DEXUS - Interim / Quarterly Report 2014

==> picture [596 x 103] intentionally omitted <==

----- Start of picture text -----

DEXUS Property Group (ASX: DXS)
ASX release
----- End of picture text -----

14 August 2014

2014 property synopsis and debt summary

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group provides the 2014 property synopsis and debt summary.

For further information please contact: Investor relations Media relations David Yates T: +61 2 9017 1424 Louise Murray T: +61 2 9017 1446 M: +61 418 861 047 M:+61 403 260 754 E: [email protected] E: [email protected]

About DEXUS

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With $17.8 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.7 million square metres predominantly focused across Sydney, Melbourne, Brisbane and Perth and is the largest owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 32,000 investors from 20 countries. With nearly 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. www.dexus.com

Download the DEXUS IR app to your preferred mobile device to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

==> picture [58 x 20] intentionally omitted <==

==> picture [55 x 20] intentionally omitted <==

==> picture [26 x 24] intentionally omitted <==

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

==> picture [595 x 105] intentionally omitted <==

==> picture [596 x 754] intentionally omitted <==

----- Start of picture text -----

2014 PROPERTY SYNOPSIS
AND DEBT SUMMARY
DEXUS
----- End of picture text -----

==> picture [132 x 43] intentionally omitted <==

www.dexus.com

DEXUS PROPERTY GROUP

==> picture [510 x 167] intentionally omitted <==

----- Start of picture text -----

Group portfolio $17.8bn
DEXUS portfolio $9.1bn Third Party Funds Management [1] $8.7bn
Office $7.7bn Industrial $1.4bn Office $4.2bn Industrial $1.1bn Retail $3.4bn
1. Includes DWPF, Australian mandate, Australian Industrial Partnership, DEXUS Industrial Partnership and DEXUS Office Partnership.
----- End of picture text -----

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With over $17.8 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners.

The Group manages an office portfolio of over 1.7 million square metres predominantly across Sydney, Melbourne, Brisbane and Perth and is the largest owner of office buildings in the Sydney CBD, Australia’s largest office market.

DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (ASX) under the stock market trading code ‘DXS’ and is supported by more than 32,000 investors from 20 countries.

With nearly 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. www.dexus.com

A$17.8bn DEXUS PROPERTY GROUP

145 PROPERTIES

3.3m sqm TOTAL NLA

DEXUS PROPERTY GROUP 1 DEBT SUMMARY 2 DEXUS PORTFOLIO 6 OFFICE PORTFOLIO 8 INDUSTRIAL PORTFOLIO 31 DIRECTORY 52

2014 DEXUS Property Synopsis and Debt Summary 1

DEBT SUMMARY

DEXUS has a proud record of maintaining a prudent and conservative balance sheet and delivering consistent capital management outcomes.

2 2014 DEXUS Property Synopsis and Debt Summary

Debt overview

==> picture [510 x 168] intentionally omitted <==

----- Start of picture text -----

Key metrics 30 June 2014 30 June 2013 Change
Total debt [1] $2,932m $2,167m $765m
Cost of debt [2] 5.4% 5.9% 0.5%
Gearing (look-through) [3] 33.7% 29.0% 4.7%
Headroom (approximately) [4] $0.5bn $0.3bn $0.2bn
Debt duration 5.2 years 5.4 years 0.2 years
S&P/Moody’s rating A-/A3 BBB+/Baa1
Covenant gearing (covenant [5,6 ] <55%) 31.2% 29.1% 2.1%
Interest cover (covenant [6,7] >2.0x) 4.3x 4.0x 0.3x
Priority debt (covenant [6] <30%) 0% 0% –
----- End of picture text -----

Total debt does not include debt in an equity accounted investment.
Weighted average for the year.
Gearing (look-through) is represented by Interest Bearing Liabilities adjusted to include debt in an equity accounted investment (excluding deferred borrowing costs and including the fair value of cross currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) adjusted for debt in an equity accounted investment less cash.
Undrawn facilities plus cash.
Covenant gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the fair value of cross currency swaps) divided by Total Tangible Assets (excluding derivatives and deferred tax assets).
As per public bond covenants.
Look-through interest cover is 4.1x.

Diversified mix of debt facilities[1]

==> picture [268 x 191] intentionally omitted <==

----- Start of picture text -----

144A 7%
USPP 17% Bank facilities
40%
Commercial
Paper 3%
MTN 18%
Acquisition bridge
facility 15%
----- End of picture text -----

Includes domestic MTNs in an equity accounted investment.

2014 DEXUS Property Synopsis and Debt Summary 3

DEBT SUMMARY

Debt maturity profile

==> picture [503 x 217] intentionally omitted <==

----- Start of picture text -----

$m
1,200
1,000
800
600
400
200
0
DEC-14 JUN-15 DEC-15 JUN-16 DEC-16 JUN-17 DEC-17 JUN-18 DEC-18 JUN-19 JUN-19+
CAPITAL MARKETS CPA MTNs BANK ACQUISITION BRIDGE FACILITY
----- End of picture text -----

Hedge maturity profile

==> picture [504 x 215] intentionally omitted <==

----- Start of picture text -----

$m %
3,000 8.0
2,500
6.0
2,000
1,500 4.0
1,000
2.0
500
0 0
FY14 FY15 FY16 FY17 FY18 FY19
NET FIXED RATE DEBT INTEREST RATE CAPS INTEREST RATE SWAPS WEIGHTED AVERAGE HEDGE RATES (RHS)
----- End of picture text -----

4 2014 DEXUS Property Synopsis and Debt Summary

Interest rate hedging profile

==> picture [510 x 96] intentionally omitted <==

----- Start of picture text -----

Interest rate hedging [1] June 14 June 15 June 16 June 17 June 18 June 19
A$ net fixed coupon debt 406 634 615 464 441 270
A$ interest rate swaps 892 1,468 1,704 1,873 1,597 1,148
A$ interest rate caps 240 240 240 70 – –
Total hedged A$m 1,538 2,343 2,558 2,406 2,038 1,418
Hedge rate (excl margin) 3.72% 3.67% 3.90% 3.98% 4.03% 4.29%
----- End of picture text -----

Average amount during the period.
Gross fixed coupon debt less the amount converted to floating rate basis via coupon-matched swaps.
Weighted average rate of fixed debt, swaps and caps for the period. Caps included at a rate equal to the lower of cap strike and forecast floating rate for the applicable period.
Hedging period FY20–FY21.

Debt facilities[4]

==> picture [510 x 31] intentionally omitted <==

----- Start of picture text -----

Facility limit Drawn
A$’m A$’m Maturity dates Currency
----- End of picture text -----

Bilateral bank debt	100.0	–		Jul 16	A$
	650.0	550.0	Jan	17 – May 17	A$
	100.0	75.0	Oct	17 – Dec 17	A$
	425.0	391.0		Jan 18	A$
	525.0	318.5	Aug 18 – Jan 19		A$
	150.0	116.2		Oct 19	A$
Commercial paper	100.0	100.0		Aug 153	A$
Medium term notes	55.0	55.0		Jul 14	A$
	210.0	210.0		Apr 17	A$
	205.0	205.0		Sep 18	A$
US senior notes (144A)1	252.5	252.5		Mar 21	US$
US senior notes (USPP)1	127.0	127.0	Dec 14 – Mar 172		US$
	270.9	270.9	Jul 23 – Jul 25		US$
	245.0	245.0	Feb 27 – Jul 28		US$
Subtotal	3,415.4	2,916.1
Currency translation and fair value adjustments	30.8	30.8
Deferred borrowing costs	(15.3)	(15.3)
Total interest bearing liabilities	3,430.9	2,931.6
Bank Guarantee Utilised		37.0
Cash		(14.1)
Headroom including cash		476.4

144A and USPP amount shown at the cross currency swap contract rate.
USPP maturities: US$78m December 2014, US$11m March 2015, US$19m December 2016, US$22m March 2017.
Maturity date of commercial paper standby facility.
Debt facilities do not include $150m of DXS forward start facilities and Medium Term Notes included in an equity accounted investment: A$101.1m March 2016, A$73.6m December 2019, A$11.0m December 2022.

2014 DEXUS Property Synopsis and Debt Summary 5

103 $9.1bn 2.0m sqm TOTAL PROPERTIES TOTAL VALUE TOTAL NLA 94.7%1 4.7 years1 7.13%1 OCCUPANCY BY INCOME LEASE DURATION WEIGHTED AVERAGE CAP RATE

1. Excludes CPA portfolio.

6 2014 DEXUS Property Synopsis and Debt Summary

==> picture [500 x 372] intentionally omitted <==

----- Start of picture text -----

Industrial
15%
$9.1bn
TOTAL VALUE
Office
85%
$7.7bn $1.4bn
OFFICE INDUSTRIAL
BRISBANE
PERTH ADELAIDE
SYDNEY
CANBERRA
MELBOURNE
----- End of picture text -----

==> picture [31 x 35] intentionally omitted <==

2014 DEXUS Property Synopsis and Debt Summary 7

OFFICE PORTFOLIO

The DEXUS office portfolio comprises $7.7 billion of high quality Australian office properties predominantly focused in the core markets of Sydney, Melbourne, Brisbane and Perth. DEXUS is the largest owner of office buildings in the Sydney CBD, Australia’s largest office market.

8 2014 DEXUS Property Synopsis and Debt Summary

SYDNEY MELBOURNE BRISBANE 537,098sqm 177,713sqm 83,518sqm 58% area 19% area 9% area $4,593 value $1,063m value $845m value 61% value 14% value 11% value 30 properties 9 properties 5 properties PERTH ADELAIDE 57,246sqm 25,529sqm 6% area 3% area $668m value $122m value 9% value 2% value 4 properties 2 properties

==> picture [324 x 169] intentionally omitted <==

----- Start of picture text -----

58% area
$4,593 value
61% value
30 properties
Brisbane
Perth
Sydney
Adelaide Canberra
Auckland
Melbourne
----- End of picture text -----

25,529sqm 3% area $122m value 2% value 2 properties

CANBERRA AUCKLAND 25,750sqm 19,753sqm 3% area 2% area $99m value $130m value 1% value 2% value 2 properties 1 property

==> picture [510 x 201] intentionally omitted <==

----- Start of picture text -----

30 June 2014 30 June 2014 30 June 2013
Key metrics Post CPA Pre CPA
Total value ($bn) 7.7 5.9 5.7
Total properties 53 34 36
Total net lettable area (sqm) 926,606 676,884 682,207
Number of tenants 1,093 727 699
Tenant retention rate (%) n/a 61 72
Occupancy (by area) (%) 94.3 95.7 94.4
Occupancy (by income) (%) 94.6 95.2 94.6
Lease duration (years) 4.7 4.9 5.0
Weighted average capitalisation rate (%) n/a 6.87 7.17
1 year total return (%) n/a 9.2 10.6
Average NABERS Energy rating (stars) 4.6 4.8 4.7
Average NABERS Water rating (stars) 3.5 3.5 3.5
----- End of picture text -----

Property type by book value

Geographical weighting by book value

Diversity of tenants by income

==> picture [106 x 78] intentionally omitted <==

----- Start of picture text -----

Premium 33%
A-grade 55%
B-grade 4%
Office & business parks 2%
Carparks 3%
Land 2%
Development 1%
----- End of picture text -----

==> picture [86 x 77] intentionally omitted <==

----- Start of picture text -----

Sydney 61%
Melbourne 14%
Brisbane 11%
Perth 9%
Canberra 1%
Auckland 2%
Adelaide 2%
----- End of picture text -----

==> picture [128 x 112] intentionally omitted <==

----- Start of picture text -----

Legal & accounting 22%
Property & business services 22%
Finance 13%
Government 9%
Parking 9%
Telecoms & IT 6%
Insurance 7%
Mining 3%
Tourism 5%
Other 4%
----- End of picture text -----

2014 DEXUS Property Synopsis and Debt Summary 9

OFFICE PORTFOLIO

Lease expiry profiles at 30 June 2014[1 ]

Sydney CBD office portfolio

==> picture [504 x 676] intentionally omitted <==

----- Start of picture text -----

20% AREA INCOME
13.9%
15% 12.9% 13.0% 13.0%
10.1%
9.4%
10% 7.8%
6.9%
4.9% 5.1%
5%
0%
AVAILABLE FY15 FY16 FY17 FY18
Sydney suburban office portfolio
20%
AREA INCOME
15.2% 14.7%
13.9% [14.1%]
15%
12.5%
11.1%
10% 7.6% 8.9%
6.9%
5.3%
5%
0%
AVAILABLE FY15 FY16 FY17 FY18
Melbourne CBD office portfolio
AREA INCOME
19.5%
20% 18.0%
15.6%
15%
11.1% 11.5%
10% 8.4%
7.5%
6.3%
5.4% 5.2%
5%
0%
AVAILABLE FY15 FY16 FY17 FY18
Brisbane CBD office portfolio
20%
AREA INCOME
15%
10%
7.6%
5.9% 6.3% 6.5% 6.5%
5.2% 4.8% 4.7%
5% 3.5% 3.1%
0%
AVAILABLE FY15 FY16 FY17 FY18
Perth CBD office portfolio
20%
AREA INCOME
15%
10% 8.8% 7.9% 8.3%
7.0%
5%
1.9%
0.2% 0.0% 0.2% 0.3% 0.7%
0%
AVAILABLE FY15 FY16 FY17 FY18
----- End of picture text -----

Including the CPA portfolio.

10 2014 DEXUS Property Synopsis and Debt Summary

Sustainability highlights

36.7% 21.8% ENERGY INTENSITY WATER INTENSITY

39.4%

GHG EMISSIONS

Since base year FY08

NABERS ratings

==> picture [510 x 577] intentionally omitted <==

----- Start of picture text -----

NABERS Energy NABERS Water
30 June 2014 30 June 2013 30 June 2014 30 June 2013
Rating status [2] Inc GP Ex GP Inc GP Ex GP Inc GP Inc GP
36 George Street Burwood 5.0 5.0 4.5 4.5 4.0 3.5
The Zenith, 821 Pacifc Highway, Chatswood 5.5 4.5 5.0 4.5 4.0 4.0
11 Talavera Road, Macquarie Park 5.0 4.5 4.5 4.0 4.5 4.5
201 Miller Street, North Sydney 5.0 5.0 5.0 5.0 4.0 3.0
Victoria Cross, 60 Miller Street, North Sydney 5.0 5.0 4.5 4.0 4.0 3.5
101 George Street, Parramatta 5.0 5.0 5.0 5.0 4.0 4.0
130 George Street, Parramatta 5.0 5.0 5.0 4.5 4.0 4.0
150 George Street, Parramatta 5.0 5.0 5.0 5.0 3.5 4.0
1 Bligh Street, Sydney 5.0 5.0 5.0 5.0 N/A N/A
56 Pitt Street, Sydney 4.5 4.5 5.0 5.0 4.0 4.0
175 Pitt Street, Sydney 5.5 5.5 5.0 5.0 4.5 3.5
45 Clarence Street, Sydney 5.0 4.5 5.5 5.0 3.5 3.5
39 Martin Place, Sydney 2.5 2.5 2.5
50 Carrington Street, Sydney [1] 4.5 4.5 3.5 3.5 2.5 2.5
60 Castlereagh Street, Sydney 4.5 4.5 4.5 4.5 3.0 3.0
Governor Phillip Tower, 1 Farrer Place, Sydney 4.5 3.5 4.5 3.5 3.5 3.5
Governor Macquarie Tower, 1 Farrer Place, Sydney 4.5 4.0 4.5 4.0 3.5 3.5
Australia Square — Tower 4.0 3.5 4.0 3.5 3.0 4.0
Australia Square — Plaza 5.5 5.0 5.0 5.0 4.0 4.0
Grosvenor Place, 225 George Street, Sydney 4.0 4.0 4.0
201 Kent Street, Sydney [1] 5.0 5.0 3.5
309 Kent Street, Sydney 5.0 4.5 5.5 4.5 3.5 4.0
321 Kent Street, Sydney 5.0 5.0 5.5 5.0 3.5 4.0
383–395 Kent Street, Sydney 5.0 4.5 4.5 4.0 4.0 4.0
One Margaret Street, Sydney 5.5 4.5 5.5 5.0 2.5 3.0
44 Market Street, Sydney 5.0 4.5 5.0 4.5 4.0 3.0
30–34 Hickson Road, Sydney 5.5 5.5 5.5 5.0 4.0 3.5
201-217 Elizabeth Street, Sydney 4.5 4.0 4.5 3.5 3.0 3.5
14 Lee Street, Sydney 5.0 5.0 5.0 5.0 5.0 4.5
2–4 Dawn Fraser Avenue Sydney Olympic Park 5.0 5.0 5.0 5.0 5.5 5.5
108 North Terrace, Adelaide 4.5 4.0 4.0 4.0 2.0 2.0
11 Waymouth Street, Adelaide 5.0 5.0 5.0 5.0 4.0 4.0
10 Eagle Street, Brisbane 4.5 4.5 4.0 4.0 4.0 4.0
12 Creek Street, Brisbane 3.0 3.0 3.0 3.0 4.0 4.0
123 Albert Street, Brisbane 5.5 5.5 5.0 5.0
145 Ann Street, Brisbane
Finlay Crisp Centre, Canberra – Allara House 5.0 5.0 4.5 4.5 4.0 3.5
Finlay Crisp Centre, Canberra – Customs House 4.5 4.5 4.5 4.5 3.5 4.0
Finlay Crisp Centre, Canberra – Nara House 4.5 4.5 4.5 4.5 3.5 4.0
Garema Court, 140–180 City Walk, Canberra 5.0 4.5 5.0 4.5 4.0 2.5
180 Lonsdale Street, Melbourne 4.5 4.5 4.5 4.5 4.5
222 Lonsdale Street, Melbourne 4.0 4.0 4.0 4.0 4.5 4.5
385 Bourke Street, Melbourne 4.0 4.0 4.0 4.0 3.0 2.0
172 Flinders Gate, Melbourne 3.5 3.0 3.5 3.0 3.5 3.0
189 Flinders Gate, Melbourne 4.0 3.5 4.0 3.5 2.0 1.5
8 Nicholson Street, Melbourne 3.5 3.0 3.5 3.0 3.5 3.5
Southgate Complex — HWT Tower 4.5 4.0 4.5 4.0 4.0 4.0
Southgate Complex — IBM Tower 4.5 4.0 4.5 4.0 2.5 3.5
Woodside Plaza, 240 St Georges Terrace, Perth 5.0 4.5 5.0 4.5 3.0 2.5
58 Mounts Bay Road, Perth 5.0 5.0 5.0 5.0 4.0 4.0
46 Colin Street, West Perth 4.0 4.0 3.5 4.0 3.5
Total 4.6 4.4 4.8 4.3 3.5 3.5
----- End of picture text -----

Sold in July 2014.
Includes CPA portfolio.

