Dexus Industria
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Dexus Industria (DXI) investor relations material

Dexus Industria H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary10 Feb, 2026

Executive summary

  • Portfolio valued at $1.4 billion, with 99.7% occupancy and a 5.3-year WALE, repositioned as a pure-play industrial REIT with 88 assets, 76% in infill markets, reaching 80% of the Australian population within 60 minutes.

  • Delivered first half 2026 results with strong portfolio performance, 7.4% like-for-like income growth, and upgraded FFO and distribution guidance for FY26, supported by high occupancy and successful leasing activity.

  • Completed the divestment of Brisbane Technology Park for $155m, redeploying proceeds into four high-quality urban infill assets, including full ownership of Moorebank, Sydney.

  • Net profit after tax for the half-year ended 31 December 2025 was $43.4 million, down 19.3% year-over-year, mainly due to lower property valuation gains.

  • Maintained a resilient balance sheet with low gearing and continued positive valuation momentum.

Financial highlights

  • Funds from operations (FFO) for the half were $28.2 million or 8.9 cents per security, a 2.0% decrease year-over-year; distributions were 8.3 cents per security.

  • HY26 property FFO increased 1.8% year-over-year to $42.5m, driven by 7.4% like-for-like income growth and positive re-leasing spreads.

  • NTA per security increased 1.5% to $3.39, supported by a $14.8m revaluation gain.

  • Portfolio like-for-like income growth reached 7.4% year-over-year, driven by rental escalations and leasing.

  • Distribution per security was 8.3 cents, up from 8.2 cents in the prior period.

Outlook and guidance

  • FY26 FFO guidance upgraded to 17.4 cents per security, with distribution guidance reaffirmed at 16.6 cents per security, reflecting a 6.6% yield.

  • Guidance upgrade driven by secured pre-leasing at Glendenning, additional leasing at Moorebank, and delayed BTP sale, offsetting higher floating rates.

  • Development pipeline at Jandakot expected to deliver ongoing earnings accretion and future growth.

  • Focus remains on organic income growth, active portfolio management, and disciplined capital deployment.

  • Expect all-in cost of debt to rise slightly above 5% for the full year, reflecting higher floating rates.

What is the rationale for the recent debt facility increase?
How will DXI sustain valuation uplifts with cap rate expansion?
What is the strategy for Moorebank's vacant space?
Why not prioritize buyback given NTA discount?
How will DXI leverage market development constraints?
Dandenong South: Plan to unlock under-renting?
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H2 202612 Aug, 2026
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Frequently asked questions

Dexus Industria REIT is a listed Australian real estate investment trust specializing in high-quality industrial warehouses. Dexus Industria REIT focuses on providing sustainable income and capital growth prospects for its security holders over the long term. The company is dedicated to investing in industrial properties that offer strategic advantages and are designed to meet the evolving needs of tenants in the industrial sector. The company is headquartered in Australia, and its shares are listed on the ASX.

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