Dexus Industria Reit · ASX:DXI
Dexus Industria Reit — FY2026 Earnings Presentation
38 slides from Dexus Industria Reit's earnings presentation, Aug 12, 2026
Slide 1: Dexus Industria REIT 2026 Annual results presentation and property synopsis
Dexus Industria REIT (ASX:DXI) ASX release 12 August 2026 2026 Annual results presentation and property synopsis Dexus Industria REIT (DXI) provides its 2026 Annual results presentation. An investor conference call will be webcast today at 9.30am at www.dexus.com/investor-centre The property synopsi
Slide 2: Full year results 2026
Full year results 2026 12 August 2026 XXX 4 Centurion Place, ASCEND at Jandakot, WA Dexus Asset Management Limited ACN 080 674 479, AFSL 237500 as responsible entity for Industria Trust No. 1, Industria Trust No. 2, Industria Trust No. 3 and Industria Trust No. 4 Industria Company No. 1 Limited ACN
Slide 3: Acknowledgement of Country
Acknowledgement of Country Dexus Industria REIT acknowledges the Traditional Custodians of the Lands on which our business and assets operate, and recognises their ongoing contribution to Land, waters and community. We pay our respects to First Nations Elders past and present. Artwork: The Land and
Slide 4: Agenda
Agenda 01 02 03 04 05 Introduction Financial Portfolio Summary Appendices and highlights overview performance and Page 21 Page 24 market dynamics Page 4 Page 10 Page 14 Reece, ASCEND at Jandakot WA 3 | 2026 Full Year Results
Slide 5: Introduction and highlights
01 Introduction and highlights 15-31 Americain Way, Dandenong South, VIC 4 | 2026 Full Year Results
Slide 6: DXI Portfolio overview
DXI Portfolio overview Strategic national industrial portfolio of scale 90 strategically located assets $1.5b Queensland diversified portfolio of scale $63m 4% 2 Western Australia 80% $553m 36% 65 $217m South Australia of population reached within 60 minutes1 $65m 4% 4 New South Wales 77% $425m 28%
Slide 7: Investment proposition
Investment proposition Focused execution against clear Fund priorities Secure and Active portfolio Prudent capital 01 02 03 growing income management structure Strategy – Secure income with attractive – Ongoing capital recycling to – Preserve balance sheet flexibility for rental escalators providing
Slide 8: FY26 highlights
FY26 highlights Outperforms upgraded guidance; active management positions for growth Outperformed Strong operating Strong development upgraded guidance performance momentum › FY26 FFO 17.6cps, above initial guidance › 169,693sqm leasing deals1 › 45,200sqm3 of development of 17.3cps which was upgrad
Slide 9: Secure growing income, enhanced by development
Secure growing income, enhanced by development Secure income 3%+ Embedded growth Accretive developments Diversified expiry profile – proactive forward ~87% linked to fixed reviews with strong $217 million1,3 development pipeline to drive leasing de-risking near term expiries1,2 inflation protection
Slide 10: Sustainability progress
Sustainability progress Aligned to Dexus Sustainability Strategy Dexus sustainability strategy DXI focus DXI initiatives Enable tenants to accelerate the energy transition through solar Sustainability initiatives and battery deployment Maintained net zero Scope 1 and 2 emissions and 100% renewable e
Slide 11: Financial overview
02 Financial overview ASCEND at Jandakot WA 10 | 2026 Full Year Results
Slide 12: FY26 financial result
FY26 financial result FFO outperformed upgraded guidance Funds from operations FY26 FY25 Change Strong portfolio like-for-like income growth of 5.3%3, offset by reduced income following Property FFO ($m) 84.3 85.0 (0.8) % the divestment of Brisbane Technology Park (BTP) Management fees ($m) (8.3) (8
Slide 13: Balance sheet and capital management
