Slide 1: 2015 Half year results presentation (ASX release)
DEXUS Property Group (ASX: DXS) ASX release 18 February 2015 2015 Half year results presentation For personal use only DEXUS Property Group provides its 2015 half year results presentation. The property synopsis spreadsheet is also available on our website at www.dexus.com/synopsis For further infor
Slide 2: DEXUS Property Group 2015 Half Year Results Presentation
DEXUS PROPERTY GROUP 2015 HALF YEAR RESULTS PRESENTATION For personal use only DEXUS Funds Management Limited ABN 24 060 920 783 AFSL DEXUS238163 as responsible Property entity for DEXUS Group – [presentation title]Property Group Slide 1
Slide 3: Agenda
AGENDA Group highlights For personal use only Financial results Capital management Third party funds management Portfolio results Development and trading Transactions and market outlook Summary Appendices DEXUS Property Group – 2015 Half Year Results Presentation Slide 2
Slide 4: Group highlights – For the six months ended December 2014
GROUP HIGHLIGHTS – For the six months ended 31 December 2014 7.4% Growth in FFO per security For personal use only 6.8% Growth in distribution per security 200,561sqm Leased across DEXUS total portfolio1 6.3% Increase in third party funds under management2 $18.1m Trading profits3 realised 43bps Mana
Slide 5: Group highlights – Significant progress on FY15 earnings drivers
GROUP HIGHLIGHTS – Significant progress on FY15 earnings drivers For personal use only FUNDS MANAGEMENT FY15 DRIVERS PROPERTY PORTFOLIO TRADING & PROPERTY SERVICES Delivered strong returns from the DEXUS Office Acquired $285 million2 Contracted on all trading HY15 of properties satisfying the
Slide 6: Financial results
FINANCIAL RESULTS For personal use only DEXUS Property Group – [presentation 2015 Half Yeartitle] Results Presentation Slide 5
Slide 7: Financial results – Key financial metrics
FINANCIAL RESULTS – Key financial metrics Key financial metrics 31 Dec 2014 Previous corresponding period For personal use only Funds from Operations (FFO)1 ($m) $258.4m 25.4% Distribution ($m) $178.2m 25.4% FFO (per security) 28.54c 7.4% Distribution (per security) 19.68c 6.8% Statutory net profit
Slide 8: Financial results – Funds from Operations
FINANCIAL RESULTS – Funds from Operations 31 Dec 2014 31 Dec 2013 Change $m $m $m For personal use only Office property FFO 262.8 201.7 61.1 PROPERTY PORTFOLIO Total property FFO of Industrial property FFO 52.0 61.5 (9.5) $314.8m increased $51.6m, Total property FFO 314.8 263.2 51.6 driven by additi
Slide 9: Financial results – Scalability benefiting Management Operations and MER
FINANCIAL RESULTS – Scalability benefiting Management Operations and MER Management operations net profit up 51% Management operations and MER3 HY15 down 6bps from HY14 For personal use only 25.0 75 HY15 ($m) Property Funds Mgmt Devt & 70 72 Mgmt Mgmt Operations Trading2 65 20.0 67 60 Revenue 24.8 1
Slide 10: Capital management – HY15 progress
CAPITAL MANAGEMENT – HY15 progress FY15 focus HY15 progress For personal use only Leverage strong credit rating metrics to reduce Reduced cost of debt by 20bps to 5.2% supported cost of debt by credit rating upgrades Improve diversification and duration of debt Secured US$250m long-dated USPP Mainta
Slide 11: Capital management – Improved diversity, duration and cost of debt
CAPITAL MANAGEMENT – Improved diversity, duration and cost of debt Reduced cost of debt by 20bps to 5.2% and improved the Key metrics 31 Dec 14 30 Jun 14 duration of debt as a result of For personal use only Gearing (look-through)1 32.0%2 33.7% — Credit rating upgrades Cost of debt3 5.2% 5.4% — Se
Slide 12: Third party funds management – HY15 progress
THIRD PARTY FUNDS MANAGEMENT – HY15 progress FY15 focus HY15 progress For personal use only Continue to achieve top quartile performance for DWPF continued to outperform benchmarks over DWPF three and five year periods Continue to deliver on investment plans and Acquired six properties1 on behalf of
Slide 13: Third party funds management – Developments and acquisitions
THIRD PARTY FUNDS MANAGEMENT – Developments and acquisitions DEXUS Third party funds under management Industrial For personal use only Partner increased by 6.3%1 DEXUS Office Partner <$0.1bn $1.7bn $344m $2.2bn Australian Industrial DWPF $5.5bn Transactions2 Development pipeline Partner $0.3bn $9.2b
Slide 14: Third party funds management – Pipeline of organic growth
