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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.
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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