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Dexus (ASX: DXS) ASX Release Dexus (ASX: DXS) ASX release 17 August 2021 2021 Annual results – Delivering in a complex operating environment Dexus today announced that it had achieved Adjusted Funds From Operations (AFFO)1 and a distribution of 51.8 cents per security for FY21, up 3% on the prior year. Highlights − Net profit after tax of $1,138.4 million, up 17% − AFFO and distribution of 51.8 cents per security, up 3% on the prior year − Return on Contributed Equity (ROCE)2 of 8.3% − Grew funds management business FUM to $25.0 billion3 through establishing a new office joint venture, securing approval for the merger of the circa $5.6 billion AMP Capital Diversified Property Fund (ADPF) with Dexus Wholesale Property Fund (DWPF) and entering into a proposal to acquire APN Property Group (APN) − Continued leadership in environmental, social and governance performance with Dexus retaining its number one position for the global real estate industry on the Dow Jones Sustainability Index, and maintaining a leading position in GRESB and on the CDP Climate A list − Achieved an employee Net Promoter Score of +43 and customer Net Promoter Score4 of +46 − Rent collections for the Dexus portfolio were strong at 98.1% for FY21 and at 97.6% for the month of July 2021 − Achieved high occupancy5 of 95.2% for the Dexus office portfolio and 97.7% for the Dexus industrial portfolio through strong leasing − Progressed planning for city-shaping projects in the group’s $14.6 billion development pipeline − Completed $881 million of developments across the group including over $450 million of industrial developments, increasing the total group industrial portfolio to 2.6 million square metres − Gearing (look-through)6 remains conservative at 26.7% − $1.1 billion of cash and undrawn debt facilities − Post 30 June 2021, Dexus obtained approval to acquire APN adding $2.9 billion of FUM to the platform, acquired a 49% interest in Capital Square Tower 1 in Perth and entered into an agreement to fund, develop and invest in Atlassian’s headquarters within the NSW State Government-led Tech Central precinct Dexus Chief Executive Officer, Darren Steinberg said: “In a challenging operating environment, we maintained our focus on maximising property portfolio income and performance, while also supporting our small business customers impacted by the lockdowns and growing and diversifying the funds management business. “We implemented major strategic initiatives, which strengthened the funds management business and positioned it for growth including securing approval for the merger of AMP Capital Diversified Property Fund with Dexus Wholesale Property Fund, simplifying the Dexus corporate structure, and entering into a proposal to acquire APN Property Group. We also took the opportunity to selectively recycle assets and make investments to support growth which involved $6.4 billion of healthcare, industrial and office transactions9 across the group. “Resilient independent asset valuations contributed to an increase in net tangible asset backing per security, reinforcing the quality of our property portfolio while increasing our confidence to allocate capital towards new investment opportunities that offered strong growth prospects.” Strategy Darren Steinberg said: “Each year, our strategy review process stress tests our existing strategy with the objective of better positioning Dexus to capitalise on new opportunities and mitigate challenges. The pandemic has reinforced the importance of resilience and having a diversified business model and strategy that can deliver through the cycle. “We have built a fully integrated real estate platform and are focused on better leveraging our cross-sector asset management and development expertise to drive more capital efficient returns for investors, while remaining true to our identity as a long-term investor in high quality Australian real estate. “Throughout the year, we maintained our focus on the strategic initiatives of increasing the resilience of portfolio income streams, expanding and diversifying the funds management business and progressing the group development pipeline. These initiatives have now been incorporated into revised strategic objectives that will guide the next stage of our business evolution: – Generating sustainable income streams: Investing in income streams that provide resilience through the cycle – Being identified as the real estate investment partner of choice: Expanding and diversifying the funds management business “We have invested in having a superior operating platform and will continue our focus on building a world- class business. The size of Dexus’s balance sheet, deep access to pools of capital and an agile, solution- based culture are key enablers of our strategy, supported by our prudent approach to capital management and commitment to sustainability.” Financial result Dexus’s net profit after tax was $1,138.4 million, up 17% on the prior year. This movement was primarily driven by an increase in Dexus’s share of net profits from equity accounted