Investor Presentaiton
Financial results
Reconciliation to statutory profit
dexus
Reference
Statutory AIFRS net profit after tax
Investment property and inventory
Financial instruments
Incentives and rent straight-lining
Item
(Gains)/losses from sales of investment property
Fair value gain on investment properties
30 June 2022
30 June 20211
$m
$m
1,615.9
1,138.4
2.0
(6.0)
(926.0)
(583.4)
Fair value (gain)/loss on the mark-to-market of derivatives
37.8
102.4
Amortisation of cash and fit out incentives
62.2
59.2
Amortisation of lease fees
13.6
14.0
Amortisation of rent-free incentives
85.5
79.9
Rent straight-lining
(8.7)
1.6
Ταχ
Co-investments
Non-FFO tax expense
(20.3)
3.2
Share of net profit of investments accounted for using the equity method
Distributions from financial assets at fair value through profit or loss
(60.7)
(22.6)
(7.6)
(1.7)
Distributions from co-investments
29.1
8.1
Other unrealised or one-off items²
Funds From Operations (FFO)
Maintenance and leasing capex
Other unrealised or one-off items
Maintenance capital expenditure
Cash incentives and leasing costs paid
Rent free incentives³
(65.2)
(76.1)
757.6
717.0
(72.4)
(72.0)
(37.0)
(29.9)
(76.0)
(53.4)
Adjusted Funds From Operations (AFFO)
Distribution
572.2
561.7
572.2
561.0
100.0%
99.9%
AFFO Payout ratio
1.
Comparatives have been restated to reflect the impacts resulting from presentational changes made during FY22, to separately disclose segment information relating to Co-investments.
2.
FY22 other unrealised or one-off items includes $173.0m of unrealised fair value gains on interest bearing liabilities, offset by $80.8m transaction costs and one-off significant items (including costs associated with the implementation of the Simplification, APN acquisition,
other successful transactions and one off significant items ($70.0m) and IFRIC SaaS customisation expenses ($10.8m)), $6.5m net fair value gain of investments at fair value, $4.3m amortisation of intangible assets, $30.0m rental guarantees, coupon income and other items
as well as $0.8m of fair value gains relating to Right-of-use assets.
3.
As at 30 June 20212 cumulative actual and estimated rent waivers within rent free incentives is $3.1m for tenants not in arrears, of which $0.2m was recognised during FY22.
35
Dexus 2022 Annual Results Presentation
17 August 2022View entire presentation