Australia · Delayed Price · Currency is AUD Dexus Convenience Retail REIT Earnings Call Transcripts
Fiscal Year 2026
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FFO and distributions met guidance at AUD 0.209 per security, with 3% like-for-like income growth and a 6% NTA increase. FY 2027 distributions are expected to remain flat, with FFO temporarily down 3%-4% due to higher interest costs, and payout ratio normalizing as rental growth resumes.
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FFO and distributions per security are on track to meet FY 2026 guidance, with resilient income growth, a 4.4% increase in NTA, and gearing at 29.8%. The portfolio is focused on metro and highway assets, with strong market demand and ongoing development projects supporting future growth.
Fiscal Year 2025
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FY 2025 delivered resilient income, with FFO and DPS slightly above guidance and 2.9% like-for-like growth. Portfolio quality improved through divestments, gearing remains low, and FY 2026 guidance targets 1.2% FFO growth and a >7% yield.
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FFO and distributions per security were slightly down year-over-year due to higher debt costs, but NTA and property valuations increased. Gearing is at the low end of the target range, with capital allocated to high-return development projects and FY2025 guidance reaffirmed.
Fiscal Year 2024
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FFO and distributions reached the top end of guidance, supported by resilient income and strategic asset sales. FY 2025 guidance anticipates a slight decline due to asset sales, but maintains a strong distribution yield above 7%.