Dexus Industria REIT (ASX: $DXI) FY24 Results Announcement

Dexus Industria REIT (ASX: $DXI) has announced its results for the year ended 30 June 2024, delivering upgraded guidance with Funds From Operations (FFO) per security up 1.7% to 17.4 cents and distributions of 16.4 cents. The company reported a statutory net loss after tax of $11.8 million, driven by net fair value losses on investment properties and derivatives, offset by strong operating performance. The portfolio achieved like-for-like income growth of 7.8%, supported by industrial re-leasing spreads increasing to 28.3% in the second half.

Executive Commentary on FY24 Results

Gordon Korkie, DXI Fund Manager, stated, 'We have delivered on our upgraded guidance, driven by our strong performing portfolio which continues to provide a growing and resilient income stream. Our active management approach has helped achieve close to full occupancy, and we continued to de-risk forward earnings. Our balance sheet is well capitalised, which has moderated the impact of rising interest rates while providing flexibility to invest in higher-returning opportunities as they arise.'

Summary of FY24 Results and Outlook

Dexus Industria REIT (ASX: $DXI) delivered upgraded FY24 guidance with FFO per security up 1.7% to 17.4 cents and distributions of 16.4 cents. The company achieved record occupancy at Brisbane Technology Park and executed $135 million of divestments to enhance balance sheet resilience. With a focus on sustainability, DXI retained a carbon neutral position across its business operations and controlled building portfolio. Looking ahead, DXI aims to generate strong risk-adjusted returns for investors, maintain a strong capital position, and continue its active approach to portfolio management. For FY25, DXI expects to deliver FFO per security of 17.8 cents, reflecting growth of 2.3%, and distributions per security of 16.4 cents, reflecting a distribution yield of 5.7%.