2014 DEXUS Property Synopsis and Debt Summary 11

OFFICE PORTFOLIO

Summary of properties

==> picture [560 x 55] intentionally omitted <==

----- Start of picture text -----

Property address State Metro area Building type Ownership
----- End of picture text -----

FinlayCrispCentre,Canberra	ACT	Canberra	B Grade	50%
Garema Court,140–180 CityWalk,Canberra	ACT	Canberra CBD	A Grade	100%
36 George Street,Burwood	NSW	Burwood	A Grade	50%
The Zenith,821 Pacifc Highway,Chatswood	NSW	Chatswood	A Grade	50%
11 Talavera Road,Macquarie Park	NSW	Macquarie Park	Offce Park	100%
201 Miller Street,North Sydney	NSW	North Sydney	A Grade	50%
Victoria Cross,60 Miller Street,North Sydney	NSW	North Sydney	A Grade	100%
101 George Street,Parramatta	NSW	Parramatta CBD	A Grade	50%
105 PhillipStreet,Parramatta	NSW	Parramatta CBD	Land	100%
130 George Street,Parramatta	NSW	Parramatta CBD	B Grade	100%
150 George Street,Parramatta	NSW	Parramatta CBD	A Grade	50%
1 Bligh Street,Sydney	NSW	SydneyCBD	Premium Grade	33%
14 Lee Street,Sydney	NSW	SydneyCBD	A Grade	50%
175 Pitt Street,Sydney	NSW	SydneyCBD	A Grade	50%
201 Kent Street,Sydney1	NSW	SydneyCBD	A Grade	50%
201-217 Elizabeth Street,Sydney	NSW	SydneyCBD	A Grade	50%
30 The Bond,30–34 Hickson Road,Sydney	NSW	SydneyCBD	A Grade	100%
309-321 Kent Street,Sydney	NSW	SydneyCBD	A Grade	50%
383-395 Kent Street,Sydney	NSW	SydneyCBD	A Grade	100%
39 Martin Place,Sydney	NSW	SydneyCBD	B Grade	50%
44 Market Street,Sydney	NSW	SydneyCBD	A Grade	100%
45 Clarence Street,Sydney	NSW	SydneyCBD	A Grade	100%
5 Martin Place,Sydney	NSW	SydneyCBD	Development site	50%
50 Carrington Street,Sydney1	NSW	SydneyCBD	B Grade	100%
56 Pitt Street,Sydney	NSW	SydneyCBD	B Grade	50%
60 Castlereagh Street,Sydney	NSW	SydneyCBD	A Grade	50%
Australia Square Complex,264–278 George Street,Sydney	NSW	SydneyCBD	A Grade	50%
Governor Phillip & Macquarie Tower Complex,	NSW	Sydney CBD	Premium Grade	50%
1 Farrer Place,Sydney
Grosvenor Place,225 George Street,Sydney	NSW	SydneyCBD	Premium Grade	37.5%
One Margaret Street,Sydney	NSW	SydneyCBD	A Grade	100%
2 & 4 Dawn Fraser Avenue,SydneyOlympic Park	NSW	SydneyOlympic Park	A Grade	75%
10 Eagle Street,Brisbane	QLD	Brisbane	A Grade	50%
12 Creek Street,Brisbane	QLD	Brisbane CBD	A Grade	50%
123 Albert Street,Brisbane	QLD	Brisbane CBD	Premium Grade	100%
145 Ann Street,Brisbane	QLD	Brisbane	A Grade	50%
480 Queen Street,Brisbane	QLD	Brisbane CBD	Land	50%
108 North Terrace,Adelaide	SA	Adelaide	A Grade	50%
11 Waymouth Street,Adelaide	SA	Adelaide	Premium Grade	50%
180-222 Lonsdale Street,Melbourne	VIC	Melbourne	A Grade	25%
385 Bourke Street,Melbourne	VIC	Melbourne	A Grade	50%
40 Market Street,Melbourne	VIC	Melbourne CBD	A Grade	100%
8 Nicholson Street,Melbourne	VIC	Melbourne CBD	A Grade	100%
Flinders Gate Complex, 172 Flinders Street	VIC	Melbourne CBD	B Grade	100%
and 189 Flinders Lane,Melbourne
Southgate Complex,3 Southgate Avenue,Southbank	VIC	Melbourne CBD	A Grade	100%
58 Mounts BayRoad,Perth	WA	Perth	A Grade	25%
Kings Square,Wellington Street,Perth	WA	Perth CBD	Land	50%
Woodside Plaza,240 St Georges Terrace,Perth	WA	Perth CBD	Premium Grade	100%
46 Colin Street,West Perth	WA	Perth	A Grade	50%
LumleyCentre,88 Shortland Street,Auckland	Auckland	Auckland CBD	Premium Grade	100%
383-395 Kent Street,Sydney	NSW	SydneyCBD	Carpark	100%
32-44 Flinders Street,Melbourne	VIC	Melbourne CBD	Carpark	100%
34-60 Little Collins Street,Melbourne	VIC	Melbourne CBD	Carpark	100%
Flinders Gate Complex,172 Flinders Street,Melbourne	VIC	Melbourne CBD	Carpark	100%
1. Sold in July 2014.

12 2014 DEXUS Property Synopsis and Debt Summary

==> picture [559 x 55] intentionally omitted <==

----- Start of picture text -----

Weighted
Lettable Book value Independent Independent average lease
area adjusted 30 June 14 valuation valuation Cap rate Leased by expiry by
for ownership Acquisition ($m) date ($m) (%) area (%) income (years)
----- End of picture text -----

14.3	Apr	14	$42.0					100%	3.2
11.4	Aug	00	$57.1	Dec	11	$29.5	7.13%	100%	9.3
7.1	Apr	14	$31.7					100%	3.6
22.2	Dec	98	$126.2	Dec	13	$125.0	8.25%	92%	4.0
35.8	Jun	02	$150.8	Mar	13	$145.0	8.50%	91%	3.5
7.5	Apr	14	$44.4					91%	2.1
19.5	Dec	98	$148.7	Sep	12	$146.0	7.50%	95%	2.7
9.0	Apr	14	$49.0					100%	7.7
	May	97
19.8	May	97	$78.5	Jun	14	$78.5	8.25%	100%	1.7
11.0	Apr	14	$47.1					100%	1.4
14.2	Aug	00	$250.3	Jun	13	$250.3	6.00%	96%	7.1
7.3	Apr	14	$35.0					100%	1.2
12.8	Apr	14	$130.5					100%	4.7
19.9	Apr	14	$86.6					97%	3.7
19.4	Aug	00	$160.0	Jun	14	$160.0	6.65%	98%	3.1
19.7	May	02	$178.7	Jun	13	$179.0	6.88%	100%	4.5
23.5	Dec	98	$195.6	Jun	12	$58.0	6.83%	100%	3.4
18.0	Sep	87	$151.1	Sep	13	$137.0	6.67%	93%	5.9
8.1	Feb	13	$81.3	Mar	13	$74.9	9.40%	97%	4.3
30.1	Sep	87	$261.0	Jun	14	$261.0	6.75%	99%	4.1
32.1	Dec	98	$276.3	Sep	13	$270.0	6.75%	98%	2.9
16.8	Apr	14	$46.8
11.2	Nov	12						100%	4.1
10.3	Apr	14	$86.1					92%	2.5
13.5	Apr	14	$131.0					90%	5.1
26.5	Aug	00	$317.8	Jun	13	$305.0	6.55%	97%	5.0
43.3	Dec	98	$679.2	Dec	12	$487.5	6.05%	95%	5.6
32.0	Feb	13	$441.6	Mar	13	$271.5	6.10%	90%	5.0
20.9	Dec	98	$212.0	Jun	14	$212.0	6.50%	83%	5.6
25.6	Feb	13	$131.2	Mar	13	$82.7		100%	5.2
14.0	Apr	14	$97.3					92%	2.8
16.2	Oct	12	$132.3	Nov	12	$120.8	7.00%	89%	4.6
39.3	Oct	84	$404.4	Mar	13	$400.0	6.50%	100%	6.6
14.0	Apr	14	$125.2					100%	8.0
	Apr	13	$86.3	Jun	14	$86.3
10.0	Apr	14	$39.5					77%	3.8
15.5	Apr	14	$82.4					100%	3.4
26.5	Apr	14	$165.4					99%	5.2
30.2	Apr	14	$187.5					65%	2.9
12.0	Jan	13						100%	15.4
23.5	Nov	93	$106.5	Dec	13	$105.0	7.88%	100%	4.1
8.8	Mar	99	$34.1	Jun	14	$31.1	7.75%	88%	1.6
76.7	Aug	00	$458.5	Dec	13	$188.3	7.32%	93%	4.4
5.6	Apr	14	$58.1					100%	7.1
	May	13	$87.9	Jun	14	$87.9
47.3	Jan	01	$500.6	Dec	13	$500.0	7.50%	100%	4.0
4.4	Apr	14	$21.4					100%	3.3
19.8	Sep	05	$140.0	Jun	13	$127.5	7.00%	100%	7.4
	Sep	87	$65.2	Sep	13	$65.0	7.50%	100%	10.1
	Jun	98	$30.4	Jun	14	$30.4	6.00%	100%	7.9
	Nov	84	$28.1	Jun	14	$28.1	9.16%	12%	9.9
	Mar	99	$52.8	Jun	14	$52.8	6.75%	100%	4.4

2014 DEXUS Property Synopsis and Debt Summary 13

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

Finlay Crisp Centre, Canberra

Garema Court, 140-180 City Walk, Canberra

36 George Street, Burwood

Finlay Crisp Centre comprises three adjacent office buildings with basement car parking. Customs House is a 12-level building, while Allara House and Nara Centre are six levels each. The property is located at the southern end of the Canberra CBD, with frontages to Nangari Street, London Circuit, Constitution Avenue and Allara Street.

Details

Garema Court is located on City Walk, Civic in Canberra's CBD, close to Canberra's shopping precinct, bus interchange and major car parks. Significant refurbishment completed in 2012.

Details

36 George Street is a five level office complex centrally located in Burwood, approximately 10 kilometres west of Sydney CBD. The low rise campus style buildings features expansive 3,000 square metre floor plates, landscaped gardens, impressive lobby and two levels of car parking.

Details

_	_	_
Metro area Canberra __________	Metro area Canberra CBD __________	Metro area Burwood __________
Building type B Grade Office __________	Building type A Grade Office __________	Building type A Grade Office __________
Title Leasehold __________	Title Leasehold __________	Title Leasehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________
Co-owner DEXUS Office Partner __________	Zoning CZ1 Core Zone __________	Co-owner DEXUS Office Partner __________
Zoning CZ1 Core Zone __________	Year built 1997 __________	Zoning B4 Mixed Use __________
Year built 1988 __________	Site area (hectares) 0.2 __________	Year built 1992 __________
Site area (hectares) 0.9 __________	Lettable area adjusted ('000 m2) 11.4 __________	Site area (hectares) 0.8 __________
Lettable area adjusted ('000 m2) 14.3 __________	Typical floor (m2) 1,625 __________	Lettable area adjusted ('000 m2) 7.1 __________
Typical floor (m2) 1,050-1,300 __________	Car parking 68 __________	Typical floor (m2) 3,000 __________
Car parking 315	NABERS Energy rating 5.0	Car parking 420
__________ NABERS Energy rating 4.5	(with GreenPower) __________	__________ NABERS Energy rating 4.5
(with GreenPower)	NABERS Energy rating 4.5	(with GreenPower)
__________ NABERS Energy rating 4.5	(without GreenPower) __________	__________ NABERS Energy rating 4.5
(without GreenPower) __________	NABERS Water rating 1.5 __________	(without GreenPower) __________
NABERS Water rating 4.0 __________	Major tenant Commonwealth of Australia __________	NABERS Water rating 3.5 __________
Major tenant Australia Customs and Border __________	Acquisition date Aug 2000 __________	Major tenant NSW Govt __________
Acquisition date Apr 2014 __________	Book value $m $57.10 __________	Acquisition date Apr 2014 __________
Book value $m $42.00 __________	Independent valuation date Dec 2011 __________	Book value $m $31.70 __________
Initial yield (%) 3.49 __________	Independent valuation $m $29.50 __________	Initial yield (%) 7.52 __________
Leased by area (%) 100 __________	Market cap rate (%) 7.13 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 3.2 __________	Initial yield (%) 7.51 __________	Weighted lease term by income (year/s) 3.6 __________
	Leased by area (%) 100 __________
	Weighted lease term by income (year/s) 9.3 __________

14 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

The Zenith, 821 Pacific Highway, Chatswood

11 Talavera Road, Macquarie Park

201 Miller Street, North Sydney

The Zenith is a twin-tower office complex, located in the Chatswood commercial precinct between the Pacific Highway and the North Shore railway line. The towers each have 21 levels of A Grade office accommodation, ground floor retail space, a 250 seat theatre and five levels of basement parking.

Located in the Macquarie Park corridor approximately 10 kilometres north of the Sydney CBD, the office park consists of three modern office buildings with two street frontages. The complex is also serviced by a childcare centre, gym and sporting facilities.

201 Miller Street is an iconic and distinctive commercial tower located in North Sydney. The 22 level office tower boasts impressive harbour and district views from all sides and features premium onsite services including concierge services.

Details

_	_	_
Metro area Chatswood __________	Metro area Macquarie Park __________	Metro area North Sydney __________
Building type A Grade Office __________	Building type Office Park __________	Building type A Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________
Co-owner GPT Wholesale Office Fund __________	Zoning B7 Business Park & B3 Commercial Core __________	Co-owner DEXUS Office Partner __________
Zoning B3 Commercial Core __________	Year built 2000 __________	Zoning B3 Commercial Core __________
Year built 1987 __________	Site area (hectares) 3.6 __________	Year built 1972 __________
Site area (hectares) 0.8 __________	Lettable area adjusted ('000 m2) 35.8 __________	Site area (hectares) 0.2 __________
Lettable area adjusted ('000 m2) 22.2 __________	Car parking 1,030 __________	Lettable area adjusted ('000 m2) 7.5 __________
Typical floor (m2) 1,050	NABERS Energy rating 5.0	Typical floor (m2) 665
__________ Car parking 799	(with GreenPower) __________	__________ Car parking 91
__________ NABERS Energy rating (with GreenPower) 5.0	NABERS Energy rating (without GreenPower) 4.5 __________	__________ NABERS Energy rating (with GreenPower) 5.0
__________ NABERS Energy rating 4.5	NABERS Water rating 4.0 __________	__________ NABERS Energy rating 5.0
(without GreenPower) __________	Major tenant George Weston Foods __________	(without GreenPower) __________
NABERS Water rating 4.0 __________	Acquisition date Jun 2002 __________	NABERS Water rating 3.5 __________
Major tenant State of NSW __________	Book value $m $150.80 __________	Major tenant Gallagher Bassett Services Pty __________
Acquisition date Dec 1998 __________	Independent valuation date Mar 2013 __________	Acquisition date Apr 2014 __________
Book value $m $126.20 __________	Independent valuation $m $145.00 __________	Book value $m $44.40 __________
Independent valuation date Dec 2013 __________	Market cap rate (%) 8.50 __________	Initial yield (%) 8.11 __________
Independent valuation $m $125.00 __________	Initial yield (%) 7.96 __________	Leased by area (%) 91 __________
Market cap rate (%) 8.25 __________	Leased by area (%) 91 __________	Weighted lease term by income (year/s) 2.1 __________
Initial yield (%) 8.18 __________	Weighted lease term by income (year/s) 3.5 __________
Leased by area (%) 92 __________
Weighted lease term by income (year/s) 4.0 __________

2014 DEXUS Property Synopsis and Debt Summary 15

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

Victoria Cross, 60 Miller Street, North Sydney

101 George Street, Parramatta

105 Phillip Street, Parramatta

Victoria Cross is located in a prominent corner position within the North Sydney CBD. The property comprises 12 levels of office accommodation, two levels of retail and three levels of basement parking for 180 vehicles.

101 George Street is a nine level office building with ground floor retail situated on a prime corner location in Parramatta's CBD with frontages to George and Charles Streets.

105 Phillip Street is a car park site (adjacent to 130 George Street) with development consent for a 20,500 square metre office building with generous ground floor amenities.

