DEXUS - Interim / Quarterly Report 2021

Dexus (ASX: DXS)

ASX release

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9 February 2021

2021 Half year results presentation

Dexus provides its 2021 half year results presentation.

An investor conference call will be held at 9.30am (AEDT) today, Tuesday 9 February 2021, which will be webcast via the Dexus website (www.dexus.com) and available for download later today.

The property synopsis spreadsheet is also available at www.dexus.com/financialresults

This presentation should be read in conjunction with the HY21 results release and HY21 Appendix 4D and Financial Statements released to the Australian Securities Exchange today and available at www.dexus.com

Authorised by the Board of Dexus Funds Management Limited

For further information please contact:

Investors

Media

Merren Favretto Louise Murray Senior Manager, Investor Relations Senior Manager, Corporate Communications +61 2 9080 1559 +61 2 9017 1446 +61 427 986 355 +61 403 260 754 [email protected] [email protected]

About Dexus

Dexus is one of Australia’s leading real estate groups, proudly managing a high-quality Australian property portfolio valued at $32.1 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $11.4 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior riskadjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX:DXS) Level 25, 264 George Street, Sydney NSW 2000

2021 Half Year Results D a t e 9 February 2021

Dexus Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for Dexus

Agenda

› Overview

› Financial results

› Funds management

› Office portfolio
› Industrial portfolio
› Development and investments
› Summary
› Appendices

Darren Steinberg, CEO

Alison Harrop, CFO

Deborah Coakley, EGM Funds Management

Kevin George, EGM Office

Stewart Hutcheon, EGM Industrial, Retail & Healthcare

Ross Du Vernet, CIO

Darren Steinberg, CEO

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9 February 2021
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2021 Half Year Results

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Strategy Focus on strategic initiatives

› The COVID-19 pandemic has reinforced the importance of having a diversified business model and strategy that can deliver through the cycle
Demonstrated by strong cashflow and resilient asset prices
› Dexus will take advantage of the changed market conditions by seeking to capitalise on counter-cyclical opportunities
› A focus on strategic initiatives will help unlock the relative value of the business and strengthen the platform for future cycles
› In the year ahead, Dexus will continue to implement active leasing strategies to maximise office portfolio cashflow generation, increase weightings toward sectors with strong tailwinds and expand Dexus’s flexible workspace offering
› Dexus also intends to make changes to simplify the corporate structure of the group[1]

Dexus strategy	Dexus strategy
Purpose	To create spaces where people thrive
Vision Strategy	To deliver superior risk-adjusted returns for investors from high-quality To be globally recognised as Australia’s leading real estate company
	real estate in Australia’s major cities
Strategic objectives	Wholesale partner of choice Leadership in office
	Increasing the resilience of investment portfolio income streams
Strategic initiatives	Expanding and diversifying the funds management business

	Progressing the group development pipeline

Subject to Dexus Security holder approval.

2021 Half Year Results

9 February 2021

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HY21 highlights Progress in challenging COVID-19 environment

Financial highlights

›Relatively strong rent collections and distribution for investors			28.8 cents Distribution per security for HY21 96.0% Dexus portfolio rent collections
›Achieved robust independent asset values			$160.8 million
			value uplift across Dexus portfolio
Progress on immediate priorities from 19 August 2020	HY21 Status
1. Assisting in returning businesses safely to their workplace			100% of the portfolio has an active COVID-Safe Plan in operation1

2. Progressing optimisation of portfolio composition via asset recycling			60 Miller Street, North Sydney2 Grosvenor Place, Sydney2	45 Clarence Street, Sydney

3. Accelerating opportunities to expand funds management business			Launched Australian Bragg Centre
			opportunityfund series 50% Dexus 50% HWPF
4. Continuing to work with customers on the future of workspace			Six Ideas by Dexus3 working with 12 major customersimpacting circa20,000 employees

5. Progressing city-shaping development pipeline			Central Place Sydney progressing to Stage 3 Waterfront Brisbane DA received for
			of USP4 process $2.2bn precinct transformation

Excluding assets with no common areas under Dexus’s operational control.
Conditional exchange of sale documents, subject to FIRB approval.
Workspace consulting business.
Unsolicited Proposal.

2021 Half Year Results

9 February 2021

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Environmental, Social and Governance update Global ESG leadership

Global ESG benchmark recognition

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Principles for
Globally in Globally Climate +
1st Real Estate 1st Listed Office CDP A List A Responsible
Investment
Dow Jones 2020 GRESB 2020 Leadership Achieved in Strategy
Sustainability Real Estate “A” rating from & Governance, and
Indices Assessment CDP Climate Change Direct Property
modules
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Environmental performance

ESG update

› Continue to manage properties for emissions reductions and invest in upgrades that align with Dexus’s commitment to achieve net zero emissions across the group-managed portfolio by 2030 (aligned with 1.5°C trajectory)
› Progressed Healthy Buildings initiative which includes indoor air purification and monitoring systems, technology supporting touchless entries and biometrics and occupancy management systems

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› Dexus became a founding member of the Australian Climate Leaders Coalition, which brings together CEOs to collectively drive emissions reductions

5 Star NABERSEnergy rating Gold BBP 54.9%[Reduction] Over $170m Leasing standard Emissions Avoided costs Ensures customer intensity across Through enhanced Average across group commitment to group office portfolio energy office portfolio collaboration & portfolio since efficiency since FY08 sustainability FY08[1]

› Leveraging Taronga Ventures innovation ecosystem (in which Dexus is a founding real estate investor partner ) to understand new technologies that can reduce carbon emissions
› Raised the equivalent of 2,928 meals for Foodbank to support those impacted by poverty over the festive period
Calculated using a location based method.

2021 Half Year Results

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Financial Results
6 2021 Half Year Results 9 February 2021
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Key earnings drivers and valuations Strength in industrial values, resilience in office values

Key earnings drivers

Property portfolio valuations

Earnings driver HY21 result

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Property AFFO [1] of $326.2 million Outlook: Expect quality asset values to remain resilient due to investment demand
Property
+1.5% office LFL income growth [2]
portfolio 31 Dec 2020 Valuation Capitalisation rate
+1.0% industrial LFL income growth [3]
value [5] movement [6] six-month movement
Total $160.8m 5.01%
$16.5bn
FFO of $27.3 million – comprising portfolio 1.0% 4bps
Funds
earnings from funds management,
Management property and development 25% Rental growth
management
Office $32.8m 4.95%
$13.8bn
portfolio 0.2% 75% Cap ratecompression 2bps
Trading profits of $47.1 million [4] secured
from North Shore Health Hub, the sale of Industrial 13% Rental growth 5.36%
Trading tranche 2 25% interest in 201 Elizabeth $2.4bn $112.0m
portfolio
Street, Sydney and tranche 1 Truganina 4.8% Cap rate 30bps
assets and Lakes Business Park South 87% compression
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AFFO contribution is calculated before finance costs, group corporate costs and tax. Property AFFO is equal to Property FFO of $388.0 million less total portfolio AFFO capex of $61.8 million.
Office LFL income was -4.6% including the impact of rent relief and provision for expected credit losses.
Post tax.
Total portfolio FUM of $16.5 billion made up of office portfolio $13.8 billion, industrial portfolio $2.4 billion and healthcare portfolio $0.3 billion.
Total portfolio includes healthcare and leased assets revaluation gain of $16.0 million.
Industrial LFL income was -1.0% including the impact of rent relief and provision for expected credit losses.

2021 Half Year Results

9 February 2021

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HY21 financial results

Enduring property FFO despite COVID-19 impacts, supported by trading profits


HY21 $m HY20 $m Change %
Office property FFO 330.5 340.4 2.9%
Industrial property FFO 57.5 64.8 11.3%
Total property FFO 388.0 405.2 4.2% Management operations1 27.3 33.4 18.3% Group corporate (17.1) (17.0) 0.6% Net finance costs (64.9) (66.5) 2.4% Other2 (4.8) (4.7) 2.1%
Underlying FFO3 328.5 350.4 6.3%
Trading profits (post tax) 47.1 27.8 69.4%
FFO 375.6 378.2 0.7%
Adjusted Funds from Operations (AFFO) 313.8 295.3 6.3% Distribution payout (% AFFO) 99.9% 100.2% Distribution 313.6 296.0 6.0%

Management operations FFO includes development management fees.
Other FFO includes non-trading related tax expense and other miscellaneous items.
› Office property FFO reduced due to impact of divestments and rent relief, partly offset by fixed rent increases and income from recently completed developments
› Industrial property FFO reduced due to divestment of second tranche to DALT, partly offset by fixed rent increases and income from acquisitions
› Management operations reduced due to lower leasing fees due to COVID-19 and a skew of development revenue to the second half of FY21
› Finance costs decreased primarily due to lower floating interest rates and hedge rates, partly offset by lower capitalised interest

Key per security metrics	HY21	HY20	Change
Underlying FFO per security3	30.1 cents	31.9 cents	5.6%
FFO per security	34.4 cents	34.5 cents	0.3%
AFFO per security	28.8 cents	26.9 cents	7.1%
Distribution per security	28.8 cents	27.0 cents	6.7%
	HY21	FY20	Change
Net Tangible Assets (NTA) per security	$10.96	$10.86	0.9%

Underlying FFO excludes trading profits post tax.

2021 Half Year Results

9 February 2021

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COVID-19 impacts Rent collections of 96.0% for HY21

HY21 Rent collections

› Strong focus on cash collection while ensuring the sustainability of SME customer base
› Continue to work with our customers on rent relief requests and have reached in principle agreement circa 80% of rent relief requests received[1]

HY21 rent collections2 Office Q1 FY21 96.2% Q2 FY21 95.7% Total HY21 95.9% $531m ($510m) $21m	Office	Industrial Total 96.9% 96.3% 96.4% 95.8% 96.6% 96.0% ($13m) ($4m) $4m
	96.2% 95.7%	96.9% 96.4%
	95.9%	96.6%
		($13m)
Billed 100% Collected (96%) Outstanding 4% Est. Rent Waivers Provisions Net 2 3 3

HY21 direct COVID-19 AFFO impacts[3]

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Direct HY21 Est. FY20 Est.
HY21 FY20 HY21 FY20
COVID-19 Rent Rent
Provisions Provisions Total Total
AFFO impacts [3] Waivers Waivers
Office -$11.8m -$15.0m -$4.3m -$5.1m -$16.1m -$20.1m
Industrial [4] +$0.5m -$4.2m +$0.1m -$1.7m +$0.6m -$5.9m
Total -$11.3m -$19.2m -$4.2m -$6.8m -$15.5m -$26.0m
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Reflects agreements for the initial Phase 1 Code of Conduct period to September 2020. Dexus is separately working through tenant requests for the Code of Conduct extension periods in each state. HY21 rent relief impacts are estimates as at 31 December 2020. Refer slide 42. 2. Dexus share at 31 December 2020.
Estimated rent waivers and provisions at 31 December 2020. Refer slide 42.
The cumulative estimate for industrial rent waivers as at 31 December 2020 is $3.7 million. As $4.2 million was recorded as at 30 June 2020, an adjustment of $0.5 million has been recognised in half year to 31 December 2020. The cumulative estimate for provision for expected credit losses as at 31 December 2020 is $1.6 million. As $1.7 million was recorded as at 30 June 2020, an adjustment of $0.1 million has been recognised in half year to 31 December 2020.

