DEXUS (DXS) Trading update summary

Operating performance

• Office occupancy 94.2% vs market 85.1%; ~78% of the office portfolio is in core CBD locations.

• Office incentives 23.8%; excluding effective deals, 29.6% vs 29.9% at FY26, and below market average.

• Industrial occupancy 94.0%; releasing spreads 36%, incentives 20.1% and portfolio 8.1% under-rented.

• Rent collections 99.5%; office and industrial occupancies remain above market.

Funds management

• Raised $230 million in equity commitments since 30 June 2026, including more than $165 million in secondary unit transactions.

• DWPF returned 10.0% over one year and DWSF returned 14.4% post fees; both outperformed benchmarks across reported periods.

• DREP2, with circa $870 million in commitments including a $200 million sidecar, has committed capital to four opportunities and is 35% allocated.

• DHPF has $1.1 billion in third-party FUM and a $180 million co-investment; an independent advisor is reviewing options including asset sales, alternative capital or ownership structures, or a wind-up.

Portfolio changes and developments

• Contracts exchanged to sell 101 George Street, Parramatta, for $143.9 million gross; the 50%-owned asset sale represents an exit from the Parramatta suburban office market.

• A consortium including Australian Data Centres entered lease documentation with an Australian subsidiary of Anthropic for the first stage of a proposed Queensland data centre campus, subject to customary approvals.

• Real estate development pipeline is $12.8 billion, including $6.9 billion in the portfolio and $5.9 billion in funds management.