CENTURIA OFFICE REIT

100 BROOKES STREET, FORTITUDE VALLEY, QLD

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FY21 RESULTS

ASX: COF | 03 AUG 2021

C E N T U R I A O F F I C E R E I T A S X : C O F

A QUALITY PORTFOLIO OF HIGHLY CONNECTED AND AFFORDABLE OFFICE SPACE WITHOUT SINGLE MARKET CONCENTRATION

COF: NISHI, 2 PHILIP LAW STREET, CANBERRA, ACT

Agenda

Vision, Strategy and Objectives

COF: 54 MARCUS CLARKE STREET, CANBERRA, ACT

COF: 60 MARCUS CLARKE STREET, CANBERRA, ACT

Overview
Financial Results
Portfolio Metrics
Market Overview & Guidance
Appendices

A S X : C O F

C E N T U R I A O F F I C E R E I T

COF CANBERRA PORTFOLIO

COF: Vision, strategy and objectives

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VISION

To be Australia’s leading pure play office REIT

COF

Australia’s largest ASX-listed pure play office REIT. Overseen by an active management team with deep real estate expertise. Strongly supported by Centuria Group.

A CLEAR AND SIMPLE STRATEGY

KEY OBJECTIVES

Focused on generating sustainable and quality income streams and executing initiatives to create value across a portfolio of quality Australian office assets

Portfolio Construction

A portfolio of Australian office assets diversified by geography, tenants and lease expiry

Active Management

Primarily focused on maintaining occupancy and extending portfolio WALE

Capital Management

A robust and diversified capital structure, with appropriate gearing

Unlock opportunities to create further value

Continue to enhance the portfolio and upgrade asset quality

C E N T U R I A O F F I C E R E I T A S X : C O F 3

COF provides quality, highly connected and affordable office space With exposure to Australia’s better performing office markets

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Balanced geographic Portfolio of Access to recreational Connectivity with key COF exposed market
diversification without
young assets amenity, essential retail transport nodes & rents average a
single market & hospitality reduced commute time significant discount to
concentration
Sydney CBD
✓ All assets within close ✓ All assets serviced by
✓ COF’s largest single ✓ Average asset age public transport links ✓ Avg. portfolio rents of
market exposure is c.17% c.17 years proximity to a mix of retail ✓ c.80% of assets within c.$465psm
and hospitality amenity
close proximity of heavy rail
42-46 COLINS STREET, WEST PERTH, WA 235 WILLIAM STREET, NORTHBRIDGE, WA 2 KENDALL STREET, WILLIAMS LANDING, VIC 201-203 PACIFIC HIGHWAY, ST LEONARDS, NSW
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C E N T U R I A O F F I C E R E I T A S X : C O F 4

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A PORTFOLIO WITHOUT
SINGLE MARKET
CONCENTRATION
SECTION TWO
Overview
ASX:COF
C E N T U R I A O F F I C E R E I T A S X : C O F 5
77 MARKET STREET, WOLLONGONG, NSW
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A leading Australasian real estate funds manager

CNI is the manager of COF and is included in the S&P/ASX200 Index

bn GROUP AUM $17.4

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$16.5bn REAL ESTATE AUM [1]
$5.5bn $11.0bn $0.9bn
LISTED REAL ESTATE UNLISTED REAL ESTATE INVESTMENT BONDS
CENTURIA LIFE
$3.1bn $2.1bn $0.3bn $7.9bn $1.6bn $1.5bn INVESTMENT BONDSCENTURIA
CENTURIA CENTURIA ASSET PLUS SINGLE MULTI MULTI ASSET
INDUSTRIAL REIT OFFICE REIT LIMITED ASSET ASSET OPEN END GUARDIAN FRIENDLY
ASX: CIP ASX: COF NZX: APL FUNDS FUNDS FUNDS SOCIETY
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Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding 1. Includes commenced development projects valued on an as if completed basis, cash and other assets

C E N T U R I A C A P I T A L G R O U P A S X : C N I

COF is aligned to a highly experienced real estate funds manager CNI manages COF as part of its Australasian real estate platform

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CENTURIA OFFICE REIT
(ASX: COF)
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35 ROBINA TOWN CENTRE DRIVE, ROBINA, QLD
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CENTURIA CAPITAL GROUP
(ASX: CNI)
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STRONG TRACK RECORD

Australia’s largest ASX listed pure play office REIT

Managing real estate funds for over 20 years, manager of COF since Dec-14 IPO

Included in the S&P/ ASX 300 Index

HANDS ON MANAGEMENT

In house property and facilities management with deep leasing and capital transaction capability

Positioned for potential inclusion in the FTSE EPRA Nareit Indices

SUBSTANTIAL COMMERCIAL PROPERTY PLATFORM

CO-INVESTMENT ALIGNMENT

$16.5bn AUM property platform provides economies of scale that benefit COF

CNI co-investment of 19.9%[1] – COF’s largest unitholder

C E N T U R I A O F F I C E R E I T A S X : C O F

Includes ownership by associates of Centuria Capital Group

Key metrics – Australia’s largest ASX listed pure play office REIT

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P O R T F O L I O F I N A N C I A L
22 $2.0bn 19.9cpu 16.5cpu 6.7% 25.0%
High quality Portfolio book value FY21 FFO FY21 DPU Forecast FY22 Twelve month
assets DPU yield [2] TSR [3]
93.1% 4.3yrs 98.3% 33.5% $2.48 $16.3m
Portfolio occupancy [1] Portfolio WALE [1] Average rent Gearing [5] 2H21 like for like
Net tangible
collections [4] assets valuation increase
July 2020 to June 2021 over book value
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By gross income
Based on COF closing price of $2.47 per unit on 30 July 2021
Total Securityholder Return (TSR) equals change in unit price during the period, plus distributions declared
As COVID-19 impacts and the National Code of Conduct on Commercial Leases remained active, it is possible that further rent relief claims could be received for FY21 period
Gearing is defined as total borrowings less cash divided by total assets less cash and goodwill

