Dexus

DXS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$63.60	Tzcjb	Xgvcghff

Dexus Earnings: Making Headway Amid Tough Office Conditions, but Dexus Is More Than Just Offices

Alexander Prineas

Aug 17, 2023

Dexus’ fiscal 2023 result was broadly in line with our expectations. Funds from operations, or FFO, was AUD 64.0 cents per share, and distributions were 51.6 cents, at the upper end of guidance and marginally above our estimates. Our distribution estimate for fiscal 2024 is 48.0 cents per share, in line with guidance, