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SECURITY HOLDER REVIEW Welcome to DEXUS Property Group’S 2010 Security Holder Review

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SECURITY HOLDER REVIEW Welcome to DEXUS Property Group’S 2010 Security Holder Review 2010 DEXUS Property Group SECURITY HOLDER REVIEW WELCOME TO DEXUS PROpeRTY GROup’S 2010 SECURITY HOLdeR ReVIew This Security Holder Review forms part of DEXUS Property Group’s (ASX: DXS) annual reporting suite which is explained in more detail on the inside back cover. All amounts are A$ unless otherwise specified. Cover: Governor Phillip & Macquarie Tower Complex, 1 Farrer Place and 1 Bligh Street, Sydney, NSW This page: Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney, NSW OUR VISION To be the market leading owner, manager, developer of superior quality properties, in office and industrial in Australia and industrial in the US west coast, providing world‑class property solutions and optimal outcomes for our stakeholders. OuR VISION 1 ThIRD PARTY PROPERTY Funds MANAgeMenT 28 OuR STRATegy – 2010 OBJECTIVes 2 CORPORATE RESPONSIBILITY AND 30 And ACHIEVEMenTS SUSTAINABILITY HIGHLIGHTS ABOUT DEXUS 4 OUR STAKEHOLDERS 32 OUR PEOPLE 34 OuR PORTFOLIO 6 OUR ENVIRONMENT 40 FINANCIAL HIghLIghTS 8 FINANCIAL SUMMARY 44 LeTTER FROM The ChAIR 10 InVesTOR InfORMATION 46 ChIef ExeCUTIVE OffICER’S RepORT 11 GLOSSARY 51 PORTFOLIO PERFORMANCE DIRECTORY 52 Office 16 Industrial – Australia 20 RepORTIng STRUCTURE Industrial – UNITED STATES 24 Industrial – Europe 27 OUR STRATEGY 2010 OBJECTIVes And ACHIEVEMENTS OWN WORLD-CLASS QUALITY PORTFOLIO STRATEGIC LOCATIONS IN AUSTRALIA AND THE US MARKET LEADER IN OFFICE AND INDUSTRIAL FINANCIAL STRENGTH ACTIVE CAPITAL MANAGEMENT 2010 objectives n Continued focus on high quality Australian office assets n Capitalise on recovery in demand in industrial n Continue to reposition US portfolio n Progress disposal of European portfolio 2010 achievements › Sold remaining retail asset for $256m to concentrate on leadership positions in office and industrial › Enhanced quality of Australian industrial portfolio with key market acquisitions of $71m and non‑core property sales of $69m › Progressed repositioning of US portfolio from 21 to 17 markets – sold US$208m of non‑core properties › European properties prepared for sale when markets recover View from Governor Phillip Tower, 1 Farrer Place, Sydney, NSW 2 DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW MANAGE DEVELOP FULLY INTEGRATED PROPERTY MANAGEMENT MODEL SELECTIVE DEVELOPMENTS CREATING VALUE DELIVERING SERVICE EXCELLENCE TO OUR TENANTS SUSTAINABLE DESIGN AND INVESTORS HIGH QUALITY WORKSPACE MAXIMISING RETURNS n Outperform domestic operational benchmarks with n Target 6 Star Green Star ratings for our major internalised management driving performance office developments n Build US operational platform n Progress industrial development pipeline n Further strengthen balance sheet n Commitment to sustainable design excellence n Maintain leadership position in Corporate Responsibility and Sustainability (CR&S) › Achieved above market occupancy and like‑for‑like › 1 Bligh, Sydney, NSW growth in Australian office and industrial – Awarded 6 Star Green Star rating and Sydney › Completed the Australian industrial management CBD’s first high rise office tower to incorporate internalisation program blackwater recycling technology › Established US office – 55% leased at 30 June 2010 › Raised $340m Medium Term Notes (MTN) and issued › 123 Albert, Brisbane, QLD US$300m in US public market debt – Awarded 6 Star Green Star rating › Named for the second year running as one of the – 80% leased at 30 June 2010 world’s most sustainable corporations in the “Global Developing quality industrial facilities at: 100” list (Davos World Economic Forum) › – Greystanes, NSW $95m – Increased average NABERS Energy rating to 3.3 stars › three pre‑commitments underway Granted $3m by Green Building Fund › – Laverton North, Vic $11m – one development underway DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW 3 ABOUT DEXUS DEXUS is one of Australia’s In Australia, DEXUS is the largest The Group has two areas of operation: leading property groups listed owner/manager of office and n A $7.4 billion direct property portfolio one of the largest in industrial. – one of Australia’s largest listed specialising in world‑class property trusts – which owns, On behalf of third party clients, DEXUS office, industrial and retail manages and develops high quality is a leading manager and developer of office and industrial properties properties with total assets shopping centres. primarily in Australia and the US under management of Operating in the United States since n A $5.9 billion property funds 2004, DEXUS owns 98 industrial management business, one of the $13.3 billion. properties totalling more than largest in Australia, which manages 24 million square feet in 17 industrial and develops office, industrial and and logistics markets. retail properties on behalf of third party investors Listed on the ASX, DEXUS has a track record of financial strength and prudent capital management. DEXUS Timeline DEXUS DDF, DIT, DOT, DXO are Entered Europe following industrial DB RREEF acquired Created a joint venture stapled