2021 Half Year Results

9 February 2021

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Strong financial position Contracted asset sale proceeds to further strengthen balance sheet

› Maintained low gearing of 24.9%[1] and low cost of debt

Diversified sources of debt

› Received $530 million[2] of sale proceeds from the sale of 45 Clarence Street, Sydney with contracted asset sale proceeds to further enhance liquidity and funding flexibility
› Purchased circa 5 million securities via the on-market securities buy-back program in FY21 to date

Key metrics	31 Dec 2020	30 June 2020
Gearing (look-through)	24.9%1	24.3%3
Headroom4	$1.7bn	$1.6bn
Cost of debt5	3.1%	3.4%
Duration of debt	6.4 years	6.9 years
Hedged debt (incl caps)6	81%	78%
S&P/Moody’s credit rating	A-/A3	A-/A3

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USPP 26%
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Exchangeable Notes 7%
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144A 5%
Bank Facilities
40%
Debt capital
markets
60%
Bank debt
40%
Commercial
MTN 20% Paper 2%
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Adjusted for cash and debt in equity accounted investments, excluding the impact of the contracted divestments of 60 Miller Street, North Sydney and Grosvenor Place, Sydney.
Excluding transaction costs and settlement adjustments.
Proforma gearing, adjusted for cash and debt in equity accounted investments. Look-through gearing at 30 June 2020 was 26.3%. 4. Undrawn facilities plus cash.
Weighted average for the period, inclusive of fees and margins on a drawn basis.
Average for the period. Hedged debt (excluding caps) was 68% for the 6 months to 31 December 2020 and 62% for the 12 months to 30 June 2020.

2021 Half Year Results

9 February 2021

11 2021 Half Year Results

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Funds Management Provides Dexus with an annuity-style, secure income

› Long-term and stable partners of choice, enhancing ability to execute on opportunities through the cycle
› Strong transaction track record and capability unlocks asset recycling opportunities for capital partners
› Diversified development pipeline providing future embedded value and growth

Diversified portfolio

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$8.7bn $3.1bn Office Industrial

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$3.3bn $0.9bn[1] Retail Healthcare

On completion value.
Platform and fund Investment.

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Gateway, Sydney
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Diversified Funds Management business across 8 vehicles

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DACT $0.6bn
DALT $1.1bn DWPF
$10.1bn
HWPF $0.5bn
$15.6bn
DITA $0.2bn
DOTA
$2.7bn
AIP $0.4bn Taronga Ventures
Partnership [2]
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Attracted over $10.7 billion of third party equity since FY12

2021 Half Year Results

9 February 2021

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Funds management Scalable and expanding suite of products


Widely held funds	Joint Ventures	Venture Capital
Dexus Australian Logistics Trust $2.6bn1 › Established 2018 › Growth strategy through develop to core and acquisitions Dexus Real Estate Partnership New fund › Marketing launched in 2020 › First in a planned series of closed-end opportunity funds Dexus Wholesale Property Fund $10.1bn › Established 1995 › 43 properties › Outperformed benchmark over 1, 3, 5, 7 & 10 years Dexus Office Partnership $5.4bn2 › Established 2013 › 19 properties › Acquired & de-listed CPA portfolio April 2014 Dexus Australian Commercial Trust $0.6bn2 › Established in 2020 › 50% interest in iconic prime-grade Rialto Towers, located in Melbourne CBD Dexus Industrial Partnership $0.4bn2 › Established 2014, recapitalised in 2018 › Core strategy with growth mandate Healthcare Wholesale Property Fund $0.9bn1 › Established 2017 › $946 million1 portfolio across 5 properties Australian Industrial Partnership $0.4bn › Established 2012 › 20 properties › Strong performance since inception		Taronga Ventures Partnership3 Established 2020 › Platform and fund investment › Partnership with large, reputable real estate companies › Driving real estate innovation by identifying and investing into next generation solutions
Dexus Wholesale Property Fund $10.1bn › Established 1995 › 43 properties › Outperformed benchmark over 1, 3, 5, 7 & 10 years

All figures as at 31 December 2020 unless otherwise stated.

Includes Dexus ownership interest and on completion value.
Includes Dexus ownership interest.
Dexus investment in the platform and fund.

2021 Half Year Results

9 February 2021

Dexus Wholesale Property Fund (DWPF) Sustained growth and consistent outperformance

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Key features

› Prime quality diversified Australian portfolio established in 1995 with a track record of outperformance[1]
› Conservative gearing of 12.7%[2] with access to diverse funding sources
› $7.1 billion of equity raised since FY11
› Strong track record of providing liquidity to investors
› GRESB[3] Global Sector Leader for diversified office/retail entities (listed and unlisted)

Total FUM[4 ] – strong & consistent growth of 13% p.a. since FY05

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$10.4bn [$10.3bn ] $10.1bn
$9.0bn
$7.8bn
$7.1bn
$5.8bn
$5.0bn
[$4.3bn]
$3.2bn $2.9bn $2.9bn [$3.4bn] [$3.9bn]
$1.5bn [$1.8bn] [$2.0bn]
5
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 HY21
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MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index (net returns, net asset weighted).
Proforma gearing allowing for $250 million of redemptions settled post period. Gearing at 31 December 2020 was 11.1%.
Global Real Estate Sustainability Benchmark.

Consistent outperformance against Benchmark[1]

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DWPF Benchmark
15%
9.1% 9.7%
10% 8.4%
7.2%
6.2%
4.1%
5%
0%
-1.8%
-5% -2.6%
1 Year 3 Years 5 Years 10 Years
DWPF portfolio sector diversification – HY21 vs FY17
Industrial
13% (was 10%)
c. $260m
$10.1bn Office 54% of equity raised
FUM (was 44%)
in past
12 months
Retail
33% (was 46%)
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DWPF portfolio sector diversification – HY21 vs FY17

Funds under management.
HY21 FUM impacted by December 2020 settlement of the sale of 452 Flinders Street, Melbourne at 11% premium to June 2020 book value.

2021 Half Year Results

9 February 2021

Healthcare Wholesale Property Fund (HWPF) Pre-eminent Australian healthcare fund

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Key features

› Australia’s largest open ended Healthcare Fund established for institutional investors[1]
› Acquired Australian Bragg Centre one of the largest single-asset healthcare acquisitions in Australia
› Portfolio WALE of 25.1 years and weighted average capitalisation rate of 4.92%
› Delivered a one-year return of 15.3%
› GRESB global development sector leader for healthcare entities
Value on completion.

HWPF portfolio composition

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Primary Healthcare
9% Hospital
42%
$0.9bn [1]
Ancillary Specialist
Healthcare Hospital/Medical
24% mixed-use
25%
Strong and resilient customer covenants
Rapid growth in FUM [1]
North Shore Health Hub
$1,182m Australian Bragg Centre
Ramsay Health Care - the
Proton Therapy Unit –
$946m largest private provider of
hospitals in Australia State Government (AA+ rating)
and SAHMRI
GenesisCare - the largest
$618m provider of cancer care in
Australia
Calvary
$367m $381m Douglas Hanly Moir - one of the
one of the largest not-for-profit
largest pathology providers in
hospital operators in Australia
Australia
College Junction
FY18 FY19 FY20 HY21FY21 HY21 incl. deals FY21 Incl. deals GP Plus Health Care Qscan - a leading diagnostic
contracted and currently in SA Government (AA+ rating) imaging provider with 70+ clinics
in due d ligencedue dil i gence in operation
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2021 Half Year Results

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Office portfolio
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Images of activity in Sydney CBD, week commencing 1 February 2021

16 2021 Half Year Results

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Office leading indicators point to improving conditions Leasing markets to benefit in 2021

Confidence and hiring intentions have improved sharply

Key indicators driving leasing activity

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Business confidence in
Net balance November 2020 higher Number ‘000
than the 7 year average
30 60
55
10 50
45
-10 40
Business Confidence
35
Professional job adverts (right axis)
-30 30
25
-50 20
15
-70 10
Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20
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White collar employment back above pre-COVID-19 levels Key indicator driving increased office demand

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Index
Total employment
125
White collar industries
120
115
110
105
100
95
Nov-10 Nov-12 Nov-14 Nov-16 Nov-18 Nov-20
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Source: Westpac, ABS Index Nov-10=100.

2021 Half Year Results

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Office portfolio activity Strong six months of leasing, supported by leading indicators

Leasing activity HY21 vs HY20[1]

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24% YoY 13,974sqm – 10yrs
Sqm increase 101 George St,
leased Parramatta
100,870sqm
81,134sqm
HY20 HY21
11,141sqm – 10yrs
2 Dawn Fraser Ave,
No. of deals
Olympic Park
154 151
HY20 HY21
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4,853sqm – 10yrs
One Farrer Pl,
Sydney
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10,699sqm – 6yrs
309-321 Kent St,
Sydney
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2,702sqm – 10yrs
180 Flinders St,
Melbourne
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8,666sqm
across Brisbane
CBD assets
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Including development leasing.

2021 Half Year Results

9 February 2021

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Office portfolio performance Maintaining high occupancy at 96.0%

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$13.8 billion
Dexus office portfolio value
47 properties 1.5 million
Across key CBDs Square metres
Leased by area [1] Occupancy WALE
93,691sqm 96.0% 4.2 years
across 135 transactions FY20: 96.5% FY20: 4.2 years
Effective LFL income [2] Average incentives [1] Average fixed
rental increases
+1.5% 22.0%
3.5-4.0%
Face: 2.6%` FY20: 17.1%
Portfolio one-year Sydney CBD
total return leasing spread
3.6% -5.7%
at 31 December 2020
$22.5 billion
Dexus group office portfolio value
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Excludes development leasing of 7,179 square metres across 16 transactions.
Excludes rent relief and provision for expected credit losses. Including these impacts: Effective -4.6% and Face -2.3%.
Period to 30 September 2020 which reflects the latest available PCA/MSCI Australia Annual Property Index.

Dexus office portfolio vs PCA/MSCI office index at 30 September 2020[3]

% p.a.

