DEXUS — Annual Report 2020

Aug 18, 2020

Dexus (ASX: DXS) Appendix 4E

Results for announcement to the market

==> picture [123 x 43] intentionally omitted <==

Dexus

ARSN 089 324 541

Financial reporting for the year ended 30 June 2020

Dexus Diversified Trust1
	30 June 2020	30 June 2019	%
	$m	$m	Change
Revenue from ordinary activities	991.9	795.1	24.8%
Net profit attributable to security holders after tax	983.0	1,281.0	-23.3%
Adjusted funds from operations (AFFO)2	550.5	517.2	6.4%
Funds from operations (FFO)2	730.2	681.5	7.1%
Underlying FFO3	694.9	646.8	7.4%
Distribution to securityholders	550.3	529.0	4.0%
	CPS	CPS
FFO per security2	66.7	66.3	0.6%
AFFO per security2	50.3	50.3	0.0%
Distribution per security for the period ending:
31 December	27.0	27.2	-0.7%
30 June	23.3	23.0	1.3%
Total distributions4	50.3	50.2	0.2%
Payout ratio (distribution as a % of AFFO)	100.0%	98.7%	1.3%
Basic earnings per security	89.8	124.5	-27.9%
Diluted earnings per security	88.6	122.4	-27.6%
Franked distribution amountper security	4.6	4.6	0.0%
	$m	$m
Total assets	17,622.1	16,521.3	6.7%
Total borrowings	4,838.0	4,066.6	19.0%
Security holders equity	12,110.3	11,743.3	3.1%
Market capitalisation	10,039.1	14,237.2	-29.5%
	$ per security	$ per security
Net tangible assets	10.86	10.48	3.6%
Securitiesprice	9.20	12.98	-29.1%
Securities on issue	1,091,202,163	1,096,857,665
Record date	30 June 2020	30 June 2019
Payment date	28 Aug2020	29 Aug2019

Dexus (ASX: DXS) Appendix 4E

Results for announcement to the market

==> picture [30 x 43] intentionally omitted <==

Details of joint ventures and associates

Details of joint ventures and associates
	Ownership	interest
	2020	2019	2020	2019
Name of entity	%	%	$m	$m
Bent Street Trust	33.3	33.3	358.8	349.5
Dexus Creek Street Trust	50.0	50.0	199.5	176.6
Dexus Martin Place Trust	50.0	50.0	926.5	826.9
Grosvenor Place Holding Trust	50.0	50.0	483.2	469.7
Site 6 Homebush Bay Trust	50.0	50.0	46.3	42.9
Site 7 Homebush Bay Trust	50.0	50.0	62.1	54.2
Dexus 480 Q Holding Trust	50.0	50.0	390.1	386.5
Dexus Kings Square Trust	50.0	50.0	234.5	220.7
Dexus Office Trust Australia (DOTA)	50.0	50.0	2,696.4	2,410.9
Dexus Industrial Trust Australia (DITA)	50.0	50.0	218.4	202.4
Dexus Eagle Street Pier Trust	50.0	50.0	33.0	31.2
Healthcare Wholesale Property Fund (HWPF)	27.8	23.8	126.2	56.1
Dexus Australian Logistics Trust (DALT)	51.0	75.0	465.1	657.5
Dexus Australian Logistics Trust No. 2 (DALT 2)	51.0	51.0	130.1	65.2
Dexus 80C Trust	75.0	75.0	830.1	873.4
Dexus Walker Street Trust	50.0	50.0	9.6	-
Dexus Australia Commercial Trust	10.0	-	68.6	-
RealTech Ventures	62.1	-	8.9	-
Total assets- investments accounted for using the equity method			7,287.4	6,823.7

Distribution Reinvestment Plan (DRP)

As announced on 13 December 2010, the DRP has been suspended until further notice. As a consequence, the DRP will not operate for this distribution payment.

Results commentary

Refer to the 2020 Annual Results Release and the 2020 Annual Report for commentary on the results of Dexus.

• 1 For the purposes of statutory reporting, the stapled entity, known as DXS, must be accounted for as a consolidated group. Accordingly, one of the stapled entities must be the “deemed acquirer” of all other entities in the group. Dexus Diversified Trust has been chosen as the deemed acquirer of the balance of the DXS stapled entities, comprising Dexus Industrial Trust, Dexus Office Trust and Dexus Operations Trust.

• 2 The Directors consider the Property Council of Australia’s (PCA) definition of FFO to be a measure that reflects the underlying performance of the Group. FFO comprises net profit/loss after tax attributable to stapled security holders, calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and foreign exchange (FX) mark-to-market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, certain transaction costs, oneoff significant items, amortisation of intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon income.

• 3 Underlying FFO excludes trading profits (net of tax).

• 4 The distribution for the period 1 July 2019 to 30 June 2020 is the aggregate of the distributions from Dexus Diversified Trust, Dexus Industrial Trust, Dexus Office Trust and Dexus Operations Trust. The Attribution Management Investment Trust Annual Member Statement will provide details of the components of DXS’s distributions.

2

dexus.com

Authorised by the Board of Dexus Funds Management Limited.

For further information please contact:

Investors Media Jessica Johns Louise Murray Senior Manager, Investor Relations Senior Manager, Corporate Communications +61 2 9017 1368 +61 2 9017 1446 +61 427 706 994 +61 403 260 754 jessica.johns@dexus.com louise.murray@dexus.com

==> picture [30 x 43] intentionally omitted <==

About Dexus

Dexus is one of Australia’s leading real estate groups, managing a high quality Australian property portfolio valued at $32.0 billion. We believe that the strength and quality of our relationships is central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.5 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $10.6 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.8 million square metres of office workspace across 51 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 29,000 investors from 21 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS). Level 25, 264 George Street, Sydney, NSW

3

dexus.com