DEXUS — Investor Presentation 2018

Nov 6, 2018

Dexus (ASX: DXS)

ASX release

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7 November 2018

Perth Property Tour

Dexus is hosting a Perth property tour today for institutional investors and brokers and provides the attached tour book.

For further information please contact:

Investor Relations Media Relations Rowena Causley Louise Murray +61 2 9017 1390 +61 2 9017 1446 +61 416 122 383 +61 403 260 754 rowena.causley@dexus.com louise.murray@dexus.com

About Dexus

Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $27.2 billion. We believe that the strength and quality of our relationships is central to our success, and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $13.3 billion of office and industrial properties. We manage a further $13.9 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $4.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With more than 30 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com

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

Dexus Perth Property Tour Wednesday, 7 November 2018

1.15pm start 2.00pm - 2.30pm 2.45pm - 3.00pm 3.15pm - 4.00pm 4.15pm - 5.00pm 5.00pm - 5.30pm 5.30pm - 8.00pm

Lunch - Perth Market Overview 240 St Georges Terrace 58 Mounts Bay Road Kings Square, Wellington Street Carillon City - DWPF* city retail asset Travel to dinner venue (transport provided) Drinks and Dinner

2 Dexus Perth Property Tour

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Dexus Perth Property Tour 3
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Perth Market Overview

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John Williams & Ronak Bhimjiani
October 2018
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Introduction
WA Economy
Office Market
- Vacancy
-
Supply
- Demand
- Forecast
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4 Dexus Perth Property Tour

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GSP share by industry

Mining continues to lead the way, with increased dominance

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Other Industries
Healthcare & Social Assistance
Education & Training
Public Administration & Safety
Professional, Scientific & Technical Services
Finance & Insurance 2017
Transport, Postal & Warehousing 2016
2012
Retail Trade
Wholesale Trade
Construction
Manufacturing
Mining
0% 5% 10% 15% 20% 25% 30%
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Source: ABS, JLL Research 3

WA labour market trends

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Employment levels at all-time highs
1,350
1,340
1,330
1,320
1,310
1,300
1,290
1,280
1,270
1,260
1,250
Total Persons Employed (000)
Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018
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Share of full-time persons employed beginning to improve
80%
70%
60%
50%
40%
30%
20%
Share of full-time employed (%) Share of part-time employed (%)
Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018
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Source: ABS, JLL Research

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Dexus Perth Property Tour 5

Perth Market Overview continued

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WA private sector employment
Mining employment is on the rise once again
140
120
100
80
60
Mining Sector Employment
Source: ABS, JLL Research
5
Employed Persons (000’s)
May-2010 Feb-2011 Nov-2011 Aug-2012 May-2013 Feb-2014 Nov-2014 Aug-2015 May-2016 Feb-2017 Nov-2017 Aug-2018
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Merchandise Exports by State
WA dominates the export industry
2%
1%
16%
9%
43%
25%
New South Wales Victoria 4% Queensland South Australia
Western Australia Tasmania Northern Territory Source: ABS, JLL Research
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6 Dexus Perth Property Tour

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WA merchandise exports by destination

China is by far the dominant consumer of WA merchandise exports

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50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
12 months to Aug-18
China Japan Hong Kong Korea Singapore India Other counties
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Source: ABS, JLL Research 7

WA share of mining investment

WA leads the way in mining capital investment

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1000
900
800
700
600
500
400
300
200
100
0
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018
Western Australia Rest of Australia
AUD (billion)
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Source: DMIRS, JLL Research 8

Dexus Perth Property Tour 7

Perth Market Overview continued

Could the Perth recovery be stronger?