C E N T U R I A O F F I C E R E I T A S X : C O F

FY21 Summary

Consistently achieved substantial leasing success since IPO

Active management

Leases agreed[1] for over 52,077 sqm , representing 18.1% of the portfolio’s NLA
93.1% occupancy[2] , over 80% of income derived from multinational, ASX and government tenants
WALE[2] of 4.3 years
Refinanced $405m during 2H21
Weighted average debt term to maturity increased from 2.3 to 4.2 years

Capital management

Maintained low all-in cost of debt of 2.4%[3]
Ample undrawn debt of $107m
No debt tranche expiring until June 2024
22 high quality office assets with an average building age of 17 years
Highly sustainable portfolio, average NABERS Energy rating of 4.7 Stars

Portfolio construction

Balanced geographic diversification with exposure to Australia’s better performing office markets
Strong tenant covenants with Australian Federal and State Governments representing c. 27% of gross income
Diversified lease expiry profile, c. 63% of leases expiry at or beyond FY25

144 STIRLING STREET, PERTH, WA

Includes Heads of Agreement
By gross income
Effective interest rate as at 30 June 2021 includes floating rate, all-in margin (base and line fees) and fixed interest costs under existing swaps (excludes capitalised borrowing costs)

C E N T U R I A O F F I C E R E I T A S X : C O F

CONNECTIVITY TO KEY TRANSPORT

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SECTION THREE

Financial Results

ASX:COF

A S X : C O F

C E N T U R I A O F F I C E R E I T

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818 BOURKE STREET, DOCKLANDS, VIC

Funds from operations (FFO)

REVENUE		FY21	FY20	VARIANCE
Gross property income	$m	170.6	149.2	21.4
Interest income	$m	-	0.1	(0.1)
Total revenue	$m	170.6	149.3	21.3
EXPENSES
Direct property expenses	$m	35.0	31.6	3.4
Responsible entity fees	$m	11.5	10.4	1.1
Finance costs	$m	18.4	16.8	1.6
Management and other administrative expenses Expected credit loss and rental waiver expense	$m $m	2.3 1.2	2.0 3.2	0.3 (2.0)
Total expenses	$m	68.4	64.0	4.4
Funds from operations (FFO)	$m	102.2	85.4	16.8
Weighted average units on issue	m	514.5	459.3	55.2
Funds from operation per unit1	cpu	19.9	18.6	1.3
Distributions Distribution per unit Distribution yield2	$m cpu %	84.9 16.5 7.0	84.5 17.8 8.6	0.4 (1.3) (1.6)
Net tangible assets per unit3	$	2.48	2.49	(0.0)
Return on equity4	%	6.0	7.2	(1.2)
Payout ratio (% of FFO)	%	83.0	95.8	(12.8)

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FY21 benefited from the
Foxtel surrender payment
at 35 Robina Town Centre
Drive
FFO impact of
COVID-19 (2.3) cpu
Distributions per unit
(DPU) in line with FY21
guidance
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203 PACIFIC HIGHWAY, ST LEONARDS, NSW
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FFO is the Trust’s underlying and recurring earnings from its operations. This is calculated as the statutory net profit adju sted for certain non-cash and other items
Based on COF current full year guidance divided by closing price ($2.34 per unit as at 30 June 2021 and $2.07 per unit as at 30 June 2020)
NTA per unit is calculated as net assets less goodwill divided by total assets less cash and goodwill
Return on equity calculated as (closing NTA minus opening NTA plus distributions) divided by opening NTA

C E N T U R I A O F F I C E R E I T A S X : C O F

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$405m of debt refinanced in 2H21

Five major lenders provides diversification to high quality financiers
Weighted average debt expiry increased to 4.2 years
No debt tranche expiring until June 2024
Significant covenant headroom ICR 6.6x (covenant 2.0x) and LVR 35.0% (covenant 50%)

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DEBT MATURITY PROFILE ($M)

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(A$m)
$812.5m $812.5m $812.5m Drawn
Undrawn
$580.0m
$480.0m Swap 4
$380.0m
$75.0m
$0.0m
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
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KEY DEBT METRICS		FY21	FY20
Facilitylimit Drawn amount	$m $m	812.5 704.3	880.0 749.0
Undrawn capacity1 Weighted average debt expiry Proportion hedged	$m Years %	106.7 4.2 80.2	129.5 3.3 75.4
Weighted average hedge maturity	Years	1.9	3.2
All in cost of debt2 Gearing3	% %	2.4 33.5	2.2 34.5
Interest cover ratio	Times	6.6	6.3
Loan to value ratio	%	35.0	36.4

2.4% ALL IN COST OF DEBT[2]

m $106.7 CURRENT FACILITY HEADROOM[1]

33.5%

GEARING[3]

80.2%

HEDGING

Undrawn capacity excludes a $1.5m bank guarantee held as security over the 46 Colin Street, West Perth WA ground lease
Effective interest rate as at 30 June 2021 includes floating rate, all-in margin (base and line fees) and fixed interest costs under existing swaps (excludes capitalised borrowing costs)
Gearing is defined as total borrowings less cash divided by total assets less cash and goodwill
Swap profile includes outstanding options which are currently in the money

C E N T U R I A O F F I C E R E I T A S X : C O F

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A YOUNG PORTFOLIO
OF QUALITY ASSETS
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SECTION FOUR Portfolio Metrics

ASX:COF

C E N T U R I A O F F I C E R E I T

A S X : C O F

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825 ANN STREET, FORTITUDE VALLEY, QLD

