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DGAP-Adhoc: Dexus Finance Pty Limited: 2019 Annual results - Securing opportunities. Adding value

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DGAP-Ad-hoc: Dexus Finance Pty Limited / Key word(s): Annual Results
Dexus Finance Pty Limited: 2019 Annual results - Securing opportunities.
Adding value

14-Aug-2019 / 08:57 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*Dexus (ASX:DXS) *

*ASX release*

*14 August 2019*

*2019 Annual results - Securing opportunities. Adding value *

Dexus today announced that it had achieved 5.5% Adjusted Funds From
Operations[1] (AFFO) per security growth and 5.0% distribution per security
growth for FY19, and confirmed its guidance of circa 5% distribution per
security growth for FY20.

Dexus Chief Executive Officer, Darren Steinberg said: "We entered the year
with a clear strategy and readiness to respond to both market opportunities
and challenges. Our focus on maintaining a leading position in the
Australian property market has been achieved through the performance of our
property portfolio, selective acquisitions with future value-add, growth in
our funds management business and the delivery of trading profits, all
contributing to our strong financial result.

"We have performed well across all areas of the business, meeting our
distribution guidance while remaining focused on creating sustained value.

"In a year of significant transaction activity, we secured $3.1 billion of
quality acquisition opportunities, increasing our office exposure in core
markets and enhancing our embedded pipeline of office development projects
in both the Melbourne and Sydney CBDs. This was achieved while maintaining
our strong and conservative balance sheet.

"Our office portfolio continued to outperform the MSCI office benchmark[2]
over three and five years through driving higher rents and lower incentives.
Our $16.2 billion funds management business grew through the introduction of
new third party capital partners, and importantly, all funds achieved strong
performance.

"The strength of our results is testament to our workforce, and our people
continued to demonstrate high levels of engagement reflected through the
employee Net Promoter Score of +40."

*FINANCIAL HIGHLIGHTS*

? AFFO per security of 50.3 cents, up 5.5% on FY18

? Distribution per security of 50.2 cents, up 5.0% on FY18

? Net profit after tax of $1.28 billion, down 25.9% primarily due to net
revaluation gains of investment properties being lower than those
recognised in FY18

? Return on Contributed Equity[3] (ROCE) of 10.1%

? Gearing (look-through)[4] of 24.0%

*OPERATIONAL HIGHLIGHTS*
_Property portfolio_

? Leased a total of 567,039 square metres across the total Dexus
portfolio, maintaining high portfolio occupancy[5] of 98.0% for Dexus
office and 97.0% for Dexus industrial portfolios

? Dexus office portfolio continued to outperform the MSCI office
benchmark2 over three and five years, with Dexus industrial outperforming
the MSCI industrial benchmark[6] over one and three years

? Achieved strong leasing outcomes at key developments located in North
Sydney and Perth

? Enhanced the group's circa $9.3 billion development and concept pipeline

_Funds Management_

? Established the circa $2 billion[7] Dexus Australian Logistics Trust
(DALT) and attracted new investors across three other managed funds

? Achieved strong performance across all funds with Dexus Wholesale
Property Fund (DWPF) continuing its outperformance over one, three, five,
seven and ten years

_Trading_

? Delivered $34.7 million of trading profits (post-tax) in FY19

? Significantly de-risked trading profits for FY20 and FY21

_People, customers, communities and the environment_

? Achieved a strong employee Net Promoter Score of +40 and customer Net
Promoter Score of +46

? Achieved a strong score of 98% on independent external safety audits of
Dexus's corporate and management workplaces across Australia

? Achieved our 2020 target to reduce like-for-like energy use and
emissions by 10% (FY15 base year)

? Progressed our goal to achieve net zero carbon emissions by 2030,
securing one of Australia's first supply-linked renewable Energy Supply
Agreements

*Financial results*

Dexus's net profit after tax was $1.28 billion, down 25.9% on the prior
year. The key driver of this movement was $773.1 million net revaluation
gains, which were $428.7 million lower than FY18. These revaluation gains,
alongside an institutional placement and Security Purchase Plan (SPP), also
drove the
84 cent increase in net tangible assets (NTA) per security to $10.48.

Operationally, Funds From Operations (FFO) increased $28.2 million or 4.3%
to $681.5 million. The underlying business, excluding trading profits,
delivered FFO per security of 62.9 cents, growing by 3.8% on the prior year.
AFFO per security of 50.3 cents grew 5.5%.

