DEXUS — Investor Presentation 2016

Jun 20, 2016

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DEXUS Property Group (ASX: DXS)
ASX release
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21 June 2016

Asian Investor Roadshow

DEXUS Property Group (DEXUS) today provides the attached presentation which will be used as a basis of discussion in Hong Kong and Singapore.

For further information please contact: Investor relations

Media relations

Rowena Causley T: +61 2 9017 1390 Louise Murray T: +61 2 9017 1446 M: +61 416 122 383 M:+61 403 260 754 E: rowena.causley@dexus.com E: louise.murray@dexus.com

About DEXUS

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With $21.5 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.8 million square metres located predominantly across Sydney, Melbourne, Brisbane and Perth and is the largest owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 32,000 investors from 20 countries. With more than 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. www.dexus.com

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

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

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DEXUS PROPERTY GROUP ASIAN INVESTOR ROADSHOW - JUNE 2016

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 1

DEXUS TODAY

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Majority of earnings[1] derived from a high quality, Australian property portfolio Established Third Party Funds Management business providing annuity-style income D eep pipeline of value enhancement opportunities across the Group Track record of delivering above benchmark returns and distribution growth

Underpinned by a strong balance sheet

1. Earnings is defined as Funds from Operations (FFO).

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 2

– DEXUS TODAY Track record of delivering for investors

FFO per security growth from FY12 to FY16[1 ]

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cps
65.0
6.5% CAGR [2 ]
60.0
55.0
50.0
45.0
40.0
35.0
30.0
1
FY12 FY13 FY14 FY15 FY16
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Group transaction activity since start FY12

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Sm >$12bn of
transactions
4,500
across Group
3,500
Offshore
2,500
Retail
1,500 Industrial
500 Office
-500
-1,500
FY12 FY13 FY14 FY15 HY16
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AFFO per security from FY12 to FY15

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45.0
6.5% CAGR [2 ]
40.0
35.0
30.0
25.0
20.0
FY12 FY13 FY14 FY15
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Distribution per security growth from FY12 to FY16[1 ]

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cps
45.0
7.9% CAGR [2 ]
40.0
35.0
30.0
25.0
20.0
1
FY12 FY13 FY14 FY15 FY16
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1. FY16 forecast FFO and DPS are based on the upper end of DEXUS’s FY16 guidance range. 2. Compound Annual Growth Rate.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 3

– DEXUS TODAY Strategy setup to deliver through the cycle

DEXUS PROPERTY GROUP (ASX: DXS) Top 50 ASX listed entity

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PROPERTY PORTFOLIO FUNDS MANAGEMENT & TRADING
$7.25 NTA per Security PROPERTY SERVICES 6 priority projects underway
$10.9bn AUM
Circa $110m profits expected
Largest listed office portfolio in
Australia over next four years
Fund manager for some of the
world’s largest institutions Low risk opportunities which
Prime industrial provides yield
leverage Property DNA
and diversification
$2.1bn development pipeline [2]
Average unlevered project IRR
$2.0bn development pipeline [1 ]
of 23.5% since 2012
Delivers Funds management,
Delivers stable predictable
leasing and development fees Delivers Trading profits
rental income
80-90% of FFO [2 ] 10-20% of FFO [2 ]
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1. Identified DEXUS development pipeline (excluding trading).

2. As at 31 December 2015.

3. Represents target contribution to FFO before Finance costs and Group Corporate costs. FFO means Funds from Operations. As previously announced, DEXUS adopted FFO as defined by the PCA White Paper “Voluntary Best Practice Guidelines for disclosing Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)” for its reporting from 1 July 2014.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 4

– PROPERTY PORTFOLIO Stable predictable income representing 80-90% of FFO

 Largest listed office portfolio in Australia

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PROPERTY
PORTFOLIO
$10.6bn portfolio [1 ]
Industrial
16%
Office
84%
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• 91% Prime grade (Premium and A-grade quality)

• Industrial portfolio focused on major industrial hubs and arterial roadways

• Properties generate a stable and predictable income stream

• Lease terms contain annual fixed increments of circa 3.0-4.0%

• Office portfolio weighted average lease term of 4.7 years[1 ]

• Largest asset exposure represents 8% of property portfolio by book value[2 ]

• Largest tenant exposure represents 4% of property income[3 ]

80-90% of FFO

1. As at 31 March 2016.

2. Based on 31 December 2015 book valuations.

3. 31 December 2015 fully leased DEXUS Portfolio passing income annualised.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 5

PROPERTY PORTFOLIO – Concentrated exposure to the Sydney office market

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DEXUS office portfolio
geographic diversification [1 ]
SA 1%
WA 8%
ACT 1%
QLD 17%
NSW 60%
VIC 13%
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1. As at 31 March 2016.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 6