A record year of leasing for COF

Leveraging Centuria’s leasing capability as part of COF’s active management approach

LEASING EXECUTED 5,116sqm or 5.1% of portfolio LEASING EXECUTED 12,493sqm or 11.1%of portfolio LEASING EXECUTED 20,321sqm or 15.5%of portfolio LEASING EXECUTED 17,970sqm or 9.7% of portfolio LEASING EXECUTED 21,758sqm or 10.0%of portfolio LEASING EXECUTED 32,378sqm or 10.6%of portfolio LEASING EXECUTED 52,077sqm or 18.1%of portfolio PORTFOLIO OCCUPANCY1 96.7% PORTFOLIO OCCUPANCY1 97.2% PORTFOLIO OCCUPANCY1 97.3% PORTFOLIO OCCUPANCY1 98.9% PORTFOLIO OCCUPANCY1 98.4% PORTFOLIO OCCUPANCY1 98.1% PORTFOLIO OCCUPANCY1 93.1% FY15 FY16 FY17 FY18 FY19 FY20 FY21
	CURRENT VACANCY(>1,000 SQM) NLA (SQM)	AC
	818 Bourke Street, Docklands 10,740
	576 Swan Street, Richmond 3,512
	60 Marcus Clarke Street, Canberra 3,290
	235 William Street, Northbridge 1,726
	9 Help Street, Chatswood 1,079
	35 Robina Town Centre Drive, Robina 1,039
	Other 1,380
	TOTAL 22,766
	% of total NLA 7.9%

	UPCOMING EXPIRIES(>1,000 SQM) FY22	Y22
	35 Robina Town Centre Drive, Robina 4,937 F
	154 Melbourne Street, South Brisbane 4,233
	201 Pacific Highway, St Leonards 1,247
	9 Help Street, Chatswood 1,206
	Other 6,543
	TOTAL 18,165
	% of total NLA 6.3%

		CURRENT VACANCY(>1,000 SQM) 818 Bourke Street, Docklands 576 Swan Street, Richmond 60 Marcus Clarke Street, Canberra 235 William Street, Northbridge 9 Help Street, Chatswood 35 Robina Town Centre Drive, Robina Other	CURRENT VACANCY(>1,000 SQM) 818 Bourke Street, Docklands 576 Swan Street, Richmond 60 Marcus Clarke Street, Canberra 235 William Street, Northbridge 9 Help Street, Chatswood 35 Robina Town Centre Drive, Robina Other	CURRENT VACANCY(>1,000 SQM) 818 Bourke Street, Docklands 576 Swan Street, Richmond 60 Marcus Clarke Street, Canberra 235 William Street, Northbridge 9 Help Street, Chatswood 35 Robina Town Centre Drive, Robina Other	NLA (SQM) 10,740 3,512 3,290 1,726 1,079 1,039 1,380 ~~V~~AC	NLA (SQM) 10,740 3,512 3,290 1,726 1,079 1,039 1,380 ~~V~~AC
		TOTAL			22,766
		% of total NLA			7.9%
		UPCOMING EXPIRIES(>1,000 SQM)			FY22
		35 Robina Town Centre Drive, Robina			4,937 FY22
		154 Melbourne Street, South Brisbane			4,233
		201 Pacific Highway, St Leonards			1,247
		9 Help Street, Chatswood			1,206
		Other			6,543
		TOTAL			18,165
		% of total NLA			6.3%

C E N T U R I A O F F I C E R E I T A S X : C O F 1 4

By area

A high-quality geographically diversified portfolio Over 52,000sqm of completed leasing representing 18% of COF’s portfolio

PORTFOLIO SNAPSHOT FY21 FY20	PORTFOLIO SNAPSHOT FY21 FY20	PORTFOLIO SNAPSHOT FY21 FY20
Number of assets #	22	23
Book value1 $m	2,014.3	2,053.3
WACR1 %	5.81	5.93
NLA sqm	287,007	304,586
Occupancy2 %	93.1	98.1
WALE2 yrs	4.3	4.7
Average NABERS Energyrating (byvalue) Stars	4.7	4.5
Average NABERS Water rating (byvalue)5 Stars	3.2	-
Buildingsgeneratingsolarpower no.	6	1
Average building age (by value) Yrs	16.8	15.9

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WA 14.2% QLD 23.6%
97.1 4.5 98.2 3.3
OCCUPANCY (%) WALE (YRS) OCCUPANCY (%) WALE (YRS)
NT NSW 25.0%
QLD OCCUPANCY (%) 97.8 WALE (YRS) 5.4
WA
SA
ACT 16.7%
NSW
ACT 93.5 5.5
OCCUPANCY (%) WALE (YRS)
SA 2.9% VIC
100 3.8 VIC 17.6%
OCCUPANCY (%) WALE (YRS)
69.9 3.2
OCCUPANCY (%) WALE (YRS)
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WEIGHTED AVERAGE LEASE EXPIRY

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Income WALE (Jun-20) 4.7 yrs 43.6%
Income WALE (Jun-21) 4.3 yrs
35.0%
OF THE VACANT 22,766 SQM,
10,740 SQM ARE WITHIN 818
BOURKE STREET, DOCKLANDS VIC
19.5%
17.7%
16.1%
13.4%
9.4%
6.9% 6.8% 7.2% 7.3%
1.8%
Vacant FY22 FY23 FY24 FY25 FY26+
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18.1% PORTFOLIO NLA LEASED IN FY21[3,4]

26,388sqm 33 NEW LEASES IN FY21[3,4] 25,689sqm 28 RENEWALS IN FY21[3,4]

52,077sqm PORTFOLIO NLA LEASED IN FY21[3,4]

Includes Heads of Agreement
Insufficient data for FY20
As at 30 June 2021
By area

