• AFFO of $251.8 million or 23.4 cents per security, in line with expectations
• Statutory net profit after tax of $10.3 million, compared to a net loss of $597.2 million in HY24
• Pro forma gearing of 31.3% at the lower end of the 30-40% target range

Dexus (ASX: DXS) has announced its results for the six months ended 31 December 2024, confirming a distribution of 19.0 cents per security. The company reported AFFO of $251.8 million or 23.4 cents per security, in line with expectations. Statutory net profit after tax was $10.3 million, compared to a statutory net loss after tax of $597.2 million in HY24, with the movement driven by stabilising capitalisation rates driving lower fair valuation losses. Dexus maintained a strong balance sheet with pro forma gearing (look-through) of 31.3%, at the lower end of the 30-40% target range. The company's property portfolio continued to demonstrate resilience, maintaining high occupancy across the office and industrial portfolios. Dexus's funds management platform also continued to deliver strong performance, with flagship funds outperforming their benchmarks. The company has reiterated its expectation for AFFO of circa 44.5 - 45.5 cents per security and distributions of circa 37.0 cents per security for the 12 months ending 30 June 2025, aligned with its updated distribution policy.

Barring unforeseen circumstances, for the 12 months ending 30 June 2025 Dexus reiterates its expectation for AFFO of circa 44.5 - 45.5 cents per security and distributions of circa 37.0 cents per security, aligned with its updated distribution policy announced at the full-year results.

Dexus stated that the high-quality assets it owns, manages and develops, the capabilities it builds, and the relationships it forges with clients and customers continue to position it to deliver superior risk-adjusted returns for Dexus Security holders and its capital partners over the long term. The company noted that markets move in cycles and it is now reaching a turning point for real asset markets, with longer-term trends remaining sound with demand underpinned by strong population growth.