Australia · Delayed Price · Currency is AUD DEXUS Earnings Call Transcripts
Fiscal Year 2026
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FY26 progress included nearly doubling third-party capital and $2.5bn in divestments, alongside unresolved infrastructure and APAC challenges. FY27 priorities centre on capital efficiency and real-estate-focused growth, with AFFO guidance of $0.375–$0.395 per security and distributions of $0.37.
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AFFO reached AUD 484 million with distributions steady at AUD 0.37 per security, while office and industrial segments showed strong operational performance. FY 2027 guidance anticipates lower earnings due to reduced performance fees and higher financing costs, but capital efficiency and portfolio transition remain priorities.
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AFFO reached AUD 253 million with positive portfolio valuations and strong leasing activity in both office and industrial segments. Guidance for FY 2026 is reaffirmed, and a 10% securities buyback is activated, supported by disciplined capital management.
Fiscal Year 2025
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The meeting reviewed resilient financial performance, ongoing portfolio diversification, and a new executive remuneration framework. Shareholders voiced concerns about underperformance and office sector concentration, while the board outlined strategies for growth, sustainability, and simplification.
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FY25 results met guidance with strong office and industrial performance, positive second-half valuations, and $1.1 billion in divestments. FY26 guidance anticipates stable distributions, growth in industrial FFO, and continued focus on portfolio quality and funds management.
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AFFO reached AUD 251.8 million with strong cash flows and high portfolio occupancy, though office and industrial FFO declined due to divestments. The group maintains a strong balance sheet, continues active divestments, and expects market improvement as interest rates shift.
Fiscal Year 2024
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The AGM highlighted leadership transitions, strong portfolio occupancy, and strategic growth in infrastructure and alternative assets. FY24 distributions met guidance, with a new payout policy for FY25. Governance improvements and investor engagement were emphasized, and all key resolutions passed except the withdrawn LTI plan.
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Delivered FY 2024 results in line with guidance, maintaining high occupancy and strong cash flows despite valuation declines and higher debt costs. Outlook for FY 2025 anticipates lower AFFO and distributions, with a focus on capital recycling, co-investment, and growth in high-returning strategies.