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Financial Data and Key Metrics Changes - The group reported a 6.4% increase in operating NPAT to AUD 100.8 million, translating to an operating EPS of 12.2 cents per security, and distributions of 10.4 cents per security, both up 4% from the previous year [22][21] - Statutory NPAT was AUD 82.7 million, lower than operating NPAT due to fair valuation impacts of property investments [22] - FY '26 operating EPS guidance is set at 13.4 cents, indicating a significant increase from the current year [22] Business Line Data and Key Metrics Changes - The Property Funds Management segment delivered an operating EBITDA of AUD 59.6 million, up from AUD 57.9 million last year, reflecting resilience despite a subdued transactional environment [24] - The Property Investment segment contributed a consolidated EBITDA of AUD 87.7 million, an increase from the prior year [25] - Centuria Bass Credit generated AUD 27 million in operating EBITDA, with AUM expanding over 21% year-on-year to AUD 2.3 billion [12] Market Data and Key Metrics Changes - Centuria's transactional activity totaled close to AUD 3 billion, including approximately AUD 500 million of acquisitions and AUD 630 million of real estate finance transactions [10] - The group maintained a high portfolio occupancy rate of 95% with a robust average lease term of 5.3 years [10] - The unlisted platform's performance fees amounted to AUD 7 million booked to P&L, with AUD 32 million collected from divestments [11] Company Strategy and Development Direction - The company aims to target over AUD 1 billion in real estate acquisitions in FY '26, focusing on alternative property markets and innovative fund structures [4][35] - The introduction of Reset Data is expected to contribute to earnings growth, with anticipated revenue generation from its AI marketplace and AI factory starting in FY '26 [4][18] - Centuria plans to continue proactive capital management and seek new lower-cost corporate debt sources [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving real estate investment environment due to falling cash rates and increasing transaction volumes [6][35] - The company anticipates a continued increase in investor appetite for real estate funds, driven by lower competing deposit and fixed interest rate returns [7][35] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [29][30] Other Important Information - Centuria's net asset value per security remained steady at AUD 1.79, with operating gearing at 12.3% [29] - The company has raised an additional AUD 100 million in liquidity and expects to repay its secured ASX listed redeemable notes ahead of maturity [30] - The weighted average debt duration has been extended from 2.3 years to 3.2 years, enhancing financial stability [31] Q&A Session Summary Question: Inquiry about payout ratio and DPS guidance - Management acknowledged that their payout ratio has been higher than peers and indicated a minor adjustment to address this, but did not commit to future forecasts [42][44] Question: Clarification on the AUD 1 billion acquisition guidance - The AUD 1 billion figure is a gross number, with approximately AUD 200 million already secured from a recent acquisition [45][46] Question: Potential implications of proportional consolidation of earnings - Management indicated that while there could be implications, they believe the new reporting structure aligns better with peers and enhances transparency [48][50] Question: Guidance on innovative fund structures and potential IPOs - Management confirmed that guidance includes a range of raisings, with ongoing work on new fund structures, but specifics on sectors for potential IPOs are still being developed [51][54] Question: Equity inflows and mix for FY '26 - Management expects a good mix of retail and institutional capital, with a focus on expanding institutional partnerships [58] Question: Competition in the Bass Credit market - Management acknowledged increased competition and margin pressure but noted a recent uptick in market activity [60]

Financial Performance & Guidance - FY25 operating EPS (OEPS) reached 12.2 cents, outperforming guidance, a 4% increase over FY24[17] - FY26 OEPS guidance is set at 13.4 cents, a 10% increase over FY25[17] - The company maintains a FY25 DPS of 10.4 cents and projects the same for FY26[28] - FY25 Statutory NPAT was $82.7 million, with a Statutory EPS of 10.0 cents[85] - FY25 Operating NPAT reached $100.8 million, a 4.3% increase from FY24's $94.7 million[85, 91] Assets Under Management (AUM) - Group AUM stands at $20.6 billion, with real estate comprising $19.7 billion[11] - Unlisted real estate accounts for 70% of the total real estate AUM, amounting to $13.7 billion[11] - Centuria Bass Credit's AUM grew to $2.3 billion over FY25, a 21% year-over-year increase[44] Strategic Initiatives & Transactions - Targeting over $1 billion in real estate acquisitions in FY26[17, 116] - Launched Australia's largest single-asset unlisted industrial fund, valued at $216 million, for Port Adelaide[50, 116] - Completed a $21 million acquisition of a 50% interest in ResetData, focusing on AI Factories[75] - Completed $202 million in gross development projects in FY25[144] REIT Performance & Metrics - Centuria Industrial REIT (CIP) FY26 guidance includes FFO of 18.0-18.5 cents per unit (up to 6% pcp) and a distribution of 16.8 cents per unit (3% over FY25)[56] - CIP's FY25 portfolio saw $140 million in non-core divestments at a 12% average premium to book value[57] - Centuria Office REIT (COF) FY26 guidance includes FFO of 11.1-11.5 cents per unit and a distribution of 10.1 cents per unit[65] - COF's portfolio saw $18 million in valuation growth in 2H FY25[66]

