19 Aug 2020

2020 Annual Results Release

19 August 2020

2020 Annual results – Positioning for the recovery

Dexus today announced that it had achieved Adjusted Funds From Operations (AFFO)1 and a distribution of 50.3 cents per security for FY20, while advising its intention to deliver a distribution in line with free cash flow in FY21.

Highlights

  • Net profit after tax of $983.0 million, down 23.3% primarily due to net revaluation gains of investment properties being lower than those recognised in FY19
  • AFFO and Distribution of 50.3 cents per security, in line with FY19 despite COVID-19 impacts
  • Rent collections for the Dexus portfolio were strong at 98% for FY20
  • Return on Contributed Equity (ROCE)2 of 9.0%
  • Gearing (look-through)3 remains conservative at 24.3%
  • $1.6 billion of cash and undrawn debt facilities
  • High occupancy4 of 96.5% for the Dexus office portfolio and 95.6% for the Dexus industrial portfolio
  • Outperformance of both the Dexus office and industrial portfolios relative to their relevant MSCI/PCA benchmarks5 over one, three and five years to 31 March 2020
  •  All funds performing with Dexus Wholesale Property Fund (DWPF) continuing to outperform its benchmark across all time periods and Healthcare Wholesale Property Fund (HWPF) achieving a one-year return of 10.9%
  • Increased group industrial exposure to $5 billion6 while expanding the existing relationship with GIC through their acquisition of an additional 24% interest in the Dexus Australian Logistics Trust (DALT) and the establishment of a new Joint Venture (JV) to acquire a 50% interest in Rialto Towers, 525 Collins Street, Melbourne
  • Raised circa $955 million of equity for new and existing unlisted funds
  • Completed $1.1 billion of developments across the group including 240 St Georges Terrace, Perth, The Annex at 12 Creek Street, Brisbane and 80 Collins Street, Melbourne where significant leasing was achieved
  • Progressed planning for city-shaping projects in the group’s $10.6 billion development pipeline
  • Realised $35.3 million of trading profits (net of tax) in FY20 while contracting future trading profits to be realised across FY21 and FY22
  • Further improved employee Net Promoter Score to +61 and customer Net Promoter Score to +50
  • Achieved 2020 NABERS Energy and Water targets of 1,000,000 square metres rated a minimum 5 star and 4 star respectively

 

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