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By gross income

Case study – active management across COF’s QLD portfolio

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100 BROOKES STREET
Four new tenants
Increased occupancy to 100% [1]
Increased WALE from 3.7 to 4.9 years [1]
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35 ROBINA TOWN CENTRE DRIVE
Occupancy increased to 88.6% [1] following
Foxtel full building surrender in July 2020
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825 ANN STREET
Occupancy increased from 97% to 100% [1]
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555 CORONATION DRIVE
Occupancy maintained at 100% [1]
WALE increased from 5.3 to 5.7 years [1]
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LEASE EXTENSIONS REDUCING FORECAST DOWNTIME

BUILDING ACTUAL OCCUPANCY AS AT JUN-211,2 SQM LEASED IN FY211 COMMENT	BUILDING ACTUAL OCCUPANCY AS AT JUN-211,2 SQM LEASED IN FY211 COMMENT	BUILDING ACTUAL OCCUPANCY AS AT JUN-211,2 SQM LEASED IN FY211 COMMENT	BUILDING ACTUAL OCCUPANCY AS AT JUN-211,2 SQM LEASED IN FY211 COMMENT
100 Brookes Street, Fortitude Valley QLD	100%	5,310 sqm 56% NLA	Lease up of three vacant suites, along with the surrender and re-lease of levels one and two (former Aurizon space).
825 Ann Street, Fortitude Valley QLD	100%	2,787 sqm 15% NLA	Surrender and re-lease of ground floor, along with level nine. Lease up of two vacant suites.
35 Robina Town Centre Drive, Robina QLD	89%	7,964 sqm 88% NLA	Leased c.8,000 sqm following the full building surrender of Foxtel in Jul-20.

16,689sqm of terms agreed[1,2] (6% of portfolio) to 15 tenants across the QLD sub-portfolio

14,607sqm of new tenants attracted to COF’s portfolio

Four of the new tenants were greater than 1,000sqm

By gross income
Includes Heads of Agreement All figures are as at 30 June 2021 unless stated otherwise

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Portfolio income underpinned by diverse, quality tenants

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ASX Listed TENANT MIX <500sqm TENANT PROFILE NSW GEOGRAPHIC
(Income) [1] BY SIZE (Area) DIVERSIFICATION
Government 500-1,000sqm QLD (Value)
Listed Multinational 1,000-2,000sqm VIC
Multinational 12% >2,000sqm 9% ACT
National 6% 26% 7% WA 14% [3%] 25%
SA
Other 12%
19% 17%
72%
10% 27% 23%
18%
82%
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COF has no single market concentration with no state having greater than a 25% allocation
Approximately 82% of income derived from government, listed or multinational tenants
27% of income derived from government tenants

82% of portfolio income derived from federal and state government, ASX listed and multinational tenants

Average tenant size of 1,112sqm across the portfolio

TOTAL GOVERNMENT EXPOSURE 27% COMMONWEALTH WA QLD NSW SA 33,136sqm 14,288sqm 7,130sqm 8,555sqm 2,860sqm four properties two properties one property two properties 2.4% one property 1.0% 15.7% of income 5.0% of income 3.0% of income of income of income

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72%[2] of tenants are at least 2,000sqm
The Australian Federal Government is the only tenant making up more than 5% of COF’s income
By income

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By area

Valuation summary

2H21 like for like valuation uplift of $16.3m[1]

Leasing success and market fundamentals drive like for like valuation gain of $16.3m[1] in 2HY21

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Driving 2H21 NTA per WACR[2] reduced unit increase of 1.3% to 5.81%

14 Externally valued in June 2021 ASSETS

Cap rate compression driven by investor demand for metropolitan office assets

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PORTFOLIO VALUATION SUMMARY [1]
FY21 HY21 VALUATION FY21 HY21 MOVEMENT
STATE
VALUATION VALUATION MOVEMENT WACR [2] WACR [2] WACR (BPS) [2]
LIKE FOR LIKE PORTFOLIO
/ WEIGHTED AVERAGE 2,014.3 1,987.7 26.6 5.81 5.91 (10)
DISPOSALS 0.0 44.7 (44.7) n.a 5.50 n.a
TOTAL PORTFOLIO
/ WEIGHTED AVERAGE 2,014.3 2,032.4 (18.1) 5.81 5.90 (9)
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KEY VALUATION MOVEMENTS

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1 Richmond Road, Keswick, SA

100 Brookes Street, Fortitude Valley, QLD

8 Central Avenue, Eveleigh, NSW
$4.2m (12%) increase in value created $5.5m (7%) increase in value created $10.0m (5%) increase in value from through proactive leasing, along with through leasing of vacant space, along cap rate compression (25bps), the cap rate compression (25bps) with cap rate compression (25bps) result of improved WALE (8.8 yrs)
Reflects gross increase, excluding capital expenditure incurred

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A S X : C O F

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Weighted average capitalisation rate

Past performance is not a reliable indicator of future performance

Sustainability at Centuria Capital

Developing a flexible and relevant sustainability framework

Centuria Office REIT is externally managed by Centuria Capital (ASX:CNI) and benefits from Centuria Capital’s sustainability approach.

Centuria Capital will be releasing its first Sustainability Report later this year. Highlights relating to Centuria Office REIT to be featured in this report are summarised here.

