Dexus Industria (DXI) ASX CEO Connect September 2025 summary

Investment strategy and market positioning

• Focus on a high-quality, geographically diverse industrial portfolio delivering resilient income and capital growth.

• Three key objectives: organic income growth, disciplined portfolio management, and prudent balance sheet management.

• Leveraging Dexus’s platform for asset management and opportunity pipeline.

• Transitioned to a 100% industrial REIT, divesting business park assets and acquiring urban logistics assets.

• Positioned to benefit from supportive market dynamics and potential share price re-rating.

Industrial property market outlook

• Structural drivers include population growth, e-commerce expansion, and land scarcity.

• Demand for industrial space remains robust, with warehouse take-up expected to reach over 12 million sqm by 2030.

• Supply is constrained by high costs and planning delays, with 2025 supply forecasts revised down.

• Low vacancy rates and moderated cap rate expansion support asset values.

• Strong foreign capital interest in Australian industrial assets.

Portfolio performance and development

• Recent divestment of Brisbane Technology Park and acquisition of a Sydney logistics warehouse.

• Industrial portfolio delivers strong operating performance, with 83% of income on fixed rental increases averaging 3.3% in FY25.

• High occupancy (99.5%) and WALE of 5.9 years; top tenants include global brands, enhancing income resilience.

• Development pipeline at Jandakot represents $230 million investment, targeting yields above 6.25%.

• Recent completions fully leased, eliminating short-term refinancing risk.