Details

_	_	_
Metro area North Sydney __________	Metro area Parramatta CBD __________	Metro area Parramatta CBD __________
Building type A Grade Office __________	Building type A Grade Office __________	Building type Land __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________
Zoning Commercial __________	Co-owner DEXUS Office Partner __________	Zoning B3 Commercial Core __________
Year built 1987 __________	Zoning B3 Commercial Core __________	Acquisition date May 1997 __________
Site area (hectares) 0.4 __________	Year built 2006 __________
Lettable area adjusted ('000 m2) 19.5 __________	Site area (hectares) 0.4 __________
Typical floor (m2) 1,150 __________	Lettable area adjusted ('000 m2) 9.0 __________
Car parking 180 __________	Typical floor (m2) 1,945 __________
NABERS Energy rating 4.0	Car parking 295
(with GreenPower) __________	__________ NABERS Energy rating 5.0
NABERS Energy rating 3.5	(with GreenPower)
(without GreenPower) __________	__________ NABERS Energy rating 5.0
NABERS Water rating 3.5 __________	(without GreenPower) __________
Major tenant Carnival __________	NABERS Water rating 4.0 __________
Acquisition date Dec 1998 __________	Green Star rating 4.0 Star (Office As-built v2) __________
Book value $m $148.70 __________	Major tenant CBA __________
Independent valuation date Sep 2012 __________	Acquisition date Apr 2014 __________
Independent valuation $m $146.00 __________	Book value $m $49.00 __________
Market cap rate (%) 7.50 __________	Initial yield (%) 8.33 __________
Initial yield (%) 7.94 __________	Leased by area (%) 100 __________
Leased by area (%) 95 __________	Weighted lease term by income (year/s) 7.7 __________
Weighted lease term by income (year/s) 2.7 __________

16 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

130 George Street, Parramatta

150 George Street, Parramatta

1 Bligh Street, Sydney

130 George Street is a 16 level office tower that has dual frontage and access to George and Phillip Streets. The adjoining site, 105 Phillip Street, provides an opportunity to develop an office tower at the rear of the combined site with a central courtyard/atrium.

Details

150 George Street comprises an office building over 22 levels with above-ground car parking. It is located within the Parramatta CBD, with frontages to George and Charles Streets.

Details

1 Bligh Street is a Premium grade, 6 Star Green Star rated high-rise building offering 27 levels of office accommodation. The building features a double-skin, glass facade with a naturally ventilated full height atrium. Amenities include premium concierge services, a cafe, childcare centre, shower facilities, bicycle racks and parking for 92 cars.

Details

_	_	_
Metro area Parramatta CBD __________	Metro area Parramatta CBD __________	Metro area Sydney CBD __________
Building type B Grade Office __________	Building type A Grade Office __________	Building type Premium Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 33 __________
Zoning B3 Commercial Core	Co-owner DEXUS Office Partner	Co-owner DEXUS Wholesale Property Fund &
__________ Year built 1984	__________ Zoning B3 Commercial Core	Cbus Property __________
__________ Site area (hectares) 1.0	__________ Year built 1992	Zoning B8 Metropolitan Centre __________
__________ Lettable area adjusted ('000 m2) 19.8	__________ Site area (hectares) 0.5	Year built 2011 __________
__________ Typical floor (m2) 1,480	__________ Lettable area adjusted ('000 m2) 11	Site area (hectares) 0.3 __________
__________ Car parking 353	__________ Typical floor (m2) 1,200	Lettable area adjusted ('000 m2) 14.2 __________
__________ NABERS Energy rating 5.0	__________ Car parking 492	Typical floor (m2) 1,600 __________
(with GreenPower) __________	__________ NABERS Energy rating 5.0	Car parking 92 __________
NABERS Energy rating 5.0	(with GreenPower)	NABERS Energy rating 5.0
(without GreenPower) __________	__________ NABERS Energy rating 5.0	(without GreenPower) __________
NABERS Water rating 4.0 __________	(without GreenPower) __________	Green Star rating 6.0 __________
Major tenant Commonwealth of Australia __________	NABERS Water rating 3.5 __________	Major tenant Clayton Utz __________
Acquisition date May 1997 __________	Major tenant CBA __________	Acquisition date Aug 2000 __________
Book value $m $78.50 __________	Acquisition date Apr 2014 __________	Book value $m $250.30 __________
Independent valuation date Jun 2014 __________	Book value $m $47.10 __________	Independent valuation date Jun 2013 __________
Independent valuation $m $78.50 __________	Initial yield (%) 10.05 __________	Independent valuation $m $250.30 __________
Market cap rate (%) 8.25 __________	Leased by area (%) 100 __________	Market cap rate (%) 6.00 __________
Initial yield (%) 9.04 __________	Weighted lease term by income (year/s) 1.4 __________	Initial yield (%) 6.53 __________
Leased by area (%) 100 __________		Leased by area (%) 96 __________
Weighted lease term by income (year/s) 1.7 __________		Weighted lease term by income (year/s) 7.1 __________

2014 DEXUS Property Synopsis and Debt Summary 17

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

14 Lee Street, Sydney

175 Pitt Street, Sydney

201-217 Elizabeth Street, Sydney

14 Lee Street is located in Sydney's southern precinct and features close proximity to Central Station. The commercial building provides eight levels of office accommodation, basement car parking and ground floor retail.

Details

175 Pitt Street is an A Grade office tower centrally located in Sydney's CBD with frontages on Pitt and King Streets. The building comprises 22 levels of office space, basement car parking with ground and lower ground retail. A substantial building upgrade was completed in 2010 providing superior building services.

Details

201-217 Elizabeth Street is a 42 level, A Grade office tower comprising 34 levels of office space, an impressive foyer featuring a lower ground floor retail offering and direct access to Museum Station. The office space is columnfree and has floor to ceiling windows that provide abundant natural light and extensive views of Sydney Harbour and Hyde Park.

Details

_	_	_
Metro area Sydney __________	Metro area Sydney __________	Metro area Sydney CBD __________
Building type A Grade Office __________	Building type A Grade Office __________	Building type A Grade Office __________
Title Leasehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner DEXUS Office Partner __________	Co-owner DEXUS Office Partner __________	Co-owner Perron Investments __________
Zoning B8 Metropolitan Centre __________	Zoning B8 Metropolitan Centre __________	Zoning B8 Metropolitan Centre __________
Year built 1999 __________	Year built 1975 __________	Year built 1979 __________
Site area (hectares) 0.4 __________	Site area (hectares) 0.2 __________	Site area (hectares) 0.4 __________
Lettable area adjusted ('000 m2) 7.3 __________	Lettable area adjusted ('000 m2) 12.8 __________	Lettable area adjusted ('000 m2) 19.4 __________
Typical floor (m2) 2,000 __________	Typical floor (m2) 1,050 __________	Typical floor (m2) 1,085 __________
Car parking 90 __________	Car parking 54 __________	Car parking 175 __________
NABERS Energy rating 5.0	NABERS Energy rating 5.0	NABERS Energy rating 4.5
(with GreenPower) __________	(with GreenPower) __________	(with GreenPower) __________
NABERS Energy rating 5.0	NABERS Energy rating 5.0	NABERS Energy rating 4.0
(without GreenPower) __________	(without GreenPower) __________	(without GreenPower) __________
NABERS Water rating 4.5 __________	NABERS Water rating 4.0 __________	NABERS Water rating 3.5 __________
Major tenant Government Property NSW __________	Green Star rating 4 Star (Office Design v2) __________	Major tenant Phillips Fox __________
Acquisition date Apr 2014 __________	Major tenant Kemp Strang __________	Acquisition date Aug 2000 __________
Book value $m $35.00 __________	Acquisition date Apr 2014 __________	Book value $m $160.00 __________
Initial yield (%) 8.40 __________	Book value $m $130.50 __________	Independent valuation date Jun 2014 __________
Leased by area (%) 100 __________	Initial yield (%) 7.31 __________	Independent valuation $m $160.00 __________
Weighted lease term by income (year/s) 1.2 __________	Leased by area (%) 100 __________	Market cap rate (%) 6.65 __________
	Weighted lease term by income (year/s) 4.7 __________	Initial yield (%) 7.71 __________
		Leased by area (%) 98 __________
		Weighted lease term by income (year/s) 3.1 __________

18 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

30 The Bond, 30-34 Hickson Road, Sydney

309-321 Kent Street, Sydney

383-395 Kent Street, Sydney

30 The Bond is a nine level office tower located on the doorstep of Sydney's newest business precinct, Barangaroo. The building offers some of the largest floor plates in Sydney, providing the best in workspace efficiency and flexibility maximising workplace integration and interaction.

The 309-321 Kent Street complex provides two high quality A Grade office towers in Sydney's western core providing 36 levels of office accommodation, a ground level retail plaza and five levels of basement car parking.

Centrally located in the Sydney CBD, 383 Kent Street is a 12 level A Grade office tower constructed above a large car park. The building provides contemporary office space, efficient floor plates, views over Darling Harbour and dual frontage to Kent and Sussex Streets.

Details

_	_	_
Metro area Sydney CBD __________	Metro area Sydney CBD __________	Metro area Sydney CBD __________
Building type A Grade Office __________	Building type A Grade Office __________	Building type A Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________
Zoning B8 Metropolitan Centre __________	Co-owner AMP __________	Zoning B8 Metropolitan Centre __________
Year built 2004 __________	Zoning B8 Metropolitan Centre __________	Year built 2002 __________
Site area (hectares) 0.4 __________	Year built 1976 __________	Site area (hectares) 0.4 __________
Lettable area adjusted ('000 m2) 19.7 __________	Site area (hectares) 0.6 __________	Lettable area adjusted ('000 m2) 18 __________
Typical floor (m2) 2,000 __________	Lettable area adjusted ('000 m2) 23.5 __________	Typical floor (m2) 1,577 __________
Car parking 113 __________	Typical floor (m2) 1,060 __________	Car parking 40 __________
NABERS Energy rating 5.5	Car parking 497	NABERS Energy rating 5.0
(with GreenPower) __________	__________ NABERS Energy rating 309 Kent 5.0 / 321 Kent	(with GreenPower) __________
NABERS Energy rating 5.5	(with GreenPower) 5.0	NABERS Energy rating 4.5
(without GreenPower) __________	__________ NABERS Energy rating 309 Kent 4.5 / 321 Kent	(without GreenPower) __________
NABERS Water rating 4.0 __________	(without GreenPower) 5.0 __________	NABERS Water rating 4.0 __________
Green Star rating 5	NABERS Water rating 309 Kent 3.5 / 321 Kent	Major tenant Grant Thornton
__________ Major tenant Lend Lease Management Services	3.5 __________	__________ Acquisition date Sep 1987
__________ Acquisition date May 2002	Major tenant Promina/Asteron __________	__________ Book value $m $151.10
__________ Book value $m $178.70	Acquisition date Dec 1998 __________	__________ Independent valuation date Sep 2013
__________ Independent valuation date Jun 2013	Book value $m $195.60 __________	__________ Independent valuation $m $137.00
__________ Independent valuation $m $179.00	Independent valuation date Jun 2012 __________	__________ Market cap rate (%) 6.67
__________ Market cap rate (%) 6.88	Independent valuation $m $58.00 __________	__________ Initial yield (%) 6.36
__________ Initial yield (%) 7.04	Market cap rate (%) 6.83 __________	__________ Leased by area (%) 93
__________ Leased by area (%) 100	Initial yield (%) 7.79 __________	__________ Weighted lease term by income (year/s) 5.9
__________ Weighted lease term by income (year/s) 4.5	Leased by area (%) 100 __________	__________
__________	Weighted lease term by income (year/s) 3.4 __________

2014 DEXUS Property Synopsis and Debt Summary 19

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

39 Martin Place, Sydney

44 Market Street, Sydney

45 Clarence Street, Sydney

39 Martin Place is a B Grade property prominently located adjacent to Martin Place railway station. It comprises 20 levels of office accommodation, six retail shops, two levels of basement parking and the adjoining Martin Place Shopping Circle.

44 Market Street is a modern 26 level, A Grade office tower located in Sydney's western core. The building provides tenants a range of accommodation options from small suites to whole contiguous floors.

45 Clarence Street is a 28 level, 32,100 square metre A Grade office tower located in the heart of the evolving western core of Sydney's CBD. The property provides tenants with outstanding onsite services and spectacular views from the upper levels.

Details

_	_	_
Metro area Sydney CBD __________	Metro area Sydney CBD __________	Metro area Sydney CBD __________
Building type B Grade Office __________	Building type A Grade Office __________	Building type A Grade Office __________
Ownership (%) DXS 50 __________	Title Freehold __________	Title Freehold __________
Co-owner DEXUS Wholesale Property Fund __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning B8 Metropolitan Centre __________	Zoning B8 Metropolitan Centre __________	Zoning B8 Metropolitan Centre __________
Year built 1972 __________	Year built 1978 __________	Year built 1990 __________
Site area (hectares) 0.3 __________	Site area (hectares) 0.3 __________	Site area (hectares) 0.4 __________
Lettable area adjusted ('000 m2) 8.1 __________	Lettable area adjusted ('000 m2) 30.1 __________	Lettable area adjusted ('000 m2) 32.1 __________
Typical floor (m2) 800 __________	Typical floor (m2) 1,000 __________	Typical floor (m2) 1,250 __________
Car parking 68 __________	Car parking 134 __________	Car parking 169 __________
NABERS Energy rating 2.5	NABERS Energy rating 5.0	NABERS Energy rating 5.0
(with GreenPower) __________	(with GreenPower) __________	(with GreenPower) __________
NABERS Energy rating 2.5	NABERS Energy rating 4.5	NABERS Energy rating 4.5
(without GreenPower) __________	(without GreenPower) __________	(without GreenPower) __________
NABERS Water rating 2.5 __________	NABERS Water rating 2.5 __________	NABERS Water rating 3.5 __________
Major tenant Tiffany __________	Major tenant Commonwealth of Australia __________	Major tenant Lloyds International __________
Acquisition date Feb 2013 __________	Acquisition date Sep 1987 __________	Acquisition date Dec 1998 __________
Book value $m $81.30 __________	Book value $m $261.00 __________	Book value $m $276.30 __________
Independent valuation date Mar 2013 __________	Independent valuation date Jun 2014 __________	Independent valuation date Sep 2013 __________
Independent valuation $m $74.90 __________	Independent valuation $m $261.00 __________	Independent valuation $m $270.00 __________
Market cap rate (%) 9.40 __________	Market cap rate (%) 6.75 __________	Market cap rate (%) 6.75 __________
Initial yield (%) 7.92 __________	Initial yield (%) 7.21 __________	Initial yield (%) 7.14 __________
Leased by area (%) 97 __________	Leased by area (%) 99 __________	Leased by area (%) 98 __________
Weighted lease term by income (year/s) 4.3 __________	Weighted lease term by income (year/s) 4.1 __________	Weighted lease term by income (year/s) 2.9 __________

20 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

5 Martin Place, Sydney

56 Pitt Street, Sydney

60 Castlereagh Street, Sydney

Due for completion in 2015, 5 Martin Place will be a 19 level Premium Grade building comprising the redevelopment of existing heritage buildings and extended new development. The redevelopment will provide a unique premium offering with large central atrium, large floor plates and prime CBD location in the heart of Martin Place.

Details

56 Pitt Street is a B Grade office building with 26 levels of office, ground floor retail and basement car parking. Bound by Pitt, Bridge and Gresham Streets, the building provides unique views over Sydney CBD to the harbour and a light filled office space.

Details

60 Castlereagh Street is an A Grade office tower with 20 levels of office accommodation, basement parking and ground floor retail. Located in Sydney CBD's financial and legal precinct, the building provides large, column free floor plates with views over Sydney from the upper floors.

Details

_	_	_
Metro area Sydney __________	Metro area Sydney __________	Metro area Sydney __________
Building type Development Site __________	Building type B Grade Office __________	Building type A Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner DEXUS Office Partner, Cbus	Co-owner DEXUS Office Partner	Co-owner DEXUS Office Partner
Property __________	__________ Zoning B8 Metropolitan Centre	__________ Zoning B8 Metropolitan Centre
Zoning B8 Metropolitan Centre __________	__________ Year built 1967	__________ Year built 1999
Year built 1916 __________	__________ Site area (hectares) 0.2	__________ Site area (hectares) 0.2
Site area (hectares) 3.3 __________	__________ Lettable area adjusted ('000 m2) 10.3	__________ Lettable area adjusted ('000 m2) 13.5
Lettable area adjusted ('000 m2) 16.8 __________	__________ Typical floor (m2) 800	__________ Typical floor (m2) 1,100-1,300
Typical floor (m2) 1,100-2,400 __________	__________ Car parking 64	__________ Car parking 60
Car parking 10 __________	__________ NABERS Energy rating 5.0	__________ NABERS Energy rating 4.5
Acquisition date Apr 2014 __________	(with GreenPower) __________	(with GreenPower) __________
Book value $m $46.80	NABERS Energy rating 5.0	NABERS Energy rating 4.5
__________	(without GreenPower) __________	(without GreenPower) __________
	NABERS Water rating 4.0 __________	NABERS Water rating 3.0 __________
	Major tenant National E-Health Transition __________	Major tenant Goodman __________
	Acquisition date Apr 2014 __________	Acquisition date Apr 2014 __________
	Book value $m $86.10 __________	Book value $m $131.00 __________
	Initial yield (%) 7.31 __________	Initial yield (%) 6.05 __________
	Leased by area (%) 92 __________	Leased by area (%) 90 __________
	Weighted lease term by income (year/s) 2.5 __________	Weighted lease term by income (year/s) 5.1 __________

2014 DEXUS Property Synopsis and Debt Summary 21

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

Australia Square Complex, 264278 George Street, Sydney

Australia Square is one of Sydney's prime office properties, designed by Australian architect Harry Seidler. The complex comprises a 48 level circular tower with a lower ground floor retail plaza and the 13 level plaza building adjoined by an external courtyard.

Details

Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney

Governor Phillip & Macquarie Tower complex is one of Sydney's leading Premium grade office buildings. GPT provides 37 levels of premium office space and GMT provides 25 levels of premium office space. The complex also has basement parking for 654 cars.

Details

Grosvenor Place, 225 George Street, Sydney

Grosvenor Place is a landmark Premium grade office building located near Circular Quay in the Sydney CBD providing office space over 44 levels, ground floor retail space and car parking for 566 cars. Designed by renowned architect Harry Seidler, the complex also includes The Morrison Hotel and the heritage listed Royal Naval House and Johnson's Building.