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ESG Reporting Climate Action Environmental data CENTURIA OFFICE REIT
Centuria Capital to release its first Sustainability Report Supports the recommendations of the TCFD Energy, emission (scope 1 & 2), and water data collected for assets within COF NABERS Sustainability Portfolio Index Ratings
4.7 Energy | 3.2 Water
ENVIRONMENTAL
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91%

$1.0bn

94%

Member of the Tenant engagement[1] Specialised healthcare real Employee engagement[2]

Diversity Council of 91% of surveyed tenants estate under management 94% of employees enjoy

Australia would recommend Centuria Completed $72.2m of social working at Centuria as an asset manager and affordable housing

BOARD DIVERSIFICATION Appointment of 4 independent directors to Group and RE Boards Culture & ESG CENTURIA CAPITAL: Kristie Brown Board Committee Established (ASX:COF) CPFL: Nicole Green Oversight of modern (ASX:CIP) CPFL2: Jennifer Cook, slavery, diversity & Natalie Collins inclusion, climate change

First Modern Slavery Statement delivered GENDER DIVERSITY Employee training Contract by value assessed Over a third of Cleaning AT CENTURIA Code of Conduct using the Property Council of 62% male employees Financial Education Australia 365 platform Cyber security 38% female employees

Centuria Capital undertake regular tenant surveys. The figure reported is from the Group’s FY21 survey
Centuria Capital undertake regular employee engagement surveys The reported figure is from the Group’s FY21 survey

C E N T U R I A O F F I C E R E I T A S X : C O F 1 9

Sustainability – Centuria Office REIT Operational Efficiency and NABERS ratings

CONSUMPTION/EMISSIONS INTENSITY	CY2020	CY2019
Energy consumption intensity MJ/sqm	263	329
Water consumption intensity L/sqm	481	826
Scope 1 and 2 GHG emissions intensity kg CO2- e/sqm	71	92
Improvement in COF’s overall operational efficiency have been driven by a focus asset upgrades under the NABERS rating scheme

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4.7 NABERS

Energy Sustainability Portfolio Index Rating, up from 4.5 the previous year

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3.2 NABERS

Water Sustainability Portfolio Index Rating

CASE STUDY | 1 RICHMOND ROAD, KESWICK, SA

Increased NABERS energy rating from 3 Stars to 5 Stars over three years through smart design and base building upgrades, substantially increasing efficiency

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1 RICHMOND ROAD, KESWICK, SA

Refer to Appendix E for COF energy, water and waste emissions data

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NISHI, 2 PHILIP LAW STREET, CANBERRA, ACT
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CLOSE PROXIMITY
TO KEY AMENITY
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SECTION FIVE

Market Overview & Guidance

ASX:COF

C E N T U R I A O F F I C E R E I T

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Lead indicators for office demand are positive Positive job creation across office-based industries

AUSTRALIAN JOB CREATION (‘000 job growth YoY)

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Accommodation and Food Services 235.9
Professional, Scientific and Technical Services 127.3
Retail Trade 123.2
Education and Training 120.7
Health Care and Social Assistance 112.8
Arts and Recreation Services 95.9
Other Services 91.5
Transport, Postal and Warehousing 68.6
Manufacturing 51.1
Mining 41.7
Administrative and Support Services 30.5
Public Administration and Safety 21.5
Financial and Insurance Services 1.7
Information Media and Telecommunications (6.0)
Rental, Hiring and Real Estate Services (8.5)
Construction (16.6)
Electricity, Gas, Water and Waste Services (19.7)
Wholesale Trade (22.2)
Agriculture, Forestry and Fishing (52.7)
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Continued job creation across those industries which traditionally consume office space is a lead indicator of future tenant demand

Office Demand	Jobs growth		Jobs
Industries	(YoY)	(YoY % change)
NSW	132,509		9
VIC	115,944		11
QLD	27,263		3
SA WA	19,307 6,643		7 2
TAS	(2,699)		(4)
NT	(5,264)		(10)
ACT	(6,564)		(5)
TOTAL	287,139		7

Source: ABS, Labour Force Statistics, Jun-21

C E N T U R I A O F F I C E R E I T A S X : C O F 2 2

COF is exposed to Australia’s better performing office markets

MARKET1	VACANCY (%)	6 MTH NET ABSORPTION (SQM)	12 MTHS NET ABSORPTION (SQM)	RENTAL DISCOUNT TO SYDNEY CBD (%)	UPCOMING SUPPLY (SQM)	COF EXPOSURE (%)
SYDNEY CBD	13.2	(5,744)	(157,554)	n.a	199,109	0.0%
SYDNEY FRINGE	8.5	14,360	7,849	(45.0)	14,527	9.9%
CHATSWOOD	17.2	(4,193)	(13,903)	(48.7)	0	4.6%
ST LEONARDS	18.4	(8,196)	4,461	(47.0)	20,208	8.7%
MELBOURNE CBD	14.1	(49,620)	(187,837)	(45.2)	343,906	10.9%
MELBOURNE FRINGE	15.3	47,050	600	(57.3)	228,581	3.3%
BRISBANE CBD	15.9	(6,305)	(36,618)	(47.0)	60,243	0.0%
BRISBANE FRINGE	17.2	12,028	(21,034)	(58.6)	102,140	17.7%
ADELAIDE	16.9	(2,121)	(17,825)	(62.9)	88,643	0.9%
PERTH	19.7	5,926	7,910	(44.4)	79,200	0.0%
WEST PERTH	22.3	3,138	(6,493)	(63.0)	0	1.7%
CANBERRA	7.0	9,126	33,465	(67.0)	100,497	16.7%

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Positive net absorption evident in a number of COF’s markets
Several markets demonstrated improved tenant demand throughout FY21 , notably in 2HFY21
Weakest tenant demand in markets with no or low COF exposure
COF exposed markets generally have lower upcoming supply
COF exposed market rents average a significant discount to Sydney CBD

C E N T U R I A O F F I C E R E I T A S X : C O F 2 3

Source: JLL

Strong investment demand for metropolitan office assets Transaction evidence underpins COF NTA

A basket of comparable property transactions strongly support COF valuations
Transaction evidence suggests further cap rate compression across COF’s portfolio
Increased transactional activity occurred throughout FY21
Deep capital pool from domestic and offshore investors
Strong demand for metropolitan and regional assets
Reflects investment demand for assets that offer relative affordability and accessibility for occupiers

