Dexus (ASX: DXS)

ASX release

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14 February 2023

HY23 results presentation

Dexus provides its 2023 half year results presentation.

An investor conference call will be held at 9.30am (AEDT) today, which will be webcast via the Dexus website at www.dexus.com/investor-centre 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 HY23 results release and the HY23 Appendix 4D and Financial Statements.

Authorised by the Board of Dexus Funds Management Limited

For further information please contact:

Investors Rowena Causley Head of Listed Investor Relations +61 2 9017 1390 +61 416 122 383 [email protected]

Media

Luke O’Donnell Senior Manager, Media and Communications +61 2 9017 1216 +61 412 023 111 [email protected]

About Dexus

Dexus (ASX: DXS) is one of Australia’s leading fully integrated real asset groups, managing a high-quality Australasian real estate and infrastructure portfolio valued at $62.3 billion (pro forma post completion of the Collimate Capital acquisition). 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 directly own $17.8 billion of office and industrial assets and investments. We manage a further $44.5 billion of investments in our funds management business (pro forma post completion of the Collimate Capital acquisition) which provides third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering outperformance and benefit from Dexus’s capabilities. The group’s $15.8 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. We consider sustainability (ESG) to be an integral part of our business with the objectives of Leading Cities, Future Enabled Customers, Strong Communities, Thriving People and an Enriched Environment supporting our overarching goal of Sustained Value. Dexus is listed on the Australian Securities Exchange and is supported by more than 31,000 investors from 23 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted returns for investors. www.dexus.com

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

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2023 Half year results 14 February 2023

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

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Acknowledgement of country

Dexus acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing contribution to land, waters and community.

We pay our respects to First Nations Elders past, present and emerging.

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Artist: Amy Allerton, Indigico Creative, a Gumbaynggir and Bundjalung woman

Artwork: The Places Where We Thrive

Artwork description: The artwork tells the story of a vision for our communities, both large and small, where they are all thriving and strong as they build lives, homes and legacies for present and future generations. Every community is connected by spirit and by country, surrounded by flourishing waterways and vibrant land that is enriched and cared for by its people. Communities are empowered to find new ways to build and expand, as they dream and innovate to create the places where we thrive.

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14 February 2023

Dexus 2023 Half year results presentation

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Agenda
Overview	Darren Steinberg, CEO
Financial results	Keir Barnes, CFO
Funds management	Deborah Coakley, EGM Funds Management
Office portfolio	Kevin George, EGM Office
Industrial portfolio	Stewart Hutcheon, EGM Industrial, Retail & Healthcare
Investments and Developments	Ross Du Vernet, CIO
Summary	Darren Steinberg, CEO
Appendices
		25 Martin Place, Sydney NSW.

14 February 2023

Dexus 2023 Half year results presentation

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Active six months in subdued market

› Maintained a strong balance sheet with 25.6% gearing, substantial headroom and 85% of debt hedged
› Announced $773 million balance sheet divestments , recycling capital into higher returning opportunities
› Successful equity raisings in DHPF and DREP1 within the Funds management business
› Maintained high occupancy levels above 95% through leasing activity, reinforcing the resilience of the portfolio
› Secured $48.7 million post-tax trading profits for FY23, and approximately $5 million pre-tax to be realised across FY23 and FY24
› Progressed city-shaping developments at Atlassian Central and Waterfront Brisbane
› Dexus recognised as a global leader in sustainability in the S&P Global Sustainability Yearbook

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Quay Quarter, 50 Bridge Street, Sydney NSW.
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14 February 2023
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4 Dexus 2023 Half year results presentation

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Our strategy

Vision To be globally recognised as Australia’s leading real asset investment manager To deliver superior risk-adjusted returns for investors from Strategy high-quality real assets Strategic Resilient income streams Investment manager of choice objectives Fully integrated, Investment Funds management Development multi-sector platform of scale $17.8bn $26.3bn $15.8bn and deep capability of capital invested directly of third party FUM group development pipeline Underpinned by prudent capital management and a commitment to sustainability

14 February 2023

Dexus 2023 Half year results presentation

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Evolution to a leading real asset manager

Acquisition of AMP Capital domestic RE and infra platform first stage completion expected in March 2023

up to $62.3 billion under management across the Dexus platform	up to $62.3 billion under management across the Dexus platform
$16.7bn 3 Funds Pooled $3.3bn 2 Funds $2.7bn 1 Fund JV / Mandates $6.5bn 7 Funds $6.1bn 9 Funds $2.6bn 5 Funds Listed / Retail $0.8bn 1 Fund $3.1bn 9 Funds $2.7bn 2 Funds Dexus $26.3bn AMP Capital up to $10.2 bn1 AMP Capital up to $8.0bn1 Real estate up to $34.3bn Infrastructure up to $10.2bn Combined third-party FUM up to $44.5 bn up to$22.7bn 6 Funds up to$15.2bn 21 Funds up to$6.6bn 12 Funds Dexus balance sheet $17.8bn Diverse platform across multiple capital sources Real estate
JV / Mandates	up to$15.2bn 21 Funds
Listed / Retail	up to$6.6bn 12 Funds

Delayed completion and renegotiated terms have resulted in DXS’s maximum total consideration payable reducing to $225 million (reflecting 1.2% of FUM)

Non-binding term sheet for alternative transaction structure, with first stage completion expected to occur in March 2023

Final completion dependent on satisfying the remaining condition precedent

Reflects AMP Capital FUM at 31 December 2022.

14 February 2023

Dexus 2023 Half year results presentation

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Environmental, Social and Governance highlights

Global ESG benchmarks

Global leader

Top 5% S&P Global ESG Score | Real estate

S&P Global Sustainability Yearbook 2023

Climate change leader

A List

CDP Climate Change 2022

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Global sector leader

Listed office

GRESB 2022 Real Estate Assessment

Sector leader

AAA rating MSCI – ESG rating 2022

5 Star rating

Principles of Responsible Investment Investment & Stewardship Policy and Direct Real Estate Modules

5 Star

NABERS Energy rating Dexus office portfolio

4.8 Star

NABERS Water rating Dexus office portfolio

4.6 Star

NABERS Indoor Environment

rating

Dexus office portfolio

HY23 ESG highlights

Healthy buildings

› Dexus achieved its first WELL Health and Safety rating across 45 office properties

Modern Slavery awareness

› 96% of Dexus employees completed modern slavery awareness training
› Collaborated with suppliers to deliver multi-lingual Modern Slavery Risk Awareness Training to 8,887 supplier employees

14 February 2023

Dexus 2023 Half year results presentation

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Financial results

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Key earnings drivers and valuations Resilient property portfolio with growth in Management operations and Trading

Key earnings drivers

Property portfolio valuations

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Earnings driver HY23 result
31 Dec 2022 Valuation Capitalisation rate
Property AFFO [1] of $300.5 million value [4] six months movement [5] six months movement
Property +3.2% office LFL income [2]
2.5% (3.9)%
portfolio +2.4% industrial LFL income [3] Total $242.2m 4.80%
98.9% rent collections portfolio $17.8bn 1.4% (1.4)% 16bps
Management operations FFO of
Funds $52.0 million from funds management, 1.4% (3.2)%
management property and development management Office $236.1m (1.8)% 4.89%
income $12.9bn 1.8%
portfolio
14bps
Co-investment $14.4 million distribution income earned
income from investments in pooled property and real estate securities funds 6.2% (6.4)%
Industrial $6.3m 4.46%
Trading profits post tax of $48.7 million secured portfolio $4.2bn 0.2%
from St Leonards and Australian Bragg Centre 17bps
Trading and a further $5 million pre-tax to be realised (0.2)%
across FY23 and FY24
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Property AFFO is equal to Property FFO of $378.8m less total portfolio AFFO capex of $78.3m. 2. Office LFL income was +9.9% including rent relief and provision for expected credit losses. 3. Industrial LFL income was +5.6% including rent relief and provision for expected credit losses.
Total portfolio value of $17.8bn includes $0.9bn look-through FUM for Dexus’s co-investments in pooled funds and financial assets, and comprises office portfolio $12.9bn, industrial portfolio $4.2bn, healthcare portfolio $0.5bn, retail $0.1bn and real estate securities and other $0.1bn.
Valuation movement excludes co-investments in pooled funds and financial assets. Includes other property revaluation gain of $0.2m and excludes leased assets and right of use assets revaluation gain of $5.5m.

Dexus 2023 Half year results presentation

14 February 2023

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HY23 financial results

Impact of higher interest rates offset by growth in Management operations and Trading

1. Management operations FFO includes development management fees. 2. Includes distribution income from Dexus’s co-investment stakes in pooled funds and excludes joint venture and partnership income which is proportionately consolidated in Note 1 Operating Segments within Dexus’s Financial Statements. See slide 37 in Appendices for further detail. HY23 $m HY22 $m Change % Office property FFO 294.9 338.7 12.9% Industrial property FFO 83.9 69.2 21.2% Total property FFO 378.8 407.9 7.1% Management operations1 52.0 37.2 39.8% Group corporate (23.0) (22.4) 2.7% Net finance costs (65.2) (54.7) 19.2% Co-investments income2 14.4 13.8 4.3% Other3 (16.6) (6.7) 147.8% Underlying FFO 340.4 375.1 9.3% Trading profits (post tax) 48.7 21.6 125.5% FFO 389.1 396.7 1.9% Maintenance and leasing capex (78.3) (94.5) 17.1% Adjusted Funds from Operations (AFFO) 310.8 302.2 2.8% Distribution payout (% AFFO) 96.9% 99.7% Distribution 301.2 301.2 -	› Office property FFO decreased primarily due to the impact of divestments and non-recurring income from development impacted properties in the prior half, partly offset by fixed rent increases
	› Industrial property FFO increased primarily due to a full period contribution from the Jandakot industrial precinct, recently completed developments, as well as leasing success
	› Management operations FFO increased significantly, driven predominantly by the contribution from development milestones being achieved during the period and a full period contribution from growth in the funds platform
	› Net finance costs increased, primarily due to higher floating rates in HY23, alongside the impact of non-recurring interest income in the prior corresponding half relating to the delayed settlement of Grosvenor Place, partially offset by a lower average debt balance following recent asset sales
	› Other expenses increased primarily due to FFO tax expense on management operations › AFFO capex reduced primarily due to timing of project commencements
	Key per security metrics HY23 HY22 Change
	Underlying FFO per security 31.6 cents 34.9 cents 9.3% FFO per security 36.2 cents 36.9 cents 1.9% AFFO per security 28.9 cents 28.1 cents 2.8% Distribution per security 28.0 cents 28.0 cents -
	HY23 FY22
	Net Tangible Assets (NTA) per security $12.01 $12.28 2.2%

Other FFO includes non-trading related tax expense, directly owned healthcare property prior to disposal and other miscellaneous items.

