STABLE RESILIENT GROWTH in the living sector ANNUAL REPORT 2025
Centurion Accommodation REIT (“CAREIT”) is a real estate investment trust listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGXST”) on 25 September 2025 (SGX: 8C8U). CAREIT’s principal investment strategy is to invest, directly or indirectly, in a portfolio of income-producing living sector real estate assets, which are used primarily for purpose-built worker accommodation (“PBWA”), purpose-built student accommodation (“PBSA”) or other accommodation purposes located globally (excluding Malaysia), as well as real estate-related assets. CAREIT is Singapore’s first Global Living Sector REIT, providing exposure to two resilient accommodation segments (PBWA and PBSA) across three global markets. As at 31 December 2025, CAREIT’s portfolio comprises 14 assets, including five PBWA assets in Singapore, eight PBSA assets in the United Kingdom and one PBSA asset in Australia, with total assets under management (“AUM”) of approximately S$1.88 billion. In January 2026, CAREIT acquired EPIISOD Macquarie Park, a PBSA asset in Australia, increasing its AUM to approximately S$2.18 billion. CAREIT’s PBWA assets operate under the “Westlite” brand, while its PBSA assets operate under the “Dwell” and “EPIISOD” brands. The “EPIISOD” brand was introduced to cover the premium PBSA segment. Centurion Asset Management Pte. Ltd., the Manager of CAREIT (the “Manager”), is a wholly owned subsidiary of Centurion Corporation Limited (SGX: OU8), (the “Sponsor”). Listed on the SGX-ST, Centurion Corporation Limited is an owner, developer and manager of living sector accommodation assets with a strong track record and established operating platforms across key markets. Unless otherwise disclosed, the disclosures in this Annual Report do not include details of EPIISOD Macquarie Park, as the acquisition was completed in January 2026. CONTENTS Strategy 2 Key Highlights 4 Unit Performance 6 Strategic Direction 8 Letter to Unitholders 10 Significant Events People 12 Trust Structure 14 Organisation Structure 16 Board of Directors 20 Management Portfolio 22 Portfolio Overview 24 Portfolio Details 28 Operations Review 36 Market Overview 50 Financial Review 52 Corporate Liquidity and Capital Resources Governance 56 Investor Relations 60 Sustainability at a Glance 66 Corporate Governance 89 Risk Management Financial Statements 91 Financial Statements Others 146 Interested Person Transactions 147 Statistics of Unitholdings 149 Corporate Directory 150 Notice of Annual General Meeting
Key Highlights For financial period from 12 August 2025 (Date of Constitution of CAREIT) to 31 December 2025 (“FP 2025”) Portfolio Management 1.8pp Actual1 97.6% Forecast3 95.8% PBWA Portfolio Occupancy Actual1 99.1% Forecast3 97.3% Actual1 79.2%7 PBWA Retention Rate 1.8pp PBSA Portfolio Occupancy Capital Management Actual 30.7%4 Forecast3 31.0% Aggregate Leverage5 Actual1 3.46%6 Forecast3 4.16% Weighted Average Financing Cost Actual1 6.60x Forecast3 4.70x Interest Coverage Ratio Financial Performance 3.4% Actual1 S$50.7m Forecast2 S$49.0m Revenue Actual1 S$36.1m Forecast2 S$34.6m Net Property Income (“NPI”) 6.7% Actual1 1.739 S cents Forecast2 1.630 S cents Distribution per Unit (“DPU”) 4.1% Amount to be distributed to Unitholders Actual1 S$29,953,000 Forecast2 S$28,079,000 6.7% 2 STRATEGY PEOPLE PORTFOLIO Key Information (S$’000) As at 31 December 2025 Total Assets Investment Properties Total Liabilities Total Borrowings Unitholders’ Funds 2,000,061 1,884,420 503,383 372,466 1,496,678 1 CAREIT was not listed on the SGX-ST up to 24 September 2025. The actual income derived from the properties for the current period was from 25 September 2025 (Date of Listing) to 31 December 2025 2 The IPO Prospectus dated 18 September 2025 disclosed a 3-month profit forecast for the period from 1 October 2025 to 31 December 2025. Forecast results for FP 2025 were derived by pro-rating the 3-month forecast disclosed in the IPO Prospectus to reflect the period from 25 September 2025 to 31 December 2025. Net change in fair value of investment properties, listing fees and corporate income tax on Singapore incorporated companies prior to its conversion to limited liability partnership were not pro-rated 3 Forecast as per IPO Prospectus dated 18 September 2025 4 Based on pro forma aggregate leverage of the Group following the payment of retention sum to the vendor of Westlite Mandai and acquisition of EPIISOD Macquarie Park. The aggregate leverage of the Group as at 31 December 2025 was 22.1% 5 Ratio of total borrowings & deferred payment over deposited property as defined in the Property Funds Appendix of the Code on Collective Investment Schemes 6 Based on year-to-date weighted average financing cost and excluding the amortisation of upfront and other fees. Including the amortisation of upfront and other fees, the weighted average financing cost would be 3.74% 7 Lower than the average retention rate of 85.2% over FY2022 to FY2024, as disclosed in the IPO Prospectus, due to tenant relocations from existing blocks to the new 1,764-bed block at Westlite Toh Guan 3 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Unit Performance 1 SGX Group’s December performance caps stellar year with sustained stock market momentum, record derivatives volume, Singapore Exchange, 9 January 2026 2 The list of key indices is not exhaustive Closing unit price as at 31 December 2025 (S$) 1.11 Highest closing unit price (S$) 1.19 Lowest closing unit price (S$) 0.96 Average closing unit price (S$) 1.08 Average daily trading volume (million units) 7.03 Total trading volume (million units) 478.3 Market capitalisation (S$ billion) 1.91 Unit Price and Trading Volume (FP 2025) Singapore’s equities market ended 2025 on a strong note, with the FTSE Straits Times Index (“FTSE STI”) delivering a total return of over 28.8% for the year. Market performance was supported by increased retail participation in cash equities, reaching a four-year high, alongside continued institutional interest in small- and mid-cap stocks during the year1. Structural initiatives introduced by the Equities Market Review Group under the Monetary Authority of Singapore (“MAS”) also strengthened market sentiment. This includes the launch of a S$5 billion Equity Market Development Programme (“EQDP”), which aims to strengthen Singapore’s asset management and research ecosystem while enhancing investor participation in the local equities market. Within the REIT sector, the FTSE ST Real Estate Investment Trusts