Dexus · ASX:DXS

Dexus — DEXUS Property Group — FY2015 Earnings Presentation

70 slides from Dexus's earnings presentation, Aug 12, 2015

  1. Slide 1: 2015 Annual results presentation (ASX release)

    DEXUS Property Group (ASX:DXS) ASX release 12 August 2015 2015 Annual results presentation For personal use only DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group provides the attached 2015 annual results presentation. For further information please contact: Investor rel

  2. Slide 2: DEXUS Property Group 2015 Annual Results Presentation

    DEXUS PROPERTY GROUP 2015 ANNUAL RESULTS PRESENTATION – 12 AUGUST 2015 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

  3. Slide 3: Contents

    CONTENTS  DEXUS today Darren Steinberg, CEO For personal use only  Group highlights  Financial results Craig Mitchell, Executive Director Finance & COO — Capital management  Property portfolio — Development Kevin George, EGM Office and Industrial  Trading  Third party funds management Craig Mi

  4. Slide 4: DEXUS today

    DEXUS TODAY Australia’s largest prime office portfolio For personal use only A significant and growing Third Party Funds Management business A deep pipeline of value enhancement opportunities 8.6% p.a. growth in distributions and 15.8% p.a. TSR1 since FY12 Underpinned by a strong balance sheet 1. Co

  5. Slide 5: Group highlights – For the year ended June 2015

    GROUP HIGHLIGHTS – For the year ended 30 June 2015 KEY RESULTS ACHIEVED For personal use only 11.5% Return on equity 9.3% Growth in FFO and distribution per security HOW RESULTS WERE ACHIEVED 394,133sqm Leased across DEXUS total portfolio1 10% Increase in third party funds under management 41bps Man

  6. Slide 6: Group highlights – Key earnings drivers

    GROUP HIGHLIGHTS – Key earnings drivers For personal use only PROPERTY FUNDS MANAGEMENT TRADING PORTFOLIO & PROPERTY SERVICES FY15 Positive like-for-like $35-40 million Approximately TARGET income growth $40 million $645.6 million $37.9 million $42.6 million2 FY15 95.3% office portfolio occupancy DE

  7. Slide 7: Financial results

    FINANCIAL RESULTS For personal use only DEXUS Property Group – [presentation 2015 Annual Results title] Presentation and Appendices Slide 6

  8. Slide 8: Financial results – Key financial metrics

    FINANCIAL RESULTS – Key financial metrics Business contributions to FY15 FFO FY14 FY15 Change For personal use only Underlying FFO1 $m 442.3 501.9 13.5% Trading profits (net of tax)2 $m 4.3 42.6 890.7% Funds from Operations (FFO) $m 446.6 544.5 21.9% Underlying FFO per security3 cps 53.9 54.8 1.7% F

  9. Slide 9: Financial results – Funds From Operations

    FINANCIAL RESULTS – Funds From Operations 30 Jun 2014 30 Jun 2015 Change Change $m $m $m % For personal use only Office property FFO 455.4 533.3 77.9 17.1% Industrial property FFO 122.8 112.3 (10.5) (8.6)% Total property FFO 578.2 645.6 67.4 11.7% Management operations 27.9 37.9 10.0 35.8% Group cor

  10. Slide 10: Capital management – FY15 achievements and FY16 focus

    CAPITAL MANAGEMENT – FY15 achievements and FY16 focus FY15 ACHIEVEMENTS For personal use only Key metrics 30 Jun 14 30 Jun 15 Change Gearing (look-through)1 33.7% 28.5%2 5.2 ppt Cost of debt3 5.4% 5.2% 20 bps Duration of debt 5.2 years 5.7 years 0.5 years Hedged debt (ex caps)4 51% 69% 18 ppt S&P/Mo

  11. Slide 11: Property portfolio

    PROPERTY PORTFOLIO For personal use only DEXUS Property Group – [presentation 2015 Annual Results title] Presentation and Appendices Slide 10

  12. Slide 12: Property portfolio – Total returns underpinned by valuation uplift

    PROPERTY PORTFOLIO – Total returns underpinned by valuation uplift FY15 RETURNS 1 Bligh St, Sydney 30 The Bond, Sydney For personal use only 9.6% 11.3% Contributed to Office portfolio Industrial portfolio 11.5% one-year one-year total return total return Return on Equity Up $16.3m or 6.5% Up $18.5m

  13. Slide 13: Property portfolio – Increased office leasing activity

    PROPERTY PORTFOLIO – Increased office leasing activity 211,071sqm1 For personal use only Total office space leased across 303 deals 108,990sqm 88,460sqm 13,620sqm 101 renewals 185 new deals 17 development deals Office leasing by tenancy size Office leasing by business sector sqm 250,000 Other 15% 21

  14. Slide 14: Property portfolio – Office FY15 performance and leasing metrics

    PROPERTY PORTFOLIO – Office FY15 performance and leasing metrics 95.3% 4.3yrs 150 George Street, Parramatta 14 Lee Street, Sydney For personal use only Occupancy WALE (FY14: 94.6%) (FY14: 4.7 years) KEY METRICS 9.6% +0.2% Total return Like-for-like (FY14: 9.2%1) income growth2 15.0% Average incentiv

  15. Slide 15: Property portfolio – Office lease expiry profile

    PROPERTY PORTFOLIO – Office lease expiry profile  Active approach to leasing focused on maximising cash flow For personal use only  Increased office portfolio occupancy to 95.3% — Securing 8.9% of office portfolio income during FY15 (vacancy and rent at risk)  Reduced WALE is a result of shorter-

  16. Slide 16: Property portfolio – Industrial FY15 performance and leasing metrics

    PROPERTY PORTFOLIO – Industrial FY15 performance and leasing metrics AXXESS Corporate Park, 92.4% 4.0yrs 15-23 Whicker Road, Gillman Mt Waverley For personal use only Occupancy WALE (FY14: 93.0%) (FY14: 4.0 years) KEY METRICS 11.3% +0.7% Total return Like-for-like (FY14: 9.0%) income growth2 183,062

  17. Slide 17: Property portfolio – FY16 office and industrial focus

    PROPERTY PORTFOLIO – FY16 office and industrial focus Maintain >95% occupancy in the DEXUS office portfolio For personal use only Reduce FY17 DEXUS office lease expiries to 10.0% Expect flat like-for-like income across the combined DEXUS portfolio Continue to focus on reducing incentives and underta

  18. Slide 18: Development

    DEVELOPMENT For personal use only DEXUS Property Group – [presentation 2015 Annual Results title] Presentation and Appendices Slide 17

  19. Slide 19: Development – FY15 achievements

    DEVELOPMENT – FY15 achievements Ashurst moved in to 5 Martin Place, completed two Kings Square towers, and progressed 480 Queen Street For personal use only 5 Martin Place, Sydney Kings Square, Perth Cost: $213m (50%) Cost: $111m (25%) Yield on cost1: 8.2% Yield on cost1: 7.3% Final completion: Sep-

  20. Slide 20: Development – DEXUS pipeline

    DEVELOPMENT – DEXUS pipeline $3.5bn Group development pipeline For personal use only $1.2bn $2.3bn DEXUS portfolio Third Party Funds Refer to slide 24 for $808m $420m full breakdown of committed projects uncommitted projects third party development $296m pipeline committed projects remaining spend F

  21. Slide 21: Trading

    TRADING  >60% of FY15 trading profits before tax were generated from active repositioning of office properties For personal use only — 50 Carrington Street, Sydney and 40 Market Street, Melbourne  Tax expense accrued for in FY15 for Rosebery  Settled on properties that comprise FY16 trading profi

  22. Slide 22: Development and trading – FY16 focus

    DEVELOPMENT AND TRADING – FY16 focus Deliver key office developments in Sydney, Perth and Brisbane For personal use only Progress industrial partnership developments Progress the high priority opportunities in the trading pipeline DEXUS Property Group – 2015 Annual Results Presentation and Appendice

  23. Slide 23: Third party funds management

    THIRD PARTY FUNDS MANAGEMENT For personal use only DEXUS Property Group – [presentation title] Presentation and Appendices 2015 Annual Results Slide 22

  24. Slide 24: Third party funds management – Delivering on clients' objectives

    THIRD PARTY FUNDS MANAGEMENT – Delivering on clients’ objectives Growth of third party funds platform Third party funds under management 12 For personal use only increased by 10%1 $9.6bn 10 8 $863m $2.3bn 6 $5.7bn Transactions2 Development pipeline 4 Acquired Leased 74,834sqm of 2 eight properties2