5.17%[2] 5.81%[2] (0.64%) AVERAGE CAP RATE COF AVERAGE CAP RATE DIFFERENCE CAP RATE

9,981[2] 7,912[2] 2,069 AVERAGE RATE COF AVERAGE RATE DIFFERENCE RATE ($psqm) ($psqm) ($psqm)

PROPERTY	STATE	DATE	PRICE ($M)	CAP RATE (%)	RATE ($PSQM)	OCCUPANCY (%)	WALE (YRS)
Pinnacle, 4 Drake Street, Macquarie Park	NSW	Sep-20	306.0	5.25%	8,777	96.4%	4.6
45 Kembla Street, Wollongong	NSW	Sep-20	57.4	5.40%	8,820	100.0%	7.1
1 Giffnock Avenue, Macquarie Park	NSW	Sep-20	167.2	5.75%	8,628	100.0%	3.0
Schneider, North Ryde	NSW	Sep-20	145.0	5.10%	9,900	74.9%	7.0
ATO,45 Kembla Street,Wollongong	NSW	Sep-20	58.4	5.13%	8,820	100.0%	6.9
14 Stratton Street, Newstead	QLD	Oct-20	122.5	4.84%	13,478	100.0%	10.0
Australian Naval Infrastructure, 620 MerseyRoad, Osborne	SA	Oct-20	48.7	5.03%	6,086	100.0%	9.3
60 Miller Street, North Sydney	NSW	Oct-20	273.0	5.24%	14,061	96.0%	3.0
53 BerryStreet, North Sydney	NSW	Nov-20	54.0	5.07%	15,690	100.0%	2.4
1-5 Thomas Holt Drive,Macquarie Park	NSW	Feb-21	295.0	5.70%	7,528	100.0%	4.3
Quads 2 and 3, SydneyOlympic Park	NSW	Mar-21	66.1	6.40%	6,591	72.0%	1.3
3 Richardson Place, North Ryde	NSW	Mar-21	115.0	6.20%	6,691	100.0%	2.6
68 Waterloo Road,Macquarie Park	NSW	Apr-21	106.5	5.30%	7,897	100.0%	3.9
11 MurrayRose Avenue,SydneyOlympic Park	NSW	Apr-21	53.5	5.38%	9,412	97.2%	5.2
241 O'Riordan Street,Mascot	NSW	Apr-21	151.5	5.94%	7,956	97.7%	2.6
UNSW, 221-227 Anzac Parade, Kensington	NSW	Apr-21	80.2	5.10%	7,501	100.0%	10.8
545 Queen Street,Brisbane	QLD	May-21	117.5	6.02%	8,793	100.0%	4.2
395-405 Royal Parade,Parkville	VIC	May-21	138.7	4.50%	10,429	100.0%	12.3
ATO 913 Whitehorse Road,Box Hill	VIC	May-21	230.0	4.60%	11,534	100.0%	8.4
Louisa Lawson Building25 Cowlishaw Street,Greenway	ACT	May-21	306.0	4.38%	11,746	100.0%	10.1
Red Cross 17 O'Riordan Street,Alexandria	NSW	May-21	159.0	4.40%	12,519	100.0%	9.7
ATO 520 Smollett Street,Albury	NSW	May-21	84.5	5.50%	7,987	100.0%	6.9
38 SydneyAvenue,Barton	ACT	Jun-21	73.8	5.05%	8,286	100.0%	8.3
33 Richmond Road,Keswick	SA	Jun-21	80.0	5.00%	12,247	85.0%	11.8
37 EppingRoad,North Ryde	NSW	Jul-21	55.0	5.50%	6,817	100.0%	3.2
1 McNab Avenue,Footscray1	VIC	Aug-21	224.0	4.67%	11,000	100.0%	11.8
TRANSACTIONS	AVERAGE (WEIGHTED)			5.17%	9,981
PORTFOLIO	COF			5.81%	7,912
CHANGE	DELTA			-0.64%	2,069

Transaction yet to settle. Metrics approx and based on market sources
Weighted average Sources: m3, KF and Savills.

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FY22 Guidance
16.6c 6.7% [2]
DISTRIBUTION
FORECAST FY22
PER UNIT [1]
DISTRIBUTION
YIELD
DISTRIBUTIONS
PAID IN EQUAL
QUARTERLY
INSTALMENTS
18.0c
FFO PER UNIT [1]
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Guidance remains subject to unforeseen circumstances and material changes in operating conditions
Based on COF closing price of $2.47 per unit on 30 July 2021

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154 MELBOURNE STREET, SOUTH BRISBANE, QLD
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A PORTFOLIO EXPOSED TO AFFORDABLE MARKETS

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SECTION SIX

Appendices

Appendix A – Income statementASX:COF Appendix B – FFO reconciliation Appendix C – Balance sheet Appendix D – Portfolio valuation summary Appendix E – Environmental data Appendix F – Investment portfolio

A S X : C O F

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Appendix A – Income statement

$'000	FY21	FY20
Gross property income	170,617	149,240
Interest income	7	106
Total revenue	170,624	149,346
Direct property expenses	35,001	31,573
Responsible entity fees	11,543	10,421
Finance costs	18,418	16,777
Management and other administrative expenses	2,251	1,975
Expected credit loss and rental waiver expense	1,176	3,232
Total expenses	68,389	63,978
Funds from operations1	102,235	85,368
Gain/(loss) on fair value of investment properties	(15,137)	(38,102)
Realised/unrealised loss on fair value of derivatives	4,816	(4,876)
Straight-lining of rental income and amortisation of leasing commissions and tenant incentives	(15,039)	(7,048)
Goodwill impairment	-	(6,356)
One off refinancing costs	-	(5,942)
Interest and depreciation expense adjustments for AASB 16	61	57
Transaction costs	-	(48)
Statutory net profit	76,936	23,053

