Australia · Delayed Price · Currency is AUD DEXUS Earnings Call Transcripts
Fiscal Year 2026
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AFFO reached AUD 253 million with strong leasing and valuation gains, while gearing and liquidity remain robust. FY 2026 guidance is reaffirmed, a 10% buyback is activated, and capital recycling continues, with lower trading profits and performance fees expected in FY 2027.
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 meeting highlighted strong portfolio occupancy, successful capital recycling, and a refined strategy focused on growth in infrastructure and alternatives. Remuneration and governance frameworks were reviewed, with a new distribution policy set for FY25. Key resolutions, including auditor change and board appointments, were approved.
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Delivered FY 2024 results in line with guidance, maintaining high occupancy and strong cash flows despite valuation declines. Outlook for FY 2025 anticipates lower AFFO and distributions due to higher debt costs, with a focus on capital recycling and co-investment in high-returning strategies.