Index (“FTSE ST REIT Index”) recorded a total return of 15.6% for the year ended 31 December 2025. Performance was supported by declining Singapore interest rates, including compression in the Singapore 10-year government bond yield and lower 1-month and 3-month compounded Singapore Overnight Rate Average (“SORA”), which improved the relative attractiveness of yield-generating instruments such as REITs. In addition, continued interest rate cuts by the United States Federal Reserve supported risk appetite and capital flows into regional markets, including Singapore. From the listing date of 25 September 2025 to 31 December 2025, the unit price increased by 26.1% from the IPO price of S$0.88 to S$1.11. Unitholders will receive a DPU of 1.739 Singapore cents for this period. CAREIT is also a constituent of the iEdge Singapore Next 50 Indices, which recorded a total return of 26.7% in 20251. The index comprises mid-cap companies and reflects growing investor participation in Singapore’s small- and mid-cap segment, supported by structural initiatives to revitalise the local equities market. A total of 478.3 million units were traded in FP 2025, with an average daily trading volume of approximately 7.0 million units, reflecting healthy trading liquidity for a newly listed REIT. Constituent of Key Indices2 FTSE ASEAN All-Share Index GPR APREA Composite USD and REIT USD Index iEdge Singapore Next 50 Index (NTR) iEdge Singapore Next 50 Liquidity Weighted Index (NTR) iEdge S-REIT Index iEdge S-REIT Leaders SGD and USD Index (Price Return) iEdge SG Real Estate Index Morningstar Developed Markets Index Morningstar Global Markets REIT Index MSCI Singapore Small Cap Index STOXX Singapore Universal Small Cap Index 4 STRATEGY PEOPLE PORTFOLIO Trading Performance Since Listing (25 September 2025 to 31 December 2025) 1.04 146.8 1.06 156.1 1.15 123.6 1.11 51.8 Sep-25 Oct-25 Nov-25 Dec-25 Volume (million units) CAREIT Unit Price as at last trading day of the month (S$) IPO unit price (S$) 0.88 Closing unit price as at 31 December 2025 (S$) 1.11 Capital appreciation (%) 26.10 DPU declared (S cents) 1.739 Return on Investment (FP 2025) CAREIT's Distribution Yield3 5.84% FTSE STI 4.56% FTSE ST REIT Index 4.73% FTSE ST Real Estate Index 4.31% Singapore 10-year Government Bond 2.22% 1 Source: Bloomberg. CAREIT was listed on 25 September 2025. Rebased CAREIT Unit Price as per IPO Issue Price of S$0.88 per unit to 100. Rebased closing price as at 24 September 2025 for FTSE STI and FTSE ST REIT Index to 100 2 Source: Bloomberg. Trailing 12-months dividend yield of FTSE STI, FTSE ST REIT Index, FTSE ST Real Estate Index and Singapore 10-year Government Bond as at 31 December 2025 closing price 3 Based on the market closing price of S$1.11 per unit as at 31 December 2025, and after annualising the results for the 98-day period from 25 September 2025 to 31 December 2025. The distribution yield would have been 7.36% if calculated based on the IPO offering price of S$0.88 per unit. Comparative Yields2 (As at 31 December 2025) September 2025 December 2025 100 120 140 Comparative Trading Performance Since Listing1 (25 September 2025 to 31 December 2025) Rebased CAREIT Unit Price Rebased FTSE STI Rebased FTSE ST REIT Index CAREIT Unit Price 26.1% FSTE STI 8.3% FTSE ST REIT Index 1.71% 5 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Strategic Direction CAREIT is positioned as a Global Living Sector REIT focused on essential accommodation for workers and students across three key international markets. These accommodation segments are supported by structural demand drivers such as a strong pipeline of construction projects, labour mobility, demographic trends and international student mobility, which underpin stable occupancy and long-term income visibility. The Manager aims to provide Unitholders with attractive and sustainable returns through stable distributions and long-term DPU and NAV growth, while maintaining an appropriate capital structure. Key Investment Highlights +Essential Accommodation with Structural Demand Assets operated under well-established brands serving migrant workforce and higher education needs, with counter-cyclical demand characteristics supporting resilient occupancy across economic cycles. +Resilient Living Sector Portfolio Diversified portfolio of 14 strategically located properties across key markets in Singapore, the United Kingdom and Australia, providing geographical and sector diversification across PBWA and PBSA asset classes. +Reputable Sponsor with Aligned Interest Supported by the Sponsor’s strong sourcing capabilities and extensive development and management experience across focus geographies. The Sponsor’s significant unitholding of approximately 42.9% demonstrates strong alignment of interests with Unitholders. +Visible Growth Pipeline Visible growth from active asset management coupled with clear inorganic growth pipeline through Sponsor Right of First Refusal (“ROFR”) and a global acquisition strategy. +Strong Balance Sheet and Financial Flexibility Healthy balance sheet underpinned by prudent capital management, with sufficient debt headroom to support portfolio growth. +Experienced Leadership Experienced Board of Directors and Management with a proven track record in PBWA and PBSA asset management, supported by a committed Sponsor. PROACTIVE ASSET MANAGEMENT AND ORGANIC GROWTH STRATEGY • Maintain and improve high occupancy rates and rental rates • Implement asset enhancement initiatives and explore redevelopment opportunities • Drive leasing demand through proactive marketing plans and operational initiatives, improve operational efficiency and rationalise operating costs PRUDENT CAPITAL AND RISK MANAGEMENT STRATEGY • Maintain an optimal capital structure to support sustainable growth • Diversify funding sources to enhance financial flexibility • Implement proactive interest rate and foreign exchange risk management strategies ACQUISITION GROWTH STRATEGY • Pursue selective, yieldaccretive acquisitions of quality income-producing PBWA and PBSA assets from both the Sponsor and third parties • In evaluating potential acquisition opportunities, the Manager will consider factors including the asset’s yield profile, tenant and occupancy characteristics, geographic diversification and opportunities for value creation through active asset management INTEGRATING SUSTAINABILITY INTO LONG-TERM VALUE CREATION • Integrate ESG considerations into investment evaluation, asset stewardship and risk management processes to protect asset value and support stable long-term income generation • Maintain disciplined oversight of environmental performance, regulatory compliance and resident well-being through structured governance, performance monitoring and engagement with appointed property managers • Prioritise initiatives that enhance resource efficiency, climate resilience, resident safety and governance standards CAREIT Strategy for Long-Term Value Creation CAREIT’s strategy is anchored on four key pillars aimed at delivering sustainable distributions and long-term value creation for Unitholders. 