Perth CBD underlying	demand model (no. people	demand model (no. people	employed - forecast)	employed - forecast)
Industry Sector	2018	2019	2020	2021	2022	Total
Professional services	11,000	11,500	15,400	17,700	16,600	72,200
Public administration	1,200	4,000	3,700	4,500	4,300	17,700
Finance & Insurance	4,600	2,300	3,600	4,400	4,300	19,300
Others	4,700	4,600	9,200	10,300	10,400	39,300
Total	21,500	22,400	32,000	36,800	35,700	148,400
JLL	15,000	15,000	30,000	10,000	10,000	80,000

Source: JLL Research, Deloitte Access Economics

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Perth CBD Office Market Q3 2018 Q3 2017
Total Stock 1,816,441 m² 1,768,323 m²
Vacant Stock 400,228 m² 386,147 m²
Vacancy 22.0% 21.8%
Source: JLL Research
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8 Dexus Perth Property Tour

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Perth CBD Office Market by Quality

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D Grade Stock
0.4%
13.5%
40.4%
19.7%
26.0%
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Source: JLL Research

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Perth CBD stock is ageing
Age profile of stock, 2017 and 2020
2017 2020
Greater than 40 years Less than 10 years old25% Greater than 40 years22% Less than 10 years old19%
20%
10-19 years
10-19 years 14%
5%
30-39 years
26%
30-39 years
33% 20-29 years
20-29 years 12%
24%
Source: JLL Research
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Perth CBD stock is ageing

Age profile of stock, 2017 and 2020

Dexus Perth Property Tour 9

Perth Market Overview continued

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Perth CBD vacancy rate by Grade, 2005 to 2018
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Overall Vacancy Premium Vacancy A Grade Vacancy Secondary Vacancy
Source: JLL Research
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Perth CBD vacancy rate by Grade, 2005 to 2018

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Supply
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 14
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10 Dexus Perth Property Tour

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CBD Office Supply to 2023 Brookfield Two: 34,000 m²
Old Treasury: 30,200 m²
KS1: 21,500 m²
QV1: 60,800 m²
KS2: 19,300 m²
Exchange Tower: 34,000 m²
Golden Square: 15,500 m²
160,000 Sqm Westralia Square: 32,700 m²Quayside on Mill: 11,600 m² 999 Hay Street: 10,700m²
One40william: 35,500 m²
140,000 Alluvion: 22,300 m²
226 Adelaide: 13,600 m²
120,000 Forrest House: 31,500 m² Enex 100: 30,000 m²
London House: 16,500 m² Bishops See: 17,850 m² Brookfield Place 72,800 m² : Woodside: Chevron:
100,000 Central Park: 61,100 m² Woodside Plaza: 46,500 m² 48,500 m² 52,000 m²
21 Mounts Bay Road: 11,200 m²
80,000
60,000
40,000 20 year average (supply)
20,000
0
1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023
Source: JLL Research
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Sharp reduction in sublease availability

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Perth CBD sub-lease availability, 1992 to 2018
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120,000 6%
100,000 5%
80,000 4%
60,000 3%
40,000 2%
20,000 1%
0 0%
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Sub-lease % of Stock (RHS)
Source: JLL Research
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Sqm
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Dexus Perth Property Tour 11

Perth Market Overview continued

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Demand
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 17
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Tangible signs of recovery

Perth CBD net absorption, 2005 to 2022 (f)

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Quarterly Net Absorption
20,000
15,000 SQM
10,000
Annual Net Absorption 5,000
0
-5,000
150,000 SQM Forecast -10,000-15,000
-20,000
100,000
50,000
-
-50,000
-100,000
Source: JLL Research
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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12 Dexus Perth Property Tour

