Investor Presentaiton
Key earnings drivers and valuations
Property portfolio and management operations driving earnings growth
Key earnings drivers
FY22 result
Property portfolio valuations
Earnings driver
Property AFFO¹ of $622.6 million
Property
portfolio
+2.7% office LFL income²
+3.1% industrial LFL income³
98.5% rent collections
Funds
management
30 June 2022
value5
Valuation
12-month movement'
Total
portfolio
$18.4bn
$926.0m
5.6%
dexus
Capitalisation rate
12-month movement
4.64%
27bps
Management operations FFO of
$81.7 million - predominantly recurring
earnings from funds management,
property and development management
■Rental growth
Office
portfolio
$13.3bn
$422.8m
3.3%
4.75%
45%
55%
■Cap rate
compression
16bps
Co-investment
income
$29.1 million distribution income from
investments in pooled property and real
estate securities funds
Trading
Trading profits of $23.4 million4 secured
from settlement of Gladesville, Truganina,
Ravenhall and Botany trading properties
Industrial
portfolio
$4.3bn
$482.4m
13.9%
70%
4.29%
30%
■Rental growth
Cap rate
compression
63bps
Total portfolio value of $18.4bn includes $1.0bn look-through FUM for Dexus's co-investments in pooled funds and financial
assets, and is comprised of office portfolio $13.3bn, industrial portfolio $4.3bn, healthcare portfolio $0.6bn, retail $0.1bn and
opportunistic $0.1bn.
Valuation movement excludes co-investments in pooled funds and financial assets. Includes healthcare and other property
revaluation gain of $20.8m and excludes leased assets and right of use assets revaluation gain of $0.8m.
4.
Post tax.
1.
AFFO contribution is calculated before net finance costs, group corporate costs and tax. Property AFFO is equal to Property FFO of
$808.0m less total portfolio AFFO capex of $185.4m.
5.
2.
Office LFL income was +4.4% including the impact of rent relief and provision for expected credit losses.
3.
Excludes business parks, rent relief and provision for expected credit losses. Including business parks, effective LFL was 2.1%. Including
business parks, rent relief and provision for expected credit losses, effective LFL was +2.4%
6.
7
Dexus 2022 Annual Results Presentation
17 August 2022View entire presentation