14 February 2023

Dexus 2023 Half year results presentation

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Strong financial position

Prudent gearing and proactive refinancing to maintain balance sheet strength

› Substantial headroom , and gearing of 25.6%[1] below the 30-40% target range, combined with strategic asset recycling, provides capacity to fund growth initiatives in funds management and developments

Diversified sources of debt

› $1.9 billion new and refinanced facilities during HY23

Further diversified debt through the issue of $500 million of exchangeable notes and repurchased $100 million of existing outstanding exchangeable notes due June 2026
› Additional $300 million new and refinanced facilities post 31 December, with average tenor of 6.4 years
› 85% of debt hedged across HY23 , and an average hedge maturity of 4.8 years providing material protection against interest rate movements over the medium term

Key metrics	31 Dec 2022	30 June 2022
Gearing (look-through)1	25.6%	26.9%
Headroom2	$3.0bn	$1.9bn
Cost of debt3	3.6%	2.7%
Average maturity of debt	5.2 years	5.5 years
Hedged debt (incl caps)4	85%	65%
Weighted average maturity of hedges	4.8 years	5.9 years
S&P/Moody’s credit rating	A-/A3	A-/A3

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Exchangeable
notes 11%
Bank facilities
54%
USPP 21%
Bank debt
54%
Debt capital
markets
46%
MTN 13%
Commercial paper 1%
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Adjusted for cash and debt in equity accounted investments, excluding Dexus's share of co-investments in pooled funds. Look-through gearing including Dexus's share of co-investments in pooled funds was 26.4% at 31 December 2022.
Undrawn available facilities plus cash.
Weighted average for the period, inclusive of fees and margins on a drawn basis.
Average for the period.

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Dexus 2023 Half year results presentation

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Funds management

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An active funds platform focused on investors Focused on performance, governance, diversification and product choices

Funds management platform growth and diversification

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30
$25.9 billion $26.3 billion DWPF outperformed across 1, 3, 5, 7
across 19 funds across 19 funds and 10 years [1] Strong, established governance
25 +346% $2.2bn $1.1bn $2.0bn$1.1bn DHPF recognised as a global sector underpins our responsibility to deliver frameworks across all vehicles
leader by GRESB for Healthcare in the
outcomes in the best interest of
development benchmark in 2022
20 $6.5bn investors
$6.6bn
Raised $553 million in new equity
15
Diversified investor base Investors by location
10
$5.9 billion across 4 funds $16.0bn $16.7bn 6% 4% 51% Superannuation &Pension Funds
7%
5 $2.0bn Multi Manager 30% 70%
Institutional
$3.9bn Australia
15%
0 High Net Worth & Offshore
FY12 FY22 HY23 Private Capital
Insurance
Wholesale pooled funds Joint ventures
17%
Other
Listed REITs Real estate securities
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Strong, established governance frameworks across all vehicles underpins our responsibility to deliver outcomes in the best interest of investors

Benchmark: MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index (Net returns, Net Asset weighted).

14 February 2023

Dexus 2023 Half year results presentation

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Achieving scale in new funds

Dexus Real Estate Property Partnership 1 (DREP1)

Dexus Healthcare Property Fund (DHPF)

› Launched in 2021 as the first in a series of closed ended funds that seek to provide investors with enhanced returns via exposure to investments in property repositioning, development, special situation opportunities and alternative credit
› Leverages Dexus’s integrated platform and proven trading capabilities to provide the fund with competitive differentiation
› Raised circa $200 million equity in HY23, taking the fund’s investment capacity to circa $1 billion, including leverage
› Strong interest across institutional and private investors in Australia and Asia

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Diversified investor base
Dexus 21%
$475m
total equity Institutional capital 46%
raised since
2021 [1]
High net worth &
private capital
33%
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Total equity raised for DREP1 includes circa $100m co-investment from Dexus.
Includes on completion value of assets under development including Dexus ownership interest.
Total equity raised for DHPF includes equity transactions, secondary transfers and co-investment by Dexus.
› Launched in 2017 to capitalise on unprecedented growth of the Australian healthcare sector, underpinned by strong demand drivers and market fundamentals
› Leverages Dexus’s scale and platform to attract capital and build a $1.8 billion[2] high-quality healthcare real estate portfolio
› Raised $220 million equity in HY23 from existing and new investors
› Growing demand from institutional investors in Australia, Asia, Europe and North America

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Significant growth while maintaining a high-quality portfolio [3]
$m 11.7%
1800 12
Portfolio one-
1600
1400 10 year return
(post fees)
1200 8
1000
6
800
600 4 $1.1bn
400
2
200 total equity
0 0 raised
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 since 2017 [3]
Total Portfolio Value (as-if complete) Number of Assets
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Dexus 2023 Half year results presentation

14 February 2023

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Office portfolio

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Office portfolio performance Portfolio resilient in challenging market

$23.5 billion Dexus group office portfolio

$12.9 billion

Dexus balance sheet office portfolio

1,411 Customers

Leased by area[1,3]

Average incentives[1,3] 31.8% FY22: 29.4%

106,751sqm across 154 transactions HY22: 112,601sqm

45 properties Across key CBDs

Occupancy[[3]] 95.3%

Occupancy[[3]] WALE[3] 95.3% 4.6 years FY22: 95.6% FY22: 4.7 years

1.6 million Square metres

Portfolio one-year[[2,3]] total return[3] +3.2% 4.3% Face: +4.4% at 31 December 2022

Effective LFL income[[2,3]]

3.5-4.0% Average fixed rental increases

Excludes development leasing of 7,789sqm across 6 transactions.
Excludes rent relief and provision for expected credit losses. Including these impacts: Effective +9.9% and Face +10.0%.
› Occupancy by income maintained above 95%, including recent years throughout the COVID-19 pandemic, consistently outperforming the wider market
› Effective like-for-like income growth has remained positive each financial year over the past 10 years, averaging 2.7%
› Stabilised leasing volume increased by 94% from 2H22
› Incentives expected to remain elevated in the near term
› Dexus continues to benefit from flight to quality with its 95% prime grade[4] portfolio

Historic Dexus occupancy vs market[5]

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100%
98%
Dexus
96%
94%
92%
90%
88%
Market
86%
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Dexus balance sheet portfolio performance statistics exclude co-investments in pooled funds.
Prime grade buildings represent 95% of the office portfolio excluding assets held for sale and including development-affected assets.
Historic Dexus occupancy by area. Market occupancy refers to Australian CBD average by Property Council of Australia.

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Dexus 2023 Half year results presentation

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Staggered expiry profile and diverse customer base Supporting resilient income streams

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Dexus office portfolio lease expiry profile (by income) [1] Diverse customer base with
16% limited concentration risk
13% target threshold Sydney Melbourne Brisbane Perth
14%
Top customer – Woodside
12% represents 3.2% of property
portfolio income
10%
8%
Top 10 customers
6% represent 16.3% of property
portfolio income
4%
2% Top office customer industry groups
Financial/Insurance – 17%
0%
Available FY23 FY24 FY25 FY26 FY27 Legal services – 15%
Rental/hiring/real estate
Key vacancies FY23 key expiries FY24 key expiries FY25 key expiries FY26 key expiries FY27 key expiries services – 13%
80 Collins St (0.9%) 80 Collins St (1.0%) 25 Martin Pl (0.9%) One Margaret St (1.6%) 25 Martin Pl (1.4%) 100 Mount St (1.7%)
44 Market St (0.7%) 130 George St (0.5%) 44 Market St (0.7%) 1 Bligh St (1.4%) One Margaret St (1.2%) Gov. Phillip Tower (1.6%) (of Office portfolio income)
145 Ann St (0.5%) ASQ Tower (0.5%) 60 Castlereagh St (0.7%) Kings Square 2 (1.2%) 130 George St (1.1%) 240 St Georges Tce (1.3%)
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Dexus balance sheet portfolio performance statistics exclude co-investments in pooled funds.