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14%
12.9% 12.8%
13%
140bps 12.1%
12% outperformance 11.7% 11.6%
10.9%
sustained throughout
11%
challenging period
10%
9%
8.0% 7.9%
8%
7% 6.6%
6%
5%
4%
1 year 3 years 5 years
Dexus office portfolio Dexus Group office portfolio PCA/MSCI office index
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Dexus office portfolio outperforming over 1, 3 and 5 years reflecting quality portfolio and customer base

2021 Half Year Results

9 February 2021

Staggered expiry profile and high occupancy Dexus portfolio occupancy consistently above market

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Dexus office portfolio lease expiry profile [[1]] Historic Dexus occupancy vs market
Dexus occupancy rates
consistently above market,
40% Sydney Melbourne Brisbane Perth underpinned by high-quality
100% portfolio
35%
Dexus [2]
98%
30%
96%
25% 96%
20% 94%
Market [3]
15.2%
15%
13% target threshold 11.2% 10.9% 12.4% 92%
10%
4.9% 90%
5% 4.0%
8.1% 8.0% 8.1% 8.1% 90%
1.8% 1.7% 88%
0%
Available FY21 FY22 FY23 FY24 FY25
86%
FY21 Key expiries FY22 Key expiries FY23 Key expiries FY24 Key expiries
80 Collins North (1.7%) 123 Albert St (4.2%) Governor Phillip (1.3%) 100 Harris St (1.5%) 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
12 Creek St (0.4%) 383 Kent St (1.4%) Australia Square (1.0%) MLC Centre (1.2%)
385 Bourke St (0.3%) 44 Market St (1.0%) 44 Market St (0.9%) 30 The Bond (0.8%)
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Dexus office portfolio lease expiry profile[[1]]

Source: JLL, Dexus information.

By income.
Represents Dexus Office Trust until 2003 and includes acquisition of CPA from 2014 onwards.
Australian Markets including capital cities and metro office markets

2021 Half Year Results

9 February 2021

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Our purpose: creating spaces where people thrive Dexus offering from 1 hour to 10 years

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Workspace features

Traditional Offering (Core)

› Vacant spaces (7 years+)
› Remains the dominant offering but requirements are evolving

Flexible Offering (Flex)

› Fitted spaces (6+ months)
Fully fitted suites with shorter lease terms to cater for smaller tenants
› Serviced spaces (1+ hours)
Meeting / training rooms with full technology offering
› Co-working spaces
Share spaces with common infrastructure and property services

Amenities

› Experiential services (retail, health & wellness, events, EOT, concierge, real time insights)

Transport Solutions

› Flexible car parking, bike storage

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Core
Flex
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Amenities & Transport Solutions

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Technology & Innovation features

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Smart building technology − Energy efficiency − Reporting / tracking of indicators

Systems and processes

Workspace booking systems
− Carparking inventory management

Transport solutions

Car pooling, flexible car parking
− Storage facilities

Experiential services

Building / portfolio level service apps
− Integrated / contactless building services

Source: Dexus Strategy Paper, 2019.

2021 Half Year Results

9 February 2021

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Industrial portfolio
22 2021 Half Year Results Artist Impression: Amazon, Ravenhall, VIC 9 February 2021
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Industrial portfolio performance Strong leasing and continued investment demand

$2.4 billion Dexus industrial portfolio value

Dexus industrial portfolio vs PCA/MSCI industrial index at 30 September 2020[3]

74 properties 1.5 million Across core markets Square metres Leased by area[1] Occupancy WALE 168,749sqm 95.5% 4.3 years across 46 transactions FY20: 95.6% FY20: 4.1 years Effective LFL income[2] Average incentives +1.0% 19.7% Face: +2.1% FY20: 13.4% Portfolio one-year Average fixed total return rental increases 12.8% 3.0%-3.5% at 31 December 2020

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% p.a.
13% 12.4% 12.3%
11.9% 11.8%
12% 11.6%
11.3%
10.7%
11%
9.7%
10% 9.4%
9%
8%
7%
6%
5%
4%
1 year 3 years 5 years
Dexus industrial portfolio Dexus Group industrial portfolio PCA/MSCI industrial index
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Includes development leasing of 91,087 square metres.
Excludes rent relief and provision for expected credit losses. Including these impacts: Effective -1.0% and Face +0.3%.

Dexus industrial portfolio outperforming over 3 & 5 years

Period to 30 September 2020 which reflects the latest available PCA/MSCI Australia Annual Property Index.

2021 Half Year Results

9 February 2021

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Industrial growth Supported by strong, national customer relationships

Diverse mix of existing and repeat customers

Recent demand driven by e-commerce, food and beverage and logistics customers

Customer partnerships driving growth in development including success at Horizon 3023, Ravenhall with commitments from:

› Amazon 36,700sqm

› Scalzo Foods 35,500sqm
› Hello Fresh 25,600sqm

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contribute circa 400,000sqm of space built out to 2025

2021 Half Year Results

9 February 2021

25 2021 Half Year Results

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Transactions

Progressing optimisation of portfolio composition via selective asset recycling

Contracted $2.8 billion of transactions for the Dexus group in HY21 in line with our focus

› $0.8bn HY21 acquisitions contracted

› $2.0bn HY21 divestments contracted
› Recent sales of office assets with short term income risk sold in line with book values demonstrating investor confidence in quality real estate
› Asset recycling proceeds will be used to:
Organically fund key projects in the development pipeline
Continue to diversify portfolio
Support growth initiatives in the Funds Management business e.g. Australian Bragg Centre
Invest in higher returning opportunities e.g. DREP 1
Buy back Dexus securities via on-market buy-back

Transactions since FY11: $28.4bn I $16.6bn acquisitions I $11.8bn divestments

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Acquisition of Australian
Bragg Centre, Adelaide
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Divestment of Grosvenor Place,
Sydney
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Divestment of 45 Clarence
Street, Sydney
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50% transacted off market demonstrating depth of industry relationships

2021 Half Year Results

9 February 2021

$11.4 billion group development pipeline Minimal current commitments

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Committed pipeline $1.3bn (Dexus share $0.5bn) Uncommitted and concept $10.1bn (Dexus share $5.3bn)
circa 3.2% of balance sheet FUM [1 ] (of 15% limit)
City-shaping projects $6.7bn [2 ]
Committed pipeline: total project cost (Dexus share $3.1bn) Other key projects
Key projects
$0.7 bn
Group
Dexus share
$0.5bn
Australian Bragg Centre North Shore Health Hub Waterfront Brisbane Central Place Sydney 140 George Street, Parramatta
$0.2bn
$0.2bn
$0.2bn
$0.1bn
$0
Axxess Corporate Park,
MLC Retail & Theatre, Sydney Ravenhall Pitt & Bridge Precinct, Sydney 60 Collins Street, Melbourne
Mount Waverly
Healthcare Industrial City retail Office
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Circa $200m remaining spend for Dexus until end FY22

Minimal upfront capital to retain optionality, longer-dated and income producing

Project cost for committed developments and trading projects as a proportion of balance sheet FUM at 31 December 2020. 2. Group share in project cost (including cost of land where purchased for development and excludes downtime and income earned through development).

2021 Half Year Results

9 February 2021

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Office group development pipeline Uncommitted, income producing and flexible commencement timeline

Project Project Status Target development commencement date	Project Project Status Target development commencement date	Project Project Status Target development commencement date	Project Project Status Target development commencement date	Project Project Status Target development commencement date	Project Project Status Target development commencement date	Project Project Status Target development commencement date
Est. current initial yield Development status Est. total project cost ($bn) Est. yield on cost	FY21	FY22	FY23	FY24	FY25	FY26+
City-shaping office developments
Waterfront Brisbane QLD n/a DA approved $2.2 5-6%
Central Place Sydney NSW2,3 4% Stage 3 USP $1.1 5-6%
60 Collins Street, Melbourne VIC 2% DA approved $0.6 5-6%
Pitt & Bridge Precinct, Sydney NSW 4% Planning phase $2.8 5-6%
Other uncommitted projects
140 George Street, Parramatta NSW4 n/a DA Approved $0.4 6-7%
150 George Street, Parramatta NSW 8% Planning phase $0.1 6-7%
123 Albert Street, Brisbane QLD 8% Planning phase $0.2 5-6%
Income producing Development phase . Dexus Group share in project cost (including cost of land where purchased for development and excludes downtime and income earned through development). Excludin external art share of roject cost cost of land alread owned downtime and income earned throuh develoment Short term leasing strategy

Excluding external party share of project cost, cost of land already owned, downtime and income earned through development. 3. Includes 14 Lee Street, Sydney only.
Is an existing car park.

2021 Half Year Results

9 February 2021

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Core industrial development Progressing $1.2 billion of key projects

Freeman Central, 425-479 Freeman Road, Richlands, QLD

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$84m expected project cost.

65% leased[1]

FY21 expected completion

Ownership DALT 100%

Loop, 54 Ferndell Street, South Granville, NSW

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$163m expected project cost

66% leased

FY21 expected completion Ownership DALT 100%

Horizon 3023, 11-167 Palm Springs Road, Ravenhall, VIC

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~$500m expected project cost

85% leased[2]

FY25 expected completion

Ownership DALT 50% DWPF 50%

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To contribute
c.$650m
to third
party FUM by
2025
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Modern, functional, high quality facilities that deliver superior long-term property solutions for our customers

Stage 1 of the development only.
Combined % leased for 18 Momentum Way and 47 Momentum Way, Ravenhall VIC.
Including 18 and 47 Momentum Way Ravenhall VIC, 54 Ferndell Street, South Granville NSW, 425-479 Freeman Road, Richlands QLD and Lot 401 Innovation Drive, Merrifield NSW.

2021 Half Year Results

9 February 2021

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Consistent delivery of trading profits over time Delivered $436 million[1] in trading profits since FY12

› Trading projects since FY12, have delivered $436 million[1] in trading profits achieving an average unlevered property IRR of circa 28% per annum

› These investments comprise a combination of reposition to sell, develop to sell and higher and better use strategies

› Success achieved across diverse asset classes including office, industrial, mixed use and healthcare

	FY15	FY16	FY17	FY18	FY19	FY20	HY21
Post tax profit	$42.6m $40m 	$63.3m $60m 	$47.2m $45-50m 	$36.6m $35-40m 	$34.7m $35-40m 	$35.3m $35-40m 	$47.1m HY21 secured
Post tax guidance
19%2 unlevered IRR3 Rezoning and DA Sold in 2 trances in 2019-2020 $69m trading profits1 201 Elizabeth Street, Sydney Office 79-99 St Hilliers Road, Auburn Industrial 56% unlevered IRR3 Rezone, lease and develop Sold in 2017 $26m trading profits1 32 Flinders Street, Melbourne Carpark 32% unlevered IRR3 Rezoning and DA Sold in 2018 $49m trading profits1 Case studies

Trading profits pre tax.
The unlevered IRR represents the total return realised from the disposal of Dexus’s interest in 201 Elizabeth Street and has been measured from the date of being classified as a trading asset. 3. IRRs are calculated using pre tax figures.