THIRD PARTY FUNDS MANAGEMENT – Pipeline of organic growth $2.2bn For personal use only Third Party Development Pipeline $1.45bn $730m Total committed projects1,2 Total uncommitted1,2 projects $780m Uncommitted projects Remaining spend on committed projects focused on retail properties Remaining spen
Slide 15: Portfolio results
PORTFOLIO RESULTS For personal use only DEXUS Property Group – [presentation 2015 Half Yeartitle] Results Presentation Slide 14
Slide 16: Portfolio results – HY15 progress
PORTFOLIO RESULTS – HY15 progress FY15 focus HY15 progress For personal use only Maintain >95% occupancy in office portfolio Achieved 95.0% office portfolio occupancy Reduce office lease expiries in FY16-17 Reduced FY15 expiries from 8.2% to 2.7%. Some to 8.5% and 9.5% respectively short term leasin
Slide 17: Portfolio results – Office HY15 performance
PORTFOLIO RESULTS – Office HY15 performance 102,593sqm 4.4yrs For personal use only Office space WALE2 leased1 (June 2014: 4.7 years) 61% Flat Retention Like-for-like (June 2014: 61%3) income growth 8.2% 95.0% Total return Occupancy2 (June 2014: 9.2%3) (June 2014: 94.6%) 1. At 100%, including Heads
Slide 18: Portfolio results – Office leasing results
PORTFOLIO RESULTS – Office leasing results 60 Castlereagh Street, Sydney 385 Bourke Street, Melbourne Secured a total of 131 leasing transactions For personal use only — 80 new leasing deals — 49 renewals — 2 development deals Average incentives of 16.1% — Secured 34 effective deals Three new te
Slide 19: Portfolio results – Office valuations drive total valuation uplift
PORTFOLIO RESULTS – Office valuations drive total valuation uplift 30 The Bond, Sydney 1 Bligh Street, Sydney Total portfolio valuation uplift of $109.3m1 or 1.2% on prior book values driven by leasing For personal use only success and cap rate compression — Office portfolio valuations up 1.4% or
Slide 20: Portfolio results – Office lease expiry profile
PORTFOLIO RESULTS – Office lease expiry profile1 at 31 December 2014 Significantly de-risked FY15 expiries to 2.7% through focus on near term expiries For personal use only Completed some short term leasing which has increased FY16 and FY17 expiries — Expectation that leases can be recalibrated
Slide 21: Portfolio results – DEXUS Office Partnership portfolio achievements
PORTFOLIO RESULTS – DEXUS Office Partnership portfolio achievements Occupancy 92.2%2 94.6% For personal use only On track to deliver a Leased 73,710sqm 12%1 total return Portfolio valuations $125.3 million3 for the 12 months ending 31 March 2015 Capitalisation rate 7.24%4 7.06% 1. Forecast unlevered
Slide 22: Portfolio results – Industrial HY15 performance
PORTFOLIO RESULTS – Industrial HY15 performance 131 Mica Street, Carole Park, QLD 97,968sqm 4.0yrs For personal use only Industrial space WALE2 leased1 (June 2014: 4.0 years) 92.8% 52% Occupancy2 Retention (June 2014: 93.0%) (June 2014: 41%) 8.5% Flat 3 Basalt Road, Greystanes, NSW Total return Like
Slide 23: Portfolio results – Industrial leasing achievements
PORTFOLIO RESULTS – Industrial leasing achievements 15-23 Whicker Road, Gillman Quarry at Greystanes Secured a total of 43 leasing transactions For personal use only Average incentives 9.6% Average face rents down 4.2% — Driven by reversions on renewals and new leases, as the portfolio remains
Slide 24: Development and trading
DEVELOPMENT AND TRADING For personal use only 480 Queen Street, Brisbane QLD (under construction). DEXUS Property Group – [presentation 2015 Half Yeartitle] Results Presentation Slide 23
Slide 25: Development and trading – HY15 progress
DEVELOPMENT AND TRADING – HY15 progress FY15 focus HY15 progress For personal use only Deliver Kings Square and progress Kings Square on track for completion by mid 2015, 5 Martin Place and 480 Queen Street 5 Martin Place and 480 Queen Street progressed Commence three year development program Stage
Slide 26: Development – DEXUS pipeline
DEVELOPMENT – DEXUS pipeline $3.5bn For personal use only Group development pipeline $1.3bn $2.2bn DEXUS portfolio Third Party Funds FY15 FY16 FY17+ 5 Martin Place, Sydney $107m1,2 ($25m) Provides access to stock to 480 Queen Street, Brisbane $283m1 ($168m) improve portfolio quality and Kings Squa
Slide 27: Development – Martin Place, Sydney
DEVELOPMENT – 5 Martin Place, Sydney HY15 update Practical completion due mid 2015 For personal use only Refreshed marketing campaign gaining interest Secured new tenant Challenger, increasing office space committed to 72% Topped out at end of 2014 Target 10yr IRR >10% DEXUS ownership1 25% 1.