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Dexus 2023 Half year results presentation

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Dexus observations

Continued flight to quality, longer conversion times a cyclical outcome

Dexus portfolio

Market observations

› Continued evidence of flight to quality, with customers upgrading accounting for 53% of space leased across new leasing deals
› Large tenant enquiry has picked up, however conversion times have increased given economic uncertainty
› Of the space renewed across the office portfolio in HY23, 64% were expansions, 2% were contractions and 34% retained the same space
› A further 7,789 square metres of development leasing achieved at Waterfront Brisbane, further evidence that large customers are making long term decisions regarding their office footprint
› Physical occupancy improved in all four CBD markets through 2022
› Market face rent growth remains positive and sub-lease vacancy remains lower than during the pandemic
› Vacancy rates are likely to remain elevated over the next few years as the existing supply pipeline completes in a climate of subdued demand

Historical leasing (including development leasing)

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sqm
Area leased Leasing deals
160,000 250
140,000
200
120,000
100,000 150
80,000
60,000 100
40,000
50
20,000
- 0
HY19 2H19 HY20 2H20 HY21 2H21 HY22 2H22 HY23
Source: Property Council Australia and Colliers.
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Office physical occupancy in the four major CBDs

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% of estimated pre-COVID Melbourne CBD Sydney CBD
Perth CBD Brisbane CBD
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22
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Dexus 2023 Half year results presentation

14 February 2023

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Industrial portfolio

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Industrial portfolio performance Strong stabilised leasing volumes

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$11.6 billion
Dexus group industrial
portfolio
>632
Customers
212
Properties
3.7 million
Square metres
3.0-3.5%
Average fixed rental
increases
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$4.2 billion Dexus balance sheet industrial portfolio	$4.2 billion Dexus balance sheet industrial portfolio	› Strong leasing volumesacross stabilised portfolio › Portfolio 9.3% under-rentedas a result of strong market rent growth, which remains supported by low vacancies and ongoing structural tailwinds
		› Examples of releasing spreads above 50%
Leased by area1,3 153,989sqm across 34 transactions	Occupancy3 97.4%	› ~20% of portfolio set to accessrental reversionupon expiry by FY24 › High transport costs to increasinglyfavour well located industrial assets
HY22: 115,664sqm	FY22: 98.1%
		Dexus industrial lease expiry profile (by income)3
Average incentives1,3 10.9% FY22: 13.5% Effective LFL income2,3 +2.4% Face: +3.6%	WALE3 4.7 years FY22: 4.7 years Portfolio one-year total return3 10.2% at 31 Dec 2022	2.6% 4.4% ~~12.7%~~ ~~8.2%~~ 18.4% 12.2% 0% 5% 10% 15% 20% Available FY23 FY24 FY25 FY26 FY27

Excludes development leasing of 60,179 across five transactions.
Excludes rent relief and provision for expected credit losses. Including these impacts: Effective +5.6% and Face +6.6%.
Dexus balance sheet portfolio performance statistics exclude co-investments in pooled funds.

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Dexus 2023 Half year results presentation

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Industrial take-up has long-term drivers Demand driven by investment in last mile fulfilment, population growth and retail spending

National industrial take-up remains above long-term average

Dexus leasing observations

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Millions sqm
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Retail (ecommerce) Retail (not ecommerce) Logistics Wholesale Manufacturing Other
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› Demand is broad-based including medical supplies, supermarkets, materials supporting transport infrastructure, ecommerce and retailers investing in last mile fulfilment
› Transport costs account for up to 50% of a tenant’s costs vs. rent accounting for circa 5%, reinforcing the importance of having well located properties
› Rent growth supported by low vacancy rates, rising development costs and infrastructure/ motorway upgrades
› 46% of HY23 leasing struck with CPI-linked reviews

Source: ABS, JLL Research.

Dexus 2023 Half year results presentation

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Investments and Developments

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Significant transactional activity

Continued focus on capital recycling into higher returning opportunities

$2.2 billion

Total group transactions

Recycling capital into higher returning opportunities

$1.9 billion Group property divestments

› $773 million balance sheet divestments announced since FY22
$457 million industrial properties
$214 million office properties
$102 million healthcare[1] properties

$351 million

Group property acquisitions

› No new balance sheet acquisitions
› $137 million new funds acquisitions across healthcare, opportunistic and development product
› $214 million settlements of group transactions exchanged prior to HY23

Acquisitions

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Artist impression: Australian Bragg Centre, 113-153 Aldington Rd, Kemps Creek NSW Adelaide SA

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Artist impression: Brighton St, Richmond VIC

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Artist impression: 90 Goodchap Street, Noosaville QLD

Acquired by Dexus Healthcare Property Fund.

14 February 2023

Dexus 2023 Half year results presentation

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Key development projects $15.8 billion group pipeline, of which DXS $2.5 billion committed remaining spend

› DXS $3.5 billion share of committed projects, with $2.5 billion remaining spend across five years
Atlassian Central, Sydney – 100% pre-committed over a 15-year lease with Atlassian, construction commenced in August 2022
Stage 1 Waterfront Brisbane[1] – 45% pre-committed, construction commenced in January 2023
› DXS $5.0 billion share of uncommitted projects – Flexibility around commencements and decision to commit will be assessed on project commerce and capital availability. Key city shaping projects include:
60 Collins Street, Melbourne
Central Place Sydney
› Circa $1 billion of DXS’s previous concept pipeline has been removed as these projects are no longer being pursued in the current market

Key committed projects	Sector	Project cost est.2	Yield on cost3	Est. cost to completion	Completion
123 Albert Street, Brisbane QLD	Office	$0.60bn	c. 5%	$0.16bn	Late 2023
Atlassian Central, Sydney NSW4	Office	$1.45bn	4-5%	$1.30bn	Late 2026
Stage 1 Waterfront Brisbane QLD	Office	$0.83bn	5-6%	$0.80bn	Early 2028
141 Anton Road, Hemmant QLD	Industrial	$0.17bn	4-5%	$0.13bn	Early 2024
Jandakot Airport, Perth WA	Industrial	$0.08bn	c. 5.5%	$0.05bn	Mid 2024

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Co-owned by Dexus 50%/DWPF 50%.
Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development). 3. Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development in the denominator.
Represents funding obligation for 100% of the project cost (excluding land).

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Artist impression: Waterfront Brisbane QLD.
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Dexus 2023 Half year results presentation

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Industrial development landbank in major hubs Circa 2.5 million square metres of land holdings to be developed over the next seven years

	1. Estimates only. Jandakot Group Dexus (33%) Land (ha) 81.7 Developable GLA (sqm) 351,000 Development costs ($m)1 696 232 Jandakot development site, WA	Ravenhall Total Dexus (39%) Land (ha) 180.3 Developable GLA (sqm) 534,100 Development costs ($m)1 1,041 411 Ravenhall development site, VIC	Kemps Creek Total Dexus (50%) Land (ha) 36.9 Developable GLA (sqm) 207,000 Development costs ($m)1 534 267 Artist impression: 884 Mamre Road, Kemps Creek NSW
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Trading profits

FY23 trading profits secured

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Trading profit track record
since FY12 [3]
$545 million
total trading profits
30%
Average unlevered IRR
12 Frederick Street, St Leonards NSW.
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› Realised $48.7 million[1] post-tax trading profits in HY23 and secured approximately $5 million[2] pre-tax trading profits to be recognised across FY23 and FY24
› Three additional trading opportunities within existing portfolio identified in FY22 remain unchanged, including 149 Orchard Road, Chester Hill, acquired in partnership with DREP1

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Post tax trading profits including contribution from 12 Frederick Street, St Leonards and Australian Bragg Centre. 2. Pre tax trading profits from 20 Distribution Drive, Truganina. 3. Pre tax. 26 Dexus 2023 Half year results presentation

14 February 2023

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Summary

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Summary

Demonstrated resilience in challenging environment

› Dexus has demonstrated resilience:
Maintained a strong balance sheet through asset recycling and proactive capital management
Maintained strong portfolio occupancy with the portfolio continuing to benefit from flight to quality
› The macroeconomic environment remains challenging with rising interest rates, ongoing supply chain disruptions, a global energy crisis and geopolitical risks contributing to continued economic uncertainty. Higher interest rates will continue to impact our results in FY23
› Barring unforeseen circumstances, Dexus has updated its guidance to deliver distributions of 51.0 – 51.5 cents per security for the 12 months ended 30 June 2023, reflecting the higher end of its previously stated guidance range[1]
› Dexus is set to emerge as one of the leading real asset managers in Australia . Real assets traditionally perform well in inflationary environments as their economic drivers are often directly or indirectly tied to inflationary trends
Assumes floating interest rates of circa 3.25% (90-day BBSW), completion (or first stage completion under an alternate transaction structure) of the transition of circa $18 billion of FUM from the acquisition of the AMP Capital real estate and domestic infrastructure equity platform in March 2023, and circa $50 - $55 million of trading profits (post-tax).

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Artist impression: Atlassian Central and Central Place Sydney NSW.
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14 February 2023

Dexus 2023 Half year results presentation

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Appendices

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Dexus today

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$44.1 billion [1] – total funds under management
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Dexus portfolio [1] Funds Management portfolio
Other 0.5%
Retail 0.5%
Other 5%
Healthcare 3% Office 40%
Office 72% Healthcare 5%
Industrial 24%
$17.8bn
$26.3bn
Retail 22%
Industrial 28%
1. Includes co-investments in pooled funds.
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Dexus 2023 Half year results presentation
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Financial results

Reconciliation to statutory profit

Reference	Item	31 Dec 2022	31 Dec 2021
		$m	$m
Statutory AIFRS net profit after tax		23.1	803.2
Investment property and inventory	(Gain)/loss from sales of investment property	0.5	-
	Fair value (gain)/loss on investment properties	236.7	(486.2)
Financial instruments	Fair value (gain)/loss on the mark-to-market of derivatives	42.7	(1.0)
Incentives and rent straight-lining	Amortisation of cash and fit out incentives	27.9	31.8
	Amortisation of lease fees	6.7	7.0
	Amortisation of rent-free incentives	44.0	42.2
	Rent straight-lining	(2.9)	(3.9)
Tax	Non-FFO tax expense	(12.0)	(12.1)
Co-investments	Share of net profit of investments accounted for using the equity method	(11.3)	(45.4)
	Distributions from financial assets at fair value through profit or loss	(3.8)	(3.8)
	Distributions from co-investments	14.4	13.8
Other unrealised or one-off items1	Other unrealised or one-off items	23.1	51.1
Funds From Operations (FFO)		389.1	396.7
Maintenance and leasing capex	Maintenance capital expenditure	(13.5)	(24.4)
	Cash incentives and leasing costs paid	(23.3)	(25.6)
	Rent free incentives	(41.5)	(44.5)
Adjusted Funds From Operations (AFFO)		310.8	302.2
Distribution		301.2	301.2
AFFO Payout ratio		96.9%	99.7%

HY23 other unrealised or one-off items includes $60.8m amortisation and impairment of intangible assets, $25.0m transaction costs and one-off significant items (including costs associated with the AMP Capital platform acquisition and integration and other successful transaction and one-off significant items) partially offset by $67.7m of unrealised fair value gains on interest bearing liabilities. The remaining net $5.0m expense relates to exchangeable notes, debt modification and other items.

