21 Oct 2020

September 2020 quarter portfolio update - Encouraging activity despite economic conditions

21 October 2020

September 2020 quarter portfolio update – Encouraging activity despite economic conditions

Dexus today announced its property portfolio update for the quarter ended 30 September 2020 and provided FY21 full year guidance for distribution per security.

Dexus expects an FY21 full year distribution per security amount that is consistent with FY20. The FY20 full year distribution per security amount was 50.3 cents. Guidance has been issued as a result of the strength of rent collections and further clarity regarding the extensions related to the Code of Conduct1, but is subject to there being no reinstatement of any major lockdowns or unforeseen circumstances.

Dexus Chief Executive Officer, Darren Steinberg said: “It is encouraging to see the activity across all parts of our business despite the subdued economic conditions. This activity is testament to the quality of the buildings in our portfolio and our extensive relationships with our existing and prospective customers and third party capital partners.”

Highlights

  • Maintained high occupancy2 leasing a total of 141,388 square metres3 across Dexus’s office and industrial portfolios
  • Leased 53,600 square metres3 of office space across 63 transactions in the core portfolio and at development projects
  • Leased 87,788 square metres3 of industrial space across 25 transactions 
  • Maintained high rent collections of 94% for the September quarter
  • Completed 180 Flinders Street and 80 Collins Street (hotel) developments in Melbourne 
  • Increased expected trading profits across FY21 and FY22 to circa $95 million pre-tax following entering into a put and call agreement to sell 436-484 Victoria Road, Gladesville in September 
  • Progressed all FY21 priorities including initiatives to expand our funds management business

 

 

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