2021 Half Year Results

9 February 2021

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Trading profits FY21-FY22 de-risked for investors

› Delivered $47.1 million of HY21 trading profits (post tax)

› Increased secured trading profits across FY21 and FY22 to circa $95 million (pre tax)[1]

Trading projects	Trading strategy	FY21
201 Elizabeth Street, Sydney	Rezoning and DA	√
North Shore Health Hub, 12 Frederick Street, St Leonards – Stage 12 Truganina (Laverton) properties3, 4 Botany Quarter (Lakes Business Park South), Botany4 436-484 Victoria Road, Gladesville5 12 Frederick Street, St Leonards – Stage 2	Healthcare development	√
	Development	√
	Development	√
	Rezoning
	Data Centre development

Focus on activating 12 Frederick Street, St Leonards Stage 2 development and replenishing the pipeline

Key √ Secured Contracted HOA

Including contribution from 201 Elizabeth Street, Sydney, North Shore Health Hub, 12 Frederick Street, St Leonards – Stage 1, Truganina properties, Lakes Business Park South, Botany and Victoria Road, Gladesville.
During FY20, Dexus sold the North Shore Health Hub on a fund-through basis to HWPF and continues to manage the development, with trading profits realised across FY20 and FY21, with the amount for each financial year dependent on the progress of the development and leasing.
Share of Truganina (Laverton) lots which sit in inventory.
During HY21, Dexus contracted to sell six trading assets to DALT, which are expected to realise circa $35 million of trading profits (pre-tax) in FY21 and FY22 (in the event the options are exercised). Dexus settled on tranche 1 of Truganina and Lakes Business Park South in October and December 2020, respectively. Tranche 2 is expected to settle mid-2021.
During HY21, Dexus entered into put and call option agreements which can be exercised in FY21 or FY22.

31 2021 Half Year Results

32 2021 Half Year Results

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Investment highlights Dexus provides exposure to a high-quality, diversified real estate platform

 Fully integrated real estate ownership, management and development platform

Underlying value of overall Dexus business compares favourably to current security price

 Direct exposure to high quality assets in diverse and key performing markets

 Funds Management enables capital efficient investment across multiple sectors

 Embedded long term value upside via high quality development pipeline

 Globally recognised leadership in ESG principles for sustained value creation

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Trading profits
Management
Corporate
Operations costs
$10.96
Dexus NTA Dexus NAV [1]
31 Dec 2020
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Note: Illustrative build up of underlying value across Dexus business.

Net Asset Value.

2021 Half Year Results

9 February 2021

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Summary Focus on growth in capital efficient funds management business

› Expect the impacts of the COVID-led recession to continue to flow through the Australian economy in 2021
› Strong leasing activity and enquiry across our property portfolio
› Robust asset valuations supported by strong investment demand
› Uncertainty on the impacts of working from home on the office sector
-Confident that office will remain a core requirement for our customers and will continue to deliver solid long-term investor returns
-Dexus has been preparing for increased flexibility for many years pre-COVID
› Expect an FY21 full year distribution per security amount consistent with FY20[1]
Subject to there being no reinstatement of any major lockdowns or unforeseen circumstances. The FY20 full year distribution per security amount was 50.3 cents.

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Australian Bragg Centre, SA
Healthcare development
Central Place, NSW
Office development
Ravenhall, VIC
Industrial development
Rialto Towers, VIC Truganina, VIC
Office Industrial
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2021 Half Year Results

9 February 2021

35 2021 Half Year Results

Dexus today $32.1 billion total funds under management

Funds Management portfolio

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Dexus portfolio Funds Management portfolio
Healthcare [1]
$0.5bn
Healthcare [1]
Office
$0.3bn Office
$13.8bn
$8.7bn
Retail
$3.3bn
$16.5bn $15.6bn
Industrial
$2.4bn
Industrial
$3.1bn
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Current ‘as is’ value as at 31 December 2020.

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80 Collins Street, Melbourne VIC. 9 February 2021
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2021 Half Year Results

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Megatrends support long-term value creation for Dexus strategy COVID-19 pandemic has accelerated key megatrends

Urbanisation /cities

Growth in pension capital fund flows

Technological change

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Urbanisation in some major cities both in Australia and around the world is increasing

Funds under management within pension funds are predicted to increase significantly with real estate expected to receive a higher share of capital allocation

Technological advancements in AI, automation, big data and analytics are creating new jobs and driving mobility and collaboration in workplaces

Dexus implications:

Dexus implications :

› An investment in Dexus is an investment in Australia’s cities, which we believe are locations where customers want and need to be
› Dexus does not believe COVID-19 will shift the ongoing megatrend of urbanisation
› Dexus continues to invest in key CBD locations and is enhancing precinct developments to maximise value from the existing portfolio
› Dexus is a leading Australian real estate fund manager, providing wholesale investors with exposure to quality sector specific and diversified real estate investment products
› These funds have a strong track record of performance and benefit from the leasing, asset and property management capabilities provided by Dexus
› Dexus often invests alongside third-party capital partners further supporting its strategy to generate superior risk-adjusted returns
› Dexus continues to invest in innovative technologies to deliver a better customer experience and optimise workforce productivity
› Dexus’s smart buildings strategy enables connectivity and flexibility across workplace locations
› Dexus’s commitment to technology is demonstrated in its investment into the Taronga platform and fund, enabling it to secure first-mover advantage on next generation technology solutions for all stakeholders

2021 Half Year Results

9 February 2021

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Delivering sustained value

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Dexus distribution per security
5.8%
CAGR [1]
cents
FY12-FY20
60
50.2 50.3 50.3
47.8
50
45.47
43.51
41.04
40 36.00 37.56
32.10
30
20 28.8
10
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Forecast
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Dexus distribution per security

Compound Annual Growth Rate (CAGR) is calculated over eight years. Adjusted for the one-for-six security consolidation in FY15.

Waterfront Place, Brisbane QLD.

2021 Half Year Results

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Financial results Reconciliation to statutory profit

Reference	Item	31 Dec 2020	31 Dec 2019
		$m	$m
Statutory AIFRS net profit after tax		442.9	994.2
Investment property and inventory	(Gains)/losses from sales of investment property	(0.7)	(0.7)
	Fair value gain on investment properties	(160.8)	(724.4)
Financial instruments	Fair value (gain)/loss on the mark-to-market of derivatives	65.7	18.7
Incentives and rent straight-lining	Amortisation of cash and fit out incentives	28.9	29.3
	Amortisation of lease fees	7.0	7.2
	Amortisation of rent-free incentives	40.9	37.2
	Rent straight-lining	(0.6)	(13.1)
Tax	Non-FFO tax expense	(3.1)	2.9
Other unrealised or one-off items1	Other unrealised or one-off items	(44.6)	26.9
Funds From Operations (FFO)		375.6	378.2
Maintenance and leasing capex	Maintenance capital expenditure	(18.9)	(23.4)
	Cash incentives and leasing costs paid	(12.6)	(26.0)
	Rent free incentives2	(30.3)	(33.5)
Adjusted Funds From Operations (AFFO)		313.8	295.3
Distribution		313.6	296.0
Distribution Payout (% AFFO)		99.9%	100.2%

HY21 other unrealised or one-off items includes $61.2 million of unrealised fair value gains on interest bearing liabilities, $5.1 million amortisation of intangible assets, $4.7 million reversal of impairments on inventory, $14.3 million of coupon income rental guarantees and other and $1.9 million of transactions costs.
Includes rent waiver adjustment of $1.3 million for tenants not in arrears.

2021 Half Year Results

9 February 2021

Financial results Management operations profit

	Property	Funds	Development	Management
HY21 ($m)	Management	Management	Management	Operations
Revenue	31.9	34.6	6.2	72.8
Operating expenses	(25.9)	(13.1)	(6.4)	(45.5)
HY21 netprofit	6.0	21.5	(0.2)	27.3
HY21 margin	19%	62%	(3%)	38%
HY20 margin	27%	62%	8%	40%

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100 Mount Street, North Sydney NSW. 9 February 2021
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2021 Half Year Results

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Financial results Cash flow reconciliation

	31 Dec 2020	31 Dec 2019
	$m	$m
Cash flow from operating activities	499.7	439.7
payment for inventory acquisition and capex	55.7	35.2
cost of sale of inventory	(220.9)	(188.6)
tax on trading profits not yet paid	(20.2)	(11.9)
capitalised interest	1.3	4.6
adjustments for equity accounted distributions	56.7	37.0
other working capital movements	(20.8)	36.1
transaction costs	2.4	0.7
Adjusted cash flow from operating activities	353.9	352.8
Rent free income	30.3	33.5
Depreciation and amortisation (including deferred borrowing costs)	(8.6)	(8.1)
FFO	375.6	378.2
Less: payments from maintenance capex and incentives1	(61.8)	(82.9)
AFFO	313.8	295.3
Less:gross distribution	(313.6)	(296.0)
Cash surplus/(deficit)	0.2	(0.7)

Includes cash and fitout incentives, lease fees, rent-free incentives and rent relief benefit of $1.3 million for tenants not in arrears.

2021 Half Year Results

9 February 2021

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Rent relief treatment HY21 rent relief $15.5 million impact on AFFO

› Rent relief is provided in the form of rent waivers or rent deferrals

› HY21 rent relief amounts are estimates[1]

› Estimated rent waivers impact AFFO in the period they relate to

› Estimated rent waivers impact statutory profit once rent relief amounts are finalised, or prior to execution if a provision for expected credit losses is raised against debtors for tenants in arrears. If a tenant is not in arrears, a provision cannot be raised for estimated rent waivers
› Once the final rent relief amount is agreed with the tenant, the rent relief will be straight-lined over the remaining term of the lease from that date, except to the extent there is a pre-existing provision for expected credit losses

pre-existing provision for expected credit losses	pre-existing provision for expected credit losses	pre-existing provision for expected credit losses
Rent waivers			Rent deferrals2		Provision for expected credit losses
	Where tenant is in arrears HY21 $m	Where tenant not in arrears HY21 $m	HY21 $m	Total $m	HY21 $m	Total $m
FFO	Reduced FFO in the period it relates to3 ($12.6m)	No impact Nil	No impact Nil	($12.6m)	Reduced FFO ($4.2m)	($16.8m)
AFFO	Reduced AFFO in the period it relates to ($12.6m)	Impacts AFFO in the period it relates to4 $1.3m	No impact Nil	($11.3m)	Reduced AFFO ($4.2m)	($15.5m)
Statutory Profit5	Increased property expenses in the period it relates to ($12.6m)	No impact Nil	No impact Nil	($12.6m)	Increased Property Expenses ($4.2m)	($16.8m)
Estimate assumptions and rationale	› HY21 rent relief estimates are for the period July to December 2020 › Small and medium business customers - Assumed a level of rental assistance that is at least in line with the Code of Conduct - The proportion of wavier versus deferral was assessed based on level of impact from COVID-19 › Large companies - Assessed relief based on tenant industry and level of impact from COVID-19 - Rent relief generally provided in form of deferrals				› Estimated credit losses on debtors including deferrals and excluding estimated rent waivers for tenants in arrears › Risk of credit loss is based on a probability weighted assessment of risk of default by industry, size of tenant and specific knowledge of any recoverability risk

On the basis that final rent relief amounts have not been agreed with tenants as at 31 December 2020.
Estimated deferrals of $7.5 million are earned revenue with an associated receivable. A separate assessment of the recoverability of the rent receivable is performed and any associated provision is included in the Provision for expected credit losses.
Estimated rent waivers where a tenant is in arrears is classified within Provision for expected credit losses.
Estimated rent waivers where a tenant is not in arrears are classified within AFFO Capex. The cumulative estimated waivers as at 31 December 2020 to be provided to tenants not in arrears is $10.5 million. Given an AFFO capex adjustment of $11.8 million was recognised in FY20, a one-off addition to AFFO of $1.3 million has been recognised in HY21.
On a look-through basis.

