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Dexus (ASX:DXS) is a Real Estate Investment Trust with an AUM of $28.9 billion. The company is listed on ASX. It is into the managing and directly investing of funds in high-quality Australian office, and industrial properties. Moreover, it actively manages office, industrial, retail and healthcare properties across Australia on behalf of third-party capital partners.
The company today on 25 February 2019, announced that it has conditionally exchanged contracts to sell its 100% stake in 11 Talavera Road, Macquarie Park.
Net proceeds from selling the property stood at $231.2 million. The property has been sold at a slight premium to the book value of the property at 31 December 2018.
Chief Investment Officer, of the company Ross Du Vernet, said that the company had added a lot of value during the past 3.5 years at 11 Talavera Road. They leased 26,726 square metres with an occupancy rate of 95.0%. It has also made progress in developing the application for a new 26,000 square metre tower; however, Macquarie Park is a non-core market for Dexus, and this divestment provides the capacity to fund development and acquisition opportunities in core markets, in line with the stated strategy of the company. The settlement is likely to take place in late June 2019.
The company has announced in the recent past that the Executive Director and Chief Executive Officer, Darren Steinberg, sold 199,500 Dexus securities on 7 February 2019 due to personal reasons relating to tax liability. Recently, the company also appointed Scott Mahony as a company secretary replacing Rachel Caralis.
In the recent interim report published by the company for the half year ended 31 December 2018, it has reported net revaluation gains of investment properties of $456.5 million, representing a 3.4% uplift across the total portfolio, were $273.7 million lower than the HY18 gains. The decrease in the gains was partially offset by a $20.4 million increase in trading profits excluding tax, to $34.7 million and an $8.4 million increase in total property FFO to $372.4 million compared to the previous corresponding period.
The board declared a dividend distribution per share of 27.2 cents for the six months ended 31 December 2018, an increase of 14.8% as compared to the previous corresponding period of HY18 where the dividends were 23.7 cents per share with the distribution pay-out remaining in line with free cash flow, in accordance with the distribution policy of the company. The distribution will be paid to the security holders of the company on Thursday, 28 February 2019.
On the price-performance front, the stock of Dexus last traded at $12.420 with a marginal increase of ~0.081% during the dayâs trade and with a market capitalisation of $12.3 billion. The stock has generated a YTD return of 17.97% and posted gains of 17.30%, 19.67% and 11.0% over the last six months, three months and one-month period respectively. The stock has a 52-week high price of $12.460 and a 52-week low price of $9.090 with an average trading volume of ~3.69 million. It is trading at PE multiple of 8.660x with an EPS of AUD 1.433 and with an annual dividend yield of 4.13%.
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