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Centralisation to Perth CBD

Tenant	Area-sqm	From	To		Tenant	Area-sqm	From	To
33 Mullian Lowe	600	Subiaco	1 Forrest Place		Bethany	1,000	Claremont	Workzone
Institute of Chartered Accounting	300	South Perth	1008 Hay Street		JUFPEC Petroleum	1,500	Subiaco	123 St Georges Tce
					Gibert & Tobin	1,000	West Perth	123 St Georges Tce
Renascent	250	Subiaco	267 ST Georges Terrace		Titan Recruitment	400	West Perth	507 Murray Street
Vix Tech	1200	Balcatta	105 St Georges Terrace		Titan Recruitment	250	West Perth	216 ST Georges Tce
					Horizon Power	4,000	Bently	Francis Street, Northbridge
Greenbase Minerals	250	Welshpool	267 St Georges Terrace
Mind Max	200	West Perth	2 Mill Street		IPA	200	Como	1008 Hay Street
Adcorp	500	West Perth	225 St Georges Terrace		Ray White Commercial	600	Burswood	12 The Esplanade
Borello Legal	400	West Perth	863 Hay Street		JDSI	1,950	East Perth	Workzone
Allion Legal	1100	West Perth	Australia Place		Hill International	280	West Perth	111 St Georges Terrace
Pro Build	1200	South Perth	253, 255, 267 ST Georges Terrace
					Deep Sea Mooring	295	West Perth	197 ST Georges Tce
					Samsung C & T	1,200	SUbiaco	182 St Georges Tce
Channel 9	3000	Dianella	125 St Georges Terrace
					Code Group	148	Applecross	5 Mill Street
Navitas	1650	Mt Pleasant	225 St Georges Terrace		NG Council	499	South Perth	216 St Georges Tce
Aquilla Resources	736	South Perth	225 St Georges Terrace		API	700	Como	225 ST Georges
Modec	400	Suburbs	1 Nash Street		Aurizon	600	Welshpool	15-17 William Street
BP	660	Suburbs	50 Williams Street		Scentre Group	741	Booragoon	5 Mill Street
Anglican Grammar School	2500	West Perth	Exchange Tower		Moray and Agnew	1,091	West Perth	2 The Esplanade
					Telstra	3300	Norhtbridge	125 St Georges
Arup	1600	Suburbs	99 ST Georges Terrace		Leach Legal	, 766	West Perth	240 St Georges
Built	400	West Perth	235 St Georges Terrace		Grant Thornton	1,781	West Perth	152 ST Georges
Intertek	600	Suburbs	Pier Street		The Brand Agency	1,367	West Perth	KS1
NBN	1800	Belmont	225 St Georges Terrace		Canning Purple	365	West Perth	123 St Georges Tce
					Wrays	854	West Perth	863 Hay Street
Evolution Mining	400	West Perth	37 St Georges Terrace
					AJ Gallagher	2,000	Burswood	235 ST Georges
Bentleys	930	West Perth	216 St Georges Terrace		TOTAL	48,164

HoAs signed. Leases are pending

P&N 3,000sqm , Department of Human Service 8,000 sqm, Technip 6,000sqm, St. John of God 5,000sqm

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Why the City?
• Net effective deals
• Transport
• Amenity
• Overall quality of accommodation
• Floor plate size
• Workplace environment
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Dexus Perth Property Tour 13

Perth Market Overview continued

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Forecast
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 21
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Vacancy to recover gradually

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150,000 30.0%
25.0%
100,000 20.0%
15.0%
50,000 10.0%
5.0%
0 0.0%
-5.0%
-50,000 -10.0%
-15.0%
-100,000 -20.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Net Absorption Supply Additions Vacancy Rate (RHS)
Sqm
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Source: JLL Research 22

14 Dexus Perth Property Tour

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Source: JLL Research
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Effective rents have passed the cyclical trough

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20.0% Forecast
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Face Rent Effective Rent
Y/Y, % Change
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Rental upswings post economic down-turns
Based on net effective rental growth
220
200
180
160
140
120
100
80
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
1982 to 1989 1994 to 2001 2018 to 2025
Year 0 =100
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Source: JLL Research

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Dexus Perth Property Tour 15

Perth Market Overview continued

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Sydney, Melbourne and Perth prime
equivalent yields (mid-point)
8.5% Forecast
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
4.5%
4.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Perth CBD Sydney CBD Melbourne CBD
Source: JLL Research
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Sydney, Melbourne and Perth prime equivalent yields (mid-point)

