Dexus Industria Reit · ASX:DXI
Dexus Industria Reit — FY2025 Earnings Presentation
40 slides from Dexus Industria Reit's earnings presentation, Aug 13, 2025
Slide 1: Dexus Industria REIT 2025 Annual Results ASX release
Dexus Industria REIT (ASX:DXI) ASX release 13 August 2025 2025 Annual Results presentation and property synopsis Dexus Industria REIT (DXI) releases its 2025 Annual Results presentation. An investor conference call will be webcast at today at 10.00am on www.dexus.com/investor-centre The property syn
Slide 2: Full year results
Full year results 13 August 2025 Dexus Asset Management Limited ACN 080 674 479, AFSL 237500 Dexus Asset Management Limited | ACN 080 674 479, AFSL 237500 as responsible entity for Industria Trust No. 1, Industria Trust No. 2, As responsible entity for Industria Trust No. 1, Industria Trust No. 2, I
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 Introduction Financial Portfolio and highlights overview performance and Page 4 Page 10 market dynamics Page 14 04 05 Summary Appendices Page 23 Page 25 3 | 2025 Full Year Results
Slide 5: Introduction and highlights
12 Church Road, Moorebank, NSW 01 Introduction and highlights 4 | 2025 Full Year Results
Slide 6: DXI investment proposition
DXI investment proposition To generate strong risk-adjusted returns for investors seeking listed industrial real estate exposure in Australia Deliver organic income Active portfolio Disciplined capital Aligned manager with growth management manager with strong deep real asset capability - Well-locat
Slide 7: FY25 highlights
FY25 highlights Outperformed upgraded guidance and repositioned portfolio to a focused industrial REIT Outperformed upgraded Delivered resilient Strong development FY25 guidance income growth momentum − FY25 FFO 18.2cps, up 4.6% on prior year − 5.9% portfolio like-for-like growth1 – 44,000 sqm of hi
Slide 8: Portfolio repositioning
Portfolio repositioning Reweighting portfolio to a focused industrial REIT Expected divestment of Brisbane Technology Park (BTP) Acquisition of 32 Cox Place, Glendenning – Exchange of option agreements on 6 August 2025 for the – Acquisition on 11 July 2025 of a 10,000 sqm warehouse in northwest dive
Slide 9: Portfolio repositioning
Portfolio repositioning Reweighting portfolio to a focused industrial REIT Impact of recent Glendenning acquisition and expected divestment of BTP: Enhances portfolio composition Proforma FY25 portfolio metrics3: Reweighting portfolio toward high-quality, growth-oriented industrial assets – Industri
Slide 10: Delivering resilient income growth with development upside
Delivering resilient income growth with development upside Property Embedded growth Resilient income with upside Track record of leasing success 84% linked to fixed reviews with strong inflation Manageable near-term expiries (sqm)1 protection (% by income) (% by income) Sqm (‘000) % Portfolio 125 25
Slide 11: Financial overview
140 Sharps Road, Tullamarine VIC ASCEND at Jandakot, WA 02 Financial overview 10 | 2025 Full Year Results
Slide 12: FY25 financial result
FY25 financial result Active management and quality portfolio underpin strong financial results Profit & loss FY25 FY24 Change Increase driven by development completions and portfolio like-for-like income growth Property FFO ($m) 85.0 81.1 4.8% of 5.9%3 supported by 3.5% average rent reviews, partly
Slide 13: Balance sheet and capital management
Balance sheet and capital management Strong capital management providing flexibility for value-enhancing investments Key metrics1 30 Jun 2025 30 Jun 2024 Balance sheet gearing 22.1% 20.0% Executed $65 million of $195 million6 of Strong balance sheet additional facilities and incremental hedging enab
Slide 14: Portfolio valuation movements
Portfolio valuation movements Valuation uplifts driven by strong leasing and development outcomes Property portfolio valuation summary – 30 Jun 20251 100% of industrial portfolio independently valued as at 30 June 2025 - BTP valuation updated from independent 30 June 2025 valuation 30 June 2025 Reva