Slide 28: Development – Kings Square, Perth
DEVELOPMENT – Kings Square, Perth Practical completion due mid 2015 For personal use only Target 10yr IRR circa 10% DEXUS ownership1 50% HY15 update 55% leased and on track for completion in mid 2015 100% of income is secured through a five year income guarantee from practical completion2 Topp
Slide 29: Development – Queen Street, Brisbane
DEVELOPMENT – 480 Queen Street, Brisbane Practical completion in early 2016 Target 10yr IRR circa 10% For personal use only HY15 update Ten tenants secured with 80.7%1 office space pre-committed Terms agreed with leading Australian restaurateur on level 4 Innovative design for “Room 480” food
Slide 30: Trading – HY15 update
TRADING – HY15 update Contracted on all properties for FY15 and majority of FY16 trading profits For personal use only Tax expense accrued for in FY151 Approx. 70% of forecast FY15 trading profits to be generated from the sale of — 50 Carrington Street, Sydney and 40 Market Street, Melbourne F
Slide 31: Transactions & market outlook
TRANSACTIONS & MARKET OUTLOOK For personal use only DEXUS Property Group – [presentation 2015 Half Yeartitle] Results Presentation Slide 30
Slide 32: Transactions – $852 million of transactions in a competitive market
TRANSACTIONS – $852 million of transactions in a competitive market DEXUS balance sheet Third party funds For personal use only DEXUS Industrial DEXUS Wholesale Partnership Property Fund Acquisitions Industrial partnership with $5.5bn diversified wholesale fund Lakes Business Park, Botany1 The Fut
Slide 33: Transactions – Acquisition of Lakes Business Park, Botany
TRANSACTIONS – Acquisition of Lakes Business Park, Botany BACKGROUND Lakes For personal use only Site: 7.9ha Acquired Lakes Business Park, comprising two Lettable: 43,617sqm adjoining sites located in southern Sydney Office: 30,379sqm Ind/wh: 13,238qm — Northern site to be actively managed – 70% o
Slide 34: Market outlook – Office market demand well into recovery phase
MARKET OUTLOOK – Office market demand well into recovery phase Demand underpinned by improving trend in employment (ANZ Job advertisements) For personal use only ‘000sqm 60 3% 40 2% 20 1% 0 0% -20 -1% -40 -2% Sydney -60 -3% Melbourne -80 -4% Brisbane -100 Perth -5% ANZ Job Ads (RHS) -120 -6% Mar-13
Slide 35: Market outlook – Reasons why office demand is improving
MARKET OUTLOOK – Reasons why office demand is improving A recovery in demand is well underway in Sydney Employment growth by industry in FY15 and Melbourne with the business services, IT and For personal use only Business services education sectors leading the way Retail trade Health Firms are h
Slide 36: Market outlook – Withdrawals to offset new supply in Sydney
MARKET OUTLOOK – Withdrawals to offset new supply in Sydney Sydney CBD office market For personal use only 10 year historic avg. withdrawals ~43,000sqm p.a. DEXUS expectations — 587,000sqm of supply over the next 5 years — 360,000sqm of withdrawals over the next 5 years — Sydney office vacancy t
Slide 37: Market outlook – Industrial positioned to benefit from economic activity
MARKET OUTLOOK – Industrial positioned to benefit from economic activity Occupier demand varies between markets Wholesale and transport sector output to strengthen For personal use only Wholesale Transport — VIC and NSW strengthening mildly 8% — QLD subdued but improving 6% Improving fundamental
Slide 38: Summary
SUMMARY For personal use only DEXUS Property Group – [presentation 2015 Half Yeartitle] Results Presentation Slide 37
Slide 39: Summary – FY15 earnings drivers