  25. Slide 25: Third party funds management – Pipeline of organic growth

    THIRD PARTY FUNDS MANAGEMENT – Pipeline of organic growth $2.3bn For personal use only Third Party Development1 Pipeline $1.5bn $805m Total committed projects Total uncommitted projects $650m Uncommitted projects Remaining spend on committed projects focused on retail properties Remaining spend on c

  26. Slide 26: Third party funds management – FY16 focus

    THIRD PARTY FUNDS MANAGEMENT – FY16 focus Secure pre-commitments for third party development projects For personal use only Deliver on third party clients’ investment objectives Drive performance in the third party portfolios through active leasing DEXUS Property Group – 2015 Annual Results Presenta

  27. Slide 27: Transactions and market outlook

    TRANSACTIONS AND MARKET OUTLOOK For personal use only DEXUS Property Group – [presentation title] Presentation and Appendices 2015 Annual Results Slide 26

  28. Slide 28: Transactions – $2.0 billion of transactions in FY15

    TRANSACTIONS – $2.0 billion of transactions2 in a competitive market in FY15 DEXUS portfolio1 Third party funds portfolio For personal use only Invested early in the cycle Satisfied clients’ investment objectives $m $m Net1 2,500 Net1 2,500 $2.0bn Acquisitions $1.5bn Acquisitions 2,000 2,000 Net 1,5

  29. Slide 29: Transactions – Acquisition of Waterfront Place, Brisbane

    TRANSACTIONS – Acquisition of Waterfront Place, Brisbane  On 22 June 2015, DEXUS and DWPF announced they had entered into a conditional agreement to acquire For personal use only Waterfront Place and Eagle Street Pier  $635 million price reflects a 6.9% cap rate and a rate per square metre of $9,6

  30. Slide 30: Market outlook – Prime space benefiting from flight to quality

    MARKET OUTLOOK – Prime space benefiting from flight to quality  Net absorption in prime buildings is far exceeding take-up in secondary For personal use only  Flight to quality will speed take-up of new supply in FY16  Sydney and Melbourne, which comprise 69% of CBD stock by value, are in a state

  31. Slide 31: Market outlook – Sydney CBD vacancy to fall below 6.5% by FY18

    MARKET OUTLOOK – Sydney CBD vacancy to fall below 6.5% by FY18 DEXUS EXPECTATIONS For personal use only 444,000sqm of 281,000sqm of 240,000sqm of Flight to quality Vacancy to supply withdrawals net absorption above average take increase in FY16 over the next 3 years over the next 3 years over the ne

  32. Slide 32: Market outlook – Industrial market supported by growth in fundamentals

    MARKET OUTLOOK – Industrial market is supported by growth in fundamentals  Industrial demand is stable and growing, supported by long term growth in key indicators For personal use only  Demand also comes from optimisation of transport, logistics and retailer activity  Infrastructure, urban activ

  33. Slide 33: Summary

    SUMMARY For personal use only DEXUS Property Group – [presentation title] Presentation and Appendices 2015 Annual Results Slide 32

  34. Slide 34: Summary – Outlook

    SUMMARY – Outlook For personal use only PROPERTY PORTFOLIO FUNDS MANAGEMENT TRADING & PROPERTY SERVICES  Portfolio income underpinned  Solid annuity-style income  Trading business leverages by high occupancy and fixed stream and increases ROE the Group’s core rental increases capabilities  Organ

  35. Slide 35: Summary

    SUMMARY  In a strong position to take advantage of For personal use only improving office markets, despite supply coming online in FY16  Market guidance1 for the 12 months ending 30 June 2016 — FFO per security growth of 5.5-6.0%, with FFO from the underlying business (ex trading profits net of ta

  36. Slide 36: Appendices

    APPENDICES For personal use only DEXUS Property Group – [presentation title] Presentation and Appendices 2015 Annual Results Slide 35

  37. Slide 37: Contents

    CONTENTS  Group highlights  Portfolio results For personal use only — DEXUS today — Office portfolio  Financial results — Industrial portfolio — Reconciliation to statutory net profit — Office & Industrial portfolio sustainability metrics — Underlying FFO growth drivers — DEXUS developments commi