	Perth office sales - 2018	Perth office sales - 2018	Perth office sales - 2018	Perth office sales - 2018	Perth office sales - 2018
Address		45 St Georges Terrace	6-8 Bennett Street	55 St Georges Terrace	182 St Georges Terrace	441 Murray Street	202 Pier Street, Workzone West	836 Wellington Street	1 Havelock Street	The Optima Centre
Sale Price		$53,570,000	$43,500,000	$44,200,000	$21,100,000	$22,000,000	$125,250,000	Est. $103,000,000	$33,000,000	Circa $125,100,000
Vendor		Credit Suisse	Buckeridge Estate	Select Property Holdings	Select Property Holdings	Centuria Capital	Charter Hall	Investa Office Fund	Ascot Capital	Blackrock
Purchaser		Straits Trading / Redhill Partners	HSB / OKP Holdings	Zone Q	Zone Q	Redhill Partners	Elanor Investors	Growthpoint	Offshore Private	Charter Hall
Sale Date		Jan 2018	Jan 2018	Jan 2018	Jan 2018	Apr 2018	Jun 2018	Jun 2018	Sep2018	Oct2018
Yield (Initial)		8.30%	6.31%	0.25%	3.14%	-3.40%	9.18%	6.23%	7.72%	7.21%
Yield (Equiv.)		8.66%	7.77%	7.92%	8.58%	7.25%	7.21%	6.21%	7.49%	6.36%
WALE		5.02 years	6.02 years	4.40 years	2.38 years	0.00 years	7.27 years	8.67 years	3.29 years	11.23 years
10 year IRR		8.88%	8.34%	8.12%	8.13%	7.93%	8.13%	7.41%	6.80%	7.58%
Rate / sqm		$5,351	$4,257	$5,152	$3,897	$3,761	$8,028	$8,603	$6,444	$7,762
											26
Total NLA		10,010 sqm	10,219 sqm	8,579 sqm	5,414 sqm	5,849 sqm	15,602 sqm	11,973 sqm	5,121sqm	16,116 sqm

16 Dexus Perth Property Tour

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27
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Disclaimer This document is confidential to the recipient of the document. No reference to the document or any part thereof may be published, stated or circulated in any communication with third parties without prior written approval from Jones Lang LaSalle. This document has been produced solely as a general guide and does not constitute advice. Whilst the document has been prepared in good faith and with due care, no representation is made for the accuracy of the whole or any part of the document. Jones Lang LaSalle accepts no liability for damages suffered by any party resulting from their use of this document. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 27

Notes

Dexus Perth Property Tour 17

Dexus’s Perth CBD portfolio

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Carillon City - city retail Kings Square
100% DWPF owned 50% DXS owned
100% managed 50% DWPF owned
100% managed
KS1
KS2
KS3
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18 Dexus Perth Property Tour

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58 Mounts Bay Road 240 St Georges Terrace
50% DXS owned 100% DXS owned
50% Dexus Office 100% managed
Partner owned
externally managed
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Dexus Perth Property Tour 19

240 St Georges Terrace, Perth

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Description

240 St. Georges Terrace is a modern Premium office tower located in the prestigious western-end of the Perth CBD at the intersection of St. Georges Terrace and Milligan Street.

The 24 level office tower is highly specified and provides large, efficient floor plates ranging from 2,360 square metres in the low rise to 1,656 square metres in the high rise. The low-sill windows maximise natural light and feature views over Kings Park, the Swan River and the Indian Ocean to Rottnest Island.

Property Details

	Property Details
	Building type	Premium Grade - office
	Title	Freehold
	Site area (hectares)	0.6
	Lettable area ('000sqm)	46.9
	Lettable area adjusted for ownership ('000sqm)	46.9
	Typical floor area (sqm)	2,000
	Number of buildings	1
	Car parking spaces	247
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating	3.0
	Year built	2003
	Major tenant	Woodside Energy
	Owner	DXS
	Ownership (%)	100
	Property Statistics
	Metro area Zoning	Perth CBD Central City Area
	Acquisition date	January 2001
	Book value at ownership ($m)	320.0
	Independent valuation date	June 2018
	Independent valuation at ownership ($m) Market cap rate (%)	320.0 6.75
	Initial yield (%)	6.99
	Leased by area (%)	88
	Weighted lease term by income (years)	4.1

The property is currently undergoing renovations to enhance the overall feel of the building to provide a new, updated structure along with modern amenities for customers. These renovations aim to create a vibrant, working environment while enhancing the overall street appeal and will include:

• A renewed and more open frontage to St Georges Terrace

• State-of-the-art wellness centre with new end-of-trip facilities

• New retail food offering with open access to the existing external plaza

• Onsite childcare facility

• Refurbished office floors, including LED tenancy lighting

• Dexus Place providing a tailored extension to your work environment

• The Terrace, a perfect contemporary outdoor space for events

The property is well connected to public transport with Elizabeth Quay Railway Station and Perth Railway and Underground stations nearby; while motorists entering via the city’s major motorways have access to a basement car park with 247 spaces.