– PROPERTY PORTFOLIO Sydney CBD office market vacancy to tighten quickly

DEXUS expectations as at 31 December 2015

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428,000sqm of 299,000sqm of 215,000sqm of Flight to quality Vacancy to
supply withdrawals net absorption above average take increase in FY16
over the next 3 years over the next 3 years over the next 3 years up in prime space Barangaroo effect
‘000sqm
300 10% FY18
8.6%
Vacancy
7.8% rate
200
below
6.7% 6%
259
5.9% 6.0%
100
120
36 49
0 2%
-138 -64
-103
-132
-25
-100
-100
-2%
-90
-200
-300 -6%
FY15 FY16 FY17 FY18
Stock Withdrawal Net demand Total completions Vacancy (RHS) Vacancy forecast at Feb-15 (RHS)
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Source: DEXUS Research, JLL Research.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 7

– PROPERTY PORTFOLIO Significant office leasing volumes in FY16

DEXUS office portfolio leasing activity

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sqm leased % portfolio leased
250,000 18%
211,071sqm 16%
206,059sqm
200,000 186,379sqm 14%
12%
154,321sqm
150,000
10%
8%
100,000
6%
4%
50,000
2%
0 0%
FY13 FY14 FY15 FY16 (Q1-3)
Percentage of portfolio leased
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DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 8

– PROPERTY PORTFOLIO On track for 95% occupancy target at 30 June 2016

DEXUS office portfolio lease expiry as at 31 March 2016

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22%
20.0% [1 ]
20%
18%
16%
12.7% [1 ]
14%
14.2%
12% 11.0%
9.7% [1 ] 10.4%
8.8% [1 ]
10%
8%
9.1%
6% 4.9%
6.5%
4%
1.9%
2%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
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• Adopted strategies, such as fitted suites, to reduce vacancy and maximise cash flow

• Reduced FY16 expiries from 8.8% at 30 June 2015 to 1.9% at 31 March 2016

• Reduced FY19 expiries from 20.0% at 30 June 2015 to 14.2% at 31 March 2016

• As at 30 June 2015. 2. By income.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 9

– PROPERTY PORTFOLIO Delivering superior office metrics

• Maintained office occupancy rates well above National average and 90%[1 ] since 2004

• Continue to achieve market-low incentives of 17.4% for the first three quarters of FY16

• FY15-16 has seen a period of significant churn across the office portfolio

• Office portfolio like-for-like income growth expected to normalise from FY17

Historical DEXUS office outperformance vs. National occupancy rates

Historical DEXUS office average incentives

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100% Since FY12 20%
average
occupancy of 18%
95.4%
16%
95%
14%
Since FY12
12%
average
90% 10% incentives of
15.4%
8%
6%
85%
4%
2%
80% 0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3Q16 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
DEXUS National DEXUS (Avg) DEXUS DEXUS (Avg)
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Source: DEXUS Research and Jones Lang LaSalle. 1. By income.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 10

– PROPERTY PORTFOLIO Industrial portfolio has large exposure to NSW & VIC

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DEXUS industrial portfolio
geographic diversification [1 ]
SA 1%
QLD 5%
VIC 36% NSW 58%
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• Two-thirds of FY17 expiry located in strongest Industrial market of Sydney

• Opportunity to grow portfolio occupancy in FY17

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1. As at 31 March 2016.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 11

– PROPERTY PORTFOLIO Track record of outperformance

 Proven track record of delivering returns for investors

DEXUS office portfolio outperformance[2 ]

• Above benchmark total returns at the asset level

• Execute and generate returns from portfolio acquisitions demonstrated by 180bps outperformance by DEXUS Office Partnership (former CPA portfolio) since inception

• 7.9% CAGR in DXS distributions per security (from FY12-FY16)

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20%
16% 14.8% 14.6%
12% 11.5% 11.3%
8%
1 year 3 years
DEXUS balance sheet office IPD Office Benchmark
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DEXUS Office Partnership outperformance[1 ]

DEXUS Wholesale Property Fund outperformance[3 ]

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20%
17.5%
16% 15.1% 14.8%
13.0%
12%
8%
1 year Since inception 1 Apr 14
DEXUS Office Partnership IPD Office Benchmark
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20%
16% 14.9%
13.2%
12% 11.2% 10.5% 10.6%
9.6%
8%
1 year 3 years 5 years
DWPF Mercer IPD Index
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1. Based on performance to 31 March 2016. IPD office benchmark total return to 31 March 2016 published by IPD on 19 May 2016 and calculated as sum of capital growth and net income in a single period expressed as a percentage of capital employed, with income reinvested.

