• Dexus maintains balance sheet strength with look-through gearing of 31.7%
• Completed c.$1.1 billion of Dexus divestments, with c.$2 billion earmarked over FY25-27
• Delivered strong occupancy of 92.3% in office and 96.2% in industrial

Dexus, a leading Australasian fully integrated real asset group, reported its 2025 annual results, showcasing its robust financial position and operational performance. The company maintained a strong balance sheet with look-through gearing of 31.7%, providing ample capacity to fund its committed developments. Dexus completed c.$1.1 billion in divestments since June 2024, with a further c.$2 billion earmarked over the FY25-27 period to enhance portfolio quality. The office portfolio achieved an occupancy rate of 92.3%, well above the market average of 85.7%, while the industrial portfolio maintained an occupancy of 96.2%. Dexus also delivered a record year of leasing and rent collections, with Adjusted Funds From Operations (AFFO) of $483.9 million. The company's sustainability efforts were recognized, with several funds and investments achieving 5-star GRESB ratings and the property portfolio maintaining net zero emissions across Scope 1, 2 and some Scope 3 emissions. Dexus continued to invest alongside its capital partners, including a $50 million commitment to its DREP2 fund, and progressed on its committed developments, such as the Atlassian project in Sydney. The company's funds management business also delivered strong performance, with DWPF and DWSF outperforming their benchmarks across multiple time periods.

Dexus will continue to focus on transitioning its balance sheet, maximizing the contribution from its funds management business, and unlocking the deep sector expertise across its platform. Key priorities include investing alongside capital partners, completing committed developments, and driving organic growth through new product launches and modernizing legacy products.