Investor Presentaiton
FY22 financial results
Strong underlying growth in a complex operating environment
dexus
FY22
$m
FY214
$m
Change
%
Office property FFO
655.6
658.3
Industrial property FFO
152.4
122.2
0.4%
24.7%
> Office property FFO decreased primarily due to the impact of divestments, partly offset by fixed
rent increases, the acquisition of Capital Square, Perth and non-recurring income on
development impacted properties
> Industrial property FFO increased primarily due to acquisitions including Jandakot Airport,
recently completed developments, as well as leasing success driving growth
Total property FFO
808.0
780.5
3.5%
Management operations¹
81.7
57.7
41.6%
> Management operations FFO increased significantly, driven by fee income from ADPF, the
acquisition of the APN funds platform and other successful funds management initiatives
Group corporate
(44.7)
(34.1)
31.1%
Net finance costs
(118.4)
(129.7)
Co-investments in pooled funds²
29.1
8.1
Other³
(21.5)
(15.9)
9.3%
259.3%
35.2%
Underlying FFO
734.2
666.6
10.1%
Trading profits (post tax)
23.4
50.4
53.6%
> Net finance costs reduced primarily due to interest reimbursement for the delayed settlement of
Grosvenor Place, interest income from Capital Square and lower cost of debt, partially offset by
higher average debt balance
› Co-investments in pooled funds grew significantly driven by investments in Dexus Industria REIT
and Dexus Convenience Retail REIT, a full-year contribution from Dexus's investment in AUHPT, as
well as income growth from DHPF
FFO
757.6
717.0
5.7%
Key per security metrics
FY22
FY21
Change
Adjusted Funds from Operations (AFFO)
572.2
561.7
1.9%
Underlying FFO per security 5
68.3 cents
61.5 cents
11.1%
Distribution payout (% AFFO)
100.0%
99.9%
FFO per security
70.4 cents
66.1 cents
6.5%
Distribution
572.2
561.0
2.0%
AFFO per security
53.2 cents
51.8 cents
2.7%
1.
Management operations FFO includes development management fees.
2. Includes distribution income from Dexus's co-investment stake in pooled funds and excludes joint venture and partnership income which is
proportionately consolidated in Note 1 Operating Segments within Dexus's Financial Statements. See slide 41 in Appendices for further detail.
3. Other FFO includes non-trading related tax expense, directly owned healthcare property and other miscellaneous items.
4. FY21 amounts have been restated to reflect the impacts resulting from presentational changes made during FY22, to separately disclose
segment information relating to co-investments.
5. Underlying FFO excludes trading profits post tax.
6. Post the completion of the AMP Capital's platform acquisition, NTA is expected to reduce given the consideration in connection with the
acquisition of management rights which are classified as an intangible asset.
Distribution per security
53.2 cents
51.8 cents
2.7%
FY22
Net Tangible Assets (NTA) per security
$12.286
FY21
$11.42
Change
7.5%
8
Dexus 2022 Annual Results Presentation
17 August 2022View entire presentation