14 February 2023

Dexus 2023 Half year results presentation

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Financial results

Management operations profit

	Funds	Property	Development	Management
HY23 ($m)	Management	Management	Management	Operations
Revenue	62.6	37.2	24.9	124.7
Operating expenses	(23.5)	(33.5)	(15.7)	(72.7)
HY23 netprofit	39.1	3.7	9.2	52.0
HY23 margin	62%	10%	37%	42%
HY22 margin	63%	15%	(45%)	37%

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175 Pitt Street, Sydney NSW.
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Dexus 2023 Half year results presentation

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Financial results Cash flow reconciliation

		31 Dec 2022	31 Dec 2021
		$m	$m
Cash flow from operating activities		294.1	344.2
add back:	payment for inventory acquisition and capex	10.0	2.3
less:	cost of sale of inventory	(62.1)	(139.3)
less:	tax on trading profits not yet paid	(20.9)	(9.2)
add back:	capitalised interest	10.5	3.3
add back:	adjustments for equity accounted distributions	48.1	80.2
less:	other working capital movements	54.1	26.8
add back:	transaction costs1	21.5	52.1
Adjusted cash flow from operating activities		355.3	360.4
Add back: rent free income		41.5	44.5
Less: depreciation and amortisation (including deferred borrowing costs)		(7.7)	(8.2)
FFO		389.1	396.7
Less: payments from maintenance capex and incentives2		(78.3)	(94.5)
AFFO		310.8	302.2
Less: gross distribution		(301.2)	(301.2)
Cash surplus		9.6	1.0

Includes costs associated with the acquisition and integration of the AMP Capital platform and other successful transactions. 2. Includes cash and fitout incentives, lease fees and rent-free incentives.

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Financial results Interest reconciliation

	31 Dec 2022	31 Dec 2021
	$m	$m
Total statutory finance costs	75.7	71.5
Less: Debt modification and movements related to exchangeable notes	(5.0)	(2.1)
Add: Finance costs attributable to investments accounted for using the equity method1	3.9	(0.3)
Less: AASB 16 interest expense	(0.4)	(0.4)
Gross finance costs for FFO2	74.2	68.7
Add: Interest capitalised	17.3	9.7
Gross finance costs for cost of debt purpose	91.5	78.4

Includes finance costs associated with properties held in investments accounted for using the equity method.
Excludes interest income of $9.0m (HY22: $14.0m) primarily in relation to Capital Square, Atlassian and general interest income.

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100 Mount Street, North Sydney NSW.
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Financial results Change in net tangible assets and revaluations

	$m	$ps
Opening net tangible assets1 (1 July 22)	13,206.6	12.28
Revaluation of real estate	(236.7)	(0.22)
Retained earnings2	87.9	0.08
Amortisation of tenant incentives3	(75.7)	(0.07)
Fair value and other movements4	(62.9)	(0.06)
Closing net tangible assets1 (31 Dec 22)	12,919.2	12.01

	Investment portfolio Valuation change $m Weighted average cap rate % of portfolio FUM
	Dexus office portfolio (236.1) 4.89% 72% Dexus industrial portfolio (6.3) 4.46% 24% Total Dexus portfolio (242.2)5 4.80% 100%

Net tangible assets exclude $110.9m (FY22: $117.4m) deferred tax liability relating to management rights. 2. Represents HY23 FFO less distributions.
Includes rent straight-lining.
Includes fair value movements of derivatives and interest-bearing liabilities, deferred tax and movement in reserves and other items. 5. Valuation movement excludes co-investments in pooled funds and financial assets. Includes other property revaluation gain of $0.2m and excludes leased assets and right of use assets revaluation gain of $5.5m.

14 February 2023

Dexus 2023 Half year results presentation

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Financial results

Direct property portfolio book value movements

	Office1	Industrial1	Healthcare	Dexus total1	Trading
	$m	$m	and other1	$m	assets2
			$m		(inventory)
					$m
Opening direct property	13,294.7	3,955.8	136.5	17,387.0	54.4
Lease incentives 3	57.5	8.0	-	65.5	0.3
Maintenance capex	13.1	-	-	13.1	-
Acquisitions	44.5	49.5	-	94.0	-
Developments 4	81.2	69.3	21.1	171.6	10.0
Disposals 5	(459.3)	(151.7)	(136.0)	(747.0)	(60.4)
Revaluations	(236.1)	(6.3)	0.2	(242.2)	-
Amortisation	(69.3)	(9.3)	-	(78.6)	(0.3)
Rent straight lining	1.7	1.2	-	2.9	-
Closing balance at the end of the period	12,728.0	3,916.5	21.8	16,666.3	4.0

Includes Dexus’s share of equity accounted investments except those classified as co-investments and financial assets at fair value through profit or loss and excludes leased assets.
Trading assets are included in Industrial and Dexus total amounts.
Includes rent free incentives.
Includes capitalised interest.
At book value and includes internal transfers to and from investment property.

103 Palm Springs Road, Ravenhall VIC.

Dexus 2023 Half year results presentation

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Financial results

Co-investments in pooled funds

			Ownership stake (%)	Dexus co-investment value ($m)1	Dexus HY23 co-investment income ($m)	Passing distribution yield (%)2	Number of properties	Total assets ($m)	Occupancy (%)	WALE (years)	WACR (%)	Fund look-through gearing (%)
Healthcare
DHPF			19.3%	$254.0	$4.0	3.8%	10	$1,481	99.9%	17.3	4.3%	10.4%
AUHPT	3		~7.0%	$188.4	$3.9	4.0%4	98	$3,793	98.8%	16.4	4.7%	30.5%
Industrial
DXI			17.5%	$197.9	$4.7	4.6%5	93	$1,564	97.4%6	6.3	5.1%	29.5%
Other real estate classes
DREP1			21.3%	$23.4	-	n/a	3	$173	n/a	n/a	n/a	45-55%8
DXC			9.0%	$48.9	$1.3	5.4%5	109	$844	99.4%	10.2	5.9%	34.1%
Securities and other		7	n/a	$29.9	$0.5	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total				$742.5	$14.4

Represents the equity accounted investment value or financial asset at fair value through profit or loss recognised on Dexus balance sheet.
With reference to the last announced distribution annualised (except for DHPF which refers to CY22 distributions over the weighted average unit price), and the closing unit price at 31 December 2022.
As reported by Australian Unity Healthcare Property Trust at 31 December 2022.
Returns stated are for the 12-month period to 31 December 2022 for AUHPT’s Wholesale Units.
Passing yield based on the equity accounted book value of Dexus’s co-investment at 31 December 2022. Passing yield based on market value was 5.7% for DXI and 7.4% for DXC based on closing security prices at 31 December 2022. 6. DXI occupancy by area.
Includes investments in APN Asian REIT Fund, APN Global REIT Income Fund, Dexus Development Fund No. 2, Dexus Regional Property Fund, RealTech Ventures and Divvy Parking Pty Limited. 8. Target gearing range for Fund.

Dexus 2023 Half year results presentation

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Capital management HY23 position

Debt maturity profile1 $m - 500 1,000 1,500 2,000 2,500 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 DCM Bank	Key metrics 31 Dec 2022 30 June 2022
- 500 1,000 1,500 2,000 2,500	Total debt2 $4,531m $4,882m Headroom (approximately)3 $3.0bn $1.9bn Gearing (look-through)4 25.6% 26.9% Covenant gearing (covenant5 <55%) 24.4% 25.5% Interest cover (covenant5 >2.0x) 5.0x 6.0x Priority debt (covenant5 <30%) 0.0% 0.2%

Includes $325m series 1 exchangeable notes based on investor put date in FY24. Includes $300m of new and refinanced bank facilities executed post 31 December 2022.
Total debt does not include debt in equity accounted investments or Dexus’s share of co-investments in pooled funds.
Undrawn available facilities plus cash.
Adjusted for cash and debt in equity accounted investments, excluding Dexus's share of co-investments in pooled funds. Look-through gearing including Dexus's share of co-investment in pooled funds was 26.4% as at 31 December 2022.
As per public bond covenants.

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Capital management Interest rate hedging profile

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Hedge profile
$m
5,000 4.0%
4,500
3.5%
4,000
3,500
3.0%
3,000
2,500 2.5%
2,000
2.0%
1,500
1,000
1.5%
500
0 1.0%
FY23 FY24 FY25 FY26 FY27
Net fixed debt Exchangeable notes4
Interest rate swaps Interest rate caps
Weighted average hedge rate (excl margin)
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Hedging profile	31 Dec 2022	30 June 2022
Hedged debt (incl caps)1	85%	65%
Weighted average interest rate on hedged debt2	1.8%	1.5%
Cost of debt3	3.6%	2.7%
Weighted average maturity of hedges	4.8 years	5.9 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. 4. $325m series 1 exchangeable notes based on investor put date in FY24.