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825 ANNE STREET, FORTITUDE VALLEY, QLD
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FFO is the Trust’s underlying and recurring earnings from its operations. This is calculated as the statutory net profit adju sted for certain non-cash and other items

Appendix B – FFO reconciliation

$'000	FY21	FY20
Statutory net profit	76,936	23,053
Loss/(gain) on fair value of investment properties	15,137	38,102
Realised/unrealised loss on fair value of derivatives	(4,816)	4,876
Straight-lining of rental income and amortisation of leasing commissions and tenant incentives	15,039	7,048
Goodwill impairment	-	6,356
One off refinancing costs	-	5,942
Interest and depreciation expense adjustments for AASB 16	(61)	(57)
Transaction costs	-	48
Funds from operations2	102,235	85,368
Distribution	84,896	84,487
FFO per unit (cents)	19.9	18.6
Distribution per unit (cents)	16.5	17.8
Annualised FFO yield1(%)	8.5	9.0
Annualised distribution yield2(%)	7.0	8.6

60 MARCUS CLARKE STREET, CANBERRA, ACT

FFO is the Trust’s underlying and recurring earnings from its operations. This is calculated as the statutory net profit adju sted for certain non-cash and other items
Based on the COF full year guidance divided by closing price ($2.34 per unit on 30 June 2021) and FY20 FFO divided by closing price ($2.07 per unit on 30 June 2020)

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Appendix C – Balance sheet

$'000	31-Dec-20	30-Jun-20
Cash	15,644	28,809
Investment properties1	2,046,221	2,085,650
Trade and other receivables	5,369	3,263
Other assets	1,625	1,536
Total assets	2,068,859	2,119,258
Interest bearing liabilities2	700,800	746,372
Trade and other liabilities	31,943	22,260
Derivative financial instruments	7,240	12,056
Other liabilities3	53,884	55,618
Total liabilities	793,867	836,306
Net assets	1,274,992	1,282,952
Units on issue (thousands)	514,522	514,522
Net tangible assets per unit ($)	2.48	2.49
Gearing (%)4	33.5	34.5

235 WILLIAM STREET, NORTHBRIDGE, WA

Investment properties of $2,046.2m includes a $32.0m leasehold asset under AASB 16
Drawn debt net of borrowing costs
Includes $21.2m distributions payable and lease liability of $32.7m
Gearing is defined as total borrowings less cash divided by total assets less cash and goodwill

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Appendix D – Portfolio valuation summary[1]

			BOOK VALUE ($M)				CAP RATE (%)
STATE	FY21	BOOK VALUE	HY21	VAR	%	FY21	HY21	BPS
NSW QLD		503.5 475.5	488.0 471.8	15.5 3.8	3.2 0.8	5.48 6.23	5.67 6.27	(19) (4)
VIC		58.2	53.3	5.0	9.2	7.00	7.25	(25)
ACT		335.8	333.7	2.1	0.6	5.47	5.62	(15)
WA		354.5	351.0	3.5	1.0	5.32	5.36	(4)
SA		286.8	290.0	(3.3)	(1.1)	6.44	6.47	(3)
TOTAL		2,014.3	1,987.7	26.6	1.3	5.81	5.91	(10)
					COF:NISHI, 2 PHILIP LAW STREET, CANBERRA, ACT

COF: 54 MARCUS CLARKE STREET, CANBERRA, ACT COF: 60 MARCUS CLARKE STREET, CANBERRA, ACT

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1. Past Performance is not a reliable indicator of future performance
COF CANBERRA PORTFOLIO
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C E N T U R I A O F F I C E R E I T A S X : C O F 3 0
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Appendix E – Environmental Data

Environmental Data reported is for calendar years 2019 and 2020. Reported figures only represent data for assets within the Centuria Office REIT.

Environmental data is reported where Centuria is deemed to have operational control of an asset.

OPERATIONAL CONTROL

Operational Control refers to Centuria’s capacity to directly manage the day-to-day activities of assets, by employing Centuria’s or a nominated delegates management policies. This definition is consistent with the principals outlined in the National Greenhouse and Energy Reporting Act 2007.

EMISSIONS

Centuria use emissions factors from each corresponding years National Greenhouse and Energy Reporting (Measurement) Determination. Emissions are reported for material energy sources collected including electricity and natural gas.

ENVIRONMENTAL DATA FOR FY2021

Environmental Data for FY2021 will be disclosed in Centruria’s first Sustainability Report to be released later this year.

	UNIT OF MEASURE	CY20	CY19
NLA(annual weighted average)	sqm	300,537	224,012

RESOURCE CONSUMPTION(OPERATIONALLY CONTROLLED PROPERTIES)
Base building grid connected electricity	MWh	18,159	18,051
Gas use(whole building)	MWh	3,798	2,423
Water use(whole building)	kL	144,576	185,134

GHG EMISSIONS(OPERATIONALLY CONTROLLED PROPERTIES)	GHG EMISSIONS(OPERATIONALLY CONTROLLED PROPERTIES)
Scope 1	tCO2-e	705	450
Scope 2	tCO2-e	20,720	20,071
Total scope 1 and 2	tCO2-e	21,425	20,520
Scope 3(metered tenant usage)	tCO2-e	5,901	5,210

CONSUMPTION / EMISSIONS INTENSITY

CONSUMPTION / EMISSIONS INTENSITY
Energyconsumption intensity	MJ/sqm	263	329
Water consumption intensity	L/sqm	481	826
Scope 1 and 2 GHG emissions intensity	kgCO2-e/sqm	71	92