6 STRATEGY PEOPLE PORTFOLIO Strategy Execution Achievements Proactive Asset Management and Organic Growth Strategy • Maintain and improve high occupancy and rental rates • Active tenant engagement, early lease renewal discussions and close monitoring of demand-supply dynamics across PBWA and PBSA markets • High occupancy rates of 97.6% and 99.1% for PBWA and PBSA respectively, both exceeding forecast levels • Implement asset enhancement initiatives and explore redevelopment opportunities • Evaluate asset enhancement and redevelopment opportunities across the portfolio to optimise land use and increase bed capacity • Westlite Toh Guan received Temporary Occupation Permit (“TOP”) and Foreign Employee Dormitories Act 2015 of Singapore (“FEDA”) licence for the development of a new 1,764-bed block, as well as for the Toh Guan Expanded Capacity (“TEC”), which allows the retention of 664 existing beds until 31 December 2028 • Westlite Mandai received TOP and FEDA licence for the development of a new 3,696- bed block. Mandai Expanded Capacity (“MEC”), which allows the retention of 1,980 existing beds until 31 December 2030, has been approved and is currently pending FEDA licence • Westlite Ubi received Provisional Permission in February 2026 for the development of an additional six-storey block, comprising an incremental 540 beds, bringing the total capacity to 2,190 beds upon completion • Drive leasing demand through proactive marketing and operational initiatives • Property-specific marketing initiatives and close collaboration with property managers to optimise operational efficiency • PBWA tenant retention remained healthy at 79.2%1, reflecting stable tenant relationships and sustained leasing demand Prudent Capital and Risk Management Strategy • Optimise capital structure with debt diversification and proactive interest rate and currency risk management • Active interest rate management and diversified funding sources to maintain financial flexibility • Debt hedging of at least 50% of loans at fixed rates • Healthy aggregate leverage of 22.1% as at 31 December 2025. Pro forma aggregate leverage of 30.7%, with debt headroom of S$348.0 million based on 40% gearing, following the payment of retention sum to the vendor of Westlite Mandai and acquisition of EPIISOD Macquarie Park Acquisition Growth Strategy • Pursue accretive acquisitions of quality asset from Sponsor and third parties • Leverage Sponsor pipeline and evaluate third-party opportunities aligned with CAREIT’s investment strategy • In January 2026, 732-bed EPIISOD Macquarie Park acquisition completed with master lease agreement until 31 December 2027 1 Lower than the average retention rate of 85.2% over FY2022 to FY2024, as disclosed in the IPO Prospectus, due to tenant relocations from existing blocks to the new 1,764-bed block at Westlite Toh Guan Executing Our Strategy 7 GOVERNANCE FINANCIAL STATEMENTS OTHERS
TONY BIN HEE DIN Chief Executive Officer LOH KIM KANG DAVID Chairman Letter to Unitholders Dear Unitholders, FP 2025 marked a significant milestone for CAREIT as we successfully completed our listing on the Singapore Exchange on 25 September 2025. This represents CAREIT’s inaugural report as a listed REIT. Though newly listed, our portfolio leverages on the established operating track record of our Sponsor in the Living Sector, providing a strong foundation for CAREIT’s long-term growth. CAREIT’s successful listing was recognised with IFR Asia Awards 2025’s Singapore Capital Markets Deal of the Year, reflecting the strong support from our investors and partners. Since listing, CAREIT’s unit price has appreciated by approximately 26.1% to S$1.11 as at 31 December 2025, reflecting investor confidence in our differentiated Living Sector segment, resilient operating performance and visible growth pipeline. Our focus remains unchanged - to deliver attractive and sustainable returns through stable distributions and longterm growth in Distribution per Unit (“DPU”) and Net Asset Value, while maintaining a prudent capital structure. FP 2025 Performance Highlights Supported by resilient demand fundamentals and disciplined execution, CAREIT has delivered a strong debut performance post-listing, with a DPU of 1.739 Singapore cents for the period from listing to 31 December 2025, exceeding the IPO forecast of 1.630 Singapore cents by 6.7%. Net Property Income outperformed forecast by 4.1%, driven primarily by higher-than-forecast rental rates in the PurposeBuilt Worker Accommodation (“PBWA”) portfolio and strongerthan-forecast occupancy across both PBWA and Purpose-Built 1 Lower than the average retention rate of 85.2% over FY2022 to FY2024, as disclosed in the IPO Prospectus, due to tenant relocations from existing blocks to the new 1,764-bed block at Westlite Toh Guan Student Accommodation (“PBSA”) assets. Gross revenue of S$50.7 million and distributable income of S$30.0 million also exceeded forecast by 3.4% and 6.7% respectively, reflecting the strong underlying fundamentals of our portfolio. Operationally, portfolio performance remained robust, with occupancy levels across both PBWA and PBSA assets exceeding forecasts. PBWA portfolio occupancy stood at 97.6%, 1.8 percentage points above forecast, while PBSA assets achieved 99.1% occupancy, also 1.8 percentage points above forecast. Tenant retention across the PBWA portfolio remained healthy at 79.2%1, supported by strong underlying demand and the quality of our accommodation offerings. Overall, these results underscore the resilience of CAREIT’s Living Sector portfolio and the strength of our operating capabilities. Executing Growth with Discipline Since listing, the Manager has advanced both organic growth initiatives and strategic expansion opportunities. In Singapore, the completion of new blocks at Westlite Toh Guan and Westlite Mandai (January 2026) added 1,764 and 3,696 beds respectively. Expanded capacity approvals were also secured for 664 beds at Westlite Toh Guan until 31 December 2028, and 1,980 beds at Westlite Mandai until 31 December 2030, thereby further enhancing income to the portfolio. In addition, Provisional Permission was received in February 2026 to develop an additional block at Westlite Ubi, which will add a further 540 beds, increasing the asset’s total capacity to 2,190 beds. These initiatives enhance income visibility while reinforcing CAREIT’s position in a structurally supply-constrained market. 