2021 Half Year Results

9 February 2021

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Financial results Interest reconciliation

	31 Dec 2020	31 Dec 2019
	$m	$m
Total statutory finance costs	70.6	73.7
Less: unrealised interest rate derivative and exchangeable note MTM gain/(loss)1	(0.9)	(6.0)
Less: finance costs attributable to investments accounted for using the equity method2	(3.9)	(0.3)
Less: AASB 16 interest expense and debt modification	(0.4)	(0.6)
Net finance costs for FFO3	65.4	66.8
Add: interest capitalised	7.2	8.8
Gross finance costs for cost of debt purpose	72.6	75.6

Unrealised interest rate derivatives MTM gain of $4.9 million (HY19 loss of $2.9 million), exchangeable note MTM loss of $4.0 million (HY19 loss of $2.5 million) and amortisation of exchangeable notes and debt modifications of $1.8 million (HY19 $0.6 million). 2. Includes finance costs associated with properties held in investments accounted for using the equity method.
Excludes interest income of $0.5 million (HY19: $0.3 million).

2021 Half Year Results

9 February 2021

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Financial results Changes in net tangible assets and valuations

	$m	$ps
Opening net tangible assets1 (1 Jul 20)	11,850.8	10.86
Revaluation of real estate	160.8	0.15
Retained earnings2	62.0	0.06
Amortisation of tenant incentives3	(76.2)	(0.07)
Fair value and other movements4	(66.2)	(0.04)
Closing net tangible assets1 (31 Dec 20)	11,931.2	10.96

	Investment portfolio Valuation change $m Weighted average cap rate % of portfolio
	Dexus Office portfolio 32.8 4.95% 84% Dexus Industrial portfolio 112.0 5.36% 15% Total Dexus portfolio5 160.8 5.01% 100%

Net tangible assets exclude $73.2 million deferred tax liability relating to management rights.
Represents HY21 FFO less distributions.
Includes rent straight-lining.
Primarily includes fair value movements of derivatives and interest-bearing liabilities, deferred tax, gain from sale of investment properties, movement in reserves and other. 5. Includes healthcare portfolio and leased assets revaluation gain of $16.0 million.

2021 Half Year Results

9 February 2021

Financial results Direct property portfolio book value movements

		Office1	Industrial1	Dexus total1	Trading
		$m	$m	$m	assets2
					(inventory) $m
Opening direct property		14,171.2	2,233.2	16,404.4	335.8
Lease incentives 3		30.9	1.1	32.0	0.1
Maintenance	capex	17.0	1.9	18.9	0.1
Acquisitions		92.6	104.8	197.4	-
Developments 4		161.0	70.1	231.1	10.6
Disposals 5		(672.1)	(73.5)	(745.6)	(176.2)
Revaluations 6		35.5	114.1	149.6	4.7
Amortisation		(69.3)	(6.9)	(76.2)	(0.6)
Rent straight lining		1.6	(0.9)	0.7	0.3
Transfer from	inventories				(11.5)
Closing balance at the end of the period		13,768.4	2,443.9	16,212.3	163.3

Includes Dexus’s share of equity accounted investments and excludes healthcare and leased assets.
Trading assets are included in Office, Industrial and Dexus total amounts.
Includes rent free incentives.
Includes capitalised interest.
At book value and includes internal transfers from investment property.
Excludes healthcare portfolio and leased assets.

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123 Albert Street, Brisbane QLD. 9 February 2021
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2021 Half Year Results

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Capital management HY21 position

Debt maturity profile[1]

Key metrics

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Key metrics 31 Dec 2020 30 June 2020
$m
Total debt [2] $4,500m $4,838m
1,000
900
800 Headroom (approximately) [3] $1.7bn $1.6bn
700
600 Gearing (look-through) 24.9% [4] 24.3% [5]
500
400 Covenant gearing (covenant [6] <55%) 24.9% 25.4%
300
200 Interest cover (covenant [6] >2.0x) 5.7x [7] 5.7x
100
- Priority debt (covenant [6] <30%) 0% 0%
DCM CPA MTN Bank HWPF Bank
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41
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Includes $425 million Exchangeable Notes based on investor put date in FY24.
Total debt does not include debt in equity accounted investments.
Undrawn facilities plus cash.
Adjusted for cash and debt in equity accounted investments, excluding the impact of the contracted divestments of 60 Miller Street, North Sydney and Grosvenor Place, Sydney.
Proforma gearing adjusted for cash and debt in equity accounted investments. Look-through gearing at 30 June 2020 was 26.3%. 6. As per public bond covenants.
Look-through interest cover is 5.5x.

2021 Half Year Results

9 February 2021

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Capital management Interest rate hedging profile

Hedge maturity profile

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$m
4,000 4.0%
3,500 3.5%
3,000 3.0%
2,500 2.5%
2,000 2.0%
1,500 1.5%
1,000 1.0%
500 0.5%
- 0.0%
FY21 FY22 FY23 FY24 FY25
Net fixed debt Exchangeable Notes
Interest Rate Swaps Interest Rate Caps
Weighted Average Hedge Rate (excl margin)
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Hedging profile	31 Dec 2020	30 June 2020
Average amount of debt hedged1	81%	78%
Average amount of debt hedged excluding caps	68%	62%
Weighted average interest rate on hedged debt2	1.8%	2.1%
Cost of debt3	3.1%	3.4%
Weighted average maturity of hedges	5.4 years	6.4 years

Average amount hedged for the period (including caps).
Including fixed rate debt (without credit margin).
Weighted average for the period, inclusive of fees and margins on a drawn basis.

2021 Half Year Results

9 February 2021

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Capital management Debt facilities[1]

	Facility limit	Drawn	Maturity	Currency
	A$m	A$m
Bilateral bank debt	300	69	FY22	A$
	400	236	FY23	A$
	350	100	FY24	A$
	550	100	FY25	A$
	375	0	FY26	A$
	225	6	FY27	A$
Commercial paper2	100	100	FY23	A$
Medium term notes	160	160	FY23	A$
	185	185	FY26	A$
	130	130	FY27	A$
	200	200	FY30	A$
	500	500	FY32	A$
	30	30	FY39	A$
US senior notes (144A)3	305	305	FY21	US$
US senior notes (USPP)3
Series 1	291	291	Jul-23 - Jul-28	US$
Series 2	225	225	Feb-24 - Feb-27	US$
Series 3	286	286	Dec-24 - Dec-26	US$
Series 4 (A$)	100	100	Jun-28	A$
Series 5	503	503	Nov-29 - Nov-32	US$
Series 5 (A$)	150	150	Nov-29 - Nov-32	A$
Series 6 (A$)	75	75	Oct-38	A$
Exchangeable notes	425	425	FY244	A$
Sub total	5,865	4,176

	Facility limit	Drawn
	A$m	A$m
Sub total	5,865	4,176
Currency translation and fair value adjustments	366	366
Deferred borrowing costs	(18)	(18)
Exchangeable Notes adjustments	(24)	(24)
Total interest bearing liabilities	6,189	4,500
Bank guarantee utilised		(59)
Cash		47
Headroom including cash		1,677

Does not include debt facilities in equity accounted investments: $24.4 million (November 2022), $11.5 million (December 2022), $41.2 million (February 2023) and $189.4 million (June 2025).
Based on maturity date of commercial paper standby facility.
144A and USPP US$ amount shown at the cross-currency swap contract rate. 4. Based on investor put date in FY24.

2021 Half Year Results

9 February 2021

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Accelerating growth in funds management Creating leading investment vehicles via unparalleled access to deal flow

Track record of unlocking complex property and corporate transactions for capital partners

› Co-investment with Dexus provides manager alignment
› 50% of transactions completed off market, demonstrating depth of industry relationships
› $3.4bn CPA REIT Takeover in FY14 enabled creation of Dexus Office Partnership and City Shaping development sites

$5.6bn development pipeline

› Accelerating growth of funds via high quality funds management development pipeline

Group Transactions FY11-HY21

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187 $28.4bn $16.6bn
transactions total value
acquisitions
$m
5,000
4,000
3,000
2,000
1,000
0
-1,000
-2,000
-3,000
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 HY21
Acquisitons Divestments
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Rialto Towers, Melbourne VIC.
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2021 Half Year Results

9 February 2021

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Funds management development pipeline Accelerating growth of funds via high quality pipeline

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Waterfront Place QLD.
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Ravenhall 2023 VIC .
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$5.6 billion Funds management development pipeline

$4.1 billion $0.7 billion Total Funds uncommitted projects Funds concept projects

$0.8 billion Total Funds committed projects

Project cost on uncommitted projects in Funds Management business

Uncommitted projects FY21 FY22 FY23+ Office - 7 properties $3.7bn Industrial - 2 properties $0.4bn Project cost on uncommitted $4.1bn Funds Management projects

2021 Half Year Results

9 February 2021

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Case study: Dexus Office Partnership Portfolio optimisation via active management

Dexus Office Partnership FUM grew by 58% since FY14

Portfolio optimisation via:

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$5.4bn $5.4bn
$5.0bn
$4.6bn
$4.2bn
$3.9bn
$3.4bn $3.5bn
FY14 FY15 FY16 FY17 FY18 FY19 FY20 HY21
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› Divestment of non-core assets including:
108 North Terrace, Adelaide
136 George Street, Burwood
46 Colin Street, West Perth
11 Waymouth Street, Adelaide
› Acquisitions leading to site amalgamation and progression of master planning to secure city shaping development sites:
Pitt & Bridge Precinct, Sydney
Central Place, Sydney
Finlay Crisp Centre, Canberra

Portfolio optimisation (76% to 94% core), enhancing portfolio quality and resilience

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FY14 HY21
6%
24%
94%
76%
Non-core Core
Non-core Core
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Central Place, Sydney
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Pitt and Bridge Precinct, Sydney
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2021 Half Year Results

9 February 2021

Property portfolio Key metrics

Key metrics	Office Industrial
Amount of space leased1	93,691sqm2 168,749sqm
No. of leasing transactions	1352 46
Occupancy by income	96.0% 95.5%
Occupancy by area	96.0% 97.3%
Average incentives	22.0% 3 19.7% 4
No. of effective deals	31 18
Weighted Average Lease Expiry5 (WALE)	4.2 years 4.3 years
Like-for-like income growth (excluding rent relief and provision for expected credit losses)	Face +2.6%6 Face +2.1%7
	Effective +1.5%6 Effective +1.0%7

Including Heads of Agreement.
Excluding development leasing of 7,179sqm across 16 leasing transactions.
Gross basis excluding development leasing.
Net basis.
By income.
Including rent relief and provision for expected credit losses effective LFL growth was Face -2.3% and Effective -4.6%.
Including rent relief and provision for expected credit losses effective LFL growth was Face +0.3% and Effective -1.0%.