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Capital management Debt facilities[1]

Facility limit A$m Drawn A$m Maturity Currency Bilateral bank debt 300 200 FY24 A$ 600 389 FY25 A$ 450 - FY26 A$ 750 - FY27 A$ 1,250 - FY28 A$ 550 196 FY29 A$ Commercial paper2 100 100 FY26 A$ Medium term notes 185 185 FY26 A$ 130 130 FY27 A$ 200 200 FY30 A$ 500 500 FY32 A$ 30 30 FY39 A$ 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 Series 1 325 325 Mar-244 A$ Series 2 500 500 Nov-27 A$	Facility limit A$m Drawn A$m
	Sub total 7,500 4,384
	Currency translation and fair value adjustments 252 252 Deferred borrowing costs and debt modifications (33) (33) Exchangeable notes adjustments (72) (72)
	Total interest bearing liabilities 7,647 4,531
	Bank guarantee facilities (incl utilised) (175) Cash 87
	Headroom including cash 3,028
	1. Does not include debt facilities in equity accounted investments or Dexus's share of co-investments in pooled Excludes $300m of new and refinanced bank debt facilities executed post 31 December 2022. 2. Based on maturity date of commercial paper standby facility. 3. USPP US$ amount shown at the cross-currency swap contract rate. 4. Based on investor put date in FY24.

Does not include debt facilities in equity accounted investments or Dexus's share of co-investments in pooled funds. Excludes $300m of new and refinanced bank debt facilities executed post 31 December 2022.
Based on maturity date of commercial paper standby facility.
Based on investor put date in FY24.

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40 Dexus 2023 Half year results presentation

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Funds management Development pipeline

$7.0 billion Funds management development pipeline

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$2.6 billion
Committed projects
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$4.4 billion
Uncommitted projects
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Project cost on uncommitted projects in funds management business	Project cost on uncommitted projects in funds management business	Project cost on uncommitted projects in funds management business	Project cost on uncommitted projects in funds management business
Uncommitted projects	FY24	FY25	FY26+
Office - 4 properties $2.9bn Industrial - 7 properties $1.2bn Retail – 1 property $0.2bn Healthcare – 1 property $0.1bn
Project cost on uncommitted funds management projects $4.4bn

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Property portfolio Office and industrial key metrics

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Rialto Towers, Melbourne VIC.

Key metrics	Office Industrial
Amount of space leased1	106,751sqm2 153,989sqm3
No. of leasing transactions	1542 343
Occupancy by income	95.3% 97.4%
Occupancy by area	94.8% 98.6%
Average incentives	31.8%4 10.9%5
No. of effective deals	36 11
Weighted average lease expiry6 (WALE)	4.6 years 4.7 years
Like-for-like income growth (excluding rent relief and provision for expected credit losses)	Face +4.4%7 Face +3.6%8
	Effective +3.2%7 Effective +2.4%8

Including Heads of Agreement.
By income.
Excluding development leasing of 7,789sqm across six transactions. 3. Excluding development leasing of 60,179sqm across five transactions. 4. Gross basis excluding development leasing. 5. Net basis excluding development leasing.
Excludes rent relief and provision for expected credit losses. Including these impacts: Effective +9.9% and Face +10.0%.
Excludes rent relief and provision for expected credit losses. Including these impacts: Effective 5.6% and Face +6.6%.

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Property portfolio
Office portfolio diversification
Office by asset type
Premium Prime
50% grade
95% [1]
$12.9bn
Other <1%
B Grade 5%
A Grade
45%
1. Prime grade buildings represent 95% of the office portfolio including stabilised
assets only and excluding development affected assets and land. 25 Martin Place, Sydney NSW.
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Office by location
Sydney
WA 11% CBD/fringe
51%
QLD 11%
$12.9bn
VIC 20%
NSW 58%
Sydney suburban
7%
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Property portfolio

Office portfolio lease expiry profiles by region[1]

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By income By area Melbourne CBD By income By area
Sydney CBD
20% 15%
15.8%14.3% 15.9% 16.0% 15.1%15.7% 11.7% 12.2%
15% 11.5% 12.1% 10% 8.7% 9.6% 9.3% 9.5% 8.7%
7.6% 7.7%
10% 6.3% 6.6%
5% 4.3% 4.9% 4.5% 4.0% 5% 2.4%
0% 0%
Available FY23 FY24 FY25 FY26 FY27 Available FY23 FY24 FY25 FY26 FY27
Brisbane CBD By income By area
Sydney Suburban By income By area 20%
30%
14.3%
18.3% 22.2% 15% 12.3% 11.6% 11.7%
20% 14.9% 16.8% 10% 7.5% 10.0% 8.3% 9.3% 8.9%
6.6%
10% 7.5% 8.5% 4.4% 4.3% 5% 5.4% 4.9%
1.9% 2.0% 2.7% 2.4%
0% 0%
Available FY23 FY24 FY25 FY26 FY27 Available FY23 FY24 FY25 FY26 FY27
Dexus Office [2] Value Cap rate Yield [3] Perth CBD By income By area
($m) (%) (%) 15% 13.7% 13.0%
Sydney CBD 6,266 4.71% 4.55% 10.8% 10.5% 11.1%
Sydney suburban 938 4.99% 4.98% 10% 9.1%
Melbourne CBD 2,527 4.74% 3.83%
Brisbane CBDPerth CBD 1,354995 5.62%5.18% 5.43%5.92% 5% 1.9% 1.8% 0.4% 0.7% 1.5% 1.4%
0%
1. % relates to each of the regions total income only. Available FY23 FY24 FY25 FY26 FY27
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Includes stabilised properties only.
Past 12 months rolling FFO yield based on annualised income excluding the effects of COVID-19 rent waivers and one-off income.

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Property portfolio

Office top 10 customers represents 16.3% of total property portfolio income

Office top 10 customers			Diversity of office customers	Diversity of office customers	Diversity of office customers	(by income)	(by income)	(by income)	(by income)
				0%	5%		10%		15%		20%
Office customers1	Credit rating2	% of total property portfolio income3	Financial and insurance services Legal services							15%	17%
Woodside	BBB+	3.2%	Rental, hiring and real estate services						13%
Commonwealth of Australia	AA-	2.8%	Professional, scientific and technical services					11%
			Public admin & safety					10%
Wilson Parking	Not rated	1.9%	Electricity, gas, water and waste services				6%
State of Victoria	AA	1.8%	Insurance and superannuation funds			4%
King & Wood Mallesons	Not rated	1.2%	Accommodation and food services Retail trade		4% 4%
Herbert Smith Freehills	Not rated	1.2%	Mining		4%
HWL Ebsworth	Not rated	1.1%	Information media and telecommunications		3%
			Construction		2%
Boeing	BBB-	1.1%	Manufacturing		2%
Shell Energy Australia	A	1.0%	Healthcare and social assistance		1%
Macquarie Group Limited	BBB+	1.0%	Wholesale trade Education and training		1% 1%
			Transport, postal and warehousing		1%
			Agriculture, forestry and fishing		1%

Includes executed heads of agreement at 31 December 2022.
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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14 February 2023

Dexus 2023 Half year results presentation

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Property portfolio Industrial portfolio diversification

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Industrial by asset type Industrial by location
Industrial WA 11%
estate 63%
SA 1%
NSW 45%
Land 4%
QLD 10%
Data
$4.2bn
centre 4% $4.2bn
Distribution
centre 11%
VIC 33%
Business
park 18%
8 Felstead Drive, Truganina VIC.
46 Dexus 2023 Half year results presentation 14 February 2023
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Property portfolio Industrial portfolio lease expiry profile by income

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20%
18.4%
15%
12.7%
12.2%
10%
8.2%
5% 4.4%
2.6%
0%
Available FY23 FY24 FY25 FY26 FY27
Key vacancies FY23 Key expiries FY24 Key expiries FY25 Key expiries FY26 Key expiries FY27 Key expiries
Axxess Corp Park (1.6%) Axxess Corp Park (2.0%) Kings Park Ind Estate (1.7%) Axxess Corp Park (1.4%) Axxess Corp Park (4.3%) Jandakot (1.6%)
The Mill, Alexandria (0.3%) 1 Foundation Pl Greystanes (0.5%) 84 Lahrs Rd, Ormeau (1.4%) 278 Orchard Road (0.9%) Jandakot (1.9%) 6 Bellevue Ct Quarry East (1.4%)
Lakes BP North (0.1%) Lakes BP North (0.5%) Distribution Ctr, Lara (1.2%) Pound Road West (0.8%) Military Rd, Matraville (1.1%) Axxess Corp Park (1.2%)
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14 February 2023

Dexus 2023 Half year results presentation

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Property portfolio Industrial portfolio lease expiry profiles by region[1]

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Brisbane Income Area
40%
Sydney Income Area 31.2%
30% 30%
24.0%
22.0% 21.4%
20%
20% 16.6% 12.7%
14.3% 12.0% 10.5% 10% 8.6% 8.3% 6.4% 4.5% 5.3%
10% 8.7% 9.0% 0.0% 0.0% 1.0% 2.2%
1.6% 0.6% 3.1% 2.7% - Available FY23 FY24 FY25 FY26 FY27
-
Available FY23 FY24 FY25 FY26 FY27
Adelaide Income Area
20% Melbourne 18.5% Income Area 40%30% 27.3% 28.3% 25.5% 35.3% 32.1%
14.8% 22.5%
15% 12.0% 12.7% 20%
10% 6.5% 6.9% 7.8% 8.7% 7.0% 10% 7.0% 7.5% 7.9% 6.5%
5.2%
5% 4.2% 0.0% 0.0%
1.9% -
- Available FY23 FY24 FY25 FY26 FY27
Available FY23 FY24 FY25 FY26 FY27
Income Area
Value Cap rate Yield [3] Perth
Dexus Industrial [2] ($m) (%) (%) 20% 18.4%
Sydney 1,662 4.09% 3.82% 15.6%
Melbourne 1,214 4.71% 4.56% 15% 13.0%
9.9%
Brisbane 379 4.79% 4.95%
10% 7.4% 7.9%
Adelaide 17 9.75% 9.13%
Perth 411 3.81% 5.30% 5% 3.1% 2.7% 2.3% 3.6%
0.0% 0.0%
1.2. % relates to each regions total income only.Includes stabilised properties only. -
Available FY23 FY24 FY25 FY26 FY27
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Past 12 months rolling FFO yield based on annualised income excluding the effects of COVID-19 rent waivers and one-off income.