8 STRATEGY PEOPLE PORTFOLIO As we enter our first full year as a listed REIT, our priorities remain clear - to strengthen operational performance, execute growth initiatives with discipline and deliver stable and sustainable returns for our Unitholders. In January 2026, the Manager completed the acquisition of EPIISOD Macquarie Park in Sydney, adding 732 PBSA beds and expanding our presence in a key Australian education hub. The asset is supported by a two-year master lease agreement, providing income stability as the property ramps up operations. Our approach remains disciplined - pursuing opportunities that enhance portfolio quality and long-term value while maintaining prudent risk management. Prudent Capital Management CAREIT maintains a strong and flexible balance sheet to support growth while preserving financial resilience. Following the acquisition of EPIISOD Macquarie Park, aggregate leverage stood at approximately 30.7%, with debt headroom of S$348.0 million based on 40% gearing. There are no refinancing requirements until 2028, while active interest rate and exchange rate management supports earnings visibility and distribution stability. This disciplined capital management framework positions CAREIT to pursue both organic and acquisition-led growth while maintaining balance sheet strength. Unlocking Organic Growth Potential CAREIT’s portfolio also offers meaningful embedded growth opportunities. Beyond rental growth, we continue to evaluate asset enhancement and redevelopment initiatives to increase bed capacity and enhance long-term cash flow generation. These initiatives allow the Manager to unlock organic growth by leveraging existing assets and our operational expertise. At the same time, we remain selective in evaluating new acquisitions that align with our investment mandate and support sustainable long-term value creation. Progressing on Sustainability and Community Sustainability and strong corporate governance remain integral to the Manager’s strategy as we build a resilient living sector portfolio. In December 2025, Westlite Woodlands achieved EDGE Advanced Level 2 certification, marking the first international green building certification across the Westlite PBWA portfolio. Westlite Toh Guan subsequently also achieved EDGE Advanced Level 2 certification in January 2026. We also remain committed to providing quality living accommodation that promotes resident well-being, social inclusivity and safe living environments. By prioritising resident welfare while minimising our environmental footprint, the Manager aims to deliver sustainable long-term value to Unitholders and the communities across its portfolio. Looking Ahead Global market conditions remain uncertain amid evolving interest rate expectations and geopolitical developments. However, the structural demand drivers supporting CAREIT’s Living Sector focus remain intact. In Singapore, infrastructure activity and evolving regulatory standards continue to support demand for quality worker accommodation. In the United Kingdom and Australia, strong student demand alongside limited PBSA supply underpins favourable long-term fundamentals. Heartfelt Appreciation On behalf of the Board of Directors and Management, we thank our Unitholders for your trust and support during CAREIT’s inaugural year as a listed REIT. We also extend our appreciation to our employees, service providers, business partners and stakeholders for their dedication and collaboration, which have been instrumental in CAREIT’s strong start as a listed REIT. We look forward to continuing this journey together as we build CAREIT into a leading global Living Sector REIT. LOH KIM KANG DAVID Chairman TONY BIN HEE DIN Chief Executive Officer 9 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Significant Events Westlite Toh Guan received TOP for both the development of a new 1,764-bed block and the approval to retain 664 existing beds until 31 December 2028 (FEDA licence has since been obtained) Completed acquisition of 732-bed EPIISOD Macquarie Park with Master Lease agreement until 31 December 2027 Successful listing of CAREIT, Singapore’s first pure-play purposebuilt living accommodation REIT, on the SGX-ST Mainboard on 25 September 2025 ~16.6x overall subscription, reflecting strong institutional and retail demand from international investors, recognised real estate specialist funds and high net-worth individuals 16 cornerstone investors subscribed for ~35.7% of total units in issue. Units closed at S$0.96 per unit, 9.1% above the issue price on listing day EPIISOD Macquarie Park Facade EPIISOD Macquarie Park Interior Westlite Mandai received TOP and FEDA licence for the development of a new 3,696-bed block. MEC, which allows the retention of 1,980 existing beds until 31 December 2030, has been approved and is currently pending FEDA licence Achieved Level 2 EDGE Advanced (Zero Carbon Ready) Certification for Westlite Toh Guan CAREIT’s IPO was awarded the “Significant Deal - Best IPO” at The Asset Triple A Awards for Sustainable Finance 2026 Westlite Ubi received Provisional Permission in February 2026 for the development of an additional six-storey block, comprising an incremental 540 beds, bringing the total capacity to 2,190 beds upon completion Inaugural FP 2025 Results Announcement - DPU of 1.739 S cents was 6.7% higher than IPO Forecast of 1.630 S cents Achieved Level 2 EDGE Advanced (Zero Carbon Ready) Certification for Westlite Woodlands, marking the first EDGE certification and the first internationally recognised green building certification across the Westlite PBWA portfolio CAREIT’s IPO was recognised as “Singapore Capital Markets Deal of the Year” by the IFR Asia Awards 2025 10 From Listing to Financial Period End (25 September 2025 to 31 December 2025) Subsequent Events (1 January 2026 to 25 March 2026) STRATEGY PEOPLE PORTFOLIO The Manager Team at the CAREIT IPO Ceremony 11 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Trust Structure 99.90% 100.00% 99.00% 100.00% 100.00% 100.00% 1.00% 100.00% 100.00% Note (a) 100.00% 100.00% Note (b) Note (c) 100.00% 100.00% 100.00% 100.00% As at 31 December 2025 1 Acquisition of EPIISOD Macquarie Park was completed in January 2026 12 Centurion Corporation Limited (“CCL” or “Sponsor”) and Unitholders Centurion Asset Management Pte. Ltd. (as manager of Centurion Accommodation REIT) Centurion REIT (Australia) Holdings Pte. Ltd. (Singapore) Centurion REIT (Australia I) Holdings Pte. Ltd. (Singapore) Centurion REIT Australia Pty Ltd (Australia) Centurion REIT Australia Trust (Australia) Centurion Adelaide Student Village Trust (Australia) Dwell East End Adelaide (Australia) Centurion Macquarie Park Student Village Trust (Australia) EPIISOD Macquarie Park1 (Australia) Centurion SA Investments Pty Ltd (Australia) Centurion UK SA REIT Ltd. (Jersey) Centurion Holdings (Jersey) Ltd (Jersey) Westlite Toh Guan LLP (Singapore) Westlite Toh Guan (Singapore) Centurion Investments (JS) Ltd (Jersey) Centurion Investments (JS I) Ltd (Jersey) Centurion Investments (JS V) Ltd (Jersey) Centurion Investments (JS VII) Ltd (Jersey) Dwell MSV South (United Kingdom) Dwell The Grafton (United Kingdom) Dwell Weston Court (United Kingdom) Dwell Princess Street (United Kingdom) Dwell MSV (United Kingdom) Holding of Units Management services Management fees Distributions STRATEGY PEOPLE PORTFOLIO 99.90% 100.00% 100.00% 100.00% Note (e) 100.00% 100.00% 100.00% 0.10% Note (d) (a) Centurion REIT Australia Pty Ltd is the trustee for Centurion REIT Australia Trust. (b) Centurion SA Investments Pty Ltd is the trustee for Centurion Adelaide Student Village Trust and Centurion Macquarie Park Student Village Trust. (c) Properties in Australia are managed by Centurion Australia Management Pty Ltd, (the “Australia PBSA Property Manager”), a wholly owned subsidiary of the Sponsor to provide property management services for PBSA assets in Australia. (d) Properties in Singapore are managed by Westlite Dormitory Management Pte. Ltd., (the “PBWA Property Manager”), a wholly owned subsidiary of the Sponsor to provide property management services for the PBWA assets in Singapore. (e) Properties in United Kingdom are managed by Centurion Student Services (UK) Ltd, (the “UK PBSA Property Manager”), a wholly owned subsidiary of the Sponsor to provide property management services for the PBSA assets in United Kingdom. Notes: 13 Perpetual (Asia) Limited (as trustee of Centurion Accommodation REIT) Westlite Woodlands LLP (Singapore) Westlite Mandai Sub-Trust (Singapore) Westlite Mandai (Singapore) Westlite Woodlands (Singapore) 99.90% 99.90% 51.00% 49.00% Westlite Ubi Holdings I LLP (Singapore) Westlite Ubi Holdings II LLP (Singapore) Westlite Ubi LLP (Singapore) Westlite Ubi (Singapore) Westlite Juniper Sub-Trust (Singapore) Westlite Juniper (Singapore) Centurion REIT (Singapore) Holdings Pte. Ltd. (Singapore) Centurion Investments (JS II) Ltd (Jersey) Centurion Investments (JS III) Ltd (Jersey) Centurion Investments (BV) Ltd (BVI) Dwell Cathedral Campus (United Kingdom) Dwell Hotwells House (United Kingdom) Dwell Archer House (United Kingdom) Trustee services Trustee fees Perpetual (Asia) Limited (as trustee of these sub-trusts) (Singapore) GOVERNANCE FINANCIAL STATEMENTS OTHERS
Organisation Structure BOARD OF DIRECTORS OF THE MANAGER Chief Executive Officer MR TONY BIN HEE DIN MR LOH KIM KANG DAVID Chairman and Non-Independent Non-Executive Director MR TAN KOK KWEE Lead Independent Non-Executive Director MR CHOY BING CHOONG Independent Non-Executive Director MR CHEAM HENG HAW Independent Non-Executive Director MR WONG KOK HOE Non-Independent Non-Executive Director Audit and Risk Committee MR TAN KOK KWEE Chairman MR CHOY BING CHOONG MR CHEAM HENG HAW MR CHOY BING CHOONG Chairman MR TAN KOK KWEE MR CHEAM HENG HAW Nominating and Remuneration Committee Chief Investment Officer Chief Financial Officer MS ANG CHER HOONG GINNY MR TEO CHEE KIAT 14 STRATEGY PEOPLE PORTFOLIO 15 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Board of Directors Date of appointment: 22 January 2025 Length of service as Director (as at 31 December 2025): 11 months Board committee(s) served on: Nil Academic & professional qualification(s): Bachelor of Science from the University of Oregon, United States Present directorships in other listed companies (as at 31 December 2025): Centurion Corporation Limited Present principal commitments (other than directorships in other listed companies) (as at 31 December 2025): Centurion Asset Management Pte. Ltd. Director Centurion Management and Consultancy Services Pte. Ltd. Director Centurion Global Ltd Principal and Director Past directorships in listed companies held over the preceding 3 years: Grab Holdings Limited Ohmyhome Limited Mr Loh Kim Kang David, 62 Chairman and Non-Independent Non-Executive Director Mr Loh has over 20 years of experience in the investment and brokerage industry. He joined Centurion Corporation Limited (“CCL”) in May 2015 as a Non-Executive Director and has been serving as an Executive Director and Joint Chairman since March 2021. He is responsible for formulating the corporate and business strategies of CCL and leads the execution of strategic growth plans of CCL and its subsidiaries. Mr Loh is the principal and non-executive director of Centurion Global Ltd (“CGL”) since April 2008, and is responsible for the investment strategies of CGL. Prior to that, he served various directorship roles in UOB Kay Hian Private Limited and Kay Hian Pte Ltd between July 1996 and March 2010 and was also the Managing Director of Kay Hian Overseas Securities Ltd from July 1999 to October 2001. Mr Loh was a Dealing Director at OUB Securities Private Limited from August 1995 to June 1996 and a Dealing Director at Ong & Company Private Limited from November 1989 to August 1995. 