Half Year 2025 Dexus Earnings Call Transcript

Feb 17, 2025 / 10:30 PM GMT

Release Date Price: A$7.82 (+0.51%)

Transcript

Key Points

Positve

Dexus (DEXSF) maintained high occupancy across its portfolio, delivering strong cash flows with AFFO of $252 million.
The company has a strong balance sheet with gearing levels at the low end of their range, despite recent devaluations.
Dexus (DEXSF) has contracted $515 million of balance sheet divestments, showing progress in its strategic goals.
The industrial portfolio saw a 1.4% increase in valuations, driven by rent growth offsetting higher cap rates.
Dexus (DEXSF) has a diversified and scalable real assets platform, with deep access to diverse pools of capital.

Negative

Redemptions remain elevated, particularly for core products, as clients adjust their strategies and seek liquidity.
Office valuations declined by 2.6% due to higher cap rates and discount rates, despite market rent growth.
Higher funding costs are expected to impact FY26, driven by high interest rates and lower capitalized interest.
Occupancy in the office portfolio is expected to decline further due to upcoming expiries.
The funds management business faces challenges in capital raising due to a subdued market environment.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DXS.AX - Dexus
Half Year 2025 Dexus Earnings Call
Feb 17, 2025 / 10:30PM GMT

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Presentation
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5 half year results presentation.

I'd like to begin today by acknowledging the traditional custodians of the lands and waterways on which we meet today, the Gadigal people of the Eora nation, and pay our respects to elders past and present.

Today you hear from Kiera on the financials, Andy on office, Chris on industrial, and Michael Sheffield on funds management. We're pleased to recently announce the appointment of Michael, along with Jason Howes to lead the funds management business.

Michael will be focused on driving the performance of our existing funds, and Jason on the products we offer to meet the changing investment needs of our clients and partners.

In addition, we have appointed Kirrily Lord to lead our

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