Dexus 2023 Half year results presentation

14 February 2023

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Property portfolio

Industrial top 10 customers represent 4.2% of total property portfolio income

Diversity of industrial customers (by income)

Industrial top 10 customers

Industrial customers1	% of total property portfolio income2		5%	5%	10%	10%	20%	35%
Visy	0.8%	Transport, Postal and Warehousing Manufacturing					17%	30%
IBM Australia	0.6%	Retail trade					16%
AWH	0.4%	Wholesale trade				9%
Reece	0.4%	Health Care and Social Assistance			6%
Symbion Health	0.4%	Information Media and Telecommunications			5%
Coles	0.4%	Mining		4%
Linfox	0.3%	Construction	3%
Mcphee Distribution Services Bapcor	0.3% 0.3%	Other Services Professional, Scientific and Technical Services	2% 2%
		Financial and Insurance Services	2%
WINIT	0.3%	Administrative and Support Services	1%
		Public Administration and Safety	1%
1. Includes executed Heads of Agreement at 31 December 2022.		Rental, Hiring and Real Estate Services	1%
2. Annualised income is based on the sum of the p	assing gross rental and secured gross

Includes executed Heads of Agreement at 31 December 2022. 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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103 Palm Springs Road, Ravenhall VIC.

14 February 2023

Dexus 2023 Half year results presentation

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Environmental metrics

Office portfolio sustainability metrics

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FY08 BAU Net emissions
Dexus Office NABERS Energy ratings Dexus Office NABERS Water ratings
Dexus office net emissions intensity 120
6 stars
11% - Indirect 100 21,236sqm3% 232,513sqm5.5 stars 5.5 stars 93,593sqm5 stars
Water, waste/ 80 0 stars 37% 133,709sqm23% 16%
recycling & corporate 1,246sqm
operations < 1% 6 stars
60 32,503sqm
80% - Electricity 6%
9% - Fossil Fuels 40 2 stars 5.0 star 4.8 star
11,114sqm
Natural gas and diesel 20 2% Office portfolio 10,000sqm3.5 stars Office portfolio
0 3.5 stars average [1] 2% average
479sqm
FY08 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -20 < 1% 4 stars 238,334sqm5 stars 73,304sqm4 stars
80% - Renewable electricity GreenPower and Power Purchase Agreements 20% - Carbon offsets Investment in certified Carbon -40 30,386sqm5% 4.5 stars 38% 13% 4.5 stars
abatement and removal projects -60 91,285sqm 227,391sqm
15% 40%
Dexus Office Energy and Water intensity Dexus Office NABERS portfolio average ratings (stars)
Energy Energy Water Waste Indoor
with GreenPower Environment
Jun 18 4.9 4.7 3.6 - -
377 Jun 19 5.0 4.8 3.6 - -
Jun 20 5.0 4.8 3.7 2.6 4.1
294 Jun 21 5.1 5.0 4.5 2.6 4.8
51.7% energy intensity reduction Jun 22 5.3 5.0 4.7 2.9 4.9
55.9% water intensity reduction 70% coverage 73% coverage
3.0 4.6
FY08 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dec 22 5.3 5.0 4.8 73% coverage 87% coverage
Operational Emission sources
Emissions intensity (kg CO2-e/sqm)
Abatement activities
Water consumption (L/sqm)
Energy Intensity (MJ/sqm)
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Excluding GreenPower.

14 February 2023

Dexus 2023 Half year results presentation

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Development

Dexus completed developments

Pipeline		Building area1	Project cost2	Yield on cost	Leased	Completion due	Third party
		sqm	$m	%	%		partner interest
							%
Industrial	Palm Springs Road, Ravenhall VIC	51,100	17	6.0%	100%	Jul-22	75%
	Jandakot Airport, Perth WA	34,300	22	4.8%	100%	Oct-22	67%
	12 Frederick Street, St Leonards NSW3	17,500	67	n/a	73%	Nov 22	0%
Total developments	completed	102,900	106

At 100% ownership.
Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development).
12 Frederick Street, St Leonards was sold on 22 December 2022.

14 February 2023

Dexus 2023 Half year results presentation

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Development

Dexus committed developments and fund-throughs

Pipeline		Building area1	Project cost	Est. cost to	Yield on cost3	Leased	Completion due	Third party partner
		sqm	est.2	completion2	%	%		interest
			$m	$m				%
Office	123 Albert Street, Brisbane QLD	39,300	597	160	c. 5%	54%	Late 2023	-
	Atlassian Central, Sydney NSW4	58,000	1,450	1,298	4-5%	100%	Late 2026	-
	Stage 1, Waterfront Brisbane QLD6	76,100	825	769	5-6%	45%	Early 2028	50%
Total office		173,400	2,872	2,227
Industrial	Palm Springs Road, Ravenhall VIC	160,900	61	30	c. 6%	75%	Late 2023	75%
	Jandakot Airport, Perth WA	96,100	82	51	c. 5.5%	71%	Mid 2024	67%5
	Stage 2 1-21 McPhee Drive, Berrinba QLD	13,800	42	24	n/a	100%	Early 2023	-
	884 Mamre Road, Kemps Creek NSW	42,300	67	67	n/a	100%	Mid 2024	50%
	141 Anton Road, Hemmant QLD	62,400	168	125	4-5%	77%	Early 2024	-
Total industrial		375,500	420	297
City retail/healthcare	25 Martin Place, Sydney NSW	11,000	215	19	4-5%	97%	Early 2023	50%
Total city retail/healthcare		11,000	215	19
Total committed developments		559,900	3,507	2,543

At 100% ownership.
Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development).
Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development in the denominator. “n/a” applies to developments acquired via a fund-through arrangement. 4. Represents funding obligation for 100% of the project cost (excluding land).
Reflects DXI 33.3% stake and Cbus Super 33.3% stake.
Estimated project cost and estimated cost to completion include the pad site costs associated with Waterfront Stage 2. Yield on cost excludes pad site costs associated with Waterfront Stage 2.

Dexus 2023 Half year results presentation

14 February 2023

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Development

Dexus uncommitted developments

Pipeline5		Building	Project cost	Est. yield on est.	Third party partner
		area1,5	est.2	project cost3	interest
		sqm	$m	%	%
Office	Stage 2 Waterfront Brisbane QLD	57,500	c. 450	5-6%	50%
	60 Collins Street, Melbourne VIC	43,200	c. 950	c. 5%	-
	Central Place Sydney NSW4	137,800	c. 800	5-6%	25%
	Pitt and Bridge Precinct, Sydney NSW	80,000	c. 1,550	c. 5%	50%
Total office		318,500	c. 3,750
Industrial	Jandakot Airport, Perth WA	254,900	c. 150	5-6%	67%
	Palm Springs Road, Ravenhall VIC	138,800	c. 50	6-7%	75%
	113-153 Aldington Road, Kemps Creek NSW	164,700	c. 200	5-6%	50%
	311 South Street, Marsden Park NSW	43,800	c. 100	c. 5-6%	49%
	12 Church Road, Moorebank NSW	17,800	c. 50	5-6%	50%
	149 Orchard Road, Chester Hill NSW	24,100	c. 50	c. 5%	50%
	220 and Part 106 Riding Boundary Road, Ravenhall VIC	234,400	c. 300	4-5%	50%
	Stage 1 Axxess Corporate Park, Mount Waverley VIC	80,700	c. 300	5-6%	-
Total industrial		959,200	c.1,200
Total uncommitted	developments	1,277,700	c.4,950

At 100% ownership.
Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development).
Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development in the denominator.
Excluding external party share of project. External JV partner owns 50% of this project.
Figures are indicative and subject to relevant planning approvals and leasing commitment outcomes. Building area and project costs are presented on a rounded basis.

