Dexus Convenience Retail REIT (DXC) has announced a statutory net profit of $35.8 million for the half-year ending December 31. This represents a significant increase from $14.7 million reported in the prior corresponding period. The company confirmed an interim distribution of 10.45 cents per security for its investors.
Funds from operations (FFO) reached $14.5 million, or 10.5 cents per security, marking a 1.3 per cent rise. This growth was underpinned by a 2.9 per cent increase in like-for-like income and average rent reviews of 3.1 per cent. Dexus Convenience Retail REIT invests in Australian convenience retail properties. The REIT aims to provide investors with stable income and long-term capital growth from a portfolio of quality assets.
The trust also reported a net valuation uplift of $19.8 million, which contributed to a 4.4 per cent increase in net tangible assets (NTA) to $3.80 per security. This NTA growth was driven by capitalisation rate compression and contractual rental growth across the portfolio.
Looking ahead, and barring unforeseen circumstances, Dexus Convenience Retail reaffirmed its FY26 guidance for funds from operations and distributions of 20.9 cents per security. This reflects an anticipated distribution yield of 7.7 per cent, providing investors with a clear outlook for future returns.