16 STRATEGY PEOPLE PORTFOLIO Date of appointment: 22 August 2025 Length of service as Director (as at 31 December 2025): 4 months Board committee(s) served on: Audit and Risk Committee (Chairman) Nominating and Remuneration Committee Academic & professional qualification(s): Bachelor of Business Administration from the National University of Singapore Present directorships in other listed companies (as at 31 December 2025): Hong Fok Corporation Limited KSH Holdings Limited Present principal commitments (other than directorships in other listed companies) (as at 31 December 2025): Centurion Asset Management Pte. Ltd. Director Past directorships in listed companies held over the preceding 3 years: Nil Mr Tan Kok Kwee, 67 Lead Independent Non-Executive Director Mr Tan has extensive experience in real estate financing in relation to large corporations and real estate developers. He began his career at Overseas Union Bank in May 1983 as a trainee officer and progressively advanced to the role of Senior Vice President. He then served as an Executive Director in United Overseas Bank, after the acquisition of Overseas Union Bank by United Overseas Bank, from September 2001 to December 2021. Date of appointment: 22 August 2025 Length of service as Director (as at 31 December 2025): 4 months Board committee(s) served on: Audit and Risk Committee Nominating and Remuneration Committee (Chairman) Academic & professional qualification(s): Senior Accredited Director (awarded by the Singapore Institute of Directors) Chartered Accountant from the Institute of Singapore Chartered Accountants INSEAD Coaching Certificate Programme Post Graduate Diploma in Strategic Human Capital Management from SHRI Academy Bachelor of Accountancy from the National University of Singapore Present directorships in other listed companies (as at 31 December 2025): Natural Cool Holdings Limited Hiap Tong Corporation Ltd. Present principal commitments (other than directorships in other listed companies) (as at 31 December 2025): Centurion Asset Management Pte. Ltd. Director Futura Innovation Pte. Ltd. Director iFocus Pte Ltd Director Vent Investments Pte. Ltd. Director Past directorships in listed companies held over the preceding 3 years: Hoe Leong Corporation Ltd Zhongmin Baihui Retail Group Ltd. Mr Choy Bing Choong, 60 Independent Non-Executive Director Mr Choy has more than 30 years of working experience in a variety of roles in multiple industries and countries and is currently the Executive Chairman at Natural Cool Holdings Limited where he has been for the last 12 years. Prior to that, he spent 8 years with the corporate finance department at CIMB Bank Berhad, Singapore Branch where he last held the position of Director, Corporate Finance. Before joining CIMB Bank Berhad, Singapore Branch, he served 3 years in the Corporate and Capital Markets Group at Rajah & Tann Singapore LLP. Apart from his home base in Singapore, he has also worked in China, the United Kingdom and Indonesia. 17 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Date of appointment: 22 August 2025 Length of service as Director (as at 31 December 2025): 4 months Board committee(s) served on: Audit and Risk Committee Nominating and Remuneration Committee Academic & professional qualification(s): Advocate and Solicitor of the Supreme Court of Singapore Certificate of Postgraduate Practical Course in law from the Board of Legal Education Bachelor of Laws from King’s College London, United Kingdom Present directorships in other listed companies (as at 31 December 2025): GDS Global Limited Aedge Group Limited Santak Holdings Limited Ten-League International Holdings Ltd Present principal commitments (other than directorships in other listed companies) (as at 31 December 2025): Rajah & Tann Singapore LLP Partner Centurion Asset Management Pte. Ltd. Director R&T Corporate Services Pte. Ltd. Director RTA Collab Capital Pte. Ltd. Director R&T Asia (Thailand) Ltd Director Past directorships in listed companies held over the preceding 3 years: TOTM Technologies Limited Mr Cheam Heng Haw, 51 Independent Non-Executive Director Mr Cheam began his legal career in Harry Elias Partnership, where he worked as a litigation Associate from June 2001 to February 2004. He then joined Rajah & Tann Singapore LLP as an Associate in the Capital Markets/Mergers & Acquisitions department and was eventually appointed as a Partner of the firm in January 2008 and he holds this position to date. Mr Cheam has extensive experience in corporate law, capital markets, mergers and acquisitions and brings such expertise to his role. Date of appointment: 17 January 2025 Length of service as Director (as at 31 December 2025): 11 months Board committee(s) served on: Nil Academic & professional qualification(s): Advocate and Solicitor of the Supreme Court of Singapore Bachelor of Laws (Honours) degree from the National University of Singapore Present directorships in other listed companies (as at 31 December 2025): Centurion Corporation Limited Present principal commitments (other than directorships in other listed companies) (as at 31 December 2025): Centurion Asset Management Pte. Ltd. Director Centurion Management and Consultancy Services Pte. Ltd. Director Centurion Global Ltd Director Centurion Properties Pte. Ltd. Director Past directorships in listed companies held over the preceding 3 years: Nil Mr Wong Kok Hoe, 63 Non-Independent Non-Executive Director Mr Wong has been an Executive Director and Deputy Chairman of CCL since November 2019 and is responsible for overseeing CCL and its subsidiaries’ operations. Mr Wong has also been a director of CGL since January 2009, and he is responsible for participating in the formulation of corporate and business strategies of CGL. Prior to that, Mr Wong was a Non-Executive Director and Chairman of CCL from August 2011 to November 2019. Mr Wong had an extensive legal career. He began his legal career in Drew and Napier in January 1990 and left as a Partner in May 1996. He then served as a Partner at Yeo Wee Kiong & Partners from June 1996 to September 1999. Mr Wong subsequently moved to Rajah & Tann Singapore LLP and served the roles of Co-Head of Corporate & Capital Markets, Executive Committee Partner and Consultant from October 1999 to December 2008. 18 STRATEGY PEOPLE PORTFOLIO 19 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Management Mr Tony Bin Hee Din, 67 Chief Executive Officer Over the span of over 35 years of Mr Bin’s career, he has accumulated a wealth of experience across banking and various real estate assets classes. He previously served as a Consultant at CCL from February 2025 until the time he joined the Manager. He was also a Consultant of CCL and Centurion Properties Pte. Ltd. (“CPPL”) from July 2019 to June 2021, and had previously served as the Managing Director, Accommodation Business at CCL from July 2011 to June 2019. Prior to that, he was the Chief Executive Officer and Director of CPPL from October 2007 to June 2019. Mr Bin started his career at Housing and Development Board as an Estate Officer from 1984 to 1987, subsequently, he served several roles, including as a Marketing Manager at Tong Eng Brothers Private Limited from 1987 to 1989, Vice President, Corporate Banking (Real Estate) at United Overseas