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5 Martin Place, Sydney NSW.
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80 Collins Street, Melbourne VIC.
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9 Custom Place, Truganina VIC.
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2021 Half Year Results

9 February 2021

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Office portfolio Premium quality, prime locations

Well located portfolio in proximity to amenity and transport

Challenging markets see flight to quality 86% Prime portfolio[1]

52% located in Sydney CBD

Office by asset type

Office by location

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Prime Grade
WA 7% Sydney – Office [1] 86%
CBD/Fringe
52% Premium Grade -
QLD 14%
office 31%
$13.8bn
$13.8bn
Other 1%
A Grade -
office 54%
Development
8%
VIC 20% NSW 60%
Sydney B Grade -
Suburban 8% office 5%
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Prime grade buildings represent 93% of the office portfolio including stabilised assets only and excluding development-affected assets and land.

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Sydney CBD NSW. 9 February 2021
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2021 Half Year Results

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Office portfolio Office lease expiry profiles by region

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Sydney CBD Income Area
20%
17.2%
15% 13.9% 13.0% 13.7% 15.1% 15.8% 15.9%
11.0%
10%
5% 3.1% 2.6% 3.4% 3.5%
0%
Available FY21 FY22 FY23 FY24 FY25
Sydney Suburban Sydney Suburban IncomeIncome AreaArea
25%20% 21.8% 17.9%
18.6% 16.0%
20% 14.6% 17.4%
15% 12.2% 15.6%
15%
10%
10% 6.8% 6.0% 5.5% 6.6%
5.6%
5%5% 2.4% 1.9% 3.7%0.3% 3.3%0.3% 4.7% 4.5% 2.9% 4.2%2.4%
0%0%
AvailableAvailable FY21FY21 FY2FY 2 2 FY23FY23 FY24FY24 FY25FY25
Value Cap rate Yield [2]
Dexus Office [1]
($m) (%) (%)
Sydney CBD 6,559 4.7% 4.6%
Sydney Suburban 1,033 5.1% 5.2%
Melbourne CBD 2,227 5.2% 4.2%
Brisbane CBD 1,744 5.2% 5.9%
Perth CBD 829 5.8% 6.5%
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Brisbane CBD
Income Area
40%
29.4%
30% 27.3%
20%
11.5% 12.5%
8.7% 8.9%
10% 3.6% 3.9% 3.8% 4.2% 5.3% 5.4%
0%
Available FY21 FY22 FY23 FY24 FY25
Melbourne CBD Income Area
20% 18.7%
16.6%
15% 12.9% 12.7%
9.6% 9.9% 9.4%
10% 6.8% 7.0% 7.1% 6.7% 7.6%
5%
0%
Available FY21 FY22 FY23 FY24 FY25
Perth CBD Income Area
18.7%
20% 17.5%
15%
10%
6.0%
4.5%
5% 3.1% 3.0% 1.9% 2.2% 1.8% 1.6%
0.5% 0.3%
0%
Available FY21 FY22 FY23 FY24 FY25
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Includes stabilised properties only.
Passing FFO yield based on annualised Property Funds From Operations for the month of January 2021.

2021 Half Year Results

9 February 2021

Office portfolio Strong customer covenants

Office top 10 customers

Office top 10 customers
Office customers1	Credit rating2	% of income3
State of Victoria	AAA	3.3%
Wilson Parking	Not rated	3.1%
Rio Tinto	A	3.1%
Commonwealth of Australia	AAA	3.0%
Worley	Not rated	1.1%
BDO Services	Not rated	1.1%
John Holland	Not rated	1.1%
Commonwealth Bank of Australia	AA-	1.1%
Herbert Smith Freehills	Not rated	1.1%
NBN	A+	1.0%

Total Dexus portfolio includes executed Heads of Agreement at 31 December 2020. 2. Highest equivalent S&P rating.
Annualised income is based on the sum of the passing Gross Rental and secured gross Rental (for signed leases and for signed Heads of Agreement).

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100 Mount Street, North Sydney NSW.
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Diversity of office customers (by income), showing limited concentration risk

Public Admin and Safety (State & Federal 14.4% Governments & associated agencies) Financial and Insurance Services 14.2% Legal Services 13.1% Professional, Scientific and Technical 12.7% Services (Except Computer System… Rental, Hiring and Real Estate Services 8.8% Mining 6.5% Transport, Postal and Warehousing 5.6% Information Media and 4.5% Telecommunications Accommodation and Food Services 3.8% Retail Trade 3.5% Insurance and Superannuation Funds 3.3% Electricity, Gas, Water and Waste 2.2% Services Construction 2.0% Health Care and Social Assistance 1.6% Education and Training 1.5% Wholesale Trade 1.1% Agriculture, Forestry and Fishing 0.8% Manufacturing 0.2% Other Services 0.1% Arts and Recreation Services 0.1%

2021 Half Year Results

9 February 2021

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Industrial portfolio Prime quality, high conviction locations

Industrial by location

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Industrial by asset type
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Sydney
South 7%
Industrial
estate 42% Melbourne,
North 0.5% Business park
26%
Melbourne,
Land 11%
West 15.8%
Sydney,
$2.4bn $2.4bn North 1%
Melbourne,
Data centre
South West
4%
1%
Sydney,
South 8%
Distribution
Business park Melbourne, South Sydney, Inner
centre 17%
26% East 18% West 6%
Brisbane,
Adelaide 1% South 1% Brisbane 10%
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425 Freeman Drive, Richlands QLD.
47 Foundation Road, Truganina VIC.
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Dunlop , 380 Dohertys Road, Truganina VIC.
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2021 Half Year Results

9 February 2021

Industrial portfolio lease expiry profile[1] Staggered and long dated expiries

40%

35%

30%

25%

20%

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15%
15.9%
14.0%
10%
11.3%
5%
5.3% 5.8%
4.5%
0%
Available FY21 FY22 FY23 FY24 FY25
FY21 Key expiries FY22 Key expiries FY23 Key expiries FY24 Key expiries
Axxess Corp Park (1.3%) Axxess Corp Park (4.1%) Lara Distribution Ctr (3.2%) 3 Brookhollow Ave (3.8%)
Kings Park Ind Estate (1.1%) 12-18 Distribution Dr (2.0%) Axxess Corp Park (3.2%) 1 Garigal Rd (1.0%)
Homemaker (0.9%) Kings Park Ind Estate (1.1%) The Mill (1.3%) 2-4 Military Rd (1.0%)
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By income.

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Foundation at Truganina VIC. 9 February 2021
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2021 Half Year Results

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Industrial portfolio Industrial lease expiry profiles by region

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Sydney Income Area
20%
16.9%
14.7%
13.9% 13.8%
15%
10.7% 10.3%
8.6%
10%
7.0%
5.9% 6.2%
5% 2.9% 2.1%
0%
Available FY21 FY22 FY23 FY24 FY25
Melbourne Income Area
30%
27.1%
19.7%
20% 16.6%
9.5%
10% 7.1% 7.0% 7.3%
2.2% 3.5% 2.6% 4.4% 4.4%
0%
Available FY21 FY22 FY23 FY24 FY25
Value Cap rate Yield [2]
Dexus Industrial [1] ($m) (%) (%)
Sydney 1,214 4.9% 4.9%
Melbourne 792 5.1% 4.9%
Brisbane 239 5.9% 5.9%
Adelaide 16 10.0% 9.0%
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Brisbane Income Area
35% 30.4%
28%
19.5%
21% 17.6%
15.8%
14% 11.1% 9.6%
7%
0.8% 0.6% - - 0.3% 0.5%
0%
Available FY21 FY22 FY23 FY24 FY25
Adelaide Income Area
60%
54.2%
51.3%
40%
21.9% 25.9%
17.3% 16.5%
20%
6.6% 6.3%
- - - -
0%
Available FY21 FY22 FY23 FY24 FY25
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Includes stabilised properties only.
Passing FFO yield based on annualised property Funds From Operations for the month of January 2021.

2021 Half Year Results

9 February 2021

Industrial portfolio Strong and diverse customer covenants

Industrial top 10 customers

Limited individual customer exposure

Industrial customers1	% of income2
Autosports Group	0.6%
IBM Australia	0.5%
Coles	0.5%
AWH Pty Ltd	0.4%
Reece	0.4%
Symbion Health	0.3%
Fujitsu	0.2%
ESTORE	0.2%
Channel Biologics	0.2%
Hello Fresh	0.2%

Total Dexus portfolio includes executed Heads of Agreement at 31 December 2020. 2. Annualised income is based on the sum of the passing Gross Rental and Secured Gross Rental (for signed leases and for signed Heads of Agreement).

