We own, manage and create high quality workplaces across the office, industrial, retail and healthcare sectors. Our spaces are located where our customers need to be, covering the central business districts of Sydney, Melbourne, Brisbane and Perth.
Dexus, has seemingly shrugged off the impact of the pandemic with a series of new leases and a further push into funds management (which is aimed at offsetting over time the concentration on CBD office buildings) by selling off unwanted existing assets.
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Dexus Property Group share price fell yesterday as investors bailed out in the wake of analysts at Morgan Stanley downgrading the securities to an underweight rating from overweight.
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In contrast to the gloomy news from Vicinity, the shopping mall operator, CBD owner, and manager, Dexus says it has a clear picture about the year to June and can provide guidance on its distribution for the year to June.
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Strong cash flow, positive leasing spreads and lower debt costs are delivering superior returns for Dexus Property, which is currently enjoying a robust outlook for office and industrial assets.
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Real Estate Investment Trusts (REITs) have performed well during 2019. With some looking quite expensive here, Dexus (ASX:DXS) is a stock which not only looks to be reasonable value here, but has a trading profile that indicates further upside.
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FY20 results were below Citi's estimates. The FY20 distribution was revised up to 50.3c to be in line with free cash flow.
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Falling market rents have caused Citi to lower office income forecasts. While Sydney and Melbourne entered the pandemic restrictions in a strong position, with rents near historical highs and vacancies at their lows, economic conditions have deteriorated.
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Morgan Stanley believes Dexus is "ideal" for taking shelter its market volatility. The leases are underpinned by fixed 3.5-4%/year increases, while a tight Sydney office market should cushion the impact of uncertainties.
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The company has marginally upgraded guidance at the first half result, which was broadly in line with expectations.
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Dexus management announced it has externally revalued 109 of its 114 assets, resulting in an estimated $250m valuation uplift, or a 1.6% increase to its December 2018 book value.
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