Details

_	_	_
Metro area Sydney CBD __________	Metro area Sydney CBD __________	Metro area Sydney CBD __________
Building type A Grade Office __________	Building type Premium Grade Office __________	Building type Premium Grade Office __________
Title Freehold __________	Title Freehold __________	Title Leasehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 37.5 __________
Co-owner General Property Trust	Co-owner General Property Trust & Australian	Co-owner Investa, ARIA, DEXUS Office
__________ Zoning B8 Metropolitan Centre	Prime Property Fund __________	Partner __________
__________ Year built 1964	Zoning B8 Metropolitan Centre __________	Zoning Sydney Core Scheme __________
__________ Site area (hectares) 0.6	Year built 1993 __________	Year built 1988 __________
__________ Lettable area adjusted ('000 m2) 26.5	Site area (hectares) 0.6 __________	Site area (hectares) 0.8 __________
__________ Typical floor (m2) 1,020	Lettable area adjusted ('000 m2) 43.3 __________	Lettable area adjusted ('000 m2) 32.0 __________
__________ Car parking 385	Typical floor (m2) 1,460 __________	Typical floor (m2) 2,000 __________
__________ NABERS Energy rating ASQ Tower 4.0 / ASQ	Car parking 654 __________	Car parking 566 __________
(with GreenPower) Plaza 5.5	NABERS Energy rating GPT 4.5 / GMT 4.5	NABERS Energy rating 4.0
__________ NABERS Energy rating ASQ Tower 3.5 / ASQ	(with GreenPower) __________	(with GreenPower) __________
(without GreenPower) Plaza 5.0	NABERS Energy rating GPT 3.5 / GMT 4.0	NABERS Energy rating 4.0
__________ NABERS Water rating ASQ Tower 3.0 / ASQ	(without GreenPower) __________	(without GreenPower) __________
Plaza 4.0 __________	NABERS Water rating GPT 3.5 / GMT 3.5 __________	NABERS Water rating 4.0 __________
Major tenant Origin Energy __________	Major tenant King & Wood Mallesons __________	Major tenant Deloitte Services Pty Ltd __________
Acquisition date Aug 2000 __________	Acquisition date Dec 1998 __________	Acquisition date Feb 2013 __________
Book value $m $317.80 __________	Book value $m $679.20 __________	Book value $m $441.60 __________
Independent valuation date Jun 2013 __________	Independent valuation date Dec 2012 __________	Independent valuation date Mar 2013 __________
Independent valuation $m $305.00 __________	Independent valuation $m $487.50 __________	Independent valuation $m $271.50 __________
Market cap rate (%) 6.55 __________	Market cap rate (%) 6.05 __________	Market cap rate (%) 6.10 __________
Initial yield (%) 6.16 __________	Initial yield (%) 5.49 __________	Initial yield (%) 5.89 __________
Leased by area (%) 97 __________	Leased by area (%) 95 __________	Leased by area (%) 90 __________
Weighted lease term by income (year/s) 5	Weighted lease term by income (year/s) 5.6	Weighted lease term by income (year/s) 5.0
__________	__________	__________
		Note: Independent valuation $m represents DXS 25%
		interest prior to acquisition of the CPA interest.

22 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

One Margaret Street, Sydney

2 & 4 Dawn Fraser Avenue, Sydney Olympic Park

10 Eagle Street, Brisbane

One Margaret Street is an 18 level A Grade office tower located in the western core of the Sydney CBD overlooking Darling Harbour. The building provides tenants with impressive building services, onsite amenity and three levels of car parking for 111 vehicles.

Details

2 & 4 Dawn Fraser Avenue comprises two adjoining seven level A Grade office towers. Dawn Fraser is located off Australia Avenue and the properties are directly opposite the Sydney Olympic Park railway station. This property provides a strong annuity income from a blue-chip tenant.

Details

10 Eagle Street is an A Grade office tower in the heart of Brisbane's Golden Triangle. Bounded by Eagle, Charlotte and Market Streets, the island-like position of the 32 level tower allows for expansive views from every level. Premium services include concierge, newly completed end of trip facilities and onsite building management.

Details

_	_	_
Metro area Sydney CBD __________	Metro area Sydney Olympic Park __________	Metro area Brisbane __________
Building type A Grade Office __________	Building type A Grade Office __________	Building type A Grade Office __________
Title Freehold __________	Title Leasehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 75 __________	Ownership (%) DXS 50 __________
Zoning B8 Metropolitan Centre __________	Co-owner DEXUS Office Partner __________	Co-owner DEXUS Office Partner __________
Year built 1984 __________	Zoning B4 Mixed Use __________	Zoning MPI - City Centre __________
Site area (hectares) 0.2 __________	Year built 2008 __________	Year built 1978 __________
Lettable area adjusted ('000 m2) 20.9 __________	Site area (hectares) 0.6 __________	Site area (hectares) 0.3 __________
Typical floor (m2) 1,000 __________	Lettable area adjusted ('000 m2) 25.6 __________	Lettable area adjusted ('000 m2) 14.0 __________
Car parking 111 __________	Typical floor (m2) 2,656-1,965 __________	Typical floor (m2) 950 __________
NABERS Energy rating 5.5	Car parking 593	Car parking 190
(with GreenPower) __________	__________ NABERS Energy rating 5.0	__________ NABERS Energy rating 4.0
NABERS Energy rating 4.5	(with GreenPower)	(with GreenPower)
(without GreenPower) __________	__________ NABERS Energy rating 5.0	__________ NABERS Energy rating 4.0
NABERS Water rating 2.5 __________	(without GreenPower) __________	(without GreenPower) __________
Major tenant PKF Services (NSW) P/L __________	NABERS Water rating 5.5 __________	NABERS Water rating 4.0 __________
Acquisition date Dec 1998 __________	Major tenant Commonwealth Bank of Australia __________	Major tenant BDO Services __________
Book value $m $212.00 __________	Acquisition date Feb 2013 __________	Acquisition date Apr 2014 __________
Independent valuation date Jun 2014 __________	Book value $m $131.20 __________	Book value $m $97.30 __________
Independent valuation $m $212.00 __________	Independent valuation date Mar 2013 __________	Initial yield (%) 8.02 __________
Market cap rate (%) 6.50 __________	Independent valuation $m $82.70 __________	Leased by area (%) 92 __________
Initial yield (%) 5.73 __________	Initial yield (%) 7.48 __________	Weighted lease term by income (year/s) 2.8 __________
Leased by area (%) 83 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 5.6 __________	Weighted lease term by income (year/s) 5.2 __________

Note: Independent valuation $m represents DXS 50% interest prior to acquisition of the CPA interest.

2014 DEXUS Property Synopsis and Debt Summary 23

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

12 Creek Street, Brisbane

123 Albert Street, Brisbane

145 Ann Street, Brisbane

12 Creek Street is a 32 level A Grade office tower located within Brisbane's Golden Triangle. The building provides ground floor retail accommodation and foyer, 33 upper levels of office and includes two plant and storage levels with four basement levels providing parking for 308 vehicles.

123 Albert Street is Brisbane's first Premium Grade tower to achieve a 6 Star Green Star rating. Completed in 2011, the tower comprises 26 levels of office space, eight levels of car parking, quality tenant amenities and an expansive ground floor lobby with five retail shops.

Completed in 2012, 145 Ann Street is a striking A Grade office tower in a prime Brisbane CBD location with close proximity to King George Square, Queen Street Mall and the courts. The building features premium end of trip facilities, an onsite childcare centre and basement parking.

Details

_	_	_
Metro area Brisbane CBD __________	Metro area Brisbane CBD __________	Metro area Brisbane __________
Building type A Grade Office __________	Building type Premium Grade Office __________	Building type A Grade Office __________
Title Freehold __________	Title Freehold __________	Title Leasehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________
Co-owner DEXUS Wholesale Property Fund __________	Zoning MPI - City Centre __________	Co-owner DEXUS Office Partner __________
Zoning MPI - City Centre __________	Year built 2011 __________	Zoning MPI - City Centre __________
Year built 1984 __________	Site area (hectares) 0.4 __________	Year built 2012 __________
Site area (hectares) 0.3 __________	Lettable area adjusted ('000 m2) 39.3 __________	Site area (hectares) 0.3 __________
Lettable area adjusted ('000 m2) 16.2 __________	Typical floor (m2) 1,513-1,604 __________	Lettable area adjusted ('000 m2) 14.0 __________
Typical floor (m2) 1,010-1,088 __________	Car parking 382 __________	Typical floor (m2) 1,100 __________
Car parking 308	NABERS Energy rating 5.5	Car parking 124
__________ NABERS Energy rating 3.0	(without GreenPower) __________	__________ Green Star rating 6 Star (Office Design v2)
(without GreenPower) __________	Green Star rating 6.0 __________	__________ Major tenant GHD Services Pty Ltd
NABERS Water rating 4.0 __________	Major tenant Rio Tinto __________	__________ Acquisition date Apr 2014
Major tenant BDO __________	Acquisition date Oct 1984 __________	__________ Book value $m $125.20
Acquisition date Oct 2012 __________	Book value $m $404.40 __________	__________ Initial yield (%) 6.59
Book value $m $132.30 __________	Independent valuation date Mar 2013 __________	__________ Leased by area (%) 100
Independent valuation date Nov 2012 __________	Independent valuation $m $400.00 __________	__________ Weighted lease term by income (year/s) 8.0
Independent valuation $m $120.80 __________	Market cap rate (%) 6.50 __________	__________
Market cap rate (%) 7.00 __________	Initial yield (%) 6.63 __________
Initial yield (%) 6.38 __________	Leased by area (%) 100 __________
Leased by area (%) 89 __________	Weighted lease term by income (year/s) 6.6 __________
Weighted lease term by income (year/s) 4.6 __________

24 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

480 Queen Street, Brisbane

108 North Terrace, Adelaide

11 Waymouth Street, Adelaide

480 Queen Street is a 31-level Premium Grade office development providing 55,561 square metres of accommodation. The property is located in Brisbane's Golden Triangle and is targeting 6 Star Green Star and 5.0 star NABERS Energy ratings. Practical completion is forecast for February 2016.

108 North Terrace is located on the north side of the Adelaide CBD offering office accommodation over 11 levels. The building provides excellent views with high levels of natural light in a prominent location.

11 Waymouth Street is a Premium Grade office building with state of the art services and building amenities. Completed in 2007, the tower comprises 20 levels of office accommodation, a ground level retail space, an outdoor dining area and upper plaza space.

Details

_	_	_
Metro area Brisbane CBD __________	Metro area Adelaide __________	Metro area Adelaide __________
Building type Land __________	Building type A Grade Office __________	Building type Premium Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner DEXUS Wholesale Property Fund __________	Co-owner DEXUS Office Partner __________	Co-owner DEXUS Office Partner __________
Zoning MPI - City Centre __________	Zoning Capital City Zone __________	Zoning Capital City Zone __________
Site area (hectares) 0.4 __________	Year built 1999 __________	Year built 2007 __________
Typical floor (m2) 1,731-2,849 __________	Site area (hectares) 0.2 __________	Site area (hectares) 0.4 __________
Car parking 272 __________	Lettable area adjusted ('000 m2) 10.0 __________	Lettable area adjusted ('000 m2) 15.5 __________
Acquisition date Apr 2013 __________	Typical floor (m2) 1,900 __________	Typical floor (m2) 1,450/1,700 __________
Book value $m $86.30 __________	Car parking 126 __________	Car parking 167 __________
Independent valuation date Jun 2014	NABERS Energy rating 4.0	NABERS Energy rating 5.0
__________ Independent valuation $m $86.30	(with GreenPower) __________	(with GreenPower) __________
__________	NABERS Energy rating 4.0	NABERS Energy rating 5.0
	(without GreenPower) __________	(without GreenPower) __________
	NABERS Water rating 2.0 __________	NABERS Water rating 4.0 __________
	Major tenant HP __________	Green Star rating 5 __________
	Acquisition date Apr 2014 __________	Major tenant Minister for Admin Services __________
	Book value $m $39.50 __________	Acquisition date Apr 2014 __________
	Initial yield (%) 4.89 __________	Book value $m $82.40 __________
	Leased by area (%) 77 __________	Initial yield (%) 8.53 __________
	Weighted lease term by income (year/s) 3.8 __________	Leased by area (%) 100 __________
		Weighted lease term by income (year/s) 3.4 __________

2014 DEXUS Property Synopsis and Debt Summary 25

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

180-222 Lonsdale Street, Melbourne

385 Bourke Street, Melbourne

40 Market Street, Melbourne

180-222 Lonsdale Street is a large complex consisting of two A Grade office towers, a substantial retail precinct known as QV and a public car park. The complex is a Melbourne CBD retail destination and the towers provide high quality office space with exceptional views.

Details

385 Bourke Street is a 41 level, A Grade office tower with two levels of ground floor retail providing over 45 retail services located in a prime CBD location. The building provides convenient access to all major retail, dining and transport options. 385 Bourke Street features a prominent corner location and a splayed building orientation, enhancng natural light and view opportunities.

Details

40 Market Street comprises a B Grade office building with nine upper levels of office accommodation, constructed over a five split level basement car park and ground floor retail.

Details

_	_	_
Metro area Melbourne __________	Metro area Melbourne __________	Metro area Melbourne CBD __________
Building type A Grade Office __________	Building type A Grade Office __________	Building type B Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 25 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________
Co-owner DEXUS Office Partner / Adam Grollo __________	Co-owner DEXUS Office Partner __________	Zoning Capital City Zone 1 __________
Zoning Capital City Zone __________	Zoning Capital City Zone __________	Year built 1988 __________
Year built 2003/2004 __________	Year built 1983 __________	Site area (hectares) 0.2 __________
Site area (hectares) 1.8 __________	Site area (hectares) 0.6 __________	Lettable area adjusted ('000 m2) 12 __________
Lettable area adjusted ('000 m2) 26.5 __________	Lettable area adjusted ('000 m2) 30.2 __________	Typical floor (m2) 1,269 __________
Typical floor (m2) 1,800-3,900 __________	Typical floor (m2) 1,300 __________	Car parking 85 __________
Car parking 2997 __________	Car parking 240 __________	Major tenant Powercor Australia Limited __________
NABERS Energy rating 4.5	NABERS Energy rating 4.0	Acquisition date Jan 2013
(with GreenPower) __________	(with GreenPower) __________	__________ Leased by area (%) 100
NABERS Energy rating (without GreenPower) 4.5 __________	NABERS Energy rating (without GreenPower) 4.0 __________	______ Weighted lease term by income (year/s) 15.4 ________
NABERS Water rating 4.5 __________	NABERS Water rating 2.5 __________
Major tenant Telstra Corp (Sensis) __________	Major tenant Energy Australia __________
Acquisition date Apr 2014 __________	Acquisition date Apr 2014 __________
Book value $m $165.40 __________	Book value $m $187.50 __________
Initial yield (%) 7.00 __________	Initial yield (%) 4.62 __________
Leased by area (%) 99 __________	Leased by area (%) 65 __________
Weighted lease term by income (year/s) 5.2 __________	Weighted lease term by income (year/s) 2.9 __________

26 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

8 Nicholson Street, Melbourne

8 Nicholson Street is a freestanding 18 level office tower with three levels of basement parking. Located on the eastern edge of the Melbourne CBD close to Parliament Station, the property is situated in a State/Federal Government precinct.

Flinders Gate Complex, 172 Flinders Street and 189 Flinders Lane, Melbourne

The Flinders Gate Complex comprises two small boutique office buildings located close to Flinders Street Station and opposite Federation Square.

Southgate Complex, 3 Southgate Avenue, Southbank

The Southgate Complex is a landmark office and retail property located on the Yarra River in the Southbank arts and leisure precinct of Melbourne. The complex offers two high quality office towers, HWT Tower and IBM Centre, a three level retail plaza and two levels of basement car parking.

Details

_	_	_
Metro area Melbourne CBD __________	Metro area Melbourne CBD __________	Metro area Melbourne CBD __________
Building type A Grade Office __________	Building type B Grade Office __________	Building type A Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning Business 2 Zone 1 (B2Z) __________	Zoning Capital City Zone (CCZ1) __________	Zoning Capital City Zone (CCZ1) __________
Year built 1991 __________	Year built 1920 __________	Year built 1992 __________
Site area (hectares) 0.3 __________	Site area (hectares) 0.4 __________	Site area (hectares) 2.1 __________
Lettable area adjusted ('000 m2) 23.5 __________	Lettable area adjusted ('000 m2) 8.8 __________	Lettable area adjusted ('000 m2) 76.7 __________
Typical floor (m2) 1,650 __________	Typical floor (m2) 650 __________	Typical floor (m2) 1,250 __________
Car parking 91	NABERS Energy rating 172 Flinders 3.5 / 189	Car parking 1041
__________ NABERS Energy rating 3.5	(with GreenPower) Flinders 4.0 __________	__________ NABERS Energy rating IBM 4.5 / HWT 4.5
(with GreenPower)	NABERS Energy rating 172 Flinders 3.0 / 189	(with GreenPower)
__________ NABERS Energy rating 3.5	(without GreenPower) Flinders 3.5 __________	__________ NABERS Energy rating IBM 4.0 / HWT 4.0
(without GreenPower)	NABERS Water rating 172 Flinders 3.5 / 189	(without GreenPower)
__________ NABERS Water rating 3.5	Flinders 2.0 __________	__________ NABERS Water rating IBM 3.5 / HWT 4.0
__________ Major tenant State of Victoria	Major tenant My Mac (Australia) Pty Ltd __________	__________ Major tenant IBM Australia Limited
__________ Acquisition date Nov 1993	Acquisition date Mar 1999 __________	__________ Acquisition date Aug 2000
__________ Book value $m $106.50	Book value $m $34.10 __________	__________ Book value $m $458.50
__________ Independent valuation date Dec 2013	Independent valuation date Jun 2014 __________	__________ Independent valuation date Dec 2013
__________ Independent valuation $m $105.00	Independent valuation $m $31.10 __________	__________ Independent valuation $m $188.30
__________ Market cap rate (%) 7.88	Market cap rate (%) 7.75 __________	__________ Market cap rate (%) 7.32
__________ Initial yield (%) 9.04	Initial yield (%) 6.33 __________	__________ Initial yield (%) 7.39
__________ Leased by area (%) 100	Leased by area (%) 88 __________	__________ Leased by area (%) 93
______ Weighted lease term by income (year/s) 4.1 ________	Weighted lease term by income (year/s) 1.6 __________	______ Weighted lease term by income (year/s) 4.4 ________

2014 DEXUS Property Synopsis and Debt Summary 27

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

58 Mounts Bay Road, Perth

Kings Square, Wellington Street, Perth

Woodside Plaza, 240 St Georges Terrace, Perth

58 Mounts Bay Road is a 16 level A Grade building in the Perth CBD with direct access to St Georges Terrace. The property features an impressive ground floor lobby and panoramic views over Perth. The property is located opposite Westralia Square in the Perth CBD, with frontages to Mounts Bay Road and Mercantile Lane.