  38. Slide 38: Group highlights – DEXUS today

    GROUP HIGHLIGHTS – DEXUS today DEXUS THIRD PARTY FUNDS TOTAL For personal use only PORTFOLIO PORTFOLIO GROUP PORTFOLIO $9.5bn $9.6bn $19.1bn Management of a diverse DEXUS owned and managed portfolio of office, industrial and portfolio of Australian office retail properties on behalf of and industria

  39. Slide 39: Financial results – Reconciliation to statutory net profit

    FINANCIAL RESULTS – Reconciliation to statutory net profit  From 1 July 2014, DEXUS 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 For perso

  40. Slide 40: Financial results – Underlying FFO growth drivers

    FINANCIAL RESULTS – Underlying FFO growth drivers For personal use only $m 13.5% growth 560 540 10.0 520 67.4 500 11.4 2.9 3.5 480 460 440 501.9 420 400 442.3 380 360 Finance costs FY14 Underlying Other * FY15 Underlying portfolio FFO Mgmt operations Corporate costs Property FFO FFO Trading profits

  41. Slide 41: Financial results – Management operations profit and ROE

    FINANCIAL RESULTS – Management operations profit and ROE Management operations net profit For personal use only FY15 ($m) Property Mgmt Funds Mgmt Mgmt Operations Dev’t & Trading2 Revenue 49.7 40.5 90.2 226.5 Operating expenses1 (36.5) (15.8) (52.3) (6.2) Cost of sales —trading - - - (177.5) Total o

  42. Slide 42: Financial results – Management operations profit and MER

    FINANCIAL RESULTS – Management operations profit and MER Gross MER 30-Jun-14 30-Jun-15 Management operations and MER $m $m FY15 MER down 8bps from FY14 For personal use only $m bps Group corporate (27.5) (30.4) 50 70 67bps Asset management (10.8) (9.1) 45 65 40 60 A. Total corporate & AM (38.3) (39.

  43. Slide 43: Financial results – Cash flow reconciliation

    FINANCIAL RESULTS – Cash flow reconciliation 30 June 2015 30 June 2014 $m $m For personal use only Cash flow from operating activities 661.4 418.3 add back: payment for inventory acquisition and capex 53.3 23.1 less: cost of sale of inventory (172.2) (65.3) less: proceeds from sale of Rosebery recei

  44. Slide 44: Financial results – Interest reconciliation

    FINANCIAL RESULTS – Interest reconciliation 30 June 2014 30 June 2015 $m $m For personal use only Total statutory finance costs 190.0 192.4 Less: unrealised interest rate swap MTM loss1 (50.8) (48.5) Less: finance costs attributable to sales transaction (4.5) - Add: finance costs attributable to inv

  45. Slide 45: Financial results – Change in net tangible assets and revaluations

    FINANCIAL RESULTS – Change in net tangible assets and revaluations Investment portfolio Valuation Cap % of change rate portfolio For personal use only $m cps $m % Opening net tangible assets (30 Jun14) 5,761 636.2 DEXUS office portfolio 213.5 6.71% 82% Revaluation of real estate 241 26.6 DEXUS Indus

  46. Slide 46: Financial results – Direct property portfolio movements

    FINANCIAL RESULTS – Direct property portfolio movements Office1 Industrial1 DEXUS total1 Trading assets2 $m $m $m (inventory) For personal use only Opening direct property 7,659 1,470 9,129 316 Leasing incentives3 107 15 122 - Maintenance capex 47 6 53 - Acquisitions - 190 190 46 Transfer to invento

  47. Slide 47: Capital management – FY15 overview

    CAPITAL MANAGEMENT – FY15 overview Key metrics 30 June 2014 30 June 2015 Diversified mix of facilities7 For personal use only Total debt1 $2,932m $2,774m 144A 8% Cost of debt2 5.4% 5.2% Gearing (look-through)3 33.7% 28.5% Headroom (approximately)4 $0.5bn $0.8bn USPP 24% Debt duration 5.2 years 5.7 y

  48. Slide 48: Capital management – Interest rate hedging profile

    CAPITAL MANAGEMENT – Interest rate hedging profile Hedging profile 30 June 2014 30 June 2015 For personal use only Average amount of debt hedged1 60% 76% Average amount of debt hedged excluding caps1 51% 69% Weighted average interest rate on hedged debt2 3.7% 3.7% Weighted average fixed & floating r

