DEXUS (DXS) AGM 2026 summary

Opening remarks and agenda

• Hybrid meeting offered live viewing, questions and online or conference-call voting; polls opened for resolutions 1–3.

• Agenda covered the Chair’s FY26 overview, the CEO’s update and strategic priorities, formal resolutions and the FY26 annual report; the meeting opened with an Acknowledgement of Country.

Financial performance review

• FY26 AFFO was $483.9m, statutory NPAT $482.2m, distribution 37.0 cents per security and look-through gearing 33.4%.

• Third-party equity commitments were ~$2.0bn, nearly twice FY25; ~$1.9bn of FY26 divestments brought total divestments since FY24 to ~$2.5bn, exceeding the ~$2bn FY25–27 target.

• Total portfolio valuations rose 1% in FY26; office occupancy was 95.7%, with 95% of the office portfolio prime grade, while industrial effective like-for-like income grew 8.3% and assets were 89% weighted to core estates and distribution centres.

• September-quarter office rent collections were 99.5% and occupancy was 94.2%; industrial leasing exceeded 113,000 sq m, occupancy was 94%, collections were 99.7% and re-leasing spreads were ~36%.

• Flagship funds DWPF and DWSF outperformed benchmarks over reported periods; DWSF ranked first among wholesale funds across sectors over 1, 2 and 3 years.

Board and executive committee updates

• Varya Davidson’s appointment, effective 1 February 2026, was ratified; she brings 30 years’ experience across energy transition, infrastructure and strategy.

• Jonathan Gidney’s appointment, effective 17 December 2025, was ratified; his experience spans investment banking, capital markets, corporate risk and governance.

• CFO Keir Barnes was due to leave at year-end to pursue an opportunity outside real estate.