SUMMARY – FY15 earnings drivers For personal use only FUNDS MANAGEMENT PROPERTY PORTFOLIO & PROPERTY SERVICES TRADING FY15 DRIVERS Maximising performance from Driving performance and Delivering trading profits from the DEXUS property portfolio generating revenue from funds identified properties mana
Slide 40: Summary
SUMMARY Another period of consistent performance for the Group For personal use only Third party funds management business is set up for strong organic growth Well positioned to take advantage of improving office markets Upgraded FY15 guidance1 primarily as a result of reduced debt costs and
Slide 41: Appendices
APPENDICES For personal use only DEXUS Property Group – [presentation title] Slide 40
Slide 42: Contents
CONTENTS Group highlights Portfolio results For personal use only DEXUS today 42 Office portfolio 51 Financial results Industrial portfolio 57 Reconciliation to statutory net profit 43 Developments underway 63 Management Expense Ratio 44 Uncommitted development pipeline 64 Cash flow reconciliation 4
Slide 43: Group highlights – DEXUS today
GROUP HIGHLIGHTS – DEXUS today1 DEXUS Property Group portfolio For personal use only $18.3bn AUM Public and private capital 295 property professionals 146 properties 4,142,818sqm NLA Office Industrial Retail Development pipeline2 $11.9bn $2.6bn $3.8bn $3.5bn DEXUS portfolio Third Party Funds Managem
Slide 44: Financial results – Reconciliation to statutory net profit
FINANCIAL RESULTS – Reconciliation to statutory net profit From 1 July 2014, DXS has adopted a new definition for calculating FFO, in accordance with the PCA white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”. The table below shows the breakdown of DEXUS’s FFO and AFFO un
Slide 45: Financial results – Management Expense Ratio
FINANCIAL RESULTS – Management Expense Ratio 31 Dec 2014 31 Dec 2013 For personal use only Gross MER $m $m Group corporate (14.8) (12.9) Asset management (4.6) (5.5) A) Total corporate & AM (19.4) (18.4) B) Average FUM 9,101 7,302 (balance sheet FUM only) Gross MER = 2*A/B 43bps 50bps C) Average tot
Slide 46: Financial results – Cash flow reconciliation
FINANCIAL RESULTS – Cash flow reconciliation 31 Dec 2014 31 Dec 2013 $m $m For personal use only Cash flow from operating activities 352.6 154.3 add back: payment for inventory acquisition and capex 21.6 9.8 less: cost of sale of inventory (84.0) (3.3) less: proceeds from sale of Rosebery received i
Slide 47: Financial results – Change in net tangible assets and revaluations
FINANCIAL RESULTS – Change in net tangible assets and revaluations Investment portfolio Valuation Cap rate % of $m $ change ($m) (%) portfolio For personal use only Opening net tangible assets (30 Jun 14) 5,761 6.36 DEXUS office portfolio 106 6.79% 83.7% Retained earnings1 80 0.09 DEXUS industrial p
Slide 48: Financial results – Interest reconciliation
FINANCIAL RESULTS – Interest reconciliation 31 Dec 2014 31 Dec 2013 $m $m For personal use only Total statutory finance costs 126.3 65.5 Less: unrealised interest rate swap MTM loss1 (51.2) (1.6) Less: finance costs attributable to sales transaction - (2.5) Add: finance costs attributable to investm
Slide 49: Financial results – Direct property portfolio movements
FINANCIAL RESULTS – Direct property portfolio movements Office1 Industrial1 DEXUS total1 $m $m $m For personal use only Opening direct property 7,659 1,469 9,128 Leasing incentives2 45 5 50 Maintenance capex 17 3 20 Acquisitions - 19 19 Developments3 118 10 128 Disposals4 (292) (21) (313) FX (3) - (
Slide 50: Capital management – Interest rate hedging profile
CAPITAL MANAGEMENT – Interest rate hedging profile Hedging profile 31 Dec 2014 30 June 2014 For personal use only Average amount of debt hedged excluding caps1 65% 51% Average amount of debt hedged1 72% 60% Weighted average interest rate on hedged debt2 3.7% 3.7% Weighted average fixed & floating ra
