March 2022 quarter update - Continuing to deliver on strategic initiatives

3 May 2022

March 2022 quarter update – Continuing to deliver on strategic initiatives

Dexus provides its update for the quarter ended 31 March 2022, with significant progress made against its strategic objectives of generating sustainable income streams and being the real estate investment partner of choice.

Darren Steinberg, Dexus CEO said: “During the period, we continued to grow and diversify our funds management business, welcoming Cbus Super as a new joint venture investor in the $1.3 billion Jandakot joint venture and securing Mercer Alternatives as a cornerstone investor in Dexus Real Estate Partnership 1.

“We transacted $2.1 billion worth of properties across the group as we continue to recycle capital into higher returning opportunities including our $17.8 billion development pipeline. Our industrial and office portfolios maintained high occupancy, with significant leasing volumes achieved across the portfolio.

“Post the period, we announced that we had entered into an agreement with Collimate Capital Limited to acquire Collimate’s real estate and domestic infrastructure equity business, with up to $27.9 billion¹ of assets under management. This transaction positions Dexus as a leading real asset manager, with new capabilities and an expanded product offering, underpinned by our best practice governance and risk management framework.”

Highlights

• Transacted $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
• Completed 84 leasing transactions² across the Dexus office portfolio (56,763 square metres leased²) and Dexus industrial portfolio (203,733 square metres leased²), and maintained high occupancy of 95.2% and 97.5% respectively
• Continued 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, as well as lodging the final Development Application submission for Central Place to the City of Sydney
• Secured three quality anchor tenants for Waterfront and 123 Albert Street developments in Brisbane
• Secured Cbus Super as a new joint venture investor for the Jandakot Airport and industrial precinct in Perth
• Post 31 March 2022 Dexus agreed to acquire Collimate’s real estate and domestic infrastructure equity business, with up to $27.9 billion¹ of assets under management

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