Details

Kings Square is an office development comprising three A Grade buildings providing 52,000 square metres of combined office and retail space. It is well located in an emerging precinct of commercial, residential, retail and public space, and is in close proximity to Perth's transport hub.

Details

Woodside Plaza is one of Perth's highest specified premium grade office buildings providing premium office space over 24 levels on large and efficient floor plates. The building is located within the prestigious western end of the CBD on St Georges Terrace.

Details

_	_	_
Metro area Perth __________	Metro area Perth CBD __________	Metro area Perth CBD __________
Building type A Grade Office __________	Building type Land __________	Building type Premium Grade Office __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 25 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________
Co-owner DEXUS Office Partner / Private __________	Co-owner DEXUS Wholesale Property Fund __________	Zoning Central City Area __________
Zoning City Centre __________	Zoning City Centre __________	Year built 2003 __________
Year built 2010 __________	Site area (hectares) 0.6 __________	Site area (hectares) 0.6 __________
Site area (hectares) 0.3 __________	Typical floor (m2) 1,400 __________	Lettable area adjusted ('000 m2) 47.3 __________
Lettable area adjusted ('000 m2) 5.6 __________	Car parking 136 __________	Typical floor (m2) 2,000 __________
Typical floor (m2) 1,570 __________	Acquisition date May 2013 __________	Car parking 247 __________
Car parking 96	Book value $m $87.90	NABERS Energy rating 5.0
__________ NABERS Energy rating 5.0	__________ Independent valuation date Jun 2014	(with GreenPower) __________
(with GreenPower) __________ NABERS Energy rating 5.0	______ Independent valuation $m $87.90 ________	NABERS Energy rating (without GreenPower) 4.5 __________
(without GreenPower) __________		NABERS Water rating 3.0 __________
NABERS Water rating 4.0 __________		Major tenant Woodside Energy __________
Green Star rating 4 Star (Office Design v2) __________		Acquisition date Jan 2001 __________
Major tenant Clough Projects Ptd Ltd __________		Book value $m $500.60 __________
Acquisition date Apr 2014 __________		Independent valuation date Dec 2013 __________
Book value $m $58.10 __________		Independent valuation $m $500.00 __________
Initial yield (%) 7.45 __________		Market cap rate (%) 7.50 __________
Leased by area (%) 100 __________		Initial yield (%) 7.06 __________
Weighted lease term by income (year/s) 7.1 __________		Leased by area (%) 100 __________
		Weighted lease term by income (year/s) 4.0 __________

28 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

==> picture [158 x 157] intentionally omitted <==

==> picture [158 x 158] intentionally omitted <==

46 Colin Street, West Perth

Lumley Centre, 88 Shortland Street, Auckland

383-395 Kent Street, Sydney

46 Colin Street comprises five levels of office accommodation and basement car parking situated in West Perth and fronting Colin Street and Emerald Terrace.

The Lumley Centre is a Premium Grade office tower comprising 15 levels of office accommodation located within the Auckland CBD and offering views of Auckland Harbour from upper levels.

383-395 Kent Street is a 823 bay car park, including private tenant parking decks, sits below the 14 level office tower located along the western core of the Sydney CBD, with dual street frontage with Kent and Sussex Streets.

Details

_	_	_
Metro area Perth __________	Metro area Auckland CBD __________	Metro area Sydney CBD __________
Building type A Grade Office __________	Building type Premium Grade Office __________	Building type Carpark __________
Title Leasehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Co-owner DEXUS Office Partner	Zoning Central Area District - Strategic Management	Zoning B8 Metropolitan Centre
__________ Zoning Office/Residential	Area 1 __________	__________ Year built 1977
__________ Year built 2002	Year built 2005 __________	__________ Car parking 823
__________ Site area (hectares) 0.6	Site area (hectares) 0.5 __________	__________ Major tenant Wilson Parking Australia
__________ Lettable area adjusted ('000 m2) 4.4	Lettable area adjusted ('000 m2) 19.8 __________	__________ Acquisition date Sep 1987
__________ Typical floor (m2) 1,800	Typical floor (m2) 1,300 __________	__________ Book value $m $65.20
__________ Car parking 161	Car parking 194 __________	__________ Independent valuation date Sep 2013
__________ NABERS Energy rating 4.0	Major tenant Simpson Grierson __________	__________ Independent valuation $m $65.00
(with GreenPower) __________	Acquisition date Sep 2005 __________	__________ Market cap rate (%) 7.50
NABERS Energy rating (without GreenPower) 4.0 ______ NABERS Water rating 4.0 _____ Major tenant Insurance Australia Limited _______	Book value $m $140.00 ______ Independent valuation date Jun 2013 _____ Independent valuation $m $127.50 _______ Market cap rate (%) 7.00	______ Initial yield (%) 7.47 _____ Leased by area (%) 100 _______ Weighted lease term by income (year/s) 10.1 __________
Acquisition date Apr 2014 __________	__________ Initial yield (%) 7.37
Book value $m $21.40 __________	__________ Leased by area (%) 100
Initial yield (%) 10.64 __________	__________ Weighted lease term by income (year/s) 7.4
Leased by area (%) 100 __________	__________
Weighted lease term by income (year/s) 3.3 __________

2014 DEXUS Property Synopsis and Debt Summary 29

OFFICE PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

32-44 Flinders Street, Melbourne

34-60 Little Collins Street, Melbourne

Flinders Gate Complex, 172 Flinders Street, Melbourne

32-44 Flinders Street is a 539 bay car park built over 10 levels constructed in 1998 servicing residential and office patrons, as well as visitors to the MCG, Melbourne Park and Federation Square. The car park has dual access to Flinders Street and Flinders Lane.

Details

34-60 Little Collins Street is a 940 bay freestanding car park with a café and rental car outlet on the ground floor. It is located in the eastern corridor of the Melbourne CBD providing convenient access to Melbourne's premium office and entertainment precincts. It has dual access to Bourke and Little Collins Streets.

Details

172 Flinders Street is a 1,071 bay car park attached to two small office buildings located centrally in the Melbourne CBD diagonally opposite Flinders Street Railway Station and directly opposite Federation Square. The car park has dual access to Flinders Street and Flinders Lane.

Details

_	_	_
Metro area Melbourne CBD __________	Metro area Melbourne CBD __________	Metro area Melbourne CBD __________
Building type Carpark __________	Building type Carpark __________	Building type Carpark __________
Title Freehold __________	Title Leasehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning Capital City Zone 1 __________	Zoning Capital City Zone __________	Zoning Capital City Zone 1 __________
Year built 1998 __________	Year built 1965 __________	Year built 1998 __________
Car parking 539 __________	Car parking 940 __________	Car parking 1071 __________
Major tenant Wilson Parking Australia __________	Major tenant Wilson Parking Australia __________	Major tenant Wilson Parking Australia __________
Acquisition date Jun 1998 __________	Acquisition date Nov 1984 __________	Acquisition date Mar 1999 __________
Book value $m $30.40 __________	Book value $m $28.10 __________	Book value $m $52.80 __________
Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
Independent valuation $m $30.40 __________	Independent valuation $m $28.10 __________	Independent valuation $m $52.80 __________
Market cap rate (%) 6.00 __________	Market cap rate (%) 9.16 __________	Market cap rate (%) 6.75 __________
Initial yield (%) 6.46 __________	Initial yield (%) 7.63 __________	Initial yield (%) 5.76 __________
Leased by area (%) 100 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 7.9 __________	Weighted lease term by income (year/s) 9.9 __________	Weighted lease term by income (year/s) 4.4 __________

30 2014 DEXUS Property Synopsis and Debt Summary

INDUSTRIAL PORTFOLIO

DEXUS is a key player in Australian industrial markets with a strong track record in delivering high quality industrial product to the market and actively managing its industrial properties to ensure the best possible returns for investors and strategic partners.

==> picture [377 x 186] intentionally omitted <==

----- Start of picture text -----

Key metrics 30 June 2014 30 June 2013
Total value ($bn) 1.4 1.6
Total properties 50 48
Net lettable area (sqm) 1,067,123 1,093,267
Number of tenants 192 270
Tenant retention (%) 41 70
Occupancy by area (%) 93.1 95.9
Occupancy by income (%) 93.0 96.1
Lease duration by income (years) 4.0 4.1
Weighted average capitalisation rate (%) 8.32 8.55
1 year total return (%) 9.0 8.8
----- End of picture text -----

INDUSTRIAL PORTFOLIO

SYDNEY

SYDNEY BRISBANE 470,494sqm 31,116sqm 44% area 3% area $704m value $44m value 55% value 3% value 30 properties 2 properties

MELBOURNE ADELAIDE 491,352sqm 74,161sqm Brisbane 46% area 7% area $519m value $25m value 40% value 2% value 17 properties 1 property Adelaide Sydney Canberra Melbourne

Property type by book value

Geographical weighting by book value

Diversity of tenants by income

==> picture [138 x 129] intentionally omitted <==

==> picture [130 x 130] intentionally omitted <==

==> picture [482 x 160] intentionally omitted <==

----- Start of picture text -----

Industrial estates 41% Sydney 55% Warehouseing & storage services 42%
Distribution centres 24% Melbourne 40% General wholesaling 9%
Business parks 25% Brisbane 3% Other manufacturing 8%
Data centres 4% Adelaide 2% Transport support services 7%
Development sites 2% Construction services 6%
Land 4% Road, rail, water, air & space transport 6%
Food & beverage manufacturing 5%
Information media & telecommunications 4%
Pharmaceutical wholesaling 3%
Printing 2%
Scientific & technical services 2%
Electricity, gas, water & waste services 1%
Not-for-profit 1%
Other 4%
----- End of picture text -----

Sustainability highlights

21.7% 12.7% ENERGY INTENSITY WATER INTENSITY Since base year FY08

25.4% GHG EMISSIONS

32 2014 DEXUS Property Synopsis and Debt Summary

Lease expiry profiles at 30 June 2014

Sydney industrial portfolio

==> picture [505 x 139] intentionally omitted <==

----- Start of picture text -----

20% 18.0% 17.6% AREA INCOME
16.9% 16.8%
15% 13.8%
12.1%
10% 9.0% 9.0% 9.4% 8.6%
5%
0%
AVAILABLE FY15 FY16 FY17 FY18
----- End of picture text -----

Melbourne industrial portfolio

==> picture [505 x 488] intentionally omitted <==

----- Start of picture text -----

20% AREA INCOME
17.3%
15% 13.8%
12.4% 12.6%
10.9%
9.3% 9.1% 9.2%
10%
5% 3.1% 4.0%
0%
AVAILABLE FY15 FY16 FY17 FY18
Brisbane industrial portfolio
60% AREA INCOME
50%
41.9% 41.9%
40%
30%
20%
10%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0%
AVAILABLE FY15 FY16 FY17 FY18
Adelaide industrial portfolio
60% 54.4% [55.4%] AREA INCOME
50%
40%
30%
23.0%
20.8% 19.9% [21.4%]
20%
10%
2.7% 2.4%
0.0% 0.0%
0%
AVAILABLE FY15 FY16 FY17 FY18
----- End of picture text -----

2014 DEXUS Property Synopsis and Debt Summary 33

INDUSTRIAL PORTFOLIO

Summary of properties

==> picture [560 x 55] intentionally omitted <==

----- Start of picture text -----

Property address State Metro area Building type Ownership
----- End of picture text -----

52 Holbeche Road,Arndell Park	NSW	Sydney,Outer West	Distribution Centre	100%
79-99 St Hilliers Road,Auburn	NSW	Sydney,Inner West	Business Park	100%
3 Brookhollow Avenue,Baulkham Hills	NSW	Sydney,Outer West	Data Centre	100%
1 Garigal Road,Belrose	NSW	Sydney,North	Business Park	100%
2 Alspec Place,Eastern Creek	NSW	Sydney,Outer West	Distribution Centre	100%
57-75 Templar Road,Erskine Park	NSW	Sydney,Outer West	Industrial Estate	100%
145-151 Arthur Street,Flemington	NSW	Sydney,Inner West	Business Park	100%
436-484 Victoria Road,Gladesville	NSW	Sydney,North	Business Park	100%
1 Foundation Place,Greystanes	NSW	Sydney,Outer West	Industrial Estate	100%
QuarryIndustrial Estate,1 Basalt Road,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,1 Bellevue Circuit,Greystanes	NSW	Sydney,Outer West	Development site	50%
QuarryIndustrial Estate,2 Bellevue Circuit,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,2-6 Basalt Road,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,3 Basalt Road,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,4 Turnbull Close,Greystanes	NSW	Sydney,Outer West	Development site	50%
QuarryIndustrial Estate,5 Basalt Road,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,5 Bellevue Circuit,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,6 Bellevue Circuit,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,8 Basalt Road,Greystanes	NSW	Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,Reconciliation Road,Greystanes	NSW	Sydney,Outer West	Land	100%
Quarrywest,Reconciliation Road,Greystanes	NSW	Sydney,Outer West	Land	50%
27-29 LibertyRoad,Huntingwood	NSW	Sydney,Outer West	Distribution Centre	100%
Kings Park Industrial Estate,Vardys Road,Marayong	NSW	Sydney,Outer West	Industrial Estate	100%
154 O'Riordan Street,Mascot	NSW	Sydney,South	Industrial Estate	100%
2-4 MilitaryRoad,Matraville	NSW	Sydney,South	Industrial Estate	100%
25-55 Rothschild Avenue,Rosebery	NSW	Sydney,South	Business Park	100%
5-15 RoseberyAvenue,Rosebery	NSW	Sydney,South	Business Park	100%
Centrewest Industrial Estate,Silverwater	NSW	Sydney,Inner West	Industrial Estate	100%
DEXUS Industrial Estate,Egerton Street,Silverwater	NSW	Sydney,Inner West	Industrial Estate	100%
12 Frederick Street,St Leonards	NSW	Sydney,North	Industrial Estate	100%
30 Bellrick Street,Acacia Ridge	QLD	Brisbane	Distribution Centre	100%
131 Mica Street,Carole Park	QLD	Brisbane	Distribution Centre	100%
15-23 Whicker Road,Gillman	SA	Adelaide	Distribution Centre	100%
Target Distribution Centre,30-68 Taris Avenue,Altona North	VIC	Melbourne,West	Distribution Centre	50%
114 Fairbank Road,Clayton	VIC	Melbourne,South East	Distribution Centre	100%
DEXUS Industrial Estate,Pound Road West,DandenongSouth	VIC	Melbourne,South East	Industrial Estate	100%
Knoxfeld Industrial Estate,Henderson Road,Knoxfeld	VIC	Melbourne,South East	Distribution Centre	100%
250 Forest Road South,Lara	VIC	Melbourne,South West	Distribution Centre	100%
DEXUS Industrial Estate,BoundaryRoad,Laverton North	VIC	Melbourne,West	Land	100%
DEXUS Industrial Estate,1 Foundation Road,Laverton North	VIC	Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,1-3 Distribution Drive,Laverton North	VIC	Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,2-10 Distribution Drive,Laverton North	VIC	Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,7-9 Distribution Drive,Laverton North	VIC	Melbourne,West	Business Park	50%
DEXUS Industrial Estate,11-17 Distribution Drive,Laverton North	VIC	Melbourne,West	Distribution Centre	50%
DEXUS Industrial Estate,12-18 Distribution Drive,Laverton North	VIC	Melbourne,West	Distribution Centre	50%
DEXUS Industrial Estate,25 Distribution Drive,Laverton North	VIC	Melbourne,West	Industrial Estate	100%
DEXUS Industrial Estate,27 Distribution Drive,Laverton North	VIC	Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,28 Distribution Drive,Laverton North	VIC	Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,30 Distribution Drive,Laverton North1	VIC	Melbourne,West	Industrial Estate	100%
Axxess Corporate Park, Corner Ferntree Gully & Gilby Roads,	VIC	Melbourne, South East	Business Park	100%
Mount Waverley

Sold in July 2014.