Slide 51: Capital management – Debt overview
CAPITAL MANAGEMENT – Debt overview Key metrics 31 Dec 2014 30 June 2014 For personal use only Total debt1 $2,959m $2,932m Cost of debt2 5.2% 5.4% Gearing (look-through)3 32.0% 33.7% Headroom (approximately)4 $0.6bn $0.5bn Debt duration 5.9 years 5.2 years S&P/Moody’s rating A-/A3 A-/A3 Covenant gear
Slide 52: Portfolio results – Office operating performance
PORTFOLIO RESULTS – Office operating performance Office portfolio 31 Dec 2014 30 June 2014 For personal use only Occupancy by income 95.0% 94.6% Occupancy by area 95.2% 94.3% Average incentive 16.1% 18.6%1 Average rental increase 0.7% 3.1%1 Retention rate rolling 12 mths 61% 61%1 Over/(under) rented
Slide 53: Portfolio results – Office lease expiry profile
PORTFOLIO RESULTS – Office lease expiry profile at 31 December 2014 Sydney CBD office portfolio Sydney Suburban office portfolio 25% 25% Income Area For personal use only Income Area 20% 20% 16.3% 15.0% 15% 13.4% 13.3% 13.7% 13.1% 15% 13.6% 13.8% 10% 8.4% 10% 7.6% 5.9% 4.9% 5% 3.2% 3.4% 5% 3.0% 3.3%
Slide 54: Portfolio results – Office portfolio diversification
PORTFOLIO RESULTS – Office portfolio diversification Property type by book value Geographical weighting by book value For personal use only Development Car park 2% 4% Office park 2% Premium Grade 32% Canberra 1% B Grade 4% Adelaide 2% Sydney 62% Perth 9% Brisbane 12% A Grade 56% Melbourne 14% DEXUS
Slide 55: Portfolio results – Office top tenants
PORTFOLIO RESULTS – Office top 10 tenants Office tenant S&P rating % of income1 Diversity of office tenants by income 100% Other For personal use only Woodside Energy BBB+ positive 4.6% Employment Placement and Recruitment Services Not rated 90% Electricity, gas, water and waste service Wilson Parki
Slide 56: Portfolio results – Corporate Responsibility and Sustainability
PORTFOLIO RESULTS – Corporate Responsibility and Sustainability Maintained and improved NABERS Energy and Water ratings1 For personal use only — Achieved 4.6 star NABERS Energy rating exceeding the 4.5 star target in DEXUS office portfolio — The Group’s portfolio includes 26 properties with an ene
Slide 57: Portfolio results – Office portfolio sustainability metrics
PORTFOLIO RESULTS – Office portfolio sustainability metrics DEXUS office portfolio Jun 08 Dec 12 Dec 13 Dec 14 For personal use only NABERS Energy average rating n/a 4.71 4.81 4.62 NABERS Water average rating n/a 3.51 3.51 3.52 Energy consumption intensity (MJ/sqm) 609.5 396.6 400.3 370.2 Water cons
Slide 58: Portfolio results – Industrial operating performance
PORTFOLIO RESULTS – Industrial operating performance Quarry Industrial Estate, 1 Basalt Road, Greystanes NSW Industrial portfolio 31 Dec 2014 30 June 2014 For personal use only Occupancy by income 92.8% 93.0% Occupancy by area 92.1% 93.1% Average rental decrease (4.2%) (8.6%) Average incentive 9.6%
Slide 59: Portfolio results – Industrial lease expiry profile
PORTFOLIO RESULTS – Industrial lease expiry profile at 31 December 2014 18% For personal use only 16.1% 16.0% 16% 15.5% 13.7% 14% 12% 10% 9.5% 7.9% 8.1% 8% 7.0% 6.6% 6.5% 6% 4% 2% 0% Available FY15 FY16 FY17 FY18 Income Area DEXUS Property Group – 2015 Half Year Results Presentation Slide 58
Slide 60: Portfolio results – Industrial lease expiry profile by city
PORTFOLIO RESULTS – Industrial lease expiry profile at 31 December 2014 Sydney industrial portfolio Melbourne industrial portfolio For personal use only 25% 21.7% 25% Income Area Income Area 19.5% 20% 20% 18.3% 15.9% 13.7% 14.0% 15% 15% 12.6% 9.8% 10.9% 11.4% 9.2% 8.5% 7.7% 10% 7.5% 10% 7.2% 6.7% 6.
