Dexus Convenience Retail REIT shares lift after doubling securities buyback target

The news: Shares in Dexus Convenience Retail REIT (DXC) lifted in afternoon trade after the fund announced it would double its on-market securities buyback target from 2.5% to 5% of securities on issue.

The numbers: DXC shares had lifted 1.7% to $2.64 at 2:23pm AEST and had a market cap of about $361 million.

The fund’s initial buyback was 55% complete as of 18 June 2026.

The fund also announced that 33 of its 91 assets were externally valued for the six months to 30 June 2026, resulting in an estimated net valuation uplift of about $8.1 million or a 1.1% increase on book values.

The context: DXC said the increase in its securities buyback program reflects the rate of progress on its initial buyback and “an opportunity to continue capitalising on the current price dislocation between listed and direct property markets”.