Balance sheet and capital management Disciplined capital management provides funding capacity and earnings visibility Key metrics 30 Jun 2026 30 Jun 2025 Balance sheet gearing 23.3% 22.1% Entered into $550 million of new hedging, including 4 Look-through gearing1 31.2% 29.0% interest rate caps to re
Slide 14: Portfolio valuations
Amazon, ASCEND at Jandakot, WA Portfolio valuations Valuation uplifts supported by market rent growth and development momentum Rental growth, supported Jandakot developments Industrial assets by moderate supply and supporting valuation continue to attract low vacancy, offset the upside, reflecting s
Slide 15: Portfolio performance and market dynamics
03 Portfolio performance and market dynamics 12 Church Road, Moorebank NSW 14 | 2026 Full Year Results
Slide 16: Portfolio performance
Portfolio performance Well-located portfolio supporting organic growth and strong leasing outcomes Active leasing driving growth Secure income base Historic industrial occupancy (% by income) 99.9% 100.0% 99.5% 99.5% 98.8% 169,693sqm1 5.3%2 98.8% Leased across 34 deals Like-for-like income growth Oc
Slide 17: Executing value enhancing strategy
Executing value enhancing strategy Active management driving leasing outcomes and de-risking recently acquired assets Investing in supply constrained markets for long-term rental growth Core-plus: repositioning Core-plus: under-renting Core-plus: lease up 32 Cox Place, Glendenning, NSW Dandenong Sou
Slide 18: FY26 Jandakot development completions
FY26 Jandakot development completions Strong returns delivered across high-quality completed developments 7.0% $43m 45,200 100% average yield on cost achieved1 total cost sqm at 100% leased2 19 Pilatus Street, Jandakot 21 Pilatus Street, Jandakot 18 Orion Road, Jandakot 4 Centurion Place, Jandakot H
Slide 19: Jandakot development pipeline
Jandakot development pipeline Spreads between market rents and development costs support positive outlook Since Jandakot acquisition, South Perth rents have Supports increase in yields on cost and FFO accretion; estimated grown well ahead of construction costs $217m pipeline2 well positioned for str
Slide 20: Jandakot pipeline to underpin future growth
Jandakot pipeline to underpin future growth Development pipeline to drive FFO growth Indicative project timing Estimated Incremental FY27 FY28 FY29 FY30 Estimated Remaining Leased Site yield on yield on project cost Spend by area %3 cost1 cost2 1H 2H 1H 2H 1H 2H 1H 2H 10 Centurion Place $33m $7m 6.7
Slide 21: Moderating supply supports stronger market fundamentals
Moderating supply supports stronger market fundamentals Market rents remain below development feasibility; while elevated costs constrain new supply New supply requires higher rents Speculative starts are moderating Construction costs are forecast to compound faster than CPI $232 125 Sydney $330 120
Slide 22: Summary
04 Summary 1-3 WesTrac Drive, Tomago NSW 21 | 2026 Full Year Results
Slide 23: A compelling investment opportunity
A compelling investment opportunity High quality industrial offering secure income with growth, at an attractive price entry point Attractive income Embedded growth Compelling value Secure income backed by resilient portfolio Multiple pathways to grow earnings and value Quality industrial real estat
Slide 24: Outlook and guidance
140 Sharps Road, Tullamarine Outlook and guidance Well placed to generate organic income growth from attractive contracted rental escalators, with staggered expiry profile providing potential reversion upside Demonstrated momentum in activating high-quality developments. Committed projects on track
Slide 25: Appendices
05 Appendices 8 Centurion Place, ASCEND at Jandakot, WA 24 | 2026 Full Year Results
Slide 26: Industrial tenant profile
Industrial tenant profile Diversified tenant base underpinning secure cash flows Diversified tenant base across range of sectors Top 10 tenants account for 40% of portfolio income (% of DXI income) (% of DXI income) 16% 4% 14% 21% 2% 3% 11% 3% 16% 3% 14% Remaining tenants representing 3% 60% of port