Slide 61: Portfolio results – Industrial portfolio diversification
PORTFOLIO RESULTS – Industrial portfolio diversification Property type by book value Geographical weighting by book value For personal use only Developments Land 5% 2% Adelaide 2% Data Centres 4% Brisbane 5% Industrial Estates Sydney 54% 41% Business Parks 24% Melbourne 39% Distribution Centres 24%
Slide 62: Portfolio results – Industrial top tenants
PORTFOLIO RESULTS – Industrial top 10 tenants Industrial tenant % of income1 Diversity of industrial tenants by income 100% For personal use only Wesfarmers Limited 1.0% Other AWH Pty Ltd 0.8% 90% Postal and courier pick-up and delivery services IBM Australia 0.6% Not-for-profit 80% Visy Industry Pa
Slide 63: Portfolio results – Industrial resource consumption
PORTFOLIO RESULTS – Industrial resource consumption For personal use only DEXUS Industrial Energy DEXUS Industrial Water DEXUS Industrial GHG 35 400 9 Intensity Intensity Emissions Intensity Scope 1 & 2 GHG Emissions kg CO2- 350 8 30 Energy Intensity (MJ/sqm) 7 Water Intensity (L/sqm) 300 25 6 250 2
Slide 64: Portfolio results – DEXUS developments committed
PORTFOLIO RESULTS – DEXUS developments committed Pipeline Building area Project cost Yield on cost Leased Completion sqm1 A$m2 % % due For personal use only Office 5 Martin Place, Sydney, NSW 33,752 107 Circa 7% 72% Mid 2015 480 Queen Street, Brisbane, QLD 52,781 283 7.0-7.5% 81% Early 2016 Kings Sq
Slide 65: Portfolio results – DEXUS uncommitted development pipeline
PORTFOLIO RESULTS – DEXUS uncommitted development pipeline Pipeline Building Project est. Est. cost to Est. yield on est. area (sqm)1 (A$m)2,3 completion (A$m) 3 project cost (%) For personal use only Office 180 Flinders Street, Melbourne, VIC 23,950 237 155 7.0-7.5% 12 Creek Street, Brisbane, QLD 4
Slide 66: Transactions – Trading versus non-trading opportunities
TRANSACTIONS – Trading versus non-trading opportunities ORIGINATION Acquisitions1 Balance Sheet Assets For personal use only ACTIVITY / Reposition Develop Reposition/ Divestment (non STRATEGY & Sell & Sell Develop & Sell trading) Investment Trading asset2 Trading asset2 Trading asset2 TYPE property
Slide 67: Transactions – An active six months for Third Party Funds
TRANSACTIONS – An active six months for Third Party Funds DEXUS acquisitions Purchase Cap Settlement DWPF acquisitions Purchase Cap Settlement price $m rate date price $m rate date For personal use only Lakes Business Park, Botany, NSW 153.5 7.0% 16 Jan 15 Deepwater Plaza, Woy Woy, NSW 98.5 7.25% 25
Slide 68: Transactions – Acquisitions in DEXUS Industrial Partnership
TRANSACTIONS – Acquisitions in DEXUS Industrial Partnership Current end value of $360m1 with $1bn target For personal use only 50 & 70 Radius Drive, Larapinta — Development opportunity — 42,770sqm usable area, 22,950sqm planned GLA — Acquired on market for $9.2m Lot 1, 8 Anton Road, Hemmant — Redu
Slide 69: Exchange rates and securities used in statutory accounts
EXCHANGE RATES AND SECURITIES USED IN STATUTORY ACCOUNTS 31 Dec 2014 30 June 2014 30 June 2013 For personal use only Closing rates for Statement of Financial Position NZD 1.0462 1.0761 1.0879 USD 0.8202 0.9420 0.8948 Average rates for Statement of Comprehensive Income NZD 1.0962 1.1061 1.1345 USD 0.
Slide 70: Glossary
GLOSSARY GLOSSARY Distribution payout policy: Policy is to distribute in line with free cash flow. For personal use only Funds From Operations (FFO): FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders calculat
Slide 71: Important information
IMPORTANT INFORMATION This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX:DXS). It is not an offer of securities for subscription or sale and is not financial product advice. For personal use only Information in