14 February 2023

Dexus 2023 Half year results presentation

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Transactions

Dexus[1]

Dexus acquisitions Purchase price2 $m Interest % Settlement 3 Spring, 58 Pitt and 60 Pitt Streets, Sydney NSW3 $46.2 50% Aug 18-Aug 22 Lot 2 884-928 Mamre Road, Kemps Creek NSW4 $62.7 50% Apr 23 113-153 Aldington Road, Kemps Creek NSW5 $125.5 100% Apr 23 220 and Part 106 Riding Boundary Road, Ravenhall VIC6 $33.2 50.1% May 25 All other acquisitions under $30m $46.2 n/a Jul 22-Dec 22	Dexus divestments Sale price2 $m Interest % Settlement
	383-395 Kent Street, Sydney NSW $385.0 100% 29-Jul-22 140 & 150 George Street, Parramatta NSW $77.3 50% 29-Jul-22 Australian Bragg Centre, Adelaide SA7 $102.5 50% 16-Dec-22 19 Stoddart Road, Prospect NSW8 $76.2 100% 16-Dec-22 12 Frederick Street, St Leonards NSW $118.5 100% 22-Dec-22 112 Cullen Avenue, Eagle Farm QLD8 $31.9 100% 24-Jan-23 145-151 Arthur Street, Flemington NSW $73.3 100% 1-Feb-23 20 Distribution Drive, Truganina VIC8,9 $43.1 100% May 23 586 Wickham Street & 10 Light Street, Fortitude Valley QLD $98.0 100% Jun 23 8 Nicholson Street, East Melbourne VIC8 $213.7 100% Jul 23 All other divestments under $30m $15.9 100% Jul 22-Dec 22

Dexus acquisitions
Purchase price2
$m
Interest
%
Settlement
3 Spring, 58 Pitt and 60 Pitt Streets, Sydney NSW3
$46.2
50%
Aug 18-Aug 22
Lot 2 884-928 Mamre Road, Kemps Creek NSW4
$62.7
50%
Apr 23
113-153 Aldington Road, Kemps Creek NSW5
$125.5
100%
Apr 23
220 and Part 106 Riding Boundary Road, Ravenhall VIC6
$33.2
50.1%
May 25
All other acquisitions under $30m
$46.2
n/a
Jul 22-Dec 22

Dexus divestments
Sale price2
$m
Interest
%
Settlement

383-395 Kent Street, Sydney NSW
$385.0
100%
29-Jul-22
140 & 150 George Street, Parramatta NSW
$77.3
50%
29-Jul-22
Australian Bragg Centre, Adelaide SA7
$102.5
50%
16-Dec-22
19 Stoddart Road, Prospect NSW8
$76.2
100%
16-Dec-22
12 Frederick Street, St Leonards NSW
$118.5
100%
22-Dec-22
112 Cullen Avenue, Eagle Farm QLD8
$31.9
100%
24-Jan-23
145-151 Arthur Street, Flemington NSW
$73.3
100%
1-Feb-23
20 Distribution Drive, Truganina VIC8,9
$43.1
100%
May 23
586 Wickham Street & 10 Light Street, Fortitude Valley QLD
$98.0
100%
Jun 23
8 Nicholson Street, East Melbourne VIC8
$213.7
100%
Jul 23
All other divestments under $30m
$15.9
100%
Jul 22-Dec 22

Excludes Dexus’s share in its co-investments in pooled funds.
Excludes transaction costs.
Reflects only the portion of the transaction that settled in HY23 which was made up of Lots in 58 Pitt Street, Sydney NSW.
Exchanged in September 2021. The purchase price reflects the development completion price and excludes acquisition costs. The property will be acquired via a fund-through arrangement with development payments expected to commence in 2023. 5. Exchanged in August 2021. Settlement subject to exercise of put and call option.
Exchanged in June 2022. Settlement subject to successful rezoning of land.
Price reflects the base purchase consideration for the 50% units in the trust inclusive of the Subordinated Convertible Loan Agreement debt and trust level adjustments.
Reflects net sale price and excludes transaction costs.
The sale price reflects the development completion price and excludes transaction costs.

14 February 2023

Dexus 2023 Half year results presentation

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Transactions

Funds management

Funds Management acquisitions	Purchase price1	Interest	Settlement
	$m	%
3 Spring, 58 Pitt and 60 Pitt Streets, Sydney NSW2	46.2	50%	Aug 18-Aug 22
Australian Bragg Centre, Adelaide SA3	102.5	50%	16-Dec-22
90 Goodchap Street, Noosaville QLD	35.0	100%	21-Dec-22
Lot 2 884-928 Mamre Road, Kemps Creek NSW4	62.7	50%	Apr 23
220 and Part 106 Riding Boundary Road, Ravenhall VIC5	33.1	49.9%	May 25
All other acquisitions under $30m	75.2	n/a	Jul 22-Dec 22

Funds Management divestments	Sale price1	Interest	Settlement
	$m	%
140 & 150 George Street, Parramatta NSW	77.3	50%	29-Jul-22
Shepparton Marketplace, Shepparton VIC	88.1	100%	30-Sep-22
1A & 1C Homebush Bay Drive, Rhodes NSW	160.5	100%	30-Nov-22
26 Huntingwood Drive, Huntingwood NSW	38.0	100%	31-Jan-23
Carillon City, Perth WA6	80.5	100%	Feb 23
Deepwater Plaza, Woy Woy NSW7	115.0	100%	Mar 23
Beenleigh Marketplace, Beenleigh QLD	85.0	100%	Apr 23
All other divestments under $30m	54.1	n/a	Jul 22–Jun 23

Excludes transaction costs.
Reflects only the portion of the transaction that settled in HY23 which was made up of Lots in 58 Pitt Street, Sydney NSW.
Price reflects the base purchase consideration for the 50% units in the trust inclusive of the Subordinated Convertible Loan Agreement debt and trust level adjustments.
Exchanged in September 2021. The purchase price reflects the development completion price and excludes acquisition costs. The property will be acquired via a fund-through arrangement with development payments expected to commence in 2023. 5. Contracts were exchanged in June 2022 and settlement is subject to the successful rezoning of land.
Exchanged in April 2022 and settlement will occur once ministerial consent has been achieved.
Conditional exchange of contracts occurred on 19 December 2022 and unconditional exchange occurred on 2 February 2023, with settlement targeting March 2023.

14 February 2023

Dexus 2023 Half year results presentation

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Prime grade properties better placed Dexus portfolio predominantly weighted to Prime grade

› We expect quality assets to continue performing better in the current environment, with regard to both tenant and investor demand
› Strong market rental growth to provide some support for industrial valuations
› Direct property investors tend to hold long term investment horizons

Sydney CBD office capitalisation rates by grade

Sydney industrial capitalisation rates by grade[1]

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Premium Average Prime Average Secondary Upper Prime Average Prime Average Secondary
12%
Prime grade 95% of Spread between average
9% Dexus office portfolio 10% prime and secondary
properties is starting to widen
Spread between 8% after reaching a decade low
7% average prime and of 50bps in June 2021
secondary properties
6%
is starting to widen
4%
5%
2%
3% 0%
Dec-02 Dec-06 Dec-10 Dec-14 Dec-18 Dec-22 Dec-02 Dec-06 Dec-10 Dec-14 Dec-18 Dec-22
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Source: JLL Research and Real Vantage.

Outer Western Sydney industrial market cap rate data used.

Dexus 2023 Half year results presentation

14 February 2023

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Office demand indicators

Demand indicators positive to December 2022, despite emerging cyclical risks

Job advertisements

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Job ads Professional job vacancies
‘000 jobs ‘000 Vacancies
400 100
80
300
60
200
40
100
20
0 0
Dec-12 Dec-14 Dec-16 Dec-18 Dec-20 Dec-22
White collar employment growth
All Industries Finance & business services
15%
10%
5%
0%
-5%
-10%
Nov-12 Nov-14 Nov-16 Nov-18 Nov-20 Nov-22
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White collar employment growth

Business conditions remain positive

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‘000sqm Net Absorption - 4 major CBDs Business conditions Index
150 30
100 20
50 10
0 0
-50 -10
-100 -20
-150 -30
-200 -40
Dec-12 Dec-14 Dec-16 Dec-18 Dec-20 Dec-22
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Professional company revenues

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Index Professional Services Tech & Telecom Admin & Support
130
120
110
100
90
80
70
60
Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22
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Source: National Skills Commission, NAB, ABS, PCA, JLL Research (*Sydney CBD, Melbourne CBD, Brisbane CBD, Perth CBD).

14 February 2023

57 Dexus 2023 Half year results presentation

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Office market outlook

Flight to quality, strong employment yet to translate into CBD demand

Net absorption by grade in the four major CBDs

Sydney CBD occupied stock vs. Sydney CBD white-collar employment

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‘000 sqm Prime Secondary Index Dec-12 = 100
Sydney CBD occupied stock
200
Sydney CBD white-collar employment
160
150
Occupied stock grew on the back
of rising white-collar employment,
150
100 albeit at a slower rate due to the
impact of increasing density COVID-19
50 140
0 130
The strong recent white-
-50 collar employment has yet
120
to translate into growth in
occupied office space
-100
110
-150
100
Density increasing pre-COVID-19
-200
90
Dec-12 Dec-14 Dec-16 Dec-18 Dec-20 Dec-22
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Source: JLL Research, Oxford Economics, Dexus Research. Four CBD’s include Sydney, Melbourne, Brisbane and Perth.

14 February 2023

Dexus 2023 Half year results presentation

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Sydney CBD net absorption Flight to quality, expansion and centralisation the key themes

Tenant moves by grade (Sydney CBD, C2022)

Annual net absorption ‘000s sqm

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30
20
10
0
-10
-20
-30
-40
Premium A-Grade B-Grade C-Grade D-Grade
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Sydney CBD: expansion and centralisation accounted for 40% of occupier moves by area in 2022 (moves >1000sqm)

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Expansion - tenant same size or
bigger and new business
15%
Centralisation into CBD
30%
Sublease reabsorbed
Contraction associated with new
lease
35%
10% Consolidation within existing
leases
3%
7% Sublease space put to market
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Source: Dexus Research, JLL Research.

14 February 2023

Dexus 2023 Half year results presentation

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Industrial sector

Strong demand and low vacancy leading to significant rent growth

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Vacancy rates hit record lows across all markets
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Lack of space leading to rapid growth in rents

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Sydney Melbourne Brisbane Perth Adelaide $/sqm Outer West Sydney West Melbourne South Brisbane East Perth
10% 210
9% 190
8%
170
7%
150
6%
5% 130
4%
110
3%
90
2%
70
1%
0% 50
Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20 Dec-22
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Source: Dexus Research, JLL Research.

