DEXUS (DXS) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional custodians, and outlined meeting logistics including hybrid participation and voting procedures.

• Introduction of board members, executive committee, auditors, and special guests; recognition of 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 hires: Chief People Officer and Executive GM for Growth Markets, focusing on diversity, inclusion, and sector expansion.

• Acknowledgment of retiring director Penny Bingham-Hall and former CEO Darren Steinberg for their significant contributions.

Financial performance review

• Delivered FY24 AFFO of AUD 516 million and distribution of AUD 0.48 per security, in line with guidance but 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%.

• Continued capital recycling with AUD 1.7 billion divested and AUD 2.9 billion of fund assets sold to manage redemptions.

• Balance sheet remains strong with gearing at the low end of the range despite soft valuations and statutory loss driven by higher interest rates.