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9 Custom Place, Truganina VIC.
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8 Felstead Drive, Truganina VIC.
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Diversity of industrial customers (by income), showing limited concentration risk

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Transport, Postal and Warehousing 26.0%
Retail trade 23.5%
Manufacturing 14.1%
Wholesale trade 9.4%
Health Care and Social Assistance 7.7%
Information Media and
6.5%
Telecommunications
Construction 3.5%
Professional, Scientific and Technical
3.2%
Services
Administrative and Support Services 1.7%
Financial and Insurance Services 1.7%
Other Services 1.7%
Public Administration and Safety 0.8%
Rental, Hiring and Real Estate Services 0.2%
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2021 Half Year Results

9 February 2021

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Environmental metrics Office sustainability metrics

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6 stars Listed Office 5.5 stars
Office sustainability metrics 19,235sqm NABERS Energy ratings 307,431sqm
3% 44% Dexus office NABERS Energy
Dexus Office Energy & Green House Gas (GHG) emissions intensity 0 stars portfolio average rating
(star)
2,377sqm
0.3%
609 Dec 15 4.7
2.5 stars
134 10,004sqm 5.0 star Dec 16 4.8
1.4%
Office portfolio
116 3 stars Dec 17 4.8
average
9,999sqm
293 1.4% Dec 18 5.0
60 4 stars Dec 19 5.0
57 44,921sqm
6% Dec 20 5.0
51.9% energy intensity reduction 5 stars
4.5 stars
54.9% location based emissions intensity reduction [1] 66,371sqm 237,216sqm34%
50.9% market based emissions intensity reduction [2] 10%
FY08 2010 2012 2014 2016 2018 2020
Listed Office Dexus office NABERS Water
4.5 stars
Dexus Office Water use intensity 180,890sqm NABERS Water ratings portfolio average rating
26% (star)
5 stars
855 8,515sqm Dec 15 3.8
1%
Dec 16 3.6
4 stars
5.5 stars 3.8 star 271,914sqm Dec 17 3.6
442 13,514sqm 39%
2% Office portfolio
Dec 18 3.6
average
Dec 19 3.7
48.3% water intensity reduction
2.5 stars
FY08 2010 2012 2014 2016 2018 2020 Dec 20 3.8
46,274sqm
7%
Location-based GHG emissions are calculated using published emissions coefficients and do not take into account
voluntary renewable electricity purchases made by Dexus. 3 stars
Market-based GHG emissions are derived from the location-based method, taking into account renewable electricity 93,952sqm
3.5 stars
supplied via Australia’s Renewable Energy Target and voluntary renewable energy purchases made by Dexus. 13%
75,964sqm
11%
e/sqm)
Energy Intensity (MJ/sqm)
GHG emissions intensity (kg CO2-
Water use Intensity (L/sqm)
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Dexus Office Energy & Green House Gas (GHG) emissions intensity

Dexus Office Water use intensity

Location-based GHG emissions are calculated using published emissions coefficients and do not take into account voluntary renewable electricity purchases made by Dexus.
Market-based GHG emissions are derived from the location-based method, taking into account renewable electricity supplied via Australia’s Renewable Energy Target and voluntary renewable energy purchases made by Dexus.

2021 Half Year Results

9 February 2021

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Case Study: Innovation 2020 was a year of innovation for Dexus

Dexus is continuously investing in innovation to secure first-mover advantage on next generation technology solutions for our customers, investors and business

› History suggests that companies that invest in innovation through a crisis outperform peers during the recovery ¹

In February 2020, Dexus partnered with SparkBeyond to unleash AI-powered insights across our portfolio, accelerating Dexus’s digital transformation. Leveraging an artificial intelligence (AI)powered platform, Dexus will have the capacity to understand drivers governing business and real estate performance in a fraction of the time taken using existing methods.

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› Organisations that maintained their innovation focus through the GFC outperformed the market average by more than 30% and continued to deliver accelerated growth over the subsequent three to five years ¹

› Prioritising innovation today is the key to unlocking post-crisis growth

Source: McKinsey & Company, “Innovation in a crisis: Why it is more critical than ever”, as at 17[th] June 2020.

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In May 2020, Dexus announced its investment in Asia’s leading real estate technology investment manager – Taronga Ventures – and its RealTech Ventures Fund, giving Dexus early exposure to emerging technology and innovation trends. The pace of technological advancement presents a distinct opportunity for institutional owners of real estate who adopt early, enabling them to deliver value to their customers, communities and capital.

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In June 2020, Dexus was among the first in Australia to create a fully integrated touchless experience in an office building. Gateway Sydney, now uses a 3D fingerprint technology to scan occupants’ handprints to create a unique algorithm, eliminating the need for office passes swiping across surfaces and touching of lift buttons.

2021 Half Year Results

9 February 2021

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Developments Completed – core hold

Pipeline	Building area1	Project cost2	Yield on cost3	Leased	Final	Third party
	sqm	$m	%	%	completion	partner
						interest
						%
Office
180 Flinders Street, Melbourne, VIC	20,300	168	6-7%	85%	Aug 2020	-
Total office		168
Industrial
9 Custom Place, Truganina, VIC	45,400	53	6-7%	100%	Sep 2020	-
Total industrial		53
City retail
80 Collins Street, Melbourne, VIC (hotel)4	7,700	28		100%	Aug 2020	25%
Total city retail		28
Total developments completed		249

At 100%.
Dexus share in development cost (including cost of land were purchased for development and excluding downtime and income earned through development).
Yield on cost calculation includes cost of land, downtime and income earned through development in the denominator.
The vendor managed the development of the Hotel. Development costs, including certain third-party claims associated with the development, were funded by the vendor with Dexus’s contribution effectively limited to the agreed purchase price, subject to certain limitations on claims.

2021 Half Year Results

9 February 2021

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Development Committed developments and fund-throughs – core hold

Pipeline	Building	Project	Est. cost to	Yield on	Leased	Completion	Third party
	area1	cost est.2	completion	cost3	%	due	partner
	sqm	$m	$m	%			interest
							%
Industrial
18 Momentum Way, Ravenhall, VIC	72,000	24	8	6-7%	100%	Mid 2021	75%
47 Momentum Way, Ravenhall, VIC	43,100	15	8	6-7%	60%	Mid 2021	75%
54 Ferndell Street, South Granville, NSW	57,100	83	15	6-7%	66%	Early 2021	49%
425-479 Freeman Road, Richlands, QLD	54,800	43	13	6-7%	65%4	Mid 2021	49%
Lot 401 Innovation Drive, Merrifield, VIC	51,600	37	26		100%	Mid 2021	49%
Total industrial	278,500	202	70
City retail/other
MLC Centre, Sydney, NSW	11,000	94	16	5-6%	79%	Late 2021	50%
Australian Bragg Centre, North Terrace, Adelaide, SA	24,500	231	180	5-6%	77%	Mid 2023	50%
Total city retail/other	35,500	325	196
Total developments committed	314,000	528	266

At 100%.
Dexus share in development cost (including cost of land where purchased for development and excludes downtime and income earned through development).
Target yield on cost calculation includes cost of land, downtime and income earned through development in the denominator. 4. Stage 1 of the development only.

2021 Half Year Results

9 February 2021

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Developments Uncommitted developments – core hold

Pipeline		Building area1,5	Project cost	Est. yield on est.	Third party
		sqm	est.2,5	project cost3	partner
			$m	%	interest %
Office	140 George Street, Parramatta, NSW	43,600	c. 200	6-7%	50%
	Waterfront Brisbane, QLD	130,700	c. 1,100	5-6%	50%
	Central Place Sydney, NSW4	141,000	c. 550	5-6%	25%
	Pitt & Bridge Precinct, Sydney, NSW	105,400	c. 1,400	5-6%	50%
	60 Collins Street, Melbourne, VIC	27,100	c. 600	5-6%	-
	10 Eagle Street, Brisbane, QLD	4,900	c. 25	6-7%	50%
	150 George Street, Parramatta, NSW	21,600	c. 45	6-7%	50%
	123 Albert Street, Brisbane, QLD	39,900	c. 150	5-6%	-
Total office		514,200	c. 4,070
Industrial	141 Anton Road, Hemmant, QLD	66,000	c. 100	5-6%	-
	20 Distribution Drive, Truganina, VIC	21,000	c. 30	6-7%	-
	11-167 Palm Springs, Ravenhall, VIC	286,400	c. 100	6-7%	75%
Total industrial		373,400	c. 230
Total uncommitted		887,600	c. 4,300

At 100%.
Dexus share in development costs (including cost of land where purchased for development and excludes downtime and income earned through development. Pitt & Bridge Precinct only excludes land for 56 Pitt Street and Central Place Sydney only excludes land for 14 Lee Street, Sydney.
Target yield on cast calculation includes cost of land, downtime and income earned through development in the denominator.
Excluding external party share of project . External JV partner owns 50% of this project.
Amounts have been rounded.

2021 Half Year Results

9 February 2021

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Transactions Dexus and funds management

Dexus acquisitions Purchase price $m Interest Settlement 155, 159, 171 Edward Street, Brisbane, QLD $87.0 100% 3 Aug 20 141 Anton Road, Hemmant, QLD $31.8 100% 11 Sept 20 Australian Bragg Centre, Adelaide, SA1 $223.1 50% 30 Oct 20 37-39 Wentworth Street, Greenacre, NSW2 $51.0 51% 17 Jul 20-Feb 21 Ford Facility, Merrifield Business Park, Mickleham, VIC3 $37.5 51% Aug 20–Aug 21 3 Spring, 58 Pitt and 60 Pitt Streets, Sydney, NSW $177.0 50% Aug18-Jul 22 Dexus divestments Sale price $m Interest Settlement Finlay Crisp Centre, Canberra, ACT $31.0 50% 1 Jul 20 201 Elizabeth Street, Sydney, NSW4 $315.0 50% 12 Nov 19/20 Aug 20 45 Clarence Street, Sydney, NSW $530.0 100% 18 Dec 20 Truganina, VIC and Lakes Business Park South, Botany, NSW5 $269.4 100% 1 Oct 20/20 Dec 20 /Mid 21 60 Miller Street, North Sydney, NSW6,7 $273.0 100% Mid 21 Grosvenor Place, Sydney, NSW6 $694.0 37.5% Early 21 436-484 Victoria Road, Gladesville, NSW7 $55.0 100% Jan-July 21 250 Forest Road South, Lara, VIC $13.2 24% Mar 21	Funds Management acquisitions Purchase price $m Interest Settlement
	37-39 Wentworth Street, Greenacre, NSW2 $49.0 49% 17 Jul 20–Feb 21 Ford Facility, Merrifield Business Park, Mickleham, VIC3 $36.0 49% 12 Aug 20–Aug 21 Truganina, VIC and Lakes Business Park South, Botany, NSW5 $269.4 100% 1 Oct 20/21 Dec 20/Mid 21 Australian Bragg Centre, Adelaide, SA1 $223.1 50% 30 Oct 20–Mid 23 College Junction, 695 Sandgate Road, Clayfield, QLD $36.5 100% 30 Nov 20 201-203 Power Street, Glendenning, NSW $27.1 100% 11 Dec 20 3 Spring, 58 Pitt and 60 Pitt Streets, Sydney, NSW $177.0 50% Aug 18-Jul 22 525 BoundaryStreet, SpringHill, QLD8 $85.0 100% Mar 21

	Funds Management divestments Sale price $m Interest Settlement
	Finlay Crisp Centre, Canberra, ACT $31.0 50% 1 Jul 20 141 Anton Road, Hemmant, QLD $31.8 100% 11 Sep 20 452 Flinders Street, Melbourne, VIC $454.3 100% 10 Dec 20 Grosvenor Place, Sydney, NSW6 $231.0 12.5% Mar 21

The purchase price reflects the development completion price. The property will be acquired via a fund-through arrangement and expected completion is August 2023. The settlement of the initial payment of $111.8 million occurred on 30 October 2020. 2. 75% of the purchase price was paid in July 2020 with the remaining 25% payable at a later stage.
The purchase price reflects the initial purchase of the land and the estimated development costs.
Dexus settled on the sale of the initial 25% interest in November 2019 for $157.5 million. Settlement of the remaining 25% interest occurred in August 2020 for $157.5 million.
Dexus settled the first tranche of the industrial assets in October 2020 and December 2020 and has entered into put and call option arrangements to sell the second tranche in mid-2021. 6. Subject to FIRB.
Subject to the exercise of put and call options.
The purchase price is determined by a final WALE, with a range of between $81-$99.3 million.

