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DEXUS (DXS) investor relations material

DEXUS H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Aug, 2025

Executive summary

  • Delivered on FY25 guidance with strong cash flows, high office (92.3%) and industrial (96.2%) occupancy, and record industrial leasing.

  • Total funds under management reached $50.1b, with $14.5b in the investment portfolio and $35.6b in third-party funds.

  • Divested $1.1b in assets, progressing toward a $2b target for FY25-27, and maintained gearing at the low end of the target range.

  • Core diversified and shopping center funds outperformed peers and benchmarks, with $1.8b in redemptions facilitated.

  • Strong sustainability performance, maintaining net zero emissions across Scope 1, 2, and some Scope 3, and multiple funds achieving 5 Star GRESB ratings.

Financial highlights

  • AFFO for FY25 was $484M, with a distribution of $0.37 per security and an 82% payout ratio.

  • AFFO decreased 6.3% year-over-year; office FFO fell 1.1% and industrial FFO dropped 9.2% due to divestments and prior-year one-off income.

  • Management operations FFO increased to $155M, driven by higher performance fees and cost savings.

  • Net finance costs increased 11.3% year-over-year, reflecting higher interest rates and cessation of capitalised interest.

  • Portfolio value declined 1.1% year-over-year, but second half saw positive revaluations.

Outlook and guidance

  • FY26 AFFO expected between $0.445 and $0.455 per security; distributions to remain at $0.37 per security.

  • Industrial FFO growth anticipated, offset by lower office FFO due to divestments.

  • Focus on delivering $2b in divestments by FY27, with $1b remaining.

  • Trading profits of ~$40M post-tax secured for FY26.

  • Recovery in real asset markets anticipated, with positive valuation trends and a shift in the interest rate cycle.

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Frequently asked questions

Dexus is an integrated real estate group based in Australia. It manages a diverse portfolio of high-quality assets across office, industrial, healthcare, and retail sectors, along with infrastructure investments. Its offerings include real estate management, funds management, and a pipeline of real estate development projects. The company focuses on sustainable growth and long-term performance through strategic asset management and development. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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