DEXUS (DXS) AGM 2025 summary

Opening remarks and agenda

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

• Introduced board members, executive team, and auditors, noting upcoming director re-elections and retirements.

Financial performance review

• Delivered on guidance with strong cash flows and AFFO of AUD 484 million; distributions of AUD 0.37 per security paid.

• Balance sheet remains strong with low gearing; property portfolio valuations turned positive, contributing to statutory net profit.

• Funds management business outperformed benchmarks, raised new equity, facilitated AUD 1.8 billion in redemptions, and committed to AUD 2 billion in divestments over three years.

• Office and industrial portfolio occupancy remained high, with office at 91.2% and industrial at 95.9%.

• Noted a loss of AUD 113 million on interest rate derivatives, clarified as unrealized and due to contracts being less in the money than prior year.

Board and executive committee updates

• Nicola Roxon and Paula Dwyer acknowledged for significant board contributions; both retiring.

• Board reviewed and simplified executive remuneration framework, aligning outcomes with security holder experience.

• CEO’s FY 2025 STI to be withheld pending APAC litigation outcome.