Bank Limited from 1989 to 1997, Vice President, Debt Capital Markets (Fixed Income) at Société Générale Asia from 1997 to 1999, Chief Operating Officer at Heartland Retail Holdings Pte Ltd from 1999 to 2007. He was a General Manager at Asiamalls Management Pte. Ltd. and a General Manager at Guthrie Properties (S) Pte Ltd from 2002 to 2007. Mr Bin holds a Bachelor of Science (Estate Management) from National University of Singapore, a Graduate Diploma in Marketing Management from Singapore Institute of Management, Singapore and a Diploma in Marketing from Institute of Marketing, United Kingdom. Mr Bin, as the Chief Executive Officer (“CEO”) of the Manager, works with the Board of Directors to determine the strategy for Centurion Accommodation REIT (“CAREIT”). He also works with the other members of the management team to ensure that CAREIT operates in accordance with the Manager’s stated investment strategy. Additionally, as the CEO, he is responsible for planning the future strategic development of CAREIT, the overall day-to-day management and operations of CAREIT, and working with the Manager’s investment, asset management, financial and legal and compliance personnel in meeting the strategic, investment and operational objectives of CAREIT. 20 STRATEGY PEOPLE PORTFOLIO Mr Teo Chee Kiat, 44 Chief Financial Officer Mr Teo was previously the Deputy Chief Financial Officer of CCL from March 2025 until the time he joined the Manager. Prior to that, he served as the Head of Finance at OUE Limited from June 2021 to February 2025, where he was responsible for leading the finance function, including managing its accounting and taxation functions, and actively participated in various fund raising exercises. From May 2017 to June 2021, he served as the Assistant Vice President (Finance) of AIMS APAC REIT Management Limited where he assisted the Head of Finance on financial and statutory reporting, management reporting, annual budgeting and compliance matters. He started his career with PricewaterhouseCoopers LLP, Singapore in 2006 and left as a Senior Manager in May 2017 after gaining extensive experience in the audit and accounting of real estate companies. Mr Teo is a Chartered Accountant (Singapore) and is a member of the Institute of Singapore Chartered Accountants. He has passed the CFA Programme Level III Exam by Chartered Financial Analyst Institute in 2009 and completed the Chartered Valuer and Appraiser programme by the Institute of Valuers and Appraisers, Singapore in 2018. Mr Teo holds a Bachelor of Accountancy, Second Class Honours (Upper Division) from Nanyang Technological University, Singapore. Mr Teo, as the Chief Financial Officer (“CFO”) of the Manager, works with the CEO and the other members of the management team to formulate strategic plans for CAREIT in accordance with the Manager’s stated investment strategy. As the CFO, he is responsible for applying the appropriate capital management strategy, including tax and treasury matters, as well as finance and accounting matters, overseeing implementation of CAREIT’s short and medium-term business plans, capital management activities and prudent financial management policies. Ms Ang Cher Hoong Ginny, 53 Chief Investment Officer Ms Ang joined as a Director, Investment of CCL in January 2018 and rose up the ranks to become a Senior Director, Investment of CCL since January 2022 until the time she joined the Manager. Prior to such position, she served as the Director, Real Estate at CPPL from January 2008 to February 2018 and a Senior Manager at Guthrie Properties (S) Pte Ltd from July 2003 to December 2007. With over 25 years of experience, Ms Ang began her career as an Engineering Assistant at Thomson Consumer Electronics (Department of Research and Development) from June 1993 to December 1993 before pursuing further studies. She later held roles as a Leasing Administrator at Far East Organization from March 1997 to June 1998, a Leasing and Marketing Executive at Liang Court Pte Ltd from July 1998 to September 1999, a Real Estate Manager at Delifrance Singapore Pte Ltd from October 1999 to December 2002. Ms Ang holds a Bachelor of Business in Business Administration (Finance) from Royal Melbourne Institute of Technology, Melbourne and a Diploma in Electronics and Computer Engineering from Ngee Ann Polytechnic, Singapore. Ms Ang, as the Chief Investment Officer (“CIO”) of the Manager, works with the CEO and the other members of the management team to execute the investment strategy of the Manager which is responsible for identifying, researching and evaluating potential acquisitions and related investments with a view to enhancing CAREIT’s portfolio, or divestments where a property is no longer strategic, fails to enhance the value of CAREIT’s portfolio or fails to be yield accretive. In order to support these various initiatives, the investment team develops financial models to test the financial impact of different courses of action. 21 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Portfolio Overview AS AT 31 DECEMBER 2025 Assets Under Management (“AUM”)1 Cities in 3 Countries4 PBWA Occupancy PBSA Occupancy 6 97.6% 99.1% Operational Properties2 Operational Beds3 S$1.88 billion 14 25,154 UNITED KINGDOM STUDENT ACCOMMODATION 8 ASSETS Dwell Manchester Student Village Dwell Manchester Student Village South Dwell The Grafton Dwell Weston Court Dwell Princess Street Dwell Cathedral Campus Dwell Archer House Dwell Hotwells House 1 Valuation as at 31 December 2025 excludes EPIISOD Macquarie Park (732 beds) but takes into account: a) Westlite Toh Guan New Block (1,764 beds), b) TEC (664 retained beds), c) Westlite Toh Guan New Block Development Phase 2 (expected construction period: 2029 to 2030), d) Westlite Mandai New Block Development (3,696 beds), e) MEC (1,980 retained beds) 2 Operational Properties exclude EPIISOD Macquarie Park which was acquired in January 2026 3 Operational Beds exclude TEC (664 retained beds), Westlite Mandai New Block development (3,696 beds) and EPIISOD Macquarie Park (732 beds) 4 6 cities in 3 countries exclude EPIISOD Macquarie Park, which was acquired in January 2026 22 STRATEGY PEOPLE PORTFOLIO » The Westlite brand represents reliable, quality worker accommodation serving multinational companies and corporates across diverse industries. » CAREIT’s PBWA assets in Singapore operate under the Westlite brand. » The Dwell brand has grown its global presence, becoming a recognised name among student communities in urban centres. » CAREIT’s PBSA assets