investments and a favourable net fair value movement of derivatives and foreign currency interest bearing liabilities, partly offset by lower fair value gains on owned investment properties. The external independent valuations resulted in a total $584.0 million or circa 3.5% increase on prior book values for the 12 months to 30 June 2021, with a stronger uplift achieved in the second half of the year. These revaluation gains primarily drove the 56 cent or 5.1% increase in net tangible asset (NTA) backing per security during the year to $11.42 at 30 June 2021. Chief Financial Officer, Alison Harrop said: “Despite the ongoing challenges presented by the pandemic and the provision of rent relief to impacted customers, we delivered 3% growth in AFFO and distribution per security. This result is particularly pleasing given the initial expectation for a distribution consistent with FY20, with growth achieved predominantly through better-than-expected outcomes across the property portfolio, as well as delayed settlements of asset sales and other initiatives.” Operationally, Underlying Funds From Operations (excluding trading profits) of $666.6 million was 4.1% lower than the prior year, impacted by divestments and continued impacts of COVID-19 across the property portfolio and management business, partly offset by income from recently completed developments. Despite the reduction in Underlying Funds From Operations, AFFO of $561.7 million was 2.0% higher than the prior year, driven by trading profits of $50.4 million (net of tax) which were $15.1 million higher than the prior year, as well as maintenance capex and incentives which were $24.4 million lower than the prior year. On a per security basis, AFFO and distributions per security were 51.8 cents, 3% higher than the prior year, and the distribution payout ratio remained in line with free cash flow in accordance with Dexus’s distribution policy. The distribution for the six months ended 30 June 2021 of 23.0 cents per security will be paid to Dexus Security holders on Monday, 30 August 2021. Rent collections for the Dexus office and industrial portfolio were strong at 98.1% in FY21, and at 97.6% for the month of July 2021. Dexus achieved a ROCE2 for FY21 of 8.3% driven largely by AFFO and revaluation gains from completed developments at 180 Flinders Street, Melbourne and 47 Momentum Way, Ravenhall. Dexus continued to maintain a strong and conservative balance sheet with gearing (look-through)6 of 26.7% remaining below the target range of 30-40%, and $1.1 billion of cash and undrawn debt facilities. In the 12 months to 30 June 2021, 15,636,917 Dexus securities were acquired on market at pricing ranging from $8.42-$9.40, resulting in 1,075,565,246 securities on issue at the end of the financial year. The proposal to simplify Dexus’s corporate structure was also approved by Security holders during the year and implemented in July 2021, providing Dexus with greater flexibility in meeting the investment demand from investors for real estate assets, while also providing opportunities to expand the funds management business. The simplified structure also results in increased reporting and administrative efficiencies and potential efficiencies for Security holders. Dexus has manageable debt expiries over the next 12 months and remains within all of its debt covenant limits, retaining its credit ratings of A-/A3 from S&P and Moody’s respectively. dexus.com 2 Funds Management Dexus manages $25.0 billion3 of funds across its diversified funds management business, which includes 20 vehicles. Consistent with Dexus’s strategic focus on expanding and diversifying the funds management business, Dexus progressed several initiatives including: − Securing approval for the merger of Dexus Wholesale Property Fund and AMP Capital Diversified Property Fund, establishing a pathway to create an enhanced investment proposition for both sets of unitholders − Establishing the Mercatus Dexus Australia Partnership (MDAP) joint venture with Mercatus Co-operative Limited. MDAP acquired a 33.33% interest in 1 Bligh Street, Sydney for $375 million7 in which Mercatus holds a 90% share in MDAP with Dexus holding the remaining 10% − Growing the scale of Dexus Healthcare Property Fund (DHPF), acquiring the Australian Bragg Centre in Adelaide (in 50/50 co-ownership with Dexus) for $446 million, alongside four other healthcare property acquisitions and completion of the fund-through development of North Shore Health Hub, in St Leonards, NSW − Establishing the Dexus Real Estate Partnership 1, the first in a planned series of closed end opportunity funds In July 2021, APN securityholders voted in favour of Dexus’s proposal to acquire all of the stapled securities in APN for an all-cash consideration of 91.5 cents per security. The transaction increases Dexus’s suite of funds on offer outside of wholesale funds into listed REITs, real estate securities funds and unlisted direct property funds. The transaction also expands Dexus’s investor network to include retail and high net worth capital.
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