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20 Dexus Perth Property Tour

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58 Mounts Bay Road, Perth

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Description

rth
Property Details
Building type	A Grade - office
Title	Freehold
Site area (hectares)	0.3
Lettable area ('000sqm)	22.4
Lettable area adjusted for ownership ('000sqm)	5.6
Typical floor area (sqm)	1,570
Number of buildings	1
Car parking spaces	96
NABERS Energy rating (with Green Power)	5.0
NABERS Energy rating (without Green Power)	5.0
NABERS Water rating	4.0
Green star rating	4.0 Star (Office Design v2)
Year built	2010
Major tenant	Clough Projects
Owner	DXS
Ownership (%)	25
Co-owner	Dexus Office Partner / Cape Bouvard
	Investments Pty Ltd

Property Statistics

58 Mounts Bay Road, also known as Alluvion, is a contemporary A-Grade office building located in the central forefront of the Perth CBD with dual access on St George Terrace. The 20 level tower features an impressive triple height marble clad ground floor lobby with a plaza café on the external landscaped terrace.

The property benefits from large, efficient, column-free floor plates with breathtaking views of the Swan River and the city on all but the first level.

The building has direct access to public transport from walkway bridges over Mounts Bay Road to the Esplanade Train and Bus Stations. For motorists there are 96 car parking bays and 24 motorcycle bays across three basement levels, as well as end-of-trip facilities including bicycle racks and lockers.

	Metro area	Perth CBD
	Zoning	City Centre
	Acquisition date	April 2014
	Book value at ownership ($m)	53.8
	Independent valuation date	June 2018
	Independent valuation at ownership ($m)	53.8
	Market cap rate (%)	6.75
	Initial yield (%)	8.99
	Leased by area (%)	97
	Weighted lease term by income (years)	3.8

Being at the heart of the city centre the building is surrounded by a variety of clothing retailers, world class restaurants, bars and cafés, fitness facilities, hotels and childcare services.

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Dexus Perth Property Tour 21

Kings Square, Wellington Street, Perth

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Description

Kings Square comprises three A-Grade office buildings located in Perth’s emerging mixed-use precinct adjacent to the CBD. The buildings comprise Kings Square 1 (19 levels), Kings Square 2 (11 levels) and Kings Square 3 (9 levels) providing in excess of 50,000 square metres combined office and retail space.

Kings Square is surrounded by the city’s entertainment and cultural precincts bookended by the recently completed Yagan Square Civic space and the RAC Arena.

The King Square precinct provides unprecedented connectivity being at the heart of Perth's transport hub of underground rail and bus infrastructure, and the junction of four commuter cycle paths.

Property Details

Property Details
Building type	A Grade - office
Title	Freehold
Site area (hectares)	0.6
Lettable area ('000sqm)	52.3
Lettable area adjusted for ownership ('000sqm)	26.2
Typical floor area (sqm)	1,400
Number of buildings	3
Car parking spaces	155
NABERS Energy rating (with Green Power)	KS1 NR / KS2 5.5 / KS3 NR
NABERS Energy rating (without Green Power)	KS1 NR / KS2 5.5 / KS3 NR
NABERS Water rating	KS1 NR / KS2 NR / KS3 NR
Green star rating	KS1 5.0 Star (Office As Built v3) / KS2 5.0
	Star (Office As Built v3) / KS3 5.0 Star
	(Office Design v3)
Year built	2015
Major tenant	Shell
Owner	DXS
Ownership (%)	50
Co-owner	Dexus Wholesale Property Fund

Property Statistics

	Metro area Zoning Acquisition date	Perth CBD City Centre May 2013
	Book value at ownership ($m)	216.0
	Independent valuation date	June 2018
	Independent valuation at ownership ($m)	216.0
	Market cap rate (%)	6.79
	Initial yield (%)	8.73
	Leased by area (%)	100
	Weighted lease term by income (years)	6.6

At its heart lies a vibrant plaza with financial and retail services, bars, restaurants and cafés. There are also extensive end-of-trip facilities including hundreds of bicycle racks, lockers and fully-equipped shower and change facilities, as well as a large onsite childcare service.