Distributions per security were 50.2 cents, up 5.0% on the prior year, with
the distribution payout remaining in line with free cash flow in accordance
with Dexus's distribution policy.

Dexus achieved a ROCE for FY19 of 10.1% driven largely by the strong AFFO
result as well as revaluation gains from the recently completed development
at 100 Mount Street in North Sydney.

Dexus continued to maintain a strong and conservative balance sheet with
gearing (look-through) at 24.0% at 30 June 2019, well below Dexus's target
range of 30-40%. In May 2019, an equity raising comprising a $900 million
institutional placement and a $63.9 million SPP, which was increased from
its original $50 million cap, was used to partially fund Dexus's 75%
interest in 80 Collins Street, Melbourne.

Total debt duration remained high at 6.7 years and Dexus further diversified
its funding sources through the issue of $425 million of Exchangeable Notes
to fund the acquisition of a further 25% interest in the MLC Centre, Sydney.

*Securing opportunities. Adding value*

Darren Steinberg said, "A consequence of our scale means that we are
continually reviewing acquisition opportunities and seeking properties where
we can add value."

This approach resulted in the group securing $3.1 billion of opportunities
this year directly for Dexus and in conjunction with our third party capital
partners while increasing Dexus's exposure in a tightly held precinct of the
Melbourne CBD. These included:

? a future development site at 60 and 52 Collins Street, Melbourne (100%
Dexus) to create the latest generation of prime office space in the 'Paris
end' of the Melbourne CBD

? a large-scale mixed-use development at 80 Collins Street, Melbourne (75%
Dexus, 25% DWPF), further expanding Dexus's presence in the 'Paris end' of
the Melbourne CBD

? the remaining 50% interest in MLC Centre, Sydney (25% Dexus, 25% DWPF),
enabling commencement of the project to transform the precinct into a true
mixed-use destination, which involved securing a long-term lease with the
NSW Government to enable the reactivation of the Theatre Royal

? three properties located adjacent to 56 Pitt Street, Sydney (50% Dexus,
50% Dexus Office Partner), two of which have exchanged to be acquired on
delayed settlement terms post 30 June 2019, providing a compelling
opportunity to consolidate the site to create a potential super site (Pitt
and Bridge precinct) and deliver a significant office development located
in the financial core of the Sydney CBD for a future supply cycle

*Property portfolio *

_Dexus Office Portfolio_

*Key metrics* *30 June 2019* *30 June 2018*
Occupancy by income 98.0% 96.0%
Weighted average lease expiry (by 4.4 years 4.6 years
income)
Average incentives[8] 13.4% 13.9%
Weighted average cap rate 5.15% 5.37%

_Dexus Industrial Portfolio _

*Key metrics* *30 June 2019* *30 June 2018*
Occupancy by income 97.0% 98.3%
Weighted average lease expiry (by 4.7 years 4.8 years
income)
Average incentives 11.7% 12.6%
Weighted average cap rate 5.92% 6.40%

During the year, Dexus leased 189,459 square metres of office space across
267 transactions and
52,815 square metres of space across office developments, locking in future
income streams.

Executive General Manager, Office, Kevin George, said: "It has been an
excellent year in which we converted robust enquiry to significant leasing
success, including at our key office developments, 100 Mount Street in North
Sydney and 240 St Georges Terrace in Perth. 100 Mount Street is now 96%
committed after completing in May this year, while 240 St Georges Terrace is
now 93% committed."

The Dexus office portfolio delivered 3.4% like-for-like income growth which
was affected by vacancy at Sydney Olympic Park as well as a tenant dispute
in Queensland, with the timing for receipt of proceeds uncertain. The
Queensland space has already been leased to a new customer who is now in
occupation.

The Dexus office portfolio achieved a 10.6% total return for the year which
was driven by valuation uplifts and leasing. Occupancy increased to 98.0% at
30 June 2019 (FY18: 96.0%) driven by leasing in Dexus's largest core market,
Sydney, as well as Brisbane.

During the year, Dexus leased 324,765 square metres of industrial space
across 87 transactions with Dexus's industrial portfolio occupancy remaining
high at 97.0% and the portfolio delivering like-for-like income growth of
8.0%[9], an elevated result due to one-off income achieved above forecast.

_Customer_

Kevin George said: "Our customers are at the heart of what we do. We spend
time understanding their needs and delivering solutions to help them thrive
in their workspace.


(MORE TO FOLLOW) Dow Jones Newswires

August 14, 2019 02:58 ET ( 06:58 GMT)
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