Dexus 2023 Half year results presentation

14 February 2023

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Healthcare sector

Healthcare has outperformed other sectors over the past decade

Growing institutional demand drives healthcare transactions higher

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Hospitals Seniors housing and nursing homes
Medical office/centres Industrial research and development
$ billion
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1. MSCI and Dexus Research. MSCI total return index on a quarterly basis over 15 years to September 2022.
Source: Real Capital Analytics, MSCI , Dexus Research.
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Indexed returns[1] by sector (15yrs) (September 2007=100)

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All Property Retail Office Industrial All Healthcare
Value of $100 invested
800
700
600
500
400
300
200
100
Sep-07 Sep-10 Sep-13 Sep-16 Sep-19 Sep-22
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This information is provided for reference purposes only and is not a guarantee of future performance.

14 February 2023

Dexus 2023 Half year results presentation

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Market outlook

Sydney CBD – Supply reasonably subdued over the next two years

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'000 square metres
150
FY24-FY26 Withdrawal
-
Net supply is 3.5% of stock
100 - 56% of supply is pre-committed
Mooted/Early Feasibility
50 Available
0 Pre-committed
-50
-100
FY23 FY24 FY25 FY27 FY30 FY31 Mooted
Source: JLL Research, Dexus Research.
62 Dexus 2023 Half year results presentation 14 February 2023
121 Castlereagh St (David Jones) 201 Elizabeth St. Podium 32-36 York St. 333 Kent St. Poly Centre 210 George St. Salesforce Twr 180 George St. Sydney Metro West withdrawals 1 Shelley St. 333 Kent St Central Place 1 Shelley St 201 Elizabeth Podium 33 Alfred St. Martin Place Metro - North Tower Martin Place Metro - South Tower Parkline Place OSD - 256 Pitt St (Oxford) 175 Liverpool St 55 Pitt St Atlassian Tech Central - 8-10 Lee St Central Barangaroo - Stg 1 Chifley Tower South Toga Central - 2-8a Lee St (Toga) 175 Liverpool St 56 Pitt St. Darling Park 4 Central Place Stg 1 - 14-30 Lee St 117 Clarence St 187-191 Thomas St 338 Pitt St 4-6 York St. Central Barangaroo - Stg 2 Central Place (Stage 2) City East Zone Substation Project EVT 458 George St. Han's Group withdrawals (resi) Hunter St Metro - East OSD Hunter St Metro - West OSD International House (284-292 Pitt St) Milligan site Milligan site 17-23 Hunter St. Piccadilly Complex Rockcliff Chambers - 50 King St Spring & O'Connell St (LLC)
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Market outlook

Melbourne CBD – many projects will require pre-commitment in order to proceed

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'000 square metres
Withdrawal
80
Mooted/Early Feasibility
60
Available
40 Pre-committed
20
0
FY24-FY26
-20 -
Net supply is 4.5% of stock
-
17% of stock is pre-committed
-40
FY23 FY24 FY25 FY26 FY27 Mooted
Source: JLL Research, Dexus Research.
World Trade - Twr 1 (Zone Q/Ouson) 555 Collins St Stg 1 (Charter Hall) 263 William St (DeGroup) 17-23 Bennetts Lane (Perri Projects) 140 Lonsdale St (Charter Hall) 130 Little Collins St (Golden Age) 299 Bourke St / 280 Little Collins (Newmark) Invicta House (Fidinam) Orion House - 22 William St (Fidinam) NAB House - 500 Bourke St (ISPT) 288 Queen St (Longriver Group) Melbourne Qtr - 695 Collins St (Lend Lease ) 32 Flinders St (GPT) OSD South - Swanston St (Lend Lease ) 435 Bourke St (Cbus Super) 600 Collins St (Hines) 60 Collins (Dexus) The Quarter NewQuay (MAB Corporation) Southgate Office Tower (ARA) Royal Mint Ctr - 383 LaTrobe St (Mirvac) Queen Victoria Market Dev (Private) Melbourne Central - 300 Lonsdale St (GPT) Meccano Building - 440 Docklands Drive Land Titles Office (ISPT) 90 Collins St (Mirvac) 77 Waterfront Way (Ashe Morgan) 700 Collins St (Cromwell) 7 Spencer St (Mirvac) 580 Lonsdale St (Hickory Group) 570 Little Bourke St (Argo Group) 555 Collins St Stg 2 (Charter Hall) 540-550 Lonsdale St (Colin DeLutis) 522 Flinders St (Investa) 388 William St (MIT Group) 34-60 Little Collins St Parkade(Dexus) 30-40 Digital Dr (Digital Harbour) 600 Lonsdale St (V-Leader) 12 Riverside Quay (Nice Future)
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Dexus 2023 Half year results presentation

14 February 2023

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Office markets	Office markets
Dexus’s position in CBD office
CBD office market	Sydney	Melbourne	Brisbane	Perth
Total NLA	3,364,481	3,630,167	1,350,464	1,118,136
Prime vacancy average	14.7%1	16.0%	14.7%	15.0%
Dexus CBD exposure
Total NLA	523,968	422,153	262,816	183,849
Number of properties	14	8	4	4
Occupancy (by area)	94.7%	95.0%	92.5%	97.5%
Occupancy (by income)	95.4%	95.2%	93.4%	97.3%
WALE	3.9	4.7	4.5	7.6

Source: JLL

JLL vacancy estimates include space currently occupied but available for lease in future periods and sublease space, majority of which is now committed under Heads of Agreements since 31 December 2022.

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14 February 2023

Dexus 2023 Half year results presentation

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Other information

Exchange and securities used in statutory accounts

		31 Dec 2022	30 Jun 2022	31 Dec 2021
Closing rates for Statement of Financial Position	USD	0.6775	0.6889	0.7256
Average rates for Statement of Comprehensive Income	USD	0.6752	0.7030	0.7319

Post consolidation equivalent amounts		6 mths to	12 mths to	6 mths to
		31 Dec 2022	30 Jun 2022	31 Dec 2021
Average weighted number of securities1		1,075,565,246	1,075,565,246	1,075,565,246
Closing number of securities		1,075,565,246	1,075,565,246	1,075,565,246

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

14 February 2023

Dexus 2023 Half year results presentation

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Glossary

Distribution payout policy:	Policy is to distribute in line with free cash flow for which AFFO is a proxy
	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
Funds From Operations (FFO):	foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses,
	certain transaction costs, one-off significant items (including write off of IFRIC SaaS customisation expenses), amortisation of intangible assets,
	movements in right-of-use assets and lease liabilities, rental guarantees and coupon income.
	AFFO in accordance with guidelines provided by the Property Council of Australia (PCA): 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 foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss,
Adjusted FFO (AFFO):	fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments,
	non-FFO tax expenses, certain transaction costs, one-off significant items (including write off of IFRIC SaaS customisation expenses), 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 is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the currency gains and losses of cross currency
Gearing:	swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Interest Bearing Liabilities and Total Tangible
	Assets are both adjusted for debt in equity accounted investments (other than Dexus’s share of co-investments in pooled funds).
Covenant gearing:	Represents Gearing defined above but not adjusted for cash or debt in equity accounted investments (including co-investments in pooled funds).
Portfolio value:	Unless otherwise stated, portfolio value is represented by investment properties, inventories, financial assets at fair value through profit and loss 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.

14 February 2023

Dexus 2023 Half year results presentation

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Disclaimer

This presentation is issued by Dexus Funds Management Limited (DXFM) in its capacity as responsible entity of Dexus (ASX code: 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 and 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 or 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.

14 February 2023

Dexus 2023 Half year results presentation

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AI assistant

DEXUS — Interim / Quarterly Report 2023

64807_rns_2023-02-13_c2926adc-a754-4b8d-a0a5-a84d87bc08ba.pdf

Dexus (ASX: DXS)

ASX release

14 February 2023

HY23 results presentation

Authorised by the Board of Dexus Funds Management Limited

For further information please contact:

Media

About Dexus

2023 Half year results 14 February 2023

Acknowledgement of country

Active six months in subdued market

Our strategy

Evolution to a leading real asset manager

Environmental, Social and Governance highlights

Global ESG benchmarks

Global leader

Top 5% S&P Global ESG Score | Real estate

Climate change leader

A List

Global sector leader

Listed office

Sector leader

5 Star rating

5 Star

4.8 Star

4.6 Star

HY23 ESG highlights

Healthy buildings

Modern Slavery awareness

Financial results

Key earnings drivers

Property portfolio valuations

HY23 financial results

Strong financial position

Prudent gearing and proactive refinancing to maintain balance sheet strength

Diversified sources of debt

› $1.9 billion new and refinanced facilities during HY23

Funds management

Funds management platform growth and diversification

Achieving scale in new funds

Dexus Real Estate Property Partnership 1 (DREP1)

Dexus Healthcare Property Fund (DHPF)

Office portfolio

$12.9 billion

Leased by area[1,3]

Historic Dexus occupancy vs market[5]

Dexus observations

Continued flight to quality, longer conversion times a cyclical outcome

Dexus portfolio

Market observations

Historical leasing (including development leasing)

Office physical occupancy in the four major CBDs

Industrial portfolio

Industrial portfolio performance Strong stabilised leasing volumes

Dexus leasing observations

Investments and Developments

Significant transactional activity

$351 million

Acquisitions

Trading profits

Summary

Summary

Demonstrated resilience in challenging environment

Dexus today

Financial results

Reconciliation to statutory profit

Financial results

Financial results Interest reconciliation

Financial results

Direct property portfolio book value movements

Financial results

Co-investments in pooled funds

Capital management Interest rate hedging profile

Capital management Debt facilities[1]

$7.0 billion Funds management development pipeline

Property portfolio Office and industrial key metrics

Property portfolio

DEXUS Interim / Quarterly Report 2023