September 2023 quarter update

25 October 2023

September 2023 quarter update – Positive momentum across the platform

Dexus provides its update for the quarter ended 30 September 2023 where it continued to execute on its strategic objectives, with the balance sheet strength further enhanced through strategic capital recycling and high occupancy maintained across the office and industrial portfolios.

Darren Steinberg, Dexus CEO said: “Despite the uncertain global macroeconomic and geopolitical environment, we continued positive momentum across the group, settling $1.3 billion of balance sheet divestments, maintaining a strong balance sheet and providing capacity to recycle capital into higher returning opportunities.

“In our funds management business, we launched a second fund in the Dexus Real Estate Partnership (DREP) series and continue to raise capital for our healthcare fund.”

Highlights

• Continued asset recycling, having settled $1.3 billion of balance sheet divestments since 30 June 2023, $0.8 billion of which were factored in the 27.9% pro forma gearing at FY23. An additional $0.5 billion of sales settled post the FY23 results announcement, further strengthening the balance sheet
• Launched capital raising for the second Dexus Real Estate Partnership (DREP) opportunity fund following the successful close of the first fund in the series
• Completed 79 leasing transactions¹ and maintained high occupancy across the Dexus office portfolio of 94.7% and Dexus industrial portfolio of 99.5%
• Completed 88,000 square metres of developments across key industrial precincts and healthcare assets
• Rent collections remained strong at 99.7%
• Leadership in sustainability again recognised by Global Real Estate Sustainability Benchmark (GRESB) for multiple funds and entities across the platform