  49. Slide 49: Portfolio results – Office portfolio lease expiry profile

    PORTFOLIO RESULTS – Office portfolio lease expiry profile at 30 June 2015 25% For personal use only 20.0% 20% 18.6% 15% 12.7% 12.6% 11.1% 11.6% 9.7% 9.8% 10% 8.8% 7.9% 8.4% 8.8% 4.7% 4.5% 5% 0% Available FY16 FY17 FY18 FY19 FY20 FY21 Income Area DEXUS Property Group – 2015 Annual Results Presentatio

  50. Slide 50: Portfolio results – Office lease expiry profile by city

    PORTFOLIO RESULTS – Office portfolio lease expiry profile at 30 June 2015 Sydney CBD office portfolio Sydney Suburban office portfolio For personal use only 15% 13.4% 13.4% 30% 12.9% 12.8%12.5% 23.8% 10.8%10.3% 11.5% 24.2% 24.5% 10.4% 10.5% 25% 20.3% 10% 8.0% 8.7% 20% 5.3%4.5% 15% 12.7% 12.4% 12.2%

  51. Slide 51: Portfolio results – Office portfolio diversification

    PORTFOLIO RESULTS – Office portfolio diversification DEXUS office by asset type DEXUS office by location For personal use only Car parks 2% Land & Adelaide 2% developments Perth 10% 6% Premium Grade Office park 2% 31% Canberra 1% Sydney 61% B Grade 4% Brisbane 12% Melbourne 14% A Grade 55% DEXUS Pro

  52. Slide 52: Portfolio results – Office portfolio top tenants

    PORTFOLIO RESULTS – Office portfolio top 10 tenants Diversity of office tenants by income Office tenant S&P rating % of income1 100% Other For personal use only BBB+ positive Employment Placement and Recruitment Services Woodside Energy 4.4% 90% Food and beverage manufacturing Wilson Parking Austral

  53. Slide 53: Portfolio results – Sydney CBD office properties with >98% occupancy

    PORTFOLIO RESULTS – Sydney CBD office properties with >98% occupancy Change in Occupancy Property occupancy For personal use only (by area) since FY14 One Margaret Street 100.0% +16.6% 60 Castlereagh Street 100.0% +9.5% 56 Pitt Street 98.5% +6.8% 383-395 Kent Street 100.0% +7.0% Australia Square Com

  54. Slide 54: Portfolio results – Industrial lease expiry profile

    PORTFOLIO RESULTS – Industrial portfolio lease expiry profile at 30 June 2015 18% 16.5% 16.4% For personal use only 16% 14% 13.5% 12% 11.4% 11.4% 11.6% 10.1% 10% 9.3% 9.0% 8.3% 7.6% 8% 6.9% 7.2% 5.9% 6% 4% 2% 0% Vacant FY16 FY17 FY18 FY19 FY20 FY21 Income Area DEXUS Property Group – 2015 Annual Resu

  55. Slide 55: Portfolio results – Industrial lease expiry profile by city

    PORTFOLIO RESULTS – Industrial portfolio lease expiry profile at 30 June 2015 Sydney industrial portfolio Melbourne industrial portfolio For personal use only 25% 25% 20.6% 21.0% 20% 17.5% 20% 14.6% 15% 12.6% 15% 13.1% 10.2%10.4% 11.7% 10.2% 11.3% 11.8% 9.7% 12.1% 10.5% 10.3% 10.5% 8.7% 10% 8.5% 8.2

  56. Slide 56: Portfolio results – Industrial portfolio diversification

    PORTFOLIO RESULTS – Industrial portfolio diversification DEXUS industrial by asset type DEXUS industrial by location For personal use only Brisbane 4% Adelaide 2% Data centre 3% Development 3% Industrial estate Land 4% 38% Melbourne 33% Sydney 61% Business parks 34% Distribution centres 18% DEXUS Pr

  57. Slide 57: Portfolio results – Industrial portfolio top tenants

    PORTFOLIO RESULTS – Industrial portfolio top 10 tenants Office tenant % of income1 Diversity of industrial tenants by income 100% For personal use only Other Wesfarmers Limited 1.0% 90% Postal and courier pick-up and delivery services Toll Transport Pty Ltd 0.8% Engineering Consultancy Services 80%