to form DB RREEF acquisitions in France and Germany Deutsche Bank’s 50% partnership with Cbus Property Trust (DRT) interest and rebranded who acquired a one‑third interest Secured Whirlpool investment to DEXUS Property Group in 1 Bligh Street Acquired $1bn US industrial program in North America property portfolio Achieved listing Recognised as one of the Obtained Standard & Poor’s on Australian SAM Global 100 Most Sustainable Created $1.6bn retail joint long‑term corporate credit rating Sustainability Index Corporations at Davos, venture with Westfield of BBB+ Switzerland Commenced development Launched RENTS Achieved listing on FTSE4Good of 6 Star Green Star office Commenced non‑core with $204m RENTS Index buildings at 123 Albert property sale program with security issue Completed a $250m and $200m Street, Brisbane and $96m of sales, consistent with Completed 30 The Bond, MTN issue into Australian debt 1 Bligh Street, Sydney strategy to focus on core high Sydney, Australia’s first capital market quality office and industrial Secured refinancing of 5 Star ABGR office building properties in select markets Sold five retail properties to focus $500m CMBS First issue into the on office and industrial sectors Completed capital raising Completed $313m US private debt market of $750m Acquired Calwest residual 20% institutional and security interest in US industrial JV, holder purchase plan Completed internalisation facilitating the future repositioning equity raising of property management of the portfolio in office portfolio 2 2 0 0 0 0 1 4 6 H ‑2 ‑2 2 2 0 0 0 0 0 0 0 0 5 7 8 9 4 DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW In Australia, this includes the DEXUS The Group’s overall strategy is to deliver Wholesale Property Fund, two blue-chip superior results for our stakeholders by: private client mandates, a retail property n Offering world‑class sustainable syndicate and, in the US, industrial property solutions to our tenants property mandates n Being a preferred employer DEXUS is committed to the long‑term n Ensuring we have a positive impact integration of Corporate Responsibility on the environment and the and Sustainability (CR&S) practices into communities in which we operate our business and we are proud to be n Maximising returns for our investors recognised as a market leader in this important area. Financial Year 2010 December: 123 Albert Street, January: For the second April: Issued $180m MTN Brisbane awarded a 6 Star consecutive year, DEXUS July: Issued $160m of MTN May: Expanded presence Green Star rating achieved listing as one of in key industrial market of September: Achieved the world’s most sustainable Development commenced at Silverwater, NSW with $24m listing on the Dow Jones corporations in the annual Greystanes, NSW with two industrial estate acquisition Sustainability World Index “Global 100” list new pre‑lease commitments for the second year secured March: 1 Bligh Street is Achieved a Moody’s long‑term awarded a 6 Star Green Star corporate credit rating of Baa1 rating and becomes Sydney’s (stable) first high rise office tower to incorporate blackwater Completed inaugural technology 144A public debt issue of US$300m in the US June: Opened US office in bond market Entered key industrial market of Port Botany, NSW with Newport Beach, California property acquisition in and expanded US team Matraville for $46m Sold 50% interest in Westfield Whitford City shopping centre for $256.5m, completing our exit from retail in the listed portfolio 1 2 1 H H H 2 2 2 2 0 0 0 0 0 0 0 1 8 9 9 0 3691 North Perris Boulevard, Perris, CA DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW 5 OUR PORTFOLIO Leadership positions in Australia in office and industrial Office Industrial 28 OFFICE PROPERTIES 677,300 SQM 34 INDUSTRIAL PROPERTIES 1,117,500 SQM TOTAL VALUE $5.6 BILLION Brisbane Perth Adelaide Sydney Canberra Auckland Melbourne OFFICE PORTFOLIO1 67% 14%210% 5% %2% Sydney Melbourne Perth Brisbane Canberra Auckland INDUSTRIAL PORTFOLIO1 59% 36% 3% 2% Sydney Melbourne Brisbane Adelaide View from Governor Phillip Tower, 1 Farrer Place, Sydney, NSW 6 DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW TOTAL PORTFOLIO1 56% 21% 20% 3% Office Australian industrial US industrial Non-core Europe Expanding management capabilities into the west coast United States 98 INDUSTRIAL PROPERTIES 24,778,200 SF TOTAL VALUE US$1.2 BILLION Seattle Minneapolis Toronto Columbus Harrisburg Baltimore Cincinnati Nth Virginia Charlotte Atlanta Los Angeles Riverside Phoenix San Diego Dallas San Antonio Orlando US INDUSTRIAL PORTFOLIO1 48%52% West coast and Whirlpool Central-east coast 1 Portfolio % by book value. DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW 7 FINANCIAL HIGHLIGHTS TOTAL ASSETS OPERATING EBIT $7.9 bn $461.3 m $1.82 38.3% $1.77 35.6% $1.53 33.2% 31.2% 29.8% NET ASSET VALUE $1.01 PER SECURITY $0.95 GEARING $ % 0.95 2006 2007 2008 2009 2010 29.8 2006 2007 2008 2009 2010 Solaris development at Quarry Industrial Estate, Reconciliation Road, Greystanes, NSW 8 DEXUS PROPERTY GROUP 2010 SECURITY HOLDER REVIEW DISTRIBUTION $244.4m 11.9c 11.9c 11.0c 11.3c 11.0c 11.3c 10.4c FUNDS FROM OPERATIONS 7.3c DISTRIBUTIONS 7.3c1 PER SECURITY PER SECURITY 5.1c1 c c 7.
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