2. Based on performance to 31 December 2015. IPD office benchmark total return to 31 December 2015 published by IPD on 25 February 2015 and calculated as sum of capital growth and net income in a single period expressed as a percentage of capital employed, with income reinvested

3. Based on performance to 31 March 2016. Mercer IPD Post Fee Net Asset Weighted Index (Net Return, Net Asset Weighed).

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 12

– PROPERTY PORTFOLIO Enhanced quality and returns through development

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Why DEXUS develops office and industrial properties

• Improves portfolio quality and diversification

• Provides access to quality product at favourable rate per sqm and yield metrics when investment markets are tight

• Strong track record in delivering quality office and industrial developments

• Premium Grade office: 1 Bligh Street, Sydney; 123 Albert Street, Brisbane; 240 St Georges Terrace, Perth; 5 Martin Place, Sydney

• Fund-through office: 480 Queen Street, Brisbane and Kings Square, Perth

• Industrial: Quarry, Greystanes and DEXUS Industrial Estate, Laverton North

• Up to 15% of DEXUS’s portfolio can be allocated to development/trading/ value-add opportunities

100 Mount Street, North Sydney[1 ]

• Commenced development of 41,163sqm premium office tower

• Forecast year-one yield on cost >7%

• Forecast unlevered Project IRR of circa 12-14%

• Staged completion in late 2018, an opportune time in the cycle

• Owned by DEXUS and DEXUS Wholesale Property Fund.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 13

ORGANIC DEVELOPMENT PIPELINE – Current identified opportunities

Circa.$2.0 billion DEXUS development pipeline (excluding trading)

Completion over Next 2 years 2-5 years Beyond 5 years	Completion over Next 2 years 2-5 years Beyond 5 years	Completion over Next 2 years 2-5 years Beyond 5 years
OFFICE 12 Creek Street, Brisbane 100 Mount Street, North Sydney Waterfront Place Precinct, Brisbane (mixed use) 8 Nicholson Street, Melbourne 180 Flinders Street, Melbourne Sydney CBD office opportunity Total of 6 projects over 327,000sqm / cost of c.$1.6bn1	100 Mount Street, North Sydney 180 Flinders Street, Melbourne	Waterfront Place Precinct, Brisbane (mixed use) Sydney CBD office opportunity
INDUSTRIAL 1 Litton Close, Greystanes Laverton North (two stages) Laverton (Wrightson Seeds) Quarrywest, Greystanes (two stages) 1 Anton Road, Hemmant Axxess Corporate Park, Mount Waverley Total of 6 projects over 309,000sqm / cost of c. $295m1		Laverton North (two stages)
TRADING 105 Phillip Street, Parramatta 12 Frederick Street, St Leonards 79-99 St Hilliers Road, Auburn 32 Flinders Street, Melbourne Lakes Business Park (South), Botany **Total of 5 priority trading projects2 **	12 Frederick Street, St Leonards 32 Flinders Street, Melbourne
CITY RETAIL 321 Kent Street, Sydney 240 St Georges Terrace, Perth 175 Pitt Street, Sydney 44 Market Street, Sydney 385 Bourke Street, Melbourne Total of 5 projects over 21,000sqm / cost of c. $135m1	240 St Georges Terrace, Perth

Note: bold indicates properties identified in DEXUS development pipeline as at 31 December 2015. 1. Estimated total development cost (DXS share).

1. Priority trading projects not yet exchanged. DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 14

FUNDS MANAGEMENT – Established business with opportunities

• High quality wholesale partners

FUNDS MANAGEMENT & PROPERTY SERVICES

• Annuity-style revenue stream

• Alignment of interests via partnerships and DEXUS co-ownership in direct properties

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$10.9bn portfolio [1 ]
$10.9bn
+91%
$5.7bn
Jun-12 Mar-16
Funds Mgt & Trading combined
10-20% of FFO
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• Recent partnerships and equity raisings reflect capital partner support of the Group’s capabilities and best-practice corporate governance principles

• Additional scale enables the Group to attract and retain top talent

• Management operations profit has increased by more than 150% since FY12 with an FY16 target of circa $45m

• As at 31 March 2016.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 15

– TRADING Established track record and strong outlook

Six priority projects in progress to generate circa $110m trading profits[1 ]

TRADING Demonstrated strong track record $146.8m of trading profits[1] delivered across eight properties in four years at an average unlevered IRR of 23.5%[2 ] Funds Mgt & Trading combined 10-20% of FFO

• Capital deployed in trading is modest and relatively low risk

• Trading properties are generally income producing assets where DEXUS uses its development expertise to realise the value from a higher and better use