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Kings Square 1, 556 Wellington Street Kings Square 2, 562 Wellington Street Kings Square 3, 10 Telethon Avenue

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Kings Square 240 St Georges Terrace Carillon City - city retail 58 Mounts Bay Road
50% DXS owned 100% DXS owned 100% DWPF owned 50% DXS owned
50% DWPF owned 100% managed 100% managed 50% Dexus Office Partner owned
100% managed externally managed
KS1
KS3 KS2
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Carillon City, Hay Street, Perth

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Description

Carillon City is located in the geographical heart of the Perth CBD, occupying a super-prime foothold between Murray and Hay Street Malls - Perth's premier retail destination. Carillon City is a major CBD shopping centre with key linkages to Forrest Chase, Perth Railway Station, bus and ferry interchanges and the office core on St Georges Terrace. The centre is constructed over five levels with an additional 14 levels of offices situated above the Murray Street end of City Arcade.

Location

Carillon City is located in the city centre of Perth. It is approximately 70 metres south of Perth's GPO. Carillon City is strategically positioned between Murray and Hay Street Malls. The Perth CBD houses over 800 retailers, making the city the premier retail destination in Western Australia.

Development Opportunity

Development Approval has been received for a major refurbishment. Proposed to deliver approximately 15,000 square metres of retail space that will span across four levels.

Property Details

	Property Details
	Ownership (%)	100
	Co-Owner	-
	Classification	City Retail
	Year Built	1970
	Site Area (sqm)	5,724
	Gross Lettable Area (sqm)	17,619
	Occupancy by Area (%)	72.7
	Weighted Average Lease Expiryby Income(years)	1.9
	Car Parking Spaces	-
	NABERS Energy Rating	n/a
	NABERS Water Rating	n/a
	Independent Valuation
	Independent Valuation (A$m)	135.00
	Independent Valuation Date	September 2018
	Valuation Agency	JLL
	Cap Rate (%)	6.50
	Discount Rate (%)	7.00
	Lease Expiry Profile by Income
	Available (%)	16.6%
	FY 2019	14.9%
	FY 2020	33.1%
	FY 2021	15.5%
	FY 2022	8.3%
	FY 2023	0.0%
	FY 2024	1.0%
	FY 2025	4.1%
	FY 2026	4.7%
	FY 2027	0.0%
	FY 2028+	1.8%

Major Tenants

	Major Tenant 1	Hype DC
	Income (%)	8.65
	Lettable Area (sqm)	381.0
	Lease Expiry Date	May 2026
	Major Tenant 2	Mazzuchellis
	Income (%)	6.70
	Lettable Area (sqm)	224.6
	Lease Expiry Date	October 2024
	Major Tenant 3	Cotton On
	Income (%)	2.91
	Lettable Area (sqm)	2,190.0
	Lease Expiry Date	November 2019

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Artist’s impression

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New energy, New opportunities

Pathway to net zero and smart, sustainable workplaces

Our goal is to achieve a net zero position for all carbon emissions across Dexus’s managed property portfolio by 2030 through improving energy efficiency and increasing renewables

We will achieve net zero emissions by 2030 through a prioritised approach to avoid, reduce, re-source and offset our impacts.

The target is in line with the Paris Climate Agreement which is advocating significant reductions in emissions to keep global warming under two degrees against a pre-industrial baseline.

Net zero emissions by 2030

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Improving On-site energy efficiency renewables Achieve up to 50% Increase uptake of energy savings by solar panels across our 2030 portfolio

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Off-site
renewables
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Leverage large-scale renewable sources as they become available on national energy grid

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Electrification
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Water, waste and refrigerants Reduce or eliminate Transition to all-electric emissions from buildings powered by operational waste, clean energy wastewater, and impacts from air conditioning refrigerants

To learn more about our sustainability performance visit www.dexus.com/sustainability

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Notes

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About Dexus

Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $27.2 billion. We believe that the strength and quality of our relationships will always be central to our success, and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $13.3 billion of office and industrial properties. We manage a further $13.9 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $4.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With more than 30 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior 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)

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