Investor Presentaiton
Glossary
dexus
Distribution payout policy:
Funds From Operations (FFO):
Adjusted FFO (AFFO):
Gearing:
Covenant gearing:
Portfolio Value:
Weighted Average Lease Expiry (WALE):
Policy is to distribute in line with free cash flow for which AFFO is a proxy
FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders calculated in
accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of impairments, derivative and
foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss, fair value movements of
interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses,
certain transaction costs, one-off significant items (including write off of IFRIC SaaS customisation expenses), amortisation of intangible assets,
movements in right-of-use assets and lease liabilities, rental guarantees and coupon income.
AFFO in accordance with guidelines provided by the Property Council of Australia (PCA): comprises net profit/loss after tax attributable to stapled
security holders calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of
impairments, derivative and foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss,
fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments,
non-FFO tax expenses, certain transaction costs, one-off significant items (including write off of IFRIC SaaS customisation expenses), amortisation of
intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon income, less maintenance capital expenditure
and lease incentives.
Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the currency gains and losses of cross currency
swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Interest Bearing Liabilities and Total Tangible
Assets are both adjusted for debt in equity accounted investments (other than Dexus's share of co-investments in pooled funds).
Represents Gearing defined above but not adjusted for cash or debt in equity accounted investments (including co-investments in pooled funds).
Unless otherwise stated, portfolio value is represented by investment properties, inventories and investments accounted for using the equity method, and
excludes cash and other assets.
A measure in years of the average term to expiry of in-place rent. Includes vacancies.
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Dexus 2022 Annual Results Presentation
17 August 2022View entire presentation