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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Dexus Convenience Retail
Dexus Convenience Retail (DXC) investor relations material
Dexus Convenience Retail H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary10 Aug, 2026
Executive summary
Achieved FY26 FFO and distributions of 20.9 cps, in line with guidance, with resilient income growth and high occupancy at 99.2%, supported by a 7.6-year WALE and high-quality tenant covenants.
Portfolio comprises 91 assets valued at $779 million, focused on high-traffic metro and highway locations, with 77% weighted to the eastern seaboard and 86% of income expiring in FY31 or beyond.
Portfolio quality improved through strategic asset recycling, development completions, and a focus on value-accretive opportunities such as buybacks and developments.
Sustainability initiatives maintained net zero Scope 1 and 2 emissions and 100% renewable electricity across the managed portfolio.
Strong capital position with gearing at 30.6%, active buy-back program increased to 5%, and no significant lease expiries until 2032+.
Financial highlights
FFO and distributions delivered at 20.9 cps (AUD 0.209 per security), up 1.2% year-over-year, with a 100% payout ratio and net profit after tax rising to $56.4 million from $39.4 million.
Like-for-like income growth of 3%, supported by contracted rental escalators and average rent reviews of 3.3%.
NTA per security increased by 6% to $3.86, supported by a $27.4 million valuation uplift and portfolio improvements.
Property portfolio valued at $779 million, with a 3.6% revaluation uplift and average cap rate of 6.18%.
$8 million in asset divestments at a 1.4% premium to book value.
Outlook and guidance
FY27 distributions expected to be maintained at 20.9 cps (AUD 0.209 per security), implying a 7.8% yield, with payout ratio temporarily at 103%-104% and normalization anticipated as income growth is delivered.
Updated distribution policy targets a payout ratio of 95-110% of FFO, providing flexibility in a higher interest rate environment.
Focus remains on executing the on-market buyback, selective development opportunities, and enhancing portfolio quality.
Portfolio positioned for defensive income with contracted rental growth and minimal near-term expiries.
Securities trading at a 30.8% discount to NTA.
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Latest events from Dexus Convenience Retail
- Net profit up 144%, FFO and distributions on track, with 99.9% occupancy and rising NTA.DXC
H1 2026 - FY25 outperformed guidance with higher NTA, strong occupancy, and 1.2% FFO growth outlook.DXCH2 2025
- FFO and distributions hit guidance highs, with robust income, occupancy, and a 7.3% yield outlook.DXCH2 2024
- Net profit rebounded, gearing is low, and FY25 FFO and distribution guidance is reaffirmed.DXCH1 2025
Next Dexus Convenience Retail earnings date
H1 20277 Feb, 2027
Dexus Convenience Retail
Next Dexus Convenience Retail earnings date
H1 20277 Feb, 2027
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Frequently asked questions
Dexus Convenience Retail REIT is an Australian real estate investment trust (REIT) focused on owning, managing, and investing in convenience retail properties. The trust's portfolio primarily comprises service stations and retail convenience stores located across Australia, targeting high-traffic locations and stable, long-term lease agreements with major fuel and retail operators. Dexus Convenience Retail REIT aims to provide investors with regular income through a portfolio that benefits from the consistent demand for convenience retail. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.