Half Year 2026 Dexus Earnings Call Transcript
Key Points
- Dexus (DEXSF) reported AFFO of $253 million and distributions per security of $0.193, reflecting a payout ratio of 82%.
- The company achieved a second consecutive six-month period of positive property portfolio valuations, leading to an increase in NTA to $8.95 per security.
- Office leasing volumes nearly doubled compared to the previous half, with significant progress at Waterfront Brisbane, now 71% pre-leased.
- The Industrial portfolio delivered strong like-for-like growth and re-leasing spreads, with occupancy by income increasing to 97%.
- Dexus raised over $950 million in equity, including $640 million in new equity commitments, and established a new fund series, demonstrating strong capital management.
- Office FFO decreased due to divestments and lower average occupancy, despite contracted rent increases.
- FFO from management operations declined due to lower performance fees and divestments.
- Performance fees and trading profits are expected to be materially lower in FY27 compared to FY26.
- The company faces challenges with vacancies at key locations such as 80 Collins Street in Melbourne and 30 Hickson Road in Sydney.
- Dexus has a high threshold for commencing new development projects, indicating potential delays in capital deployment.
Thank you for standing by and welcome to the Dexus HY26 results briefing.
(Operator Instructions)
I would now like to hand the conference over to Ross Du Vernet, Group CEO and Managing Director. Please go ahead.
Well, good morning, everyone. Thanks for joining us for our half-year 2026 results presentation.
I'd like to begin today by acknowledging the traditional custodians of the lands and waterways upon which we operate; and pay our respects to elders, past and present.
Today, you'll hear from Keir, on financials; Andy, on Office; Chris, on Industrial; and Michael, on Funds Management. Concluding the presentation, I'll provide a summary and open up to any questions that you may have.
Dexus is a unique investment proposition in the Australasian real asset market. Today, we manage $51 billion of assets across our platform, with third-party funds under management at 2.4 times our investment portfolio. We have scale and diversity across the real asset spectrum: $20
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