Investment Opportunity - Real estate investors are missing out on a 30% Bitcoin Compound Annual Growth Rate (CAGR) by investing in Real Estate Investment Trusts (REITs) with 3-5% dividend yields or Commercial Real Estate (CRE)/multifamily developments with 5-10% Return on Investment (ROI) [1] - Structured Bitcoin credit can provide 9-12% dividends along with exposure to Bitcoin's potential upside [1] Bitcoin's Potential - Structured Bitcoin credit represents Bitcoin's killer application for the next decade [1]

Real Estate Investment Analysis - Real estate is more sensitive to interest rates than inflation [1][2] - In the current environment, real estate is likely to decrease in real terms [2] - Real estate is a fixed asset, making it easily taxable [1][2] - The fixed nature of real estate limits diversification [2] - Real estate's immobility hinders the movement of money [2][3] Ray Dalio's Perspective - Ray Dalio considers real estate a poor investment [1][3]

Group 1 - Hoya Capital Research & Index Innovations is an affiliate of Hoya Capital Real Estate, providing investment advisory services focused on publicly traded securities in the real estate industry [2] - The firm offers non-advisory services including market commentary, research, and index administration [2] - The commentary published by Hoya Capital is intended for informational and educational purposes only, and does not constitute investment, tax, or legal advice [2] Group 2 - Hoya Capital Real Estate is based in Rowayton, Connecticut, and serves ETFs, individuals, and institutions [2] - The firm emphasizes that past performance is not indicative of future results, and any market data quoted represents past performance [3] - Hoya Capital and its affiliates may hold positions in securities or funds discussed in their commentary [2]

Core Viewpoint - Abu Dhabi's residential property prices are projected to increase by 17.3% year-on-year by Q2 2025, driven by high-net-worth individuals and investment demand [1] Group 1: Price Trends - Villa prices have risen by 42.3% since Q1 2020, indicating a strong upward trend in the luxury segment of the market [1] - Abu Dhabi's property prices are approximately 30% lower than those in Dubai, making it an attractive option for both local and international buyers [1] Group 2: Buyer Sentiment - A Knight Frank survey reveals that 19% of high-net-worth individuals plan to purchase property in Abu Dhabi this year, an increase from 14% last year [1] - The willingness to buy is particularly pronounced among individuals with assets exceeding $30 million, suggesting a growing interest in the Abu Dhabi real estate market [1]

Core Insights - JLL's Capital Markets group has arranged a $352.7 million financing package for Fundrise National Industrial Portfolio, which consists of 12 institutional-quality industrial buildings totaling approximately 3.18 million square feet across high-growth markets in the U.S. [1][2] Company Overview - JLL is a leading global commercial real estate and investment management company with over 200 years of experience, generating annual revenue of $23.4 billion and operating in over 80 countries [7]. - Fundrise is the largest direct-to-investor alternative asset manager in the U.S., managing over $3 billion in assets, focusing on real estate private equity, private credit, and growth equity [8]. - Goldman Sachs is a prominent global financial institution providing a wide range of financial services to various clients, including corporations and governments [9]. Investment Opportunity - The portfolio includes properties strategically located in key logistics corridors in the Mid-Atlantic and Sunbelt regions, showcasing institutional-quality specifications such as LED lighting and ESFR sprinkler systems [2][3]. - The properties are currently leased to tenants from diverse industries, including third-party logistics, distribution services, and technology, indicating strong income stability [3][5]. - The strategic locations near major transportation networks position these assets to benefit from continued logistics demand, making it a compelling investment opportunity [5].

Core Insights - The Group reported a net profit of EUR 4.3 million for Q2 2025, correcting an earlier erroneous statement of a net loss [1][21] - Total revenue for the first half of 2025 was EUR 28.5 million, significantly up from EUR 6.9 million in the same period of 2024 [16][23] - The Group's construction projects are progressing well across various locations, with notable sales rates and project completions expected [2][5][9] Financial Performance - Revenue for Q2 2025 reached EUR 16.1 million, compared to EUR 3.9 million in Q2 2024, marking a substantial increase [16][23] - Gross profit for the first half of 2025 was EUR 10.2 million, up from EUR 2.4 million in the same period of 2024, with a gross profit margin of 36% [19][23] - The operating result for the first six months was a profit of EUR 7.5 million, compared to a loss of EUR 0.9 million in the same period of 2024 [20][23] Real Estate Development - In Tallinn, the Kalaranna development's final phase construction is complete, with a sales rate of 60.7% for the 146 units [2][4] - The White Building project in Kristiine City has achieved a sellout rate of 62.4%, with completion expected by November-December 2025 [5] - The Group is preparing for the Blue Marine project in Riga, with construction preparations starting in July 2025 [7][8] Market Trends - The real estate market in Vilnius is experiencing record prices, with the Šaltinių Namai Attico project achieving nearly 40% sellout in villas [9][10] - The Group's operations in Italy are strengthening despite a market slowdown, with expectations of full normalization by the end of 2025 [14] - Overall, the Group is positioned to capitalize on improving macroeconomic sentiment and deliver strong results throughout the year [15][16]

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