Dexus Industria REIT delivers $84.2m profit in FY25
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The news: Property investor Dexus Industria REIT reported profit of $84.2 million, recovering from losses of $11.8 million in the previous financial year 2024. This largely reflects property valuation gains compared to losses in the previous year.
The numbers: The swing to profit however came in below the market consensus estimate of $103.9 million, according to Visible Alpha data.
Funds from operations per security for the full-year were 18.2 cents, which is 4.6% better than the prior year and beat initial guidance of 17.8 cents. It is also better than the 18 cents per sharemarket consensus estimate.
Valuation uplifts, as of 30 June 2025, support an increase in net tangible asset per security by 3.1%.
Meanwhile, full-year distributions per security were 16.4 cents, on par with the 16.4 cents declared in FY24 and market consensus.
For FY26, Dexus Industria REIT (DXI) is expecting to deliver FY26 funds from operations per security of 17.3 cents and distributions per security of 16.6 cents. This would reflect a distribution yield of 5.8%.
The context: Dexus Industria REIT (DXI) fund manager Gordon Korkie said the acquisition of a "well-located urban logistics asset at Glendenning" is a part of portfolio reweighting toward "high-quality, well-located growth-oriented industrial assets".
The fund also noted that industrial market conditions to remain favourable amid low vacancy across core markets.
Independent valuations of the DXI portfolio led to a net valuation uplift of $37.6 million.
Meanwhile, the divestment of Brisbane Technology Park is expected to be completed soon. It was was independently valued at a divestment value of $155.5 million following exchange of option agreements on 6 August.
What they said: "Our active management approach has helped achieve close to full occupancy and strong leasing outcomes over FY25," Korkie said.
"We remain focused on leveraging our strong balance sheet to pursue higher-returning opportunities, with the momentum across our accretive development pipeline a key highlight."