34 2014 DEXUS Property Synopsis and Debt Summary

==> picture [559 x 55] intentionally omitted <==

9.6	Jul	98	$12.4	Jun 12	$12.5	8.00%	100%	1.3
26.0	Sep	97	$35.6	Dec 11	$37.5	8.75%	50%	1.0
13.4	Dec	02	$54.1	Jun 12	$52.0	8.50%	100%	4.3
12.3	Dec	98	$20.1	Jun 12	$16.3	8.25%	86%	7.9
16.9	Mar	04	$24.9	Dec 11	$24.9	8.00%	100%	1.3
28.6	Jun	12					38%	5.2
19.3	Sep	97	$27.5	Jun 14	$27.5	8.50%	86%	0.6
19.7	Sep	97	$40.4	Dec 11	$41.5	9.00%	52%	1.5
30.8	Feb	03	$47.4	Dec 13	$47.5	8.00%	100%	2.8
9.7	Dec	07	$14.6	Jun 14	$14.6	7.75%	80%	4.6
8.9	Dec	07	$16.2	Jun 14	$16.2	7.13%	100%	14.5
6.7	Dec	07	$12.0	Jun 14	$12.0	7.38%	100%	8.5
11.7	Dec	07	$16.8	Jun 14	$23.3	7.75%	46%	1.4
9.1	Dec	07	$14.7	Jun 14	$14.7	7.75%	100%	4.6
5.1	Dec	07	$8.0	Jun 14	$8.0	7.13%	100%	14.5
2.7	Dec	07	$4.6	Jun 14	$4.6	7.75%	100%	5.5
8.6	Dec	07	$18.1	Jun 14	$18.1	7.13%	100%	11.7
8.5	Dec	07	$23.3	Jun 14	$23.3	7.25%	100%	12.3
9.3	Dec	07	$14.3	Jun 14	$14.3	7.50%	100%	6.2
	Dec	07	$18.9	Dec 12	$14.1	7.13%
	Jun	14	$29.3
6.8	Jul	98	$9.3	Sep12	$8.8	8.25%	100%	1.4
68.9	May	90	$93.2	Dec 12	$90.5	8.13%	100%	2.6
8.2	Jun	97					100%	2.6
30.2	Dec	09	$56.2	Jun 12	$52.9	8.00%	100%	2.4
16.8	Oct	01					72%	4.1
27.3	Apr	98					93%	3.0
17.8	May	10	$23.8	Jun 13	$23.4	8.75%	100%	2.8
18.2	May	97	$29.1	Jun 12	$39.0	8.54%	95%	3.0
19.4	Jul	00	$39.0	Sep13	$37.0	8.50%	100%	2.9
17.8	Jun	97	$21.1	Sep12	$20.6	9.13%	100%	3.2
13.3	Jan	13	$22.8	Dec 12	$21.0	7.25%	100%	13.5
74.2	Dec	02	$24.5	Jun 14	$24.5	11.00%	77%	1.3
20.7	Oct	95	$15.3	Jun 14	$15.3	8.25%	100%	2.8
18.6	Jul	97	$15.4	Mar 13	$15.4	9.00%	100%	5.3
79.7	Jan	04	$69.7	Dec-12	$71.4	8.13%	100%	5.7
49.0	Aug	96	$37.9	Sep13	$37.7	8.25%	100%	0.9
117.3	Dec	02	$54.9	Jun 12	$52.3	8.75%	100%	9.0
	Jul	02	$9.9	Jun 12	$9.9
10.1	Jul	02	$9.8	Jun 14	$9.8	7.75%	100%	10.7
6.5	Jul	02	$6.1	Jun 14	$6.1	8.00%	100%	4.1
8.7	Jul	02	$7.6	Jun 14	$7.6	8.00%	100%	2.4
3.9	Jul	02	$3.6	Jun 14	$3.6	8.00%	100%	2.2
22.7	Jul	02	$18.7	Jun 14	$18.7	8.50%	100%	3.2
21.5	Jul	02	$53.2	Jun 14	$53.2	8.65%	100%	7.8
7.8	Jul	02	$6.4			8.25%	100%	0.9
6.9	Jul	02	$6.8	Jun 14	$6.8	7.65%	100%
5.9	Jul	02	$4.8	Jun 14	$4.8	7.75%	0%	0.0
9.3	Jul	02	$9.5			7.75%	100%
85.3	Oct	96	$190.1	Dec 12	$187.2	8.46%	89%	2.2

2014 DEXUS Property Synopsis and Debt Summary 35

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

52 Holbeche Road, Arndell Park

79-99 St Hilliers Road, Auburn

3 Brookhollow Avenue, Baulkham Hills

52 Holbeche Road is located at the intersection of Holbeche Road and Murtha Street in Arndell Park, an established industrial suburb located along the M4 corridor within western Sydney. Arndell Park is approximately 10 kilometres west of Parramatta and 35 kilometres from the Sydney CBD.

Details

St Hilliers Estate is situated on the south eastern side of Parramatta Rd and St Hilliers Rd at Auburn, approximately 20 kilometres west of the Sydney CBD and 4 kilometres south-east of the Parramatta CBD. The estate is accessed by convenient entry and exit points to the M4 motorway.

Details

This asset is located within the Norwest Business Park which is a leading technology and business park providing campus style office, high-technology and manufacturingproduction facilities. Its located in close proximity to the M7 motorway with extensive frontage to both Norwest Boulevard and Brookhollow Avenue.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Inner West __________	Metro area Sydney, Outer West __________
Building type Distribution Centre __________	Building type Business Park __________	Building type Data Centre __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning 4(a) General Industrial __________	Zoning B6 Enterprise Corridor __________	Zoning Employment area 10(a) __________
Year built 1995 __________	Year built 1989 __________	Year built 1995 __________
Site area (hectares) 1.9 __________	Site area (hectares) 3.5 __________	Site area (hectares) 5.2 __________
Lettable area adjusted ('000 m2) 9.6 __________	Lettable area adjusted ('000 m2) 26 __________	Lettable area adjusted ('000 m2) 13.4 __________
Site coverage (%) 51 __________	Site coverage (%) 74 __________	Site coverage (%) 26 __________
Number of buildings 1 __________	Number of buildings 2 __________	Number of buildings 1 __________
Number of units 1 __________	Number of units 15 __________	Number of units 1 __________
Average unit size ('000 m2) 9.6 __________	Average unit size ('000 m2) 1.7 __________	Average unit size ('000 m2) 13.4 __________
Office content (%) 6 __________	Office content (%) 42 __________	Office content (%) 10 __________
Car parking 54 __________	Car parking 466 __________	Car parking 163 __________
Major tenant DHL __________	Major tenant Made in China __________	Major tenant IBM Australia __________
Acquisition date Jul 1998 __________	Acquisition date Sep 1997 __________	Acquisition date Dec 2002 __________
Book value $m $12.40 __________	Book value $m $35.60 __________	Book value $m $54.10 __________
Independent valuation date Jun 2012 __________	Independent valuation date Dec 2011 __________	Independent valuation date Jun 2012 __________
Independent valuation $m $12.50 __________	Independent valuation $m $37.50 __________	Independent valuation $m $52.00 __________
Market cap rate (%) 8.00 __________	Market cap rate (%) 8.75 __________	Market cap rate (%) 8.50 __________
Initial yield (%) 9.02 __________	Initial yield (%) 3.63 __________	Initial yield (%) 7.46 __________
Leased by area (%) 100 __________	Leased by area (%) 50 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 1.3 __________	Weighted lease term by income (year/s) 1.0 __________	Weighted lease term by income (year/s) 4.3 __________

36 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

1 Garigal Road, Belrose

2 Alspec Place, Eastern Creek

57-75 Templar Road, Erskine Park

1 Garigal Road is situated on the south western corner of the intersection of Garigal Road and Forest Way at Belrose within Austlink Business Park. Austlink Business Park is located approximately 24 kilometres north west of the Sydney CBD.

2 Alspec Place comprises a modern warehouse and distribution facility located approximately 1 kilometre south of the M7/M4 interchange. Eastern Creek is recognised as the premier industrial logistics precinct in the Sydney metropolitan area.

57-75 Templar Road, Erskine Park is a new 28,571 square metre facility located in one of Sydney's most recognised industrial precincts of western Sydney. Erskine Park is ideally positioned, 45 kilometres west of the Sydney CBD and approximately 15 kilometres west of the Parramatta CBD.

Details

_	_	_
Metro area Sydney, North __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Business Park __________	Building type Distribution Centre __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning B7 Business Park __________	Zoning Employment __________	Zoning IN1 General Industrial __________
Year built 1992 __________	Year built 2004 __________	Year built 2013 __________
Site area (hectares) 2.6 __________	Site area (hectares) 2.6 __________	Site area (hectares) 6.3 __________
Lettable area adjusted ('000 m2) 12.3 __________	Lettable area adjusted ('000 m2) 16.9 __________	Lettable area adjusted ('000 m2) 28.6 __________
Site coverage (%) 48 __________	Site coverage (%) 65 __________	Site coverage (%) 50 __________
Number of buildings 1 __________	Number of buildings 1 __________	Number of buildings 2 __________
Number of units 2 __________	Number of units 1 __________	Number of units 5 __________
Average unit size ('000 m2) 6.2 __________	Average unit size ('000 m2) 16.9 __________	Average unit size ('000 m2) 5.7 __________
Office content (%) 47 __________	Office content (%) 2 __________	Office content (%) 5 __________
Car parking 299 __________	Car parking 144 __________	Car parking 215 __________
Major tenant Device Technologies Australia __________	Major tenant DHL Logistics __________	Major tenant ACR Supply Partners __________
Acquisition date Dec 1998 __________	Acquisition date Mar 2004 __________	Acquisition date Jun 2012 __________
Book value $m $20.10 __________	Book value $m $24.90 __________	Leased by area (%) 38 __________
Independent valuation date Jun 2012 __________	Independent valuation date Dec 2011 __________	Weighted lease term by income (year/s) 5.2 __________
Independent valuation $m $16.30 __________	Independent valuation $m $24.90 __________
Market cap rate (%) 8.25 __________	Market cap rate (%) 8.00 __________
Initial yield (%) 7.75 __________	Initial yield (%) 9.98 __________
Leased by area (%) 86 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 7.9 __________	Weighted lease term by income (year/s) 1.3 __________

2014 DEXUS Property Synopsis and Debt Summary 37

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

145-151 Arthur Street, Flemington

436-484 Victoria Road, Gladesville

1 Foundation Place, Greystanes

145-151 Arthur Street forms part of an established inner west industrial precinct and has good access to Arthur Street and major road arteries in western Sydney. Flemington is approximately 16 kilometres west of the Sydney CBD and 8 kilometres east of Parramatta's CBD.

436-484 Victoria Road is located in a prominent position on the intersection of Victoria Road and Tennyson Road, Gladesville, approximately 10 kilometres north west of the Sydney CBD and 11 kilometres east of the Parramatta CBD.

1 Foundation Place is situated in the Greystanes business hub within close proximity to major arterial routes, M4/M7 motorways. Greystanes business hub is 6 kilometres west of Parramatta and 26 kilometres west of the Sydney CBD.

Details

_	_	_
Metro area Sydney, Inner West __________	Metro area Sydney, North __________	Metro area Sydney, Outer West __________
Building type Business Park __________	Building type Business Park __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning IN1 General Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN1 General Industrial __________
Year built 1985 __________	Year built 1991 __________	Year built 2004 __________
Site area (hectares) 3.2 __________	Site area (hectares) 2 __________	Site area (hectares) 5.8 __________
Lettable area adjusted ('000 m2) 19.3 __________	Lettable area adjusted ('000 m2) 19.7 __________	Lettable area adjusted ('000 m2) 30.8 __________
Site coverage (%) 60 __________	Site coverage (%) 98 __________	Site coverage (%) 53 __________
Number of buildings 2 __________	Number of buildings 2 __________	Number of buildings 4 __________
Number of units 9 __________	Number of units 10 __________	Number of units 5 __________
Average unit size ('000 m2) 2.1 __________	Average unit size ('000 m2) 2 __________	Average unit size ('000 m2) 6.2 __________
Office content (%) 56 __________	Office content (%) 68 __________	Office content (%) 14 __________
Car parking 401 __________	Car parking 414 __________	Car parking 278 __________
Major tenant AWA __________	Major tenant Downer Engineering __________	Major tenant Hitachi Construction Machinery __________
Acquisition date Sep 1997 __________	Acquisition date Sep 1997 __________	Acquisition date Feb 2003 __________
Book value $m $27.50 __________	Book value $m $40.40 __________	Book value $m $47.40 __________
Independent valuation date Jun 2014 __________	Independent valuation date Dec 2011 __________	Independent valuation date Dec 2013 __________
Independent valuation $m $27.50 __________	Independent valuation $m $41.50 __________	Independent valuation $m $47.50 __________
Market cap rate (%) 8.50 __________	Market cap rate (%) 9.00 __________	Market cap rate (%) 8.00 __________
Initial yield (%) 6.83 __________	Initial yield (%) 4.37 __________	Initial yield (%) 8.55 __________
Leased by area (%) 86 __________	Leased by area (%) 52 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 0.6 __________	Weighted lease term by income (year/s) 1.5 __________	Weighted lease term by income (year/s) 2.8 __________

38 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

Quarry Industrial Estate, 1 Basalt Road, Greystanes

Quarry Industrial Estate, 1 Bellevue Circuit, Greystanes

Quarry Industrial Estate, 2 Bellevue Circuit, Greystanes

1 Basalt Road is a premium multi-unit facility in Sydney's premier industrial precinct, Quarry at Greystanes. Offering sustainable design and innovative features, this property provides up to four units that can be customised to suit a variety of uses from 4,500 square metres. Each unit has a minimum of two loading docks, three roller shutter doors and a warehouse dock office.

Details

1 Bellevue Circuit is a purpose built office/warehouse facility completed in 2013, located on the corner of Reconciliation Road and Bellevue Circuit in the premium industrial estate, Quarry at Greystanes. The facility provides high clearance warehousing, light filled corporate offices, on grade loading docks and large cantilevered awnings for all-weather protection in the loading areas.

Details

2 Bellevue Circuit is a purpose built office/warehouse facility located in the Quarry at Greystanes industrial estate. Completed in 2012, the facility consists of two levels of office, a production and dispatch areas and parking. The warehouse component has a high internal clearance, seven on grade roller doors and three recessed loading docks.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Development Site __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________
Year built 2014 __________	Year built 2013 __________	Year built 2012 __________
Lettable area adjusted ('000 m2) 9.7 __________	Site area (hectares) 3.5 __________	Site area (hectares) 2.5 __________
Number of buildings 1 __________	Lettable area adjusted ('000 m2) 8.9 __________	Lettable area adjusted ('000 m2) 6.7 __________
Number of units 2 __________	Site coverage (%) 51 __________	Site coverage (%) 53 __________
Major tenant Consortium Centre __________	Number of buildings 1 __________	Number of buildings 1 __________
Acquisition date Dec 2007 __________	Number of units 1 __________	Number of units 1 __________
Book value $m $14.60 __________	Average unit size ('000 m2) 8.9 __________	Average unit size ('000 m2) 6.7 __________
Independent valuation date Jun 2014 __________	Office content (%) 21 __________	Office content (%) 3 __________
Independent valuation $m $14.60 __________	Car parking 242 __________	Car parking 200 __________
Market cap rate (%) 7.75 __________	Major tenant Blackwoods __________	Major tenant Brady __________
Leased by area (%) 80 __________	Acquisition date Dec 2007 __________	Acquisition date Dec 2007 __________
Weighted lease term by income (year/s) 4.6 __________	Book value $m $16.20 __________	Book value $m $12.00 __________
	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
	Independent valuation $m $16.20 __________	Independent valuation $m $12.00 __________
	Market cap rate (%) 7.13 __________	Market cap rate (%) 7.38 __________
	Initial yield (%) 7.26 __________	Initial yield (%) 7.29 __________
	Leased by area (%) 100 __________	Leased by area (%) 100 __________
	Weighted lease term by income (year/s) 14.5 __________	Weighted lease term by income (year/s) 8.5 __________

2014 DEXUS Property Synopsis and Debt Summary 39

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

Quarry Industrial Estate, 2-6 Basalt Road, Greystanes

Quarry Industrial Estate, 3 Basalt Road, Greystanes

Quarry Industrial Estate, 4 Turnbull Close, Greystanes

2-6 Basalt Road is a modern office/warehouse facility completed in 2012 and located in the premium industrial estate, Quarry at Greystanes. The building is divided into two separate units and provides a combination of on grade and recessed loading with allweather coverage via large cantilever awnings.

Details

3 Basalt Road is a modern office/warehouse facility divided into four units catering to users from 3,500 square metre.Completed in 2012, the building is located in the premium industrial estate, Quarry at Greystanes. The warehouse accommodation for each unit features a minimum internal clearance of 10 metres, onsite parking, a combination of recessed and on grade loading docks with allweather protection and modern functional design.

Details

Completed in 2013, 4 Turnbull Close is a purpose built temperature controlled warehouse/office facility located in the premium industrial estate, Quarry at Greystanes. The facility incorporates single level office and warehouse accommodation featuring high clearance, a combination of recessed and on grade access and innovative industrial design.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Development Site __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________
Year built 2012 __________	Year built 2012 __________	Year built 2013 __________
Site area (hectares) 4.3 __________	Site area (hectares) 3.8 __________	Site area (hectares) 1.8 __________
Lettable area adjusted ('000 m2) 11.7 __________	Lettable area adjusted ('000 m2) 9.1 __________	Lettable area adjusted ('000 m2) 5.1 __________
Site coverage (%) 55 __________	Site coverage (%) 44 __________	Site coverage (%) 57 __________
Number of buildings 1 __________	Number of buildings 1 __________	Number of buildings 1 __________
Number of units 2 __________	Number of units 4 __________	Number of units 1 __________
Average unit size ('000 m2) 5.8 __________	Average unit size ('000 m2) 2.3 __________	Average unit size ('000 m2) 5.1 __________
Office content (%) 5 __________	Office content (%) 15 __________	Office content (%) 2 __________
Car parking 111 __________	Car parking 150 __________	Car parking 47 __________
Green Star rating 4 Star __________	Major tenant Yusen __________	Major tenant Roche __________
Major tenant Camerons __________	Acquisition date Dec 2007 __________	Acquisition date Dec 2007 __________
Acquisition date Dec 2007 __________	Book value $m $14.70 __________	Book value $m $8.00 __________
Book value $m $16.80 __________	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
Independent valuation date Jun 2014 __________	Independent valuation $m $14.70 __________	Independent valuation $m $8.00 __________
Independent valuation $m $23.30 __________	Market cap rate (%) 7.75 __________	Market cap rate (%) 7.13 __________
Market cap rate (%) 7.75 __________	Initial yield (%) 7.81 __________	Initial yield (%) 7.52 __________
Initial yield (%) 3.12 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Leased by area (%) 46 __________	Weighted lease term by income (year/s) 4.6 __________	Weighted lease term by income (year/s) 14.5 __________
Weighted lease term by income (year/s) 1.4 __________

40 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

Quarry Industrial Estate, 5 Basalt Road, Greystanes

Quarry Industrial Estate, 5 Bellevue Circuit, Greystanes

Quarry Industrial Estate, 6 Bellevue Circuit, Greystanes

5 Basalt is a purpose built temperature controlled facility located in the premium industrial estate, Quarry at Greystanes completed in 2012. The building comprises a single level of office and warehouse accommodation and a combination of on grade and recessed loading with all-weather coverage via large cantilever awnings.

