DEXUS — Capital/Financing Update 2022

Jun 20, 2022

Dexus (ASX: DXS)

ASX release

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21 June 2022

Portfolio valuation update

Dexus today announced that 177 of its 186[1] assets, comprising 34 office properties, 142 industrial properties and one healthcare property have been externally valued as at 30 June 2022.

The external independent valuations have resulted in a total estimated increase of circa $374 million[2] or 2.2% on prior book values for the six months to 30 June 2022.

Darren Steinberg, Dexus CEO said: “The value of Dexus’s quality portfolio has remained resilient in this latest round of valuations, noting uncertainty in the macroeconomic environment. We have continued to see growth in asset values for well-located industrial and logistics facilities supported by market rent growth.”

The value of the office portfolio increased circa 1.7% on prior book values on the back of recent leasing success. The industrial portfolio increased circa 3.8% on prior book values due to market evidence supporting an increase in market rents and continued tightening of capitalisation rates.

The weighted average capitalisation rate across the total portfolio tightened circa 12 basis points over the past six months from 4.76% at 31 December 2021 to 4.64% at 30 June 2022. The weighted average capitalisation rate of the office portfolio tightened circa ten basis points from 4.85% at 31 December 2021 to 4.75% at 30 June 2022 and the industrial portfolio weighted average capitalisation rate tightened circa 13 basis points from 4.42% at 31 December 2021 to 4.29% to 30 June 2022.

Details relating to specific individual property valuations will be available in Dexus’s 2022 annual results which will be released to the Australian Securities Exchange on Wednesday, 17 August 2022.

Authorised by the Board of Dexus Funds Management Limited.

For further information please contact:

Investors Media Rowena Causley Louise Murray Head of Listed Investor Relations Senior Manager, Corporate Communications +61 2 9017 1390 +61 2 9017 1446 +61 416 122 383 +61 403 260 754 rowena.causley@dexus.com louise.murray@dexus.com

About Dexus

Dexus (ASX: DXS) is one of Australia’s leading fully integrated real estate groups, managing a high-quality Australian property portfolio valued at $45.3 billion. We believe that the strength and quality of our relationships will always be 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 $18.3 billion of office, industrial and healthcare properties, and investments. We manage a further $27.0 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $17.8 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. Sustainability is integrated across our business, and our sustainability approach is the lens we use to manage emerging ESG risks and opportunities for all our stakeholders. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange and is supported by more than 30,000 investors from 23 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management 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 2000

• 1 Including Jandakot Airport which comprises 52 assets.

1. Includes assets held for sale at sale price.