near leading universities in Australia and the United Kingdom are managed under the Dwell brand. » Building on the strength of the Dwell brand, EPIISOD was launched in July 2025 as a new PBSA brand offering an elevated, design-led, and experience-driven approach to student living. » CAREIT completed the acquisition of its inaugural EPIISOD residence, EPIISOD Macquarie Park in Sydney—strategically located within walking distance of Macquarie University—in January 2026. SINGAPORE WORKER ACCOMMODATION 5 ASSETS Westlite Toh Guan Westlite Mandai Westlite Woodlands Westlite Juniper Westlite Ubi AUSTRALIA STUDENT ACCOMMODATION 2 ASSETS Dwell East End Adelaide EPIISOD Macquarie Park (acquired in January 2026) PBSA PBSA refers to quality student housing developed and managed specifically for students. Designed and built with students in mind, PBSA features comfortable living spaces, shared facilities and amenities, and a management model planned around student needs. PBWA PBWA refers to quality dormitories designed, developed, and managed for migrant workers in Singapore. Purpose-Built Dormitories (PBDs) are dormitories typically constructed with permanent reinforced-concrete, and comply with FEDA licensing requirements. 23 GOVERNANCE FINANCIAL STATEMENTS OTHERS
Portfolio Details Singapore - PBWA 32-38 Mandai Estate 14-28 Toh Guan Road East Westlite Toh Guan Westlite Mandai Westlite Ubi 25 Ubi Avenue 3 2 Woodlands Sector 2 23 Mandai Estate Westlite Woodlands Westlite Juniper 24 STRATEGY PEOPLE PORTFOLIO 1 The acquisition of EPIISOD Macquarie Park was completed subsequently on 13 January 2026. All assets are 100% wholly owned by CAREIT 2 Number of beds excludes TEC (664 retained beds) 3 Valuation for Westlite Toh Guan as at 31 December 2025 takes into account: a) Westlite Toh Guan New Block (1,764 beds), b) TEC (664 retained beds), c) Westlite Toh Guan New Block Development Phase 2 (expected construction period: 2029 to 2030) 4 Purchase Price for Westlite Toh Guan takes into account: a) Westlite Toh Guan New Block (1,764 beds), b) Westlite Toh Guan New Block Development Phase 2 (expected construction period: 2029 to 2030) 5 Number of beds exclude Westlite Mandai New Block development (3,696 beds) 6 Valuation for Westlite Mandai as at 31 December 2025 takes into account: a) Westlite Mandai New Block Development (3,696 beds), b) MEC (1,980 retained beds) 7 Purchase Price for Westlite Mandai excludes MEC (1,980 retained beds) but takes into account Westlite Mandai New Block Development (3,696 beds) No. Property Name Term of Lease Remaining Term of Lease No. of Beds Land Area (sq m) Valuation as at 31 December 2025 (’000) Purchase Price (’000) Gross Rental Income for FP 2025 (’000) Average Occupancy Rate FP 2025 1 Westlite Toh Guan Leasehold 60 years (from 1 December 1997) 32 years 8,4302 11,685 S$459,0003 S$448,1504 S$12,176 94.6% 2 Westlite Mandai Leasehold 32 years (from 25 September 2025) (with an option to renew for a further 30 years) 32 years 6,2905 11,265 S$544,0006 S$500,0007 S$10,475 98.7% 3 Westlite Woodlands Leasehold 30 years (from 22 November 2013) 18 years 4,100 9,542 S$182,000 S$183,100 S$6,990 99.9% 4 Westlite Juniper Leasehold 50 years (from 25 September 2025) 50 years 1,912 4,068 S$103,000 S$109,000 S$3,169 99.4% 5 Westlite Ubi Leasehold 30 years (from 14 March 2023) 27 years 1,650 7,045 S$110,000 S$108,000 S$3,153 100% Total Singapore 22,382 43,605 S$1,398,000 S$1,348,250 S$35,963 97.6% No. Property Name Seller Entities Acquisition Date 1 Westlite Toh Guan Centurion Dormitories Pte. Ltd. 25 September 2025 2 Westlite Mandai Lian Beng-Centurion (Mandai) Pte. Ltd. 3 Westlite Woodlands Centurion Dormitories Holdings Pte. Ltd. 4 Westlite Juniper Lien Properties Pte. Ltd. 5 Westlite Ubi Centurion Corporation Limited and Lian Beng Group Pte. Ltd. Property Information as at 31 December 20251 25 GOVERNANCE FINANCIAL STATEMENTS OTHERS
United Kingdom - PBSA 12-18 Synagogue Place, Adelaide SA 5000 Dwell East End Adelaide Lower Chatham Street, Manchester M1 5SX 357A Great Western Street, Manchester M14 4AH 60 Grafton Street, Manchester M13 9NU 45-47 Cromwell Range, Fallowfield, Manchester M14 6HH 121 Princess St, Manchester M1 7AG 1 Dean Patey Court, Cathedral Gate, Liverpool L1 7BT 14-22 Castle Gate, Nottingham NG1 7AW 192-216 Hotwell Road, Bristol BS8 4UR Dwell Manchester Student Village Dwell Manchester Student Village South Dwell The Grafton Dwell Weston Court Dwell Princess Street Dwell Cathedral Campus Dwell Archer House Dwell Hotwells House Australia - PBSA 26 STRATEGY PEOPLE PORTFOLIO No. Property Name Term of Lease Remaining Term of Lease No. of Beds Land Area (sq m) Valuation as at 31 December 20252 (‘000) Purchase Price3 (‘000) Gross Rental Income for FP 2025 (‘000) Average Occupancy Rate FP 2025 6 Dwell Manchester Student Village Freehold N.A. 982 4,500 £106,490 £105,585 S$4,640 98.9% 7 Dwell Manchester Student Village South Freehold N.A. 362 6,300 £47,260 £48,135 S$1,955 99.7% 8 Dwell The Grafton Freehold N.A. 145 880 £14,760 £14,520 S$677 100.0% 9 Dwell Weston Court Leasehold 125 years (from 27 November 2008) 108 years 140 3,700 £8,150 £8,790 S$512 100.0% 10 Dwell Princess Street Freehold N.A. 126 738 £23,400 £23,485 S$889 100.0% 11 Dwell Cathedral Campus Leasehold 250 years (from 6 February 2007) 231 years 383 16,400 £20,120 £19,415 S$1,249 100.0% 12 Dwell Archer House Freehold N.A. 177 1,100 £12,350 £12,720 S$723 97.7% 13 Dwell Hotwells House Leasehold 125 years (from 22 May 2009) 108 years 157 2,400 £17,380 £17,035 S$765 93.6% Total United Kingdom 2,472 36,018 £249,910 £249,685 S$11,410 98.9% 14 Dwell East End Adelaide Freehold N.A. 300 598 A$63,250 A$63,125 S$1,549 100.0% Total Australia 300 598 A$63,250 A$63,125 S$1,549 100.0% Property Information as at 31 December 20251 1 The acquisition of EPIISOD Macquarie Park was completed subsequently on 13 January 2026. All assets are 100% wholly owned by CAREIT 2 Based on the exchange rate as at 31 December 2025: £ 1.00 : S$ 1.7288 and A$ 1.00 : S$ 0.8597 3 Purchase Price is based on the exchange rate in the IPO Prospectus: £ 1.00 : S$ 1.75 and A$ 1.00 : S$ 0.84 No. Property Name Seller Entities Acquisition Date 6-13 All 8 Properties in United Kingdom Centurion General Partners (I) Pte. Ltd. (in its capacity as general partner of Centurion UK S.A. Fund LP) 25 September 2025 14 Dwell East End Adelaide Centurion Investments (JS A) Ltd and Centurion Overseas Investments (II) Pte. Ltd. 27 GOVERNANCE FINANCIAL STATEMENTS OTHERS
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