Data Excludes: 131-139 Grenfell Street, Adelaide, SA and 483 Kingsford Smith Drive, Hamilton, QLD

C E N T U R I A O F F I C E R E I T A S X : C O F 3 1

Appendix F – Investment portfolio

PROPERTY	STATE	OWNERSHIP (%)	BOOK VALUE ($M)	CAPITALISATION RATE (%)	AREA (SQM)	AREA ($/SQM)	WALE (YRS)1	OCCUPANCY (%)1
8 Central Avenue,Eveleigh	NSW	50%	$200.0m	5.13%	36,619	10,923	9.4	99.4%
201 Pacific Highway,St Leonards	NSW	50%	$107.0m	5.63%	16,498	12,971	2.9	98.7%
9 HelpStreet,Chatswood	NSW	100%	$92.5m	5.38%	9,384	9,858	2.2	90.9%
203 Pacific Highway,St Leonards	NSW	50%	$68.0m	5.75%	11,735	11,590	3.8	99.3%
77 Market Street,Wollongong	NSW	100%	$36.0m	6.75%	6,755	5,330	4.0	100.0%
2 PhillipLaw Street,Canberra	ACT	100%	$252.0m	5.00%	27,411	9,193	6.9	99.9%
60 Marcus Clarke Street,Canberra	ACT	100%	$61.0m	6.75%	12,094	5,044	2.1	76.9%
54 Marcus Clarke Street,Canberra	ACT	100%	$22.8m	7.25%	5,200	4,384	4.0	89.8%
825 Ann Street,Fortitude Valley	QLD	100%	$155.0m	6.00%	19,151	8,094	2.7	100.0%
100 Brookes Street,Fortitude Valley	QLD	100%	$82.0m	6.00%	9,533	8,602	4.9	100.0%
154 Melbourne Street,South Brisbane	QLD	100%	$80.5m	6.00%	11,292	7,129	2.0	99.0%
483 Kingsford Smith Drive,Hamilton	QLD	100%	$77.0m	6.25%	9,241	8,332	4.8	96.3%
35 Robina Town Centre Drive,Robina	QLD	100%	$42.0m	7.50%	9,003	4,665	1.0	88.6%
555 Coronation Drive,Toowong	QLD	100%	$39.0m	6.75%	5,567	7,006	5.7	100.0%
818 Bourke Street,Docklands	VIC	100%	$220.0m	5.13%	23,096	9,525	1.8	60.7%
2 Kendall Street,Williams Landing	VIC	100%	$69.0m	5.75%	12,961	5,324	7.4	100.0%
576 Swan Street,Richmond	VIC	100%	$65.5m	5.50%	8,240	7,949	2.8	66.6%
1 Richmond Road,Keswick	SA	100%	$39.2m	7.00%	8,085	4,848	4.1	100.0%
131-139 Grenfell Street,Adelaide	SA	100%	$19.0m	7.00%	4,059	4,681	3.3	100.0%
235 William Street,Northbridge	WA	100%	$181.8m	6.50%	21,575	8,424	4.3	94.9%
144 StirlingStreet,East Perth	WA	100%	$70.0m	6.00%	11,042	6,340	7.5	100.0%
42-46 Colin Street,West Perth	WA	100%	$35.0m	7.00%	8,467	4,134	2.0	100.0%
Total / Weighted Average2			$2,014.3m	5.81%	287,007	7,912	4.3	93.1%

By gross income (equity share)
Investment properties $2,014.3m, excludes $32.0m leasehold asset under AASB 16

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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 all-inclusive or to contain all of the information that may be relevant, or which a prospective investor may require in evaluations for a possible investment COF. It should be read in conjunction with COF’s periodic and continuous disclosure announcements which are available at www.centuria.com.au. The recipient acknowledges that circumstances may change and that this presentation may become outdated as a result. This presentation and the information in it are subject to change without notice and CPFL is not obliged to update this presentation.

This presentation is provided for general information purposes only. It is not a product disclosure statement, pathfinder document or any other disclosure document for the purposes of the Corporations Act and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission. It should not be relied upon by the recipient in considering the merits of COF or the acquisition of units in COF. Nothing in this presentation constitutes investment, legal, tax, accounting or other advice and it is not to be relied upon in substitution for the recipient’s own exercise of independent judgment with regard to the operations, financial condition and prospects of COF.

The information contained in this presentation does not constitute financial product advice. Before making an investment decision, the recipient should consider their own financial situation, objectives and needs, and conduct their own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as they considers necessary or appropriate. This presentation has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. It is not an invitation or offer to buy or sell, or a solicitation to invest in or refrain from investing in, units in COF or any other investment product.

The information in this presentation has been obtained from and based on sources believed by CPFL to be reliable.

To the maximum extent permitted by law, CPFL and its related bodies corporate make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this presentation. To the maximum extent permitted by law, CPFL does not accept any liability (including, without limitation, any liability arising from fault or negligence) for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with it.

This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters (‘Forward Statements’). Forward Statements can generally be identified by the use of forward looking words such as “anticipate”, “estimates”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. No independent third party has reviewed the reasonableness of any such statements or assumptions. No member of CPFL represents or warrants that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, CPFL assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. The reader should note that this presentation may also contain pro forma financial information.

Distributable earnings is a financial measure which is not prescribed by Australian Accounting Standards (AAS) and represents the profit under AAS adjusted for specific non-cash and significant items. The Directors consider that distributable earnings reflect the core earnings of the Trust.

All dollar values are in Australian dollars ($ or A$) unless stated otherwise.

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C E N T U R I A O F F I C E R E I T A S X : C O F 3 4

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AI assistant

CENTURIA OFFICE REIT — Annual Report 2021

64683_rns_2021-08-02_c7ccd1c9-4c6f-4787-a01d-94ec659ab6d5.pdf