DEXUS (DXS) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional custodians, and outlined meeting logistics and hybrid participation options.

• Introduced board members, executive committee, auditors, and special guests; recognized outgoing and incoming directors and CEO.

Board and executive committee updates

• Ross Du Vernet formally introduced as Group CEO after an extensive recruitment process; board expressed strong confidence in his leadership.

• Two new executive committee members appointed: Chief People Officer and Executive GM for Growth Markets.

• Outgoing director Penny Bingham-Hall and former CEO Darren Steinberg were acknowledged for significant contributions.

Financial performance review

• Delivered on FY24 guidance with AFFO of AUD 516 million and distribution of AUD 0.48 per security, slightly below FY23 due to lower trading profits.

• Maintained high occupancy in office (93.5%) and industrial (96.2%) portfolios; strong rent collections at 99.5%.

• AUD 1.7 billion in divestments and AUD 2.9 billion of fund asset sales completed; balance sheet remains strong with low gearing.

• Core funds outperformed benchmarks; over AUD 300 million raised for new funds.