Dexus Finance Pty Limited Reports Strong Performance in Q1 2024

Dexus Finance Pty Limited provided an update on its first quarter performance for 2024, emphasizing the robustness of its property portfolio and fund management achievements. Ross Du Vernet, the incoming CEO, highlighted the company's ongoing focus on generating resilient income streams and positioning itself as the top real asset manager in Australasia.

The firm reported high occupancy rates within its office and industrial portfolios, at 94.4% and 96.6% respectively. Additionally, Dexus secured about $0.4 billion in transactions mainly through divestments, and its rent collections remained strong at 99.5%. The newly launched Dexus Real Estate Partnership 2 (DREP2) raised over $300 million in its initial close, demonstrating investor confidence.

Despite challenging economic conditions, the company reaffirmed its distribution outlook for the fiscal year ending June 30, 2024, projecting around 48.0 cents per security. This forecast is based on ongoing strong fund performance and a robust balance sheet. Notably, Dexus’s office and industrial assets continue to perform well above market averages in their respective sectors.

The report also touched on the company's commitment to Environmental, Social, and Governance (ESG) initiatives, including the launch of the Sustainable Development Standards (SDS) tool and various decarbonisation projects across its office assets.