Slide 15: Portfolio performance and market dynamics
Amazon, ASCEND at Jandakot, WA 03 Portfolio performance and market dynamics 14 | 2025 Full Year Results
Slide 16: Industrial performance
Industrial performance Well-located portfolio supporting organic growth and solid leasing outcomes Embedded rental growth - Average 3.5% rent reviews - 4.6%1 like-for-like income growth $1.3bn 5.91% 99.5% 5.9 year 113,100sqm4 - Maintained high occupancy with minimal downtime book value WACR occupanc
Slide 17: Industrial tenant profile
Industrial tenant profile Diversified tenant base underpinning resilient cash flows Diversified tenant base across range of sectors Top 10 tenants account for 46% of portfolio income (% of DXI income) (% of DXI income) 9.2 years remaining on 18% WesTrac lease 5% 15% 19% 4% 4% 3% 10% 3% Other tenants
Slide 18: Developments
Developments Executing high-quality developments with attractive returns ASCEND at Jandakot development pipeline1 (sqm to be delivered at 100%) $230 million development pipeline positioned to enhance value and growth 184,899 1,081,336 Committed projects outperforming Fixed priced contracts reduce ta
Slide 19: Developments
Developments Delivering high-quality developments with strong returns and sustainability focus Completed developments Committed developments - 5,500sqm industrial facility, Six committed projects at ASCEND at Jandakot, WA fully leased - 78,400sqm expected completion - Expected average YoC of circa 6
Slide 20: 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 Maintained carbon Solar initiatives and battery deployment neutral position across Combined 1.96MW of rooftop DXI
Slide 21: Structural tailwinds driving industrial demand
Structural tailwinds driving industrial demand Population and eCommerce growth to drive over 12.5 million square metres of new warehouse demand by 2030 Economic growth v national take-up (rolling annual take-up, quarterly) Structural demand from implied take-up (annual)1 Millions Millions 4.5 9% 4.5
Slide 22: Market fundamentals supported by supply constraints
Market fundamentals supported by supply constraints Development delays and cost pressures are curbing new supply, supporting occupancy and rent outlook National supply pipeline projecting development delays 2024 v 2025 Supply under construction2 compared to average levels of take-up Million sqm Expe
Slide 23: Vacancy low on a global scale and pricing trends positive
Vacancy low on a global scale and pricing trends positive Foreign capital attracted by strong Australian industrial fundamentals Australian vacancy very low compared to other global markets Prime industrial capitalisation rate expansion slowing 11.1% 10% OW Syd Sydney 10.3% WMelbourne Mel 9.3% 9% SB
Slide 24: Summary
1-2 WesTrac Drive, Tomago, NSW 04 Summary 23 | 2025 Full Year Results
Slide 25: Attractive investment proposition
ASCEND at Jandakot, WA Attractive investment proposition Well placed to generate organic income growth from attractive mix of fixed and CPI-linked rental escalators, with minimal near- term expiries providing high income visibility Demonstrated momentum in activating high-quality developments, suppo
Slide 26: Appendices
2 Maker Place, Truganina, VIC 8 Clunies, Brisbane Technology Park QLD 05 Appendices 25 | 2025 Full Year Results 25
Slide 27: Disciplined execution
Disciplined execution Delivering on priorities to enhance portfolio performance and value for investors DXI priority areas Consider divestments and value-enhancing Active asset management Inherent growth through developments acquisitions in line with strategy • Execute on asset plans • Disciplined a
Slide 28: Geographical presence