2021 Half Year Results

9 February 2021

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Yield is a positive thematic driving investor demand Australian real estate yields are high compared to interest rates

Historical low interest rates

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15%
10%
5%
2.3%
0.8%
0% 0.1%
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Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20
10 Year Australian Govt Bond Yield Corporate BBB bonds RBA cash rate
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Search for defensive yield driving cap rate compression[2]

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10%
8%
5.8%
6%
5.0%
4.7%
4% 4.6%
2%
0%
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Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20 Office Industrial Retail Healthcare

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Australia provides attractive cap rates on relative global basis [1]
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10%
Attractive
relative cap
8% rates in
Australia
6%
4%
2%
Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20
Sydney CBD Melbourne CBD San Francisco London Singapore Tokyo
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All property types demonstrate attractive spreads to bonds[2]

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8%
6%
5.0%
4.2%
4%
3.9%
3.8%
2%
0%
-2%
Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20
Office Industrial Retail Healthcare
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Source: MSCI, Dexus Research, RBA, JLL Research.

Office cap rates.
Cap rates series are for Sydney markets. The Healthcare series is the hospital income return from MSCI.

2021 Half Year Results

9 February 2021

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Market outlook Sydney CBD supply landscape for major office projects

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

'000sqm
150
Withdrawal
100
Mooted/Early
50 Feasibility
Available
0
-50 Pre-committed
-100
-150
FY21 FY22 FY23 FY24 FY25 FY26FY27 FY28 Mooted
183-185 Clarence Street 275 George Street 36 Carrington Street 38-46 Martin Place 388 George Street 55 Market Street 570 George Street 66 King Street 10 Carrington Street (Wynyard Place) 210-232 George Street 426-430 Kent Street Withdrawals (FY22) 180 George Street 50 Bridge St 65-77 Market Street Withdrawals (FY23) 33 Alfred Street Withdrawals (FY24) 256 Pitt Street 55 Hunter Street 8-10 Lee Street Central Place SydneyLee Street Lots 1-6 Hickson Road 169-183 Liverpool St 55 Pitt Street 56-60 Pitt & 3 Spring StreetPitt & Bridge Central Place SydneyLee Street 117 Clarence Street 187-191 Thomas St 201 Sussex Street 284-292 Pitt Street 312 - 318 George & Ivy 32-36 York 33 Bligh Street 338 Pitt Street 458-466 George St & 49-51 Market St 4-6 Bligh Street 4-6 York Street 477 Pitt St 8-16 Spring St & 19-23 O'Connell Withdrawals (mooted)
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2021 Half Year Results

9 February 2021

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Market outlook Melbourne CBD supply landscape for major office projects

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

'000sqm
150
Withdrawal
100
Mooted/Early
Feasibility
50
Available
0
Pre-committed
-50
-100
FY21 FY22 FY23 FY25 FY26 Mooted
80 Collins Street 405 Bourke Street 180 Flinders Street 74-110 Queen Street 550 Bourke Street Withdrawals (FY21) 140 Lonsdale Street 1000 La Trobe Street 18-38 Siddeley St Widthdrawls (FY22) 500 Bourke Street 7-23 Spencer Street 52-60 Collins Street60 Collins Street Swanston Street 85-91 Spring Steet 90 Collins Street 300 Lonsdale Street 7-13 Alfred Place 695 Collins Street 383 La Trobe Street 55 King Street 396 Docklands Drive 32 Flinders Street 17-31 Digital Drive 14-22 Russell Street 17-23 Bennetts Lane 256-260 King Street 440 Docklands Drive 26-34 Digital Drive 388 William Street 700 Collins Street Spring Street South 600 Lonsdale St 77 Waterfront Way Southgate Avenue Mooted Withdrawal
Street 555 Collins Street (Stage 1) 12 Riverside Quay, Southbank 580 Little Bourke Street
423-435 Bourke Street
364-378 Little Lonsdale, 283-295 Queen 140-150 Queen Street, 27 McKillop Street,
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2021 Half Year Results

9 February 2021

Office markets	Office markets
Dexus position in CBD office
CBD Office Market	Sydney	Melbourne	Brisbane	Perth
Total NLA	5.1 million sqm	5.1 million sqm	2.3 million sqm	1.8 million sqm
Prime vacancy average	12.5%	13.8%	12.3%	15.7%
Dexus CBD Exposure
Total NLA	553,530 sqm	345,999 sqm	258,824 sqm	122,235 sqm
Number of properties	18	8	7	3
Occupancy (by area)	97.3%	90.1%	96.1%	97.0%
Occupancy (by income)	96.9%	90.4%	96.4%	96.9%
WALE	4.0 years	3.6 years	3.5 years	5.9 years
69 2021 Half Year Results					9 February 2021

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Other information Exchange rate and securities used in statutory accounts

		31 Dec 2020	30 Jun 2020	31 Dec 2019
Closing rates for Statement of Financial Position	USD	0.7702	0.6863	0.7006
Average rates for Statement of Comprehensive Income	USD	0.7302	0.6714	0.6846

Post consolidation equivalent amounts		6 mths to	12 mths to	6 mths to
		31 Dec 2020	30 Jun 2020	31 Dec 2019
Average weighted number of securities1		1,090,472,045	1,095,096,969	1,096,815,516
Closing number of securities		1,089,055,137	1,091,202,163	1,096,401,459

Used to calculate underlying FFO, FFO and AFFO per security.

2021 Half Year Results

9 February 2021

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Glossary

Distribution payout policy:	Policy is to distribute in line with free cash flow.
Funds From Operations (FFO):	FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders
	calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of
	impairments, derivative and FX mark to market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives,
	gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, certain transaction costs, one-off significant
	items, amortisation of intangible assets, movements in right of use assets and lease liabilities, rental guarantees and coupon income.
Adjusted FFO (AFFO):	AFFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders
	calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of
	impairments, derivative and FX mark-to-market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives,
	gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, certain transaction costs, one-off significant
	items, amortisation of intangible assets, movements in right of use assets and lease liabilities, rental guarantees and coupon income, less
	maintenance capital expenditure and lease incentives.
Gearing:	Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the currency gains and losses of cross
	currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Covenant gearing is the
	same definition but not adjusted for cash.
Gearing (look through):	Represents Gearing defined above adjusted to include debt in equity accounted investments.
Portfolio Value:	Unless otherwise stated, portfolio value is represented by investment properties, inventories and investments accounted for using the equity
	method, and excludes cash and other assets.
Weighted Average Lease Expiry (WALE): A measure in years of the average term to expiry of in-place rent. Includes vacancies.

2021 Half Year Results

9 February 2021

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Important information

› This presentation is issued by Dexus Funds Management Limited (DXFM) in its capacity as responsible entity of Dexus (ASX:DXS). It is not an offer of securities for subscription or sale and is not financial product advice.
› Information in this presentation including, without limitation, any forward-looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DXFM, Dexus and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward-looking statements for a range of reasons outside the control of the relevant parties.
› The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a Dexus security holder or potential investor may require in order to determine whether to deal in Dexus stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.
› The repayment and performance of an investment in Dexus is not guaranteed by DXFM, any of its related bodies corporate or any other person or organisation.
› This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

2021 Half Year Results

9 February 2021

AI assistant

DEXUS — Interim / Quarterly Report 2021

64807_rns_2021-02-08_30fe9b1a-3eca-4c84-ba28-f738b1f9ba02.pdf

Dexus (ASX: DXS)

ASX release

9 February 2021

2021 Half year results presentation

Authorised by the Board of Dexus Funds Management Limited

For further information please contact:

Investors

Media

About Dexus

Agenda

› Overview

› Financial results

› Funds management

Strategy Focus on strategic initiatives

HY21 highlights Progress in challenging COVID-19 environment

Environmental, Social and Governance update Global ESG leadership

Global ESG benchmark recognition

Environmental performance

ESG update

Key earnings drivers and valuations Strength in industrial values, resilience in office values

Key earnings drivers

Property portfolio valuations

Earnings driver HY21 result

HY21 financial results

Enduring property FFO despite COVID-19 impacts, supported by trading profits

COVID-19 impacts Rent collections of 96.0% for HY21

HY21 Rent collections

HY21 direct COVID-19 AFFO impacts[3]

Strong financial position Contracted asset sale proceeds to further strengthen balance sheet

Diversified sources of debt

Funds Management Provides Dexus with an annuity-style, secure income

Diversified portfolio

Diversified Funds Management business across 8 vehicles

Funds management Scalable and expanding suite of products

Dexus Wholesale Property Fund (DWPF) Sustained growth and consistent outperformance

Key features

Total FUM[4 ] – strong & consistent growth of 13% p.a. since FY05

Consistent outperformance against Benchmark[1]

DWPF portfolio sector diversification – HY21 vs FY17

Healthcare Wholesale Property Fund (HWPF) Pre-eminent Australian healthcare fund

Key features

HWPF portfolio composition

Office leading indicators point to improving conditions Leasing markets to benefit in 2021

Confidence and hiring intentions have improved sharply

Office portfolio activity Strong six months of leasing, supported by leading indicators

Leasing activity HY21 vs HY20[1]

Office portfolio performance Maintaining high occupancy at 96.0%

Dexus office portfolio vs PCA/MSCI office index at 30 September 2020[3]

% p.a.

Staggered expiry profile and high occupancy Dexus portfolio occupancy consistently above market

Dexus office portfolio lease expiry profile[[1]]

Our purpose: creating spaces where people thrive Dexus offering from 1 hour to 10 years

Workspace features

Flexible Offering (Flex)

Amenities

Transport Solutions

Technology & Innovation features

Systems and processes

Transport solutions

Experiential services

Industrial portfolio performance Strong leasing and continued investment demand

Dexus industrial portfolio vs PCA/MSCI industrial index at 30 September 2020[3]

Dexus industrial portfolio outperforming over 3 & 5 years

Industrial growth Supported by strong, national customer relationships

Diverse mix of existing and repeat customers

Transactions

Progressing optimisation of portfolio composition via selective asset recycling

$11.4 billion group development pipeline Minimal current commitments

Office group development pipeline Uncommitted, income producing and flexible commencement timeline

Core industrial development Progressing $1.2 billion of key projects

Freeman Central, 425-479 Freeman Road, Richlands, QLD

Loop, 54 Ferndell Street, South Granville, NSW

Consistent delivery of trading profits over time Delivered $436 million[1] in trading profits since FY12

Trading profits FY21-FY22 de-risked for investors

Key √ Secured Contracted HOA

Investment highlights Dexus provides exposure to a high-quality, diversified real estate platform

Summary Focus on growth in capital efficient funds management business

DEXUS Interim / Quarterly Report 2021