Slide 27: Transactions
Transactions Property Price ($m) Interest % Settlement Acquisitions 32 Cox Place, Glendenning NSW 40.0 100% 11 Jul 2025 15-31 Americain Way, Dandenong South VIC 31.5 100% 31 Oct 2025 50 Jayco, Dandenong South VIC 16.0 100% 31 Oct 2025 12 Church Road, Moorebank NSW1 49.6 50% 9 Feb 2026 Total Acquisit
Slide 28: Developments and value-add
Developments and value-add Building area Est. Development projects - Jandakot Building area Leased by Development Remaining Est. yield Est. final (sqm at DXI project (sqm at 100%) area % status spend1 on cost2 completion ownership) costs1 Completed development projects 19 Pilatus Street 7,100 2,400
Slide 29: Valuations
Valuations Occupancy by Book value Reval gain/(loss) Cap rate Cap rate mvmt Property income (%) ($m) ($m) (%) (bps) 80-96 South Park Drive, Dandenong South VIC 100 % 43.3 (1.7) 6.00 % 25 15-31 Americain Way, Dandenong South VIC 100 % 31.5 (2.2) 6.00 % n.a. 50 Jayco Drive, Dandenong South VIC 100 % 1
Slide 30: Valuations (cont’d)
Valuations (cont’d) Occupancy by Book value Reval gain/(loss) Cap rate Cap rate mvmt Property income (%) ($m) ($m) (%) (bps) 5 Butler Boulevard, Adelaide Airport SA 100 % 23.0 0.7 6.75 % (25) 5b Butler Boulevard, Adelaide Airport SA 100 % 15.0 (0.3) 6.75 % — 18-20 Butler Boulevard, Adelaide Airport
Slide 31: Profit & loss and FFO reconciliation
Profit & loss and FFO reconciliation Direct investments (100% owned) Joint ventures1 Total portfolio $’000 FY26 FY25 FY26 FY25 FY26 FY25 Property revenue 68,707 74,482 38,308 33,487 107,015 107,969 Property expenses (13,724) (14,953) (8,970) (7,978) (22,694) (22,931) Property FFO 54,983 59,529 29,33
Slide 32: Interest reconciliation
Interest reconciliation $’000 FY26 FY25 Total statutory finance costs 16,724 15,742 Less: Debt modification (720) (1,158) Add: Finance costs attributable to investments accounted for using the equity method 4,192 3,784 Less: Interest expense on lease liability (1,475) (1,495) Finance costs for FFO1
Slide 33: Balance sheet and gearing
Balance sheet and gearing Look-through balance sheet Gearing $’000 30 Jun 2026 30 Jun 2025 $’000 30 Jun 2026 30 Jun 2025 Cash and cash equivalents 7,482 19,892 Balance sheet gearing Investment properties1 1,529,125 1,463,834 Drawn debt 337,000 313,750 Finance lease receivable2 73,173 67,141 Total ta
Slide 34: Book value reconciliation
Book value reconciliation Direct investments (100% owned) Joint ventures1 Total portfolio $’000 30 Jun 2026 30 Jun 2025 30 Jun 2026 30 Jun 2025 30 Jun 2026 30 Jun 2025 Investment properties 976,200 929,381 — — 976,200 929,381 Investments accounted for using the equity method — — 552,925 534,453 552,
Slide 35: Post restructure interest rate hedging profile
Post restructure interest rate hedging profile Balance sheet1 Look-through1 88% 80% 68% 55% 28% 77% 71% 60% 37% 18% $500m 5.0% $500m 5.0% 4.6% 4.3% 4.3% 4.3% 4.2% 4.2% 4.2% 4.1% 4.1% 4.1% $400m 4.0% $400m 4.0% 392 360 $300m 3.0% $300m 3.0% 296 306 270 230 $200m 2.0% $200m 2.0% 186 186 $100m 1.0% $10
Slide 36: Glossary
Glossary 100% ownership The figure is presented on a 100% ownership basis for properties that are not wholly owned. As at 30 June 2026, DXI's interest in ASCEND Jandakot is 33.3%. Cap rate The rate at which the annual net income from an investment is capitalised to ascertain its capital value at a g
Slide 37: Important information
Important information Dexus Asset Management Limited (ACN 080 674 479, AFSL 237500) ("Responsible Entity") is the responsible entity of the registered schemes of Dexus Industria REIT (ASX:DXI) (“DXI” or “Fund”). The Responsible Entity and Industria Company No. 1 Limited (ACN 010 794 957) (“IC1”) tog
Slide 38: Dexus
dexus