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Highlights
- Dexus Property Group has shared its March 2022 quarter update today.
- The Group has raised its distribution guidance to at least 2.5% in FY 2022.
- Following this development, Dexus shares were spotted trading 0.228% higher at AU$10.955 per share on ASX during Tuesday's early morning trading hours.
The share price of ASX-listed property management Group DEXUS Property Group (ASX:DXS) remained in focus on Tuesday (3 May 2022) as the real estate investment trust shared an update for the March quarter. Driven by better-than-expected outcomes across the business, the Group has raised its distribution guidance to growth of at least 2.5% in FY 2022.
Dexus shares were spotted trading 0.228% higher at AU$10.955 per share on ASX at 10.13 AM AEST today. In the last one year the share price of Dexus Property Group has risen 7.40%, while the stock is down 3.05% on year to date (YTD) basis.
During the quarter, Dexus transacted AU$2.1 billion worth of properties across the group as it continues to recycle capital into higher returning opportunities, including the AU$17.8 billion development pipeline.
The company recently struck an agreement with Collimate Capital Limited to acquire Collimate’s real estate and domestic infrastructure equity business, with approximately AU$27.9 billion of assets under management (AUM).
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Dexus’s industrial portfolio occupancy by income reduced to 97.5% compared to 98.6% (31 December 2021), mainly due to tenant departures at business park assets. Excluding business parks, occupancy by income was 98.8% (from 99.2% at HY22). Besides, the Group’s average incentives increased to 14.2%, primarily due to one extensive renewal whose net effective rent remained unchanged. Excluding this transaction, the average incentives for the quarter were 11.1%.
Image Source: © Charlieaja | Megapixl.com
Other highlights from today’s announcement include:
- Transacted AU$2.1 billion in properties across the group, further enhancing the group portfolio
- Rent collections remained strong at 98.1% for FY22 year-to-date
- Concluded 84 leasing transactions across the Dexus office portfolio (56,763 square metres leased) and Dexus industrial portfolio (203,733 square metres leased) and maintained high occupancy of 95.2% and 97.5%, respectively
- Sustained progress at city-shaping developments, including exchanging binding transaction documents (subject to conditions) with Atlassian to fund, develop and invest in Atlassian’s new headquarters in Sydney, and lodging the final development application submission for central place to the City of Sydney
- The Group won three quality anchor tenants for Waterfront and 123 Albert Street developments in Brisbane.
- Dexus secured Cbus Super as a new joint venture investor for the Jandakot Airport and industrial precinct in Perth.
During the quarter, Dexus completed 81,400 square metres of industrial development, comprising 60,000 square metres across two facilities at Ravenhall and a 21,400 square metre facility at Lot 501 Innovation Drive Merrifield in Victoria.
Commenting on the results announced today, Dexus CEO Darren Steinberg said: “We remain focused on enhancing the resilience of our portfolio and maintaining high occupancy.” Darren added that the industrial markets remain strong, and the group is seeing the first signs of improvement in the Sydney office market effective rents.
