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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.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.
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