Details

5 Bellevue Circuit is a purpose built facility completed in 2011 as part of the Quarry at Greystanes industrial estate. The building incorporates two levels of office accommodation and one level of warehouse. The dispatch area incorporates three on grade roller shutter doors and three loading docks featuring cantilever awnings for all-weather protection.

Details

6 Bellevue Circuit is a purpose built data centre facility comprising three levels of warehouse and data storage and two levels of office accommodation. This high quality building was one of the first developments in the premium Quarry at Greystanes industrial estate.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________
Year built 2012 __________	Year built 2010 __________	Year built 2011 __________
Site area (hectares) 1.2 __________	Site area (hectares) 3.8 __________	Site area (hectares) 3.9 __________
Lettable area adjusted ('000 m2) 2.7 __________	Lettable area adjusted ('000 m2) 8.6 __________	Lettable area adjusted ('000 m2) 8.5 __________
Site coverage (%) 44 __________	Site coverage (%) 46 __________	Site coverage (%) 44 __________
Number of buildings 1 __________	Number of buildings 1 __________	Number of buildings 1 __________
Number of units 1 __________	Number of units 1 __________	Number of units 1 __________
Average unit size ('000 m2) 2.7 __________	Average unit size ('000 m2) 8.6 __________	Average unit size ('000 m2) 8.5 __________
Office content (%) 7 __________	Office content (%) 14 __________	Car parking 115 __________
Car parking 34 __________	Car parking 243 __________	Major tenant Fujitsu __________
Major tenant UPS __________	Major tenant Symbion Health __________	Acquisition date Dec 2007 __________
Acquisition date Dec 2007 __________	Acquisition date Dec 2007 __________	Book value $m $23.30 __________
Book value $m $4.60 __________	Book value $m $18.10 __________	Independent valuation date Jun 2014 __________
Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________	Independent valuation $m $23.30 __________
Independent valuation $m $4.60 __________	Independent valuation $m $18.10 __________	Market cap rate (%) 7.25 __________
Market cap rate (%) 7.75 __________	Market cap rate (%) 7.13 __________	Initial yield (%) 7.28 __________
Initial yield (%) 7.66 __________	Initial yield (%) 7.36 __________	Leased by area (%) 100 __________
Leased by area (%) 100 __________	Leased by area (%) 100 __________	Weighted lease term by income (year/s) 12.3 __________
Weighted lease term by income (year/s) 5.5 __________	Weighted lease term by income (year/s) 11.7 __________

2014 DEXUS Property Synopsis and Debt Summary 41

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

Quarry Industrial Estate, 8 Basalt Road, Greystanes

Quarry Industrial Estate, Reconciliation Road, Greystanes

27-29 Liberty Road, Huntingwood

Completed in 2010, 8 Basalt Road was the first development at Quarry at Greystanes, a premium industrial estate in Sydney's west. The facility incorporates a single level of office and warehouse accommodation, parking, six recessed loading docks and seven on grade roller shutter doors covered by a large external awning.

Details

Quarry at Greystanes is a premium industrial development site located to the south of the Greystanes business hub. Quarry at Greystanes is located approximately six kilometres west of Parramatta and 30 kilometres west of Sydney CBD featuring convenient proximity to the Great Western Highway and the M5 and M7 Motorways.

Details

27-29 Liberty Road is located on the northern side of Liberty Road in Huntingwood, a wellestablished industrial location home to a number of major corporates. Huntingwood is in close proximity to the western Sydney arterial road network being approximately two kilometres east of the M4/M7 interchange.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Land __________	Building type Distribution Centre __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Co-owner AIP __________	Zoning IN2 Light Industrial __________	Zoning 4(d) Huntingwood Industrial Zone __________
Zoning IN2 Light Industrial __________	Site area (hectares) 10.4 __________	Year built 1996 __________
Year built 2010 __________	Acquisition date Dec 2007 __________	Site area (hectares) 1.4 __________
Site area (hectares) 3.1 __________	Book value $m $18.90 __________	Lettable area adjusted ('000 m2) 6.8 __________
Lettable area adjusted ('000 m2) 9.3 __________	Independent valuation date Dec 2012 __________	Site coverage (%) 49 __________
Site coverage (%) 62 __________	Independent valuation $m $14.10 __________	Number of buildings 1 __________
Number of buildings 1 __________	Market cap rate (%) 7.13 __________	Number of units 1 __________
Number of units 1 __________		Average unit size ('000 m2) 6.8 __________
Average unit size ('000 m2) 9.3 __________		Office content (%) 19 __________
Office content (%) 3 __________		Car parking 105 __________
Car parking 84 __________		Major tenant Entertainment Dist __________
Major tenant Solaris Paper __________		Acquisition date Jul 1998 __________
Acquisition date Dec 2007 __________		Book value $m $9.30 __________
Book value $m $14.30 __________		Independent valuation date Sep 2012 __________
Independent valuation date Jun 2014 __________		Independent valuation $m $8.80 __________
Independent valuation $m $14.30 __________		Market cap rate (%) 8.25 __________
Market cap rate (%) 7.50 __________		Initial yield (%) 8.56 __________
Initial yield (%) 7.56 __________		Leased by area (%) 100 __________
Leased by area (%) 100 __________		Weighted lease term by income (year/s) 1.4 __________
Weighted lease term by income (year/s) 6.2 __________

42 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

Kings Park Industrial Estate, Vardys Road, Marayong

154 O'Riordan Street, Mascot

2-4 Military Road, Matraville

Kings Park Industrial Estate is a large multiunit industrial estate comprising nine office/warehouse buildings and a café. The buildings range from 2,500-27,300 square metres. The property is located near Marayong Railway Station and in close proximity to the M7 and M2 motorways and is linked to the M4 Motorway via main arterial roads.

Details

154 O'Riordan Street is located in Mascot, an established industrial precinct approximately 9kms from the Sydney CBD and close to key transport hubs. The Sydney Kingsford Smith Airport is located 2 kilometres south and Port Botany is located approximately 5 kilometres to the south east.

Details

2-4 Military Road is a modern industrial estate comprising two freestanding, high clearance industrial office/warehouse buildings. The buildings provides a total area of 30,200 square metres on a site of 5.4 hectares and is situated in close proximity to the expanding Port Botany seaport terminals.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, South __________	Metro area Sydney, South __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning 4(a) General Industrial __________	Zoning B5 Business Development __________	Zoning IN1 General Industrial __________
Year built 1985 __________	Year built 1985 __________	Year built 2000 __________
Site area (hectares) 13.7 __________	Site area (hectares) 1.4 __________	Site area (hectares) 5.4 __________
Lettable area adjusted ('000 m2) 68.9 __________	Lettable area adjusted ('000 m2) 8.2 __________	Lettable area adjusted ('000 m2) 30.2 __________
Site coverage (%) 50 __________	Site coverage (%) 58 __________	Site coverage (%) 56 __________
Number of buildings 10 __________	Number of buildings 3 __________	Number of buildings 2 __________
Number of units 11 __________	Number of units 7 __________	Number of units 2 __________
Average unit size ('000 m2) 6.3 __________	Average unit size ('000 m2) 1.2 __________	Average unit size ('000 m2) 15.1 __________
Office content (%) 13 __________	Office content (%) 27 __________	Office content (%) 24 __________
Car parking 484 __________	Car parking 130 __________	Car parking 384 __________
Major tenant Visy Pet __________	Major tenant Gearhouse Broadcast __________	Major tenant Salmat Business __________
Acquisition date May 1990 __________	Acquisition date Jun 1997 __________	Acquisition date Dec 2009 __________
Book value $m $93.20 __________	Leased by area (%) 100 __________	Book value $m $56.20 __________
Independent valuation date Dec 2012 __________	Weighted lease term by income (year/s) 2.6 __________	Independent valuation date Jun 2012 __________
Independent valuation $m $90.50 __________		Independent valuation $m $52.90 __________
Market cap rate (%) 8.13 __________		Market cap rate (%) 8.00 __________
Initial yield (%) 8.81 __________		Initial yield (%) 8.38 __________
Leased by area (%) 100 __________		Leased by area (%) 100 __________
Weighted lease term by income (year/s) 2.6 __________		Weighted lease term by income (year/s) 2.4 __________

2014 DEXUS Property Synopsis and Debt Summary 43

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

25-55 Rothschild Avenue, Rosebery

5-15 Rosebery Avenue, Rosebery

Centrewest Industrial Estate, Silverwater

25-55 Rothschild Avenue provides excellent main road exposure and three street frontages. Rothschild Avenue runs parallel to Botany Road, a major thoroughfare providing direct access to the CBD. Conveniently located to Southern Cross Drive, the Eastern Distributor and the Sydney Kingsford Smith Airport.

Details

5-15 Rosebery Avenue provides excellent main road exposure and three street frontages. Rosebery Avenue runs parallel to Botany Road, a major thoroughfare providing direct access to the CBD. Conveniently located to Southern Cross Drive, the Eastern Distributor and the Sydney Kingsford Smith Airport.

Details

Centrewest Industrial Estate is located on Silverwater Road adjacent to the DEXUS Industrial Estate (Egerton Street) and comprises a six building industrial estate with 12 individual units. Six of the units front onto Silverwater Road with warehouse and parking access to the rear and another four units front Vore Street at the rear.

Details

_	_	_
Metro area Sydney, South __________	Metro area Sydney, South __________	Metro area Sydney, Inner West __________
Building type Business Park __________	Building type Business Park __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning B4 Mixed Use __________	Zoning B4 Mixed Use __________	Zoning IN1 General Industrial __________
Year built 1984 __________	Year built 1986 __________	Year built 1988 __________
Site area (hectares) 1.9 __________	Site area (hectares) 3 __________	Site area (hectares) 2.4 __________
Lettable area adjusted ('000 m2) 16.8 __________	Lettable area adjusted ('000 m2) 27.3 __________	Lettable area adjusted ('000 m2) 17.8 __________
Site coverage (%) 89 __________	Site coverage (%) 91 __________	Site coverage (%) 74 __________
Number of buildings 1 __________	Number of buildings 3 __________	Number of buildings 6 __________
Number of units 2 __________	Number of units 34 __________	Number of units 12 __________
Average unit size ('000 m2) 8.4 __________	Average unit size ('000 m2) 0.8 __________	Average unit size ('000 m2) 1.5 __________
Office content (%) 37 __________	Office content (%) 54 __________	Office content (%) 48 __________
Car parking 110 __________	Car parking 523 __________	Car parking 270 __________
Major tenant Commonwealth Australia AQIS __________	Major tenant Trimex __________	Major tenant Chubb Fire Safety __________
Acquisition date Oct 2001 __________	Acquisition date Apr 1998 __________	Acquisition date May 2010 __________
Leased by area (%) 72 __________	Leased by area (%) 93 __________	Book value $m $23.80 __________
Weighted lease term by income (year/s) 4.1 __________	Weighted lease term by income (year/s) 3 __________	Independent valuation date Jun 2013 __________
		Independent valuation $m $23.40 __________
		Market cap rate (%) 8.75 __________
		Initial yield (%) 9.37 __________
		Leased by area (%) 100 __________
		Weighted lease term by income (year/s) 2.8 __________

44 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

DEXUS Industrial Estate, Egerton Street, Silverwater

12 Frederick Street, St Leonards

30 Bellrick Street, Acacia Ridge

DEXUS Industrial Estate is located on Egerton and Fariola Street which are in close proximity to Silverwater Road. Silverwater is one of Sydney's premier inner west industrial precincts with excellent access to major arterial roads such as Victoria Road, the M4 Motorway and Parramatta Road.

Details

12 Frederick Street includes 13 office/ warehouse units providing approximately 19,400 square metres. Frederick Street is located in the St Leonards/Artarmon industrial precinct 6 kilometres north of the Sydney CBD. The units offer modern quality accommodation ranging between 900-2,050 square metres.

Details

30 Bellrick Street is an industrial estate located on the southern side of Bellrick Street in Acacia Ridge which offers good access to major arterial roads and has direct rail access to QR National's Intermodal rail terminal. The estate is located 13 kilometres south of the Brisbane CBD.

Details

_	_	_
Metro area Sydney, Inner West __________	Metro area Sydney, North __________	Metro area Brisbane __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Distribution Centre __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning IN1 General Industrial __________	Zoning IN1 General Industrial __________	Zoning General Industry __________
Year built 1969 __________	Year built 1974 __________	Year built 1988 __________
Site area (hectares) 8.8 __________	Site area (hectares) 2.5 __________	Site area (hectares) 3.5 __________
Lettable area adjusted ('000 m2) 18.2 __________	Lettable area adjusted ('000 m2) 19.4 __________	Lettable area adjusted ('000 m2) 17.8 __________
Site coverage (%) 21 __________	Site coverage (%) 77 __________	Site coverage (%) 51 __________
Number of buildings 6 __________	Number of buildings 1 __________	Number of buildings 5 __________
Number of units 7 __________	Number of units 13 __________	Number of units 3 __________
Average unit size ('000 m2) 2.6 __________	Average unit size ('000 m2) 1.5 __________	Average unit size ('000 m2) 5.9 __________
Office content (%) 35 __________	Office content (%) 29 __________	Office content (%) 9 __________
Car parking 290 __________	Car parking 357 __________	Car parking 100 __________
Major tenant Enersys Australia Pty Ltd __________	Major tenant R Weatherdon & Co __________	Major tenant Twentieth Superspace __________
Acquisition date May 1997 __________	Acquisition date Jul 2000 __________	Acquisition date Jun 1997 __________
Book value $m $29.10 __________	Book value $m $39.00 __________	Book value $m $21.10 __________
Independent valuation date Jun 2012 __________	Independent valuation date Sep 2013 __________	Independent valuation date Sep 2012 __________
Independent valuation $m $39.00 __________	Independent valuation $m $37.00 __________	Independent valuation $m $20.60 __________
Market cap rate (%) 8.54 __________	Market cap rate (%) 8.50 __________	Market cap rate (%) 9.13 __________
Initial yield (%) 8.20 __________	Initial yield (%) 8.66 __________	Initial yield (%) 8.80 __________
Leased by area (%) 95 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 3 __________	Weighted lease term by income (year/s) 2.9 __________	Weighted lease term by income (year/s) 3.2 __________

2014 DEXUS Property Synopsis and Debt Summary 45

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

131 Mica Street, Carole Park

15-23 Whicker Road, Gillman

Target Distribution Centre, 30-68 Taris Avenue, Altona North

131 Mica Street is a modern industrial warehouse facility situated 2 kilometres south west of the Brisbane CBD. Carole Park benefits from close proximity to the Formation Street interchange with the Logan Motorway.

15-23 Whicker Road is situated within an established industrial precinct in the northwestern suburb of Gillman, approximately 12 kilometres from the Adelaide CBD. Transport to the CBD is via the major transport corridors of the Grand Junction Road and Port Road.

Target Distribution Centre is a state of the art purpose built distribution warehouse. The property is located in Altona North, in close proximity to the Western Ring Road and West Gate Freeway with the Melbourne CBD approximately 12 kilometres to the east.

Details

_	_	_
Metro area Brisbane __________	Metro area Adelaide __________	Metro area Melbourne, West __________
Building type Distribution Centre __________	Building type Distribution Centre __________	Building type Distribution Centre __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________
Zoning Regional Business and Industry __________	Zoning General Industry 2 __________	Co-owner AIP __________
Year built 2006 __________	Year built 1970 __________	Zoning Special Use Zone 4 __________
Site area (hectares) 2.7 __________	Site area (hectares) 9.7 __________	Year built 1996 __________
Lettable area adjusted ('000 m2) 13.3 __________	Lettable area adjusted ('000 m2) 74.2 __________	Site area (hectares) 10.2 __________
Site coverage (%) 49 __________	Site coverage (%) 76 __________	Lettable area adjusted ('000 m2) 20.7 __________
Number of buildings 1 __________	Number of buildings 2 __________	Site coverage (%) 20 __________
Number of units 1 __________	Number of units 2 __________	Number of buildings 1 __________
Average unit size ('000 m2) 13.3 __________	Average unit size ('000 m2) 37.1 __________	Number of units 1 __________
Major tenant Blackwoods __________	Major tenant ACI Operations __________	Average unit size ('000 m2) 20.7 __________
Acquisition date Jan 2013 __________	Acquisition date Dec 2002 __________	Office content (%) 5 __________
Book value $m $22.80 __________	Book value $m $24.50 __________	Car parking 210 __________
Independent valuation date Dec 2012 __________	Independent valuation date Jun 2014 __________	Major tenant Target Australia Pty Ltd __________
Independent valuation $m $21.00 __________	Independent valuation $m $24.50 __________	Acquisition date Oct 1995 __________
Market cap rate (%) 7.25 __________	Market cap rate (%) 11.00 __________	Book value $m $15.30 __________
Initial yield (%) 6.91 __________	Initial yield (%) 10.14 __________	Independent valuation date Jun 2014 __________
Leased by area (%) 100 __________	Leased by area (%) 77 __________	Independent valuation $m $15.30 __________
Weighted lease term by income (year/s) 13.5 __________	Weighted lease term by income (year/s) 1.3 __________	Market cap rate (%) 8.25 __________
		Initial yield (%) 11.63 __________
		Leased by area (%) 100 __________
		Weighted lease term by income (year/s) 2.8 __________

46 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

114 Fairbank Road, Clayton

DEXUS Industrial Estate, Pound Road West, Dandenong South

Knoxfield Industrial Estate, Henderson Road, Knoxfield

114 Fairbank Road is located in Clayton's industrial precinct, an established wellregarded industrial location approximately 20 kilometres south east of the Melbourne CBD. It is serviced by major road networks including the Monash Freeway and Dandenong Road to the east of the property.

DEXUS Industrial Estate is located in the south east of Melbourne, approximately 36 kilometres from the CBD. The estate has excellent access to the South Gippsland Freeway (Monash Freeway), South Gippsland Highway and the Eastlink.