  58. Slide 58: Portfolio results – Office and Industrial sustainability metrics

    PORTFOLIO RESULTS – Office and Industrial portfolio sustainability metrics DEXUS NABERS NABERS DEXUS Office Energy and GHG DEXUS Industrial Energy and GHG office Energy Water 133.9 Emissions Intensity 33.0 Emissions Intensity Energy Intensity (MJ/sqm) Scope 1 & 2 GHG Emissions kg CO2-e/sqm Scope 1 &

  59. Slide 59: Portfolio results – DEXUS developments committed

    PORTFOLIO RESULTS – DEXUS developments committed Building area Project cost Yield on cost Leased Completion Pipeline sqm1 A$m2 % % due For personal use only Office 5 Martin Place, Sydney, NSW 33,520 111 7.3% 82% Sep-15 480 Queen Street, Brisbane, QLD 57,126 288 7.0-7.2% 81% Early 2016 Kings Square,

  60. Slide 60: Portfolio results – DEXUS uncommitted development pipeline

    PORTFOLIO RESULTS – DEXUS uncommitted development pipeline Pipeline Building area1 Project est.2,3 Est. cost to Est. yield on sqm $m completion est. project For personal use only $m cost % Office 180 Flinders Street, Melbourne, VIC 19,000 142 142 7.0-7.5% 12 Creek Street, Brisbane, QLD 5,000 24 24 9

  61. Slide 61: 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) Type Trading asset2 Trading asset2 Trading asset2 Investment property

  62. Slide 62: Transactions – Involved in $2.0bn of transactions

    TRANSACTIONS – Involved in $2.0bn of transactions in a competitive market DEXUS acquisitions Purchase Interest Cap Settlement DEXUS divestments Sale price Interest Settlement price $m rate date $m date For personal use only Waterfront Complex, QLD1 317.5 50% 6.9% 1 Oct 15 201 Kent Street, NSW2 86.5

  63. Slide 63: Market outlook – Position in Rental and Pricing Cycle

    MARKET OUTLOOK – DEXUS’s view on position in Rental and Pricing Cycle Position of prime Position of prime properties in Rental Cycle properties in Pricing Cycle For personal use only  The rental cycle, as defined by  The pricing cycle, representing the movement in effective rent, is weak, movement

  64. Slide 64: Market outlook – Sydney CBD office

    MARKET OUTLOOK – Sydney CBD office Sydney CBD office market Sydney CBD office market At 30 June 2015 For personal use only ‘000sqm Total net lettable area 5.00 million sqm 250 12% Prime vacancy average 7.5% 200 9% DEXUS Sydney CBD exposure 150 6% 100 Net lettable area 594,848 50 3% Number of propert

  65. Slide 65: Market outlook – Melbourne CBD office

    MARKET OUTLOOK – Melbourne CBD office Melbourne CBD office market Melbourne CBD office market At 30 June 2015 For personal use only ‘000sqm Total net lettable area 4.57 million sqm 250 12.5% Prime vacancy average 9.8% 200 10.0% DEXUS Melbourne CBD exposure1 Net lettable area 285,273 150 7.5% Number

  66. Slide 66: Market outlook – Brisbane CBD office

    MARKET OUTLOOK – Brisbane CBD office Brisbane CBD office market Brisbane CBD office market At 30 June 2015 For personal use only ‘000sqm Total net lettable area 2.15 million sqm 150 18% Prime vacancy average 10.2% 100 12% DEXUS Brisbane CBD exposure1 Net lettable area 460,005 50 6% Number of propert

  67. Slide 67: Market outlook – Perth CBD office

    MARKET OUTLOOK – Perth CBD office Perth CBD office market Perth CBD office market At 30 June 2015 For personal use only ‘000sqm Total net lettable area 1.64 million sqm 250 25% Prime vacancy average 15.9% 200 20% DEXUS Perth CBD exposure1 150 15% Net lettable area 422,916 100 10% Number of propertie

  68. Slide 68: Exchange rates and securities used in statutory accounts

    EXCHANGE RATES AND SECURITIES USED IN STATUTORY ACCOUNTS 30 June 2014 31 Dec 2014 30 June 2015 For personal use only Closing rates for Statement of Financial Position NZD 1.0761 1.0462 1.1294 USD 0.9420 0.8202 0.7680 Average rates for Statement of Comprehensive Income NZD 1.1061 1.0962 1.0756 USD 0.

  69. Slide 69: 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

  70. Slide 70: 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

DEXUS Property Group — FY2015 Earnings Presentation on 6ix