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Dexus (ASX: DXS) ASX Release Dexus (ASX: DXS) ASX release 19 August 2020 2020 Annual Report Dexus provides its 2020 Annual Report which will be mailed to Security holders who have elected to receive a hard copy in mid-September 2020. Authorised by the Board of Dexus Funds Management Limited For further information please contact: Investors Media Jessica Johns Louise Murray Senior Manager, Investor Relations Senior Manager, Corporate Communications +61 2 9017 1368 +61 2 9017 1446 +61 427 706 994 +61 403 260 754 [email protected] [email protected] About Dexus Dexus is one of Australia’s leading real estate groups, managing a high-quality Australian property portfolio valued at $32.0 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 $16.5 billion of properties, with a further $15.5 billion of properties managed on behalf of third-party clients. The group’s $10.6 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.8 million square metres of office workspace across 51 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 29,000 investors from 21 countries. With over 35 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) Level 25, 264 George Street, Sydney NSW 2000 For personal use only Annual Report 2020 Positioning for the recovery For personal use only Dexus is one of Australia’s leading real estate groups, managing a high-quality Australian property portfolio valued at $32.0 billion Positioning for the recovery Over recent years, our ability to act quickly and decisively on both opportunities and challenges has been a contributing factor to our continued success. While the challenges caused by the COVID-19 pandemic adversely impacted our financial result and the Dexus security price we continued to progress our strategic objectives and delivered solid operational achievements for the year. Our vision, purpose and values Our strategy Our vision is to be globally To deliver superior risk-adjusted recognised as Australia’s leading returns for investors from high quality real estate company real estate in Australia’s major cities Our purpose is to create spaces p.16 where people thrive Our values How we create value – Openness and trust The framework that outlines how we create value for all stakeholders – Empowerment – Integrity p.12 p.12 2020 Dexus Annual Reporting Suite For personal use only Corporate Annual Report Financial Statements Sustainability Annual Results 2020 Governance 2020 Positioning for the recovery Report 2020 Presentation 2020 Statement 2020 Positioning for the recovery Positioning for the recovery Positioning for the recovery Positioning for the recovery The Financial Statements for Dexus Industrial Trust, Comprehensive sustainability A summary of Dexus’s Dexus Office Trust and Dexus reporting that supports the results operational and financial Operations Trust. outlined in the 2020 Annual Report. performance. Annual Financial Sustainability Annual Results Corporate Report 2020 Statements 2020 Report 2020 Presentation 2020 Governance Statement 2020 Cover images: (L) Rialto Towers, Melbourne, (R) Central Place Sydney (artist’s impression) 80 Collins Street, Melbourne Dexus 2020 Annual Report 01 Contents Overview FY20 highlights 02 About Dexus 04 Chair and CEO review 06 Approach How we create value 12 Megatrends 14 Strategy 16 Key resources 18 Key business activities 20 Key risks 22 Performance Financial 26 Properties 36 People and capabilities 42 Customers and communities 46 Environment 52 Governance Board of Directors 58 Directors’ report Remuneration report 62 Directors’ report 87 Financial report 92 Investor information 155 80 Collins Street, Melbourne For personal use only About this report We are progressing the development of our reporting to clearly articulate how we deliver long-term value for Dexus Security holders, our third party capital partners and other key stakeholders. This report refers to the International Integrated Reporting Council <IR> Framework to outline our strategy, key resources and business activities undertaken to create sustained value. 80 Collins Street, Melbourne 02 Overview – FY20 Highlights In an unprecedented and challenging year, FY20 highlights we delivered solid achievements across the key resources and relationships we rely on to create value now and into the future $ Financial Properties FY20 p.26 p.36 Maintaining strong financial Developing, managing performance by delivering on and transacting properties our strategy to create a high-quality portfolio across Australia’s key cities 50.3cents $32.0bn Distribution per security Value of group property portfolio FY19: 50.2 cents cents % For personal use only 50.3 96.5 AFFO per security Dexus office portfolio occupancy FY19: 50.3 cents % $10.6bn 9.0 Group development pipeline Return on contributed equity FY19: 10.1% Dexus 2020 Annual Report 03 People and Customers and Environment capabilities communities p.42 p.46 p.52 Attracting, retaining and Supporting the success Assessing the efficiency developing an engaged of our customers, the and resilience of our and capable workforce that wellbeing of building portfolio to minimise delivers on our strategy occupants, the strength our environmental of our local communities footprint and is and the capabilities of positioned to thrive in a our suppliers climate-affected future +61 +50 >1m sqm Employee Net Promoter Score Customer Net Promoter Score Rated minimum 5 star FY19: +40 FY19: +46 NABERS Energy across the group office portfolio, exceeding 1 million sqm target by end of FY20 FY20: 1,053,157sqm % $ m FY19: 950,351sqm For personal use only 36 > 1.1 Women in senior and Community investment value executive management roles FY19: $1.2m FY19: 37% >1m sqm Rated minimum 4 star NABERS Water across the group office portfolio, exceeding 1 million sqm target by end of FY20 FY20: 1,058,585sqm FY19: 757,423sqm 04 Overview – About Dexus We are one of Australia’s leading real estate About Dexus groups, managing a high-quality Australian property portfolio valued at $32.0 billion. $32.0 bn 153 4.5m Total funds under Properties Square metres management across the group Dexus is a Top 50 entity by market With over 35 years of expertise in capitalisation listed on the Australian property, investment, development and Securities Exchange (trading code:DXS) asset management, we have a proven and is supported by more than track record in managing capital and risk 29,000 investors from 21 countries. to deliver superior risk-adjusted returns We believe the strength and quality for our investors. of our relationships will always be We invest only in Australia, and directly central to our success and we are own $16.5 billion of office and industrial deeply committed to working with properties. We manage a further our customers to provide spaces that $15.5 billion of office, retail, industrial and engage and inspire. healthcare properties for our third party capital partners. The group’s $10.6 billion development pipeline provides the 100 Mount Street, opportunity to grow both portfolios and North Sydney enhance future returns. For personal use only Dexus Dexus Wholesale Dexus Office Healthcare Wholesale Property Fund Partner Property Fund $32.0bn $16.5bn $10.3bn $2.7bn $0.4bn Funds under management Dexus Industrial Dexus Australian Australian Industrial Dexus Australian Partner Commercial Trust Partner Logistics Partner $0.2bn $0.6bn $0.4bn $0.9bn Dexus 2020 Annual Report 05 $10bn Top 50 552 Market capitalisation Entity on ASX Employees as at 30 June 2020 We consider sustainability to be an integral part of our business with the objectives of Leading Cities, Future Enabled Customers, Strong Communities, Thriving People and an Enriched Townsville Environment supporting our overarching goal of Sustained Value. Brisbane Perth Adelaide Sydney Melbourne For personal use only Group portfolio composition Office Industrial Retail Healthcare $23.3bn $4.9bn $3.3bn $0.5bn 06 Overview – Chair and CEO review Over recent years, our ability to act quickly Chair and and decisively on both opportunities and CEO review challenges has been a contributing factor to our continued success. The 2020 financial year saw a rapid Positioning for the recovery Our immediate priorities are summarised deterioration in global economic Our response to the challenging across five key areas: conditions brought about by the operating environment, together with – Assist in returning Australian COVID-19 pandemic that evolved in how we were placed going into the crisis, businesses safely to their workplaces: the last quarter of the year. positions us well for the recovery. As Australia’s largest owner and In Australia, there has been a In recent years we have actively manager of office buildings, we coordinated response by governments, undertaken initiatives to improve asset have taken a leadership role in the businesses, banks and communities. quality and portfolio diversification,
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