HY24 Results release

14 February 2024

2024 Half year results – A strong balance sheet and resilient Underlying FFO

Dexus today announced its results for the half year ended 31 December 2023, confirming a distribution of 26.7 cents per security. 

Highlights 

• AFFO¹ of $292.4 million, or 27.2 cents per security decreased 5.9%, and distributions of 26.7 cents per security decreased 4.6% on the previous corresponding period 
• Operating earnings measure, FFO was $364.8 million, 6.2% lower than HY23
• Underlying FFO grew by 4.5% to $355.8 million, supported by growth in management operations and higher co-investment income
• Statutory net loss after tax of $597.2 million, compared to a statutory net profit after tax of $23.1 million in HY23
• Gearing (look-through)² of 29.4%, below the target range of 30-40% with 95% of debt hedged across HY24 and an average hedge maturity of 4.2 years
• Achieved final completion of the acquisition of AMP Capital’s real estate and domestic infrastructure equity business in November 2023
• Settled $1.3 billion in asset sales from the  Dexus portfolio, further strengthening the balance sheet and providing capacity to fund committed developments 
• Achieved high occupancy³ of 94.5% for the Dexus office portfolio and 99.0% for the Dexus industrial portfolio
• Continued leadership in ESG performance, with ongoing global benchmark recognition

Dexus Chief Executive Officer, Darren Steinberg said: “Despite the challenging economic environment, we have generated $292.4 million of AFFO and settled $1.34 billion of balance sheet divestments over the past six months, enabling us to maintain a strong balance sheet and recycle capital into other opportunities such as our committed development pipeline. In November 2023, we achieved Final Completion of the AMP Capital platform acquisition and we will be fully integrated by 30 June 2024. We have now created a $57.1 billion scalable real asset platform.”

Download the PDF to read the full result.