• Six priority trading projects identified to generate trading profits over the next four years

• Of the six priority projects, Erskine Park has already exchanged for $50 million, and will contribute $12 million[1] to FY17 trading profits

• Pre-tax. 2. Calculated as an arithmetic average.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 16

– CAPITAL MANAGEMENT Strong balance sheet with conservative gearing history

Key metrics	Position at 31-Dec-15
Gearing (look-through)1	29.5%
Cost of debt2	4.9%
Duration of debt	5.2 years
Hedged debt (ex caps)3	64%
S&P/Moody’s credit rating	A-/A3

Gearing history

Diversified mix of facilities

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144A 8%
Bank
USPP 24%
Facilities 46%
MTN 19%
Commercial
Paper 3%
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40%
30%
20%
35.6%
33.2% 33.7%
31.2% 29.8% 28.4% 27.2% 29.0% 28.5% 29.5%
10%
0%
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 HY16
Target Gearing Range Gearing Gearing Ceiling
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1. Adjusted for cash and for debt in equity accounted investments.

2. Weighted average across the period, inclusive of fees and margins on a drawn basis.

3. Average for the period. Hedged debt (including caps) was 73% for six months to 31 December 2015.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 17

SUMMARY

• Strong management team in place

• Majority of earnings generated from a high quality, Australian property portfolio

• Concentrated exposure to the Sydney office market where vacancy will tighten quickly

• Deep pipeline of value enhancement opportunities

• Opportunity to take advantage of strong asset markets and pursue selective divestments

• Well positioned to continue to grow earnings and distributions due to diversified nature of business

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DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 18

APPENDICES

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 19

– TRADING Case study: 105 Phillip Street, Parramatta

APPROACH

• 105 Phillip Street is a 4,500sqm car park site adjacent to 130 George Street, Parramatta

• Identified an opportunity to develop an office tower at the rear of the combined site with a central courtyard/atrium

• Transferred the site into inventory in 2013 and obtained development consent for a 25,000sqm office building

• Submission made to Government Property NSW

OUTCOMES SO FAR

• Signed a 12-year agreement for lease with Government Property NSW over 100% of the building and staged occupation commencing in March 2018

• Commenced construction in April 2016

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Proposed application to Parramatta City Council.
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DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 20

– TRADING Case study: 79-99 St Hilliers Road, Auburn

APPROACH

• The property is an older industrial estate spanning

• 3.5ha located 16km west of the Sydney CBD

• Demand for the older format warehouse and office product was declining

• Identified higher and better use to increase the site’s relevance to the market and capitalise on its prominent location

• Transferred the estate into inventory during FY16

OUTCOMES SO FAR

• Secured Heads of Agreement for lease with Bunnings for a full-scale Bunnings Warehouse and adjoining office spanning 19,300sqm to be redeveloped on a portion of the existing estate

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• DA was lodged in December 2015 including a subdivision proposal that will enable DEXUS to maximise the value of both portions of the site

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 21

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Lakes
Site: 7.9ha
Lettable: 43,617sqm
Office: 30,379sqm
Ind/wh: 13,238qm
Sir Joseph Banks (DWPF)
Site: 4.8ha
Lettable: 31,658sqm
Lakes (North)
Site: 4.9ha
Lettable: 29,432sqm
Office: 22,474sqm
Ind/wh: 6,958sqm
Lakes (South)
Site: 3.0ha
Lettable: 14,185sqm
Office: 7,905sqm
Ind/wh: 6,280sqm
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– TRADING Case study: Lakes Business Park South, Botany

DEXUS APPROACH

• DEXUS acquired Lakes Business Park in January 2015, comprising two adjoining sites located in southern Sydney

• Northern site comprising 70% of net property income to be actively managed

• Southern site comprising 30% of net property income acquired as part of inventory for future trading opportunity and held in trading trust (DXO)

 Potential for:

• Superior rental growth in the medium term due to constrained supply and competing land use interests in the area

• Unlocking value through mixed use re-zoning of Southern site

OUTCOMES SO FAR

• DEXUS obtained Council and community support for a rezoning planning proposal for a mixed use complex providing up to 54,900sqm of residential floor space

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 22

IMPORTANT INFORMATION

• This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (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 Property Group 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 Property Group security holder or potential investor may require in order to determine whether to deal in DEXUS Property Group 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 Property Group 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.

DEXUS Property Group – Asian Investor Roadshow June 2016

Slide 23

Property expertise. Institutional rigour. Entrepreneurial spirit.

www.dexus.com DEXUS Property Group – Asian Investor Roadshow June 2016

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Slide 24