking statements are made only as at the date of this document and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Arena and its directors. Such statements reflect the current expectations of Arena concerning future results and events, and are not guarantees of future performance. Actual results or outcomes for Arena may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements or forecasts. Other than as required by law, although they believe that there is a reasonable basis for the forward-looking statements, neither Arena nor any other person (including any director, officer or employee of Arena or any related body corporate) gives any representation, assurance or guarantee (express or implied) that the occurrence of these events, or the results, performance or achievements expressed in or implied by any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on such forward-looking statements. Risk factors (which could be unknown or unpredictable or result from a variation in the assumptions underlying the forecasts) could cause actual results to differ materially from those expressed, implied or projected in any forward-looking statements or forecast. Past performance is not an indicator or guarantee of future performance or results.

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