CENTURIA OFFICE REIT — Capital/Financing Update 2021

Jun 27, 2021

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SIGNIFICANT DEBT REFINANCE AND VALUATION GAIN

• $405 million debt refinanced, increasing weighted average debt maturity to 4.3 years[1]

• Competitive all-in cost of debt maintained at c.2.4%[2] , diversified pool of five lenders

• External valuations result in $16.3 million like for like increase[3]

SYDNEY (Monday, 28 June 2021) - Centuria Office REIT ( ASX: COF ), has completed $405 million of debt refinancing, and obtained external valuations on 14 of its 22 properties as at 30 June 2021, resulting in a $16.3 million increase.

The debt refinancing increased the REIT’s weighted average debt maturity from 2.3 years to 4.3 years[1 ] with no debt expiring until June 2024. Despite the increased tenure, COF maintained a competitive c.2.4% all-in cost of debt across a diversified pool of five lenders. The new debt facilities terms include debt covenants of a 50% loan to value ratio and 2.0x interest cover ratio, which are the same as the existing debt facilities.

Grant Nichols, COF Fund Manager, said “We are pleased to announce this significant refinance of COF’s debt facilities. With sufficient undrawn debt, a very competitive all-in cost of debt, significant debt covenant headroom and diversified debt maturity profile to five quality lenders, COF continues to be well placed with a robust capital structure.”

COF externally revalued 14 of its 22 properties as at 30 June 2021, resulting in a like for like increase of $16.3 million due to positive leasing outcomes and some capitalisation rate compression. COF’s $2.0 billion portfolio now has a weighted average capitalisation of 5.81%. Valuation uplift equates to a c.3 cent per unit increase in net tangible assets[4] .

Grant Nichols, commented, “Transactional activity through 2021 demonstrated strong investment demand and confidence in the Australian office market. This was particularly evident in metropolitan markets, with investors attracted to the relative affordability and quality tenants these markets can attract.

“With improving leasing conditions evident across Australian office markets, COF is well positioned with a diversified portfolio of quality, accessible, and affordable accommodation solutions, which will remain attractive to tenants into the future.”

Further details on the debt refinancing and property valuations will be available in COF’s full year 2021 results, which will be released on Tuesday, 3 August 2021.

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For more information or to arrange an interview, please contact:

Grant Nichols Tim Mitchell Alexandra Koolman Fund Manager – COF Group Head of Investor Relations Group Communications Manager Centuria Office REIT Centuria Capital Limited Centuria Capital Limited Phone: 02 8923 8923 Phone: 02 8923 8923 Phone: 02 8923 8923 Email: grant.nichols@centuria.com.au Email: tim.mitchell@centuria.com.au Email: alexandra.koolman@centuria.com.au

Authorised for release by Anna Kovarik, Company Secretary

About Centuria Office REIT

COF is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index. COF owns a portfolio of high quality assets situated in core office markets throughout Australia. COF is overseen by a hands-on, active manager and provides investors with income and the opportunity for capital growth from a pure play portfolio of high-quality Australian office assets.

Centuria Capital Group (CNI) is a leading real estate funds manager with a unique Australasian focus and over $16 billion of assets under management. We offer a range of investment opportunities including listed and unlisted real estate funds as well as tax-effective investment bonds. Our drive, allied with our in-depth knowledge of these sectors and intimate understanding of our clients, allows us to transform opportunities into meaningful investments.

www.centuria.com.au

Centuria Property Funds Limited ABN 11 086 553 639 | AFSL 231 149

Level 41, Chifley Tower 2 Chifley Square, Sydney NSW 2000

T: 02 8923 8923 E: sydney@centuria.com.au F: 02 9460 2960 www.centuria.com.au

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1 As at June 2021

2 Effective interest rate as at 24 June 2021 includes floating rate, all-in margin (base and line fees) and fixed interest costs under existing swaps (excludes capitalised borrowing costs)

3 The valuation increase from preceding book value

4 Valuations and changes in net tangible assets remain subject to audit and finalisation of statutory accounts

Centuria Property Funds Limited ABN 11 086 553 639 | AFSL 231 149

Level 41, Chifley Tower 2 Chifley Square, Sydney NSW 2000

T: 02 8923 8923 E: sydney@centuria.com.au F: 02 9460 2960 www.centuria.com.au