Geographical presence National portfolio at scale New South Wales Western Australia Delivered new development in core Perth’s leading master-planned industrial market with low vacancy estate with occupiers including Queensland Value-add opportunity through new Amazon and Marley Spoon $216m 15% 15 ac
Slide 29: Lease expiry profile
81-93 Rushdale Street, Knoxfield, VIC Lease expiry profile Industrial lease expiry profile (% by total DXI income) 15.0% 11.8% 8.0% 5.5% 1.0% FY26 FY27 FY28 FY29 FY30 Brisbane Technology Park (% by total DXI income) 4.7% 3.2% 2.3% 1.3% 1.6% FY26 FY27 FY28 FY29 FY30 28 | 2025 Full Year Results
Slide 30: Brisbane Technology Park performance
Brisbane Technology Park performance Strong income growth supported by FY24 leasing Solid retention supported by demand from small users - 64% of space retained or backfilled within 3 months 93.8% 3.0 year 13.2% - 57 tenants occupying <250sqm each occupancy WALE like-for-like (by income) (by income)
Slide 31: Developments and value-add
Developments and value-add Building area Development projects Building area Leased by Development Est. project Remaining Est. yield Est. final (sqm at DXI (sqm at 100%) area % status costs2 spend1 on cost2 completion ownership) Completed 5 Spartan Street, ASCEND WA 20,300 6,800 100% Completed $16m $
Slide 32: Valuations
Valuations Occupancy by Reval gain/(loss) Cap rate mvmt Property Book value ($m) Cap rate (%) income (%) ($m) (bps) 34 Australis Drive, Derrimut VIC 100% 47.5 (0.1) 6.00% 0 80-96 South Park Drive, Dandenong South VIC 100% 45.3 0.9 5.75% 25 1 West Park Drive, Derrimut VIC 100% 19.3 0.5 6.00% 13 89 We
Slide 33: Valuations (cont'd)
Valuations (cont’d) Occupancy by Cap rate mvmt Property Book value ($m) Reval gain/(loss) ($m) Cap rate (%) income (%) (bps) 9 Boron Street, Narangba QLD 100% 38.2 (2.5) 6.63% 38 2 Maker Place, Truganina VIC 100% 69.0 1.3 5.75% 50 ASCEND at Jandakot WA – stabilised portfolio1 99% 422.9 36.0 5.63% 13
Slide 34: Profit & loss and FFO reconciliation
Profit & loss and FFO reconciliation Direct investments (100% owned) Joint ventures1 Total portfolio $’000 FY25 FY24 FY25 FY24 FY25 FY24 Property revenue 74,482 71,718 33,487 30,341 107,969 102,059 Property expenses (14,953) (13,641) (7,978) (7,282) (22,931) (20,923) Property FFO 59,529 58,077 25,50
Slide 35: Interest reconciliation
Interest reconciliation $’000 FY25 FY24 Total statutory finance costs 15,742 12,483 Less: Debt modification (1,158) (12) Add: Finance costs attributable to investments accounted for using the equity method 3,784 4,584 Less: Interest expense on lease liability (1,495) (1,394) Finance costs for FFO1 1
Slide 36: Balance sheet and gearing
Balance sheet and gearing Look-through balance sheet Gearing $’000 30 Jun 2025 30 Jun 2024 $’000 30 Jun 2025 30 Jun 2024 Cash and cash equivalents 19,892 12,919 Balance sheet gearing Investment properties1 1,463,834 1,384,779 Drawn debt 313,750 266,000 Finance lease receivable2 67,141 64,213 Total t
Slide 37: Book value reconciliation
Book value reconciliation Direct investments (100% owned) Joint ventures1 Total portfolio $’000 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 30 Jun 2025 30 Jun 2024 Investment properties 929,381 924,501 - - 929,381 924,501 Investments accounted for using the equity method - - 534,453 460,278 534,
Slide 38: Interest rate hedging profile
Interest rate hedging profile Balance sheet Look-through $500m 5.0% $500m 5.0% 49% 51% 35% 53% 54% 37% $450m $450m $400m 3.8% 3.7% 3.7% 4.0% $400m 3.6% 4.0% 3.5% $350m $350m $300m 3.0% $300m 2.8% 3.0% 242 246 $250m $250m $200m 2.0% $200m 2.0% 155 160 166 $150m $150m 108 $100m 1.0% $100m 1.0% $50m $5
Slide 39: Important information
Important information This presentation (“Material”) has been prepared by Dexus Asset Management Limited (ACN 080 674 479, AFSL No. 237500) ("DXAM") as the responsible entity of Industria Trust No. 1 (ARSN 125 862 875), Industria Trust No. 2 (ARSN 125 862 491), Industria Trust No. 3 (ARSN 166 150 93
Slide 40: Dexus
dexus