EQS-Ad-hoc: Dexus Finance Pty Limited / Key word(s): Annual Results/Real Estate Dexus Finance Pty Limited: 2023 Annual results - A leading, diversified real asset manager with a
During the year, Dexus leased 196,998 square metres[10] of office space across 306 transactions as well as 24,703 square metres of space across 14 office development deals, securing future income streams.Executive General Manager, Office, Andy Collins said:"Against a challenging operating environment our high-quality portfolio occupancy remains strong at 95.9%. The average terms of new leases and renewals was circa 6.
During the year, Dexus leased 272,059 square metres10 of industrial space across 71 transactions as well as 68,609 square metres of space across 8 industrial developments. Portfolio occupancy increased to 99.4%, reflecting the sale of Axxess Corporate Park and continued leasing success.Executive General Manager, Industrial, Healthcare and Alternatives, Stewart Hutcheon said:"Our core industrial portfolio remains near full occupancy.
Chief Investment Officer, Ross Du Vernet said:"During the year we achieved key milestones across the development pipeline, with construction commencing at our city-shaping developments Waterfront Brisbane and Atlassian Central . We invest for the long-term, and these projects will produce iconic, irreplaceable assets that will deliver attractive long-term returns, while also providing organic growth for the funds platform.
"Higher interest rates will continue to impact our result in FY24, along with the impact of cycling a relatively strong year of trading profits in FY23. Barring unforeseen circumstances, for the 12 months ended 30 June 2024[15] Dexus expects distributions of circa 48.0 cents per security, below the 51.6 cents per security delivered in FY23 predominantly driven by lower trading profits. AFFO excluding trading profits is expected to be broadly in line with that delivered in FY23.
[3] Adjusted for cash and debt in equity accounted investments, excludes Dexus's share of co-investments in pooled funds. Pro forma including proceeds and payments for transactions post 30 June 2023 that have settled before 16 August 2023. Excluding these impacts, look-through gearing is 30.3% at 30 June 2023. Look-through gearing including Dexus's share of co-investments in pooled funds is 31.7% at 30 June 2023.[6] Includes circa $100 million co-investments by Dexus.
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