Knoxfield Industrial Estate consists of two office/warehouses in the established industrial precinct of Knoxfield approximately 25 kilometres south east of Melbourne. The estate is well located with the recently extended Eastlink three kilometres to the west.

Details

_	_	_
Metro area Melbourne, South East __________	Metro area Melbourne, South East __________	Metro area Melbourne, South East __________
Building type Distribution Centre __________	Building type Industrial Estate __________	Building type Distribution Centre __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning Industrial 1 __________	Zoning Business 3 __________	Zoning Industrial 1 __________
Year built 1986 __________	Year built 2001 __________	Year built 1990 __________
Site area (hectares) 3.6 __________	Site area (hectares) 16.2 __________	Site area (hectares) 7.4 __________
Lettable area adjusted ('000 m2) 18.6 __________	Lettable area adjusted ('000 m2) 79.7 __________	Lettable area adjusted ('000 m2) 49 __________
Site coverage (%) 52 __________	Site coverage (%) 49 __________	Site coverage (%) 66 __________
Number of buildings 1 __________	Number of buildings 7 __________	Number of buildings 2 __________
Number of units 1 __________	Number of units 7 __________	Number of units 2 __________
Average unit size ('000 m2) 18.6 __________	Average unit size ('000 m2) 11.4 __________	Average unit size ('000 m2) 24.5 __________
Office content (%) 3 __________	Office content (%) 9 __________	Office content (%) 3 __________
Car parking 12 __________	Car parking 191 __________	Car parking 275 __________
Major tenant Annex Holdings __________	Major tenant QLS (Vic) __________	Major tenant Toll Transport __________
Acquisition date Jul 1997 __________	Acquisition date Jan 2004 __________	Acquisition date Aug 1996 __________
Book value $m $15.40 __________	Book value $m $69.70 __________	Book value $m $37.90 __________
Independent valuation date Mar 2013 __________	Independent valuation date Dec 2012 __________	Independent valuation date Sep 2013 __________
Independent valuation $m $15.40 __________	Independent valuation $m $71.40 __________	Independent valuation $m $37.70 __________
Market cap rate (%) 9.00 __________	Market cap rate (%) 8.13 __________	Market cap rate (%) 8.25 __________
Initial yield (%) 9.08 __________	Initial yield (%) 9.11 __________	Initial yield (%) 9.90 __________
Leased by area (%) 100 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 5.3 __________	Weighted lease term by income (year/s) 5.7 __________	Weighted lease term by income (year/s) 0.9 __________

2014 DEXUS Property Synopsis and Debt Summary 47

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

250 Forest Road South, Lara

DEXUS Industrial Estate, 1 Foundation Road, Laverton North

DEXUS Industrial Estate, 1-3 Distribution Drive, Laverton North

250 Forest Road South is located at Lara, between the ports of Melbourne and Geelong approximately 57 kilometres south west of Melbourne and 10 kilometres north of Geelong. The property comprises four warehouse buildings and a railway spur along the southern boundary.

Details

1 Foundation Road consists of a single level office with an attached high bay steel portal framed warehouse constructed in 2004. Ancillary improvements include seven on grade roller shutter doors, two large skillion framed canopy structures, concrete paved driveway and curtilage areas, a staff and visitor car park accommodating approximately 72 vehicles.

Details

1-3 Distribution Drive consists of a two storey office and attached warehouse constructed in 2008. The warehouse is accessed via five on grade roller shutter doors. The property is located on the southern side of Distribution Drive within the DEXUS Industrial Estate.

Details

_	_	_
Metro area Melbourne, South West __________	Metro area Melbourne, West __________	Metro area Melbourne, West __________
Building type Distribution Centre __________	Building type Industrial Estate __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Zoning Industrial 2 __________	Co-owner AIP __________	Co-owner AIP __________
Year built 1985 __________	Zoning Industrial 2 __________	Zoning Industrial 2 __________
Site area (hectares) 24.6 __________	Year built 2007 __________	Year built 2007 __________
Lettable area adjusted ('000 m2) 117.3 __________	Site area (hectares) 4.9 __________	Site area (hectares) 3 __________
Site coverage (%) 48 __________	Lettable area adjusted ('000 m2) 10.1 __________	Lettable area adjusted ('000 m2) 6.5 __________
Number of buildings 4 __________	Site coverage (%) 41 __________	Site coverage (%) 43 __________
Number of units 4 __________	Number of buildings 1 __________	Number of buildings 1 __________
Average unit size ('000 m2) 29.3 __________	Number of units 1 __________	Number of units 1 __________
Office content (%) 1 __________	Average unit size ('000 m2) 10.1 __________	Average unit size ('000 m2) 6.5 __________
Car parking 122 __________	Office content (%) 14 __________	Office content (%) 25 __________
Major tenant AWH __________	Major tenant Visy Industrial Packaging __________	Major tenant Bestbar (Vic) __________
Acquisition date Dec 2002 __________	Acquisition date Jul 2002 __________	Acquisition date Jul 2002 __________
Book value $m $54.90 __________	Book value $m $9.80 __________	Book value $m $6.10 __________
Independent valuation date Jun 2012 __________	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
Independent valuation $m $52.30 __________	Independent valuation $m $9.80 __________	Independent valuation $m $6.10 __________
Market cap rate (%) 8.75 __________	Market cap rate (%) 7.75 __________	Market cap rate (%) 8.00 __________
Initial yield (%) 9.24 __________	Initial yield (%) 8.13 __________	Initial yield (%) 7.91 __________
Leased by area (%) 100 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 9 __________	Weighted lease term by income (year/s) 10.7 __________	Weighted lease term by income (year/s) 4.1 __________

48 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

DEXUS Industrial Estate, 11-17 Distribution Drive, Laverton North

DEXUS Industrial Estate, 12-18 Distribution Drive, Laverton North

DEXUS Industrial Estate, 2-10 Distribution Drive, Laverton North

11-17 Distribution Drive consists of a single level office with an attached high bay steel portal framed warehouse constructed in 2007. The northern side of the building features eight on grade roller shutter doors and five recessed loading docks while the southern side of the building provides an enclosed canopy with 20 on grade roller shutter doors.

Details

12-18 Distribution Drive is a chilled distribution facility and is part of the DEXUS Industrial Estate at Laverton North. The facility is in close proximity to major transport infrastructure including the Western Ring Road, Princess Freeway, Westgate Freeway and the Deer Park Bypass.

Details

2-10 Distribution Drive is a modern, freestanding office/warehouse facility completed in 2011. Located on the corner of Foundation Road and Distribution Drive, the building provides two levels of office accommodation and a single level warehouse featuring high internal clearance, a combination of recessed and on grade loading docks and large awning providing all-weather protection.

Details

_	_	_
Metro area Melbourne, West __________	Metro area Melbourne, West __________	Metro area Melbourne, West __________
Building type Distribution Centre __________	Building type Distribution Centre __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning Industrial 2 __________	Zoning Industrial 2 __________	Zoning Industrial 2 __________
Year built 2007 __________	Year built 2007 __________	Year built 2012 __________
Site area (hectares) 9.6 __________	Site area (hectares) 16.6 __________	Site area (hectares) 3.7 __________
Lettable area adjusted ('000 m2) 22.7 __________	Lettable area adjusted ('000 m2) 21.5 __________	Lettable area adjusted ('000 m2) 8.7 __________
Site coverage (%) 51 __________	Site coverage (%) 26 __________	Site coverage (%) 48 __________
Number of buildings 1 __________	Number of buildings 1 __________	Number of buildings 1 __________
Number of units 1 __________	Number of units 1 __________	Number of units 1 __________
Average unit size ('000 m2) 22.7 __________	Average unit size ('000 m2) 21.5 __________	Average unit size ('000 m2) 8.7 __________
Office content (%) 8 __________	Office content (%) 46 __________	Office content (%) 3 __________
Major tenant Foster`s Australia __________	Major tenant Coles Myer __________	Major tenant Fastline __________
Acquisition date Jul 2002 __________	Acquisition date Jul 2002 __________	Acquisition date Jul 2002 __________
Book value $m $18.70 __________	Book value $m $53.20 __________	Book value $m $7.60 __________
Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
Independent valuation $m $18.70 __________	Independent valuation $m $53.20 __________	Independent valuation $m $7.60 __________
Market cap rate (%) 8.50 __________	Market cap rate (%) 8.65 __________	Market cap rate (%) 8.00 __________
Initial yield (%) 7.31 __________	Initial yield (%) 8.89 __________	Initial yield (%) 9.17 __________
Leased by area (%) 100 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Weighted lease term by income (year/s) 3.2 __________	Weighted lease term by income (year/s) 7.8 __________	Weighted lease term by income (year/s) 2.4 __________

2014 DEXUS Property Synopsis and Debt Summary 49

INDUSTRIAL PORTFOLIO

==> picture [158 x 158] intentionally omitted <==

DEXUS Industrial Estate, 25 Distribution Drive, Laverton North

DEXUS Industrial Estate, 27 Distribution Drive, Laverton North

DEXUS Industrial Estate, 28 Distribution Drive, Laverton North

25 Distribution Drive was constructed in 2012, providing a mezzanine office with an attached high bay steel portal framed warehouse. The warehouse has four on grade roller shutter doors and three recessed loading docks on both the eastern and western sides of the building. This building has the ability to be split into two tenancies.

Details

27 Distribution Drive is a modern, freestanding office/warehouse facility consisting of a single level of high quality office and warehouse accommodation. The warehouse component provides five recessed loading docks and five roller shutter doors covered with a large sprinklered awning. The facility is located on the southern corner of Distribution Drive and Palmers Road, Laverton North.

Details

28 Distribution Drive is a high quality freestanding facility completed in June 2013 and located within the DEXUS Industrial Estate. The modern office/warehouse facility features four recessed loading docks, four roller shutter doors, ESFR sprinklers, 10 metre high internal clearance and mezzanine corporate offices.

Details

_	_	_
Metro area Melbourne, West __________	Metro area Melbourne, West __________	Metro area Melbourne, West __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Zoning Industrial 2 __________	Co-owner AIP __________	Co-owner AIP __________
Year built 2012 __________	Zoning Industrial 2 __________	Zoning Industrial 2 __________
Site area (hectares) 3.3 __________	Year built 2012 __________	Year built 2013 __________
Lettable area adjusted ('000 m2) 7.8 __________	Site area (hectares) 2.5 __________	Site area (hectares) 2.4 __________
Site coverage (%) 48 __________	Lettable area adjusted ('000 m2) 6.9 __________	Lettable area adjusted ('000 m2) 5.9 __________
Number of buildings 1 __________	Site coverage (%) 54 __________	Site coverage (%) 50 __________
Number of units 1 __________	Number of buildings 1 __________	Number of buildings 1 __________
Average unit size ('000 m2) 7.8 __________	Number of units 1 __________	Number of units 1 __________
Office content (%) 5 __________	Average unit size ('000 m2) 6.9 __________	Average unit size ('000 m2) 5.9 __________
Major tenant ACFS __________	Office content (%) 6 __________	Office content (%) 4 __________
Acquisition date Jul 2002 __________	Major tenant Toll __________	Acquisition date Jul 2002 __________
Book value $m $6.40 __________	Acquisition date Jul 2002 __________	Book value $m $4.80 __________
Market cap rate (%) 8.25 __________	Book value $m $6.80 __________	Independent valuation date Jun 2014 __________
Initial yield (%) 8.89 __________	Independent valuation date Jun 2014 __________	Independent valuation $m $4.80 __________
Leased by area (%) 100 __________	Independent valuation $m $6.80 __________	Market cap rate (%) 7.75 __________
Weighted lease term by income (year/s) 0.9 __________	Market cap rate (%) 7.65 __________	Initial yield (%) -1.56 __________
	Initial yield (%) 7.55 __________
	Leased by area (%) 100 __________

50 2014 DEXUS Property Synopsis and Debt Summary

==> picture [158 x 158] intentionally omitted <==

DEXUS Industrial Estate, 7-9 Distribution Drive, Laverton North

7-9 Distribution Drive consists of a single level office and warehouse facility constructed in 2006. The warehouse comprises three on grade roller shutter doors and a semi enclosed canopy over the loading areas.

DEXUS Industrial Estate, Boundary Road, Laverton North

DEXUS Industrial Estate is land located in Laverton North, approximately 17 kilometres to the west of Melbourne's CBD and Ports. The site is in close proximity to the Western Ring Road which is accessed via the interchange at Boundary Road and the interchange at Fitzgerald Road.

Axxess Corporate Park, Corner Ferntree Gully & Gilby Roads, Mount Waverley

Axxess provides a combination of freestanding office buildings and traditional industrial office/warehouse units fronting onto Forster and Gilby Roads. The estate provides smaller units up to 1,000 square metres plus modern office/warehouses up to 6,000square metres.

Details

_	_	_
Metro area Melbourne, South West __________	Metro area Melbourne, West __________	Metro area Melbourne, South East __________
Building type Business Park __________	Building type Land __________	Building type Business Park __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Co-owner AIP __________	Zoning Industrial 2 __________	Zoning Business 3 Zone __________
Zoning Industrial 2 __________	Site area (hectares) 62.1 __________	Year built 1980 __________
Year built 2007 __________	Acquisition date Jul 2002 __________	Site area (hectares) 19.6 __________
Site area (hectares) 1.8 __________	Book value $m $9.90 __________	Lettable area adjusted ('000 m2) 85.3 __________
Lettable area adjusted ('000 m2) 3.9 __________	Independent valuation date Jun 2012 __________	Site coverage (%) 44 __________
Site coverage (%) 44 __________	Independent valuation $m $9.90 __________	Number of buildings 29 __________
Number of buildings 1 __________		Number of units 119 __________
Number of units 1 __________		Average unit size ('000 m2) 0.7 __________
Average unit size ('000 m2) 3.9 __________		Office content (%) 25 __________
Office content (%) 31 __________		Car parking 1240 __________
Major tenant Wrightson Seeds (Australia) __________		Major tenant Jemena __________
Acquisition date Jul 2002 __________		Acquisition date Oct 1996 __________
Book value $m $3.60 __________		Book value $m $190.10 __________
Independent valuation date Jun 2014 __________		Independent valuation date Dec 2012 __________
Independent valuation $m $3.60 __________		Independent valuation $m $187.20 __________
Market cap rate (%) 8.00 __________		Market cap rate (%) 8.46 __________
Initial yield (%) 8.30 __________		Initial yield (%) 7.83 __________
Leased by area (%) 100 __________		Leased by area (%) 89 __________
Weighted lease term by income (year/s) 2.2 __________		Weighted lease term by income (year/s) 2.2 __________

2014 DEXUS Property Synopsis and Debt Summary 51

Responsible Entity

DEXUS Funds Management Limited ABN 24 060 920 783

Security registry

Link Market Services Limited

Level 12, 680 George Street Sydney NSW 2000 Locked Bag A14 Sydney South NSW 1235

Registry Infoline: +61 1800 819 675 Fax: +61 2 9287 0303 Email: [email protected] Website: www.linkmarketservices.com.au

Australian Securities Exchange

ASX code: DXS

Registered office of Responsible Entity

Level 25, Australia Square 264–278 George Street Sydney NSW 2000 PO Box R1822 Royal Exchange Sydney NSW 1225 Phone: +61 2 9017 1100 Fax: +61 2 9017 1101 Email: [email protected] Website: www.dexus.com

DEXUS IR App

Download the DEXUS IR App to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

==> picture [72 x 25] intentionally omitted <==

==> picture [73 x 25] intentionally omitted <==

==> picture [24 x 25] intentionally omitted <==

Investor enquiries

Infoline: +61 1800 819 675 Investor Relations: +61 2 9017 1330 Email: [email protected] Website: www.dexus.com

52 2014 DEXUS Property Synopsis and Debt Summary

Property expertise. Institutional rigour. Entrepreneurial spirit.

==> picture [109 x 35] intentionally omitted <==

www.dexus.com

AI assistant

DEXUS — Interim / Quarterly Report 2014

64807_rns_2014-08-13_e079053d-6324-4b79-91f5-ef852a3339a4.pdf

2014 property synopsis and debt summary

About DEXUS

DEXUS PROPERTY GROUP

DEBT SUMMARY

Debt overview

Diversified mix of debt facilities[1]

Debt maturity profile

Hedge maturity profile

Interest rate hedging profile

Debt facilities[4]

OFFICE PORTFOLIO

Property type by book value

OFFICE PORTFOLIO

Lease expiry profiles at 30 June 2014[1 ]

Sydney CBD office portfolio

Sustainability highlights

36.7% 21.8% ENERGY INTENSITY WATER INTENSITY

39.4%

GHG EMISSIONS

NABERS ratings

Summary of properties

Finlay Crisp Centre, Canberra

Garema Court, 140-180 City Walk, Canberra

36 George Street, Burwood

Details

Details

Details

The Zenith, 821 Pacific Highway, Chatswood

11 Talavera Road, Macquarie Park

201 Miller Street, North Sydney

Details

Details

Details

Victoria Cross, 60 Miller Street, North Sydney

101 George Street, Parramatta

105 Phillip Street, Parramatta

Details

Details

Details

130 George Street, Parramatta

150 George Street, Parramatta

1 Bligh Street, Sydney

Details

Details

Details

14 Lee Street, Sydney

175 Pitt Street, Sydney

201-217 Elizabeth Street, Sydney

Details

Details

Details

30 The Bond, 30-34 Hickson Road, Sydney

383-395 Kent Street, Sydney

Details

Details

Details

39 Martin Place, Sydney

44 Market Street, Sydney

45 Clarence Street, Sydney

Details

Details

Details

5 Martin Place, Sydney

56 Pitt Street, Sydney

60 Castlereagh Street, Sydney

Details

Details

Details

Details

Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney

Details

Grosvenor Place, 225 George Street, Sydney

Details

2 & 4 Dawn Fraser Avenue, Sydney Olympic Park

10 Eagle Street, Brisbane

Details

Details

DEXUS Interim / Quarterly Report 2014