• 172 of 1,761 assets externally valued as at 31 December 2024
• Total estimated decrease of circa $267.6 million or 2.1% on book values
• Office portfolio decreased by circa 3.2%, industrial portfolio increased by circa 1.4%

Dexus (ASX: DXS) has announced that 172 of its 1,761 assets, comprising 29 office properties and 143 industrial properties, have been externally valued as at 31 December 2024. The draft external independent valuations have resulted in a total estimated decrease of circa $267.6 million or 2.1% on book values across the stabilised portfolio and development assets for the six months to 31 December 2024. The value of the office portfolio decreased circa 3.2% driven by higher capitalisation rates and discount rates, partially offset by market rental growth. The industrial portfolio increased by circa 1.4%, with rental growth largely offsetting the impact of higher capitalisation rates and discount rates. The weighted average capitalisation rate across the total stabilised portfolio expanded by circa 12 basis points over the past six months from 5.90% at 30 June 2024 to 6.02% at 31 December 2024. The weighted average capitalisation rate of the stabilised office portfolio expanded by circa 12 basis points from 6.05% at 30 June 2024 to 6.17% at 31 December 2024. The stabilised industrial portfolio weighted average capitalisation rate expanded by circa 9 basis points from 5.45% at 30 June 2024 to 5.54% at 31 December 2024. Valuations will be finalised and details relating to specific individual property valuations will be available in Dexus's HY25 results which will be released to the Australian Securities Exchange on Tuesday, 18 February 2025.