Dexus Industria (DXI) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced directors and fund managers, and outlined the hybrid meeting format for broader participation.

• Emergency procedures, meeting logistics, and agenda—including Chair's address, fund manager's update, and formal resolutions—were explained.

• Attendees were guided on submitting questions and voting, with both online and in-person participation options.

• Acknowledgement of Country was made, recognizing Traditional Custodians and their ongoing contributions.

Board and executive committee updates

• Melanie Bourke was introduced as Executive Director, joining after Deborah Coakley's departure.

• Gordon Korkie was appointed Fund Manager in February, succeeding Alex Abell after a rigorous search.

• Board includes Jennifer Horrigan (Chair), Emily Smith, Danielle Carter, Jonathan Sweeney, Melanie Bourke, and Brett Cameron.

• Company secretaries and representatives from legal and audit firms were acknowledged.

Financial performance review

• FY 2024 FFO per security was AUD 0.174, up 1.7% year-on-year, with distributions of AUD 0.164, both in line with upgraded guidance.

• Portfolio like-for-like growth was 7.8%, with 4.4% average rent review and industrial re-leasing spreads of 15.7% for FY24.

• Look-through gearing at 27.3% as of June 2024, among the lowest in the AREIT sector, supported by $135 million in strategic divestments.

• Nearly AUD 300 million of assets divested over two years, including Rhodes Corporate Park, reducing income risk.

• Completed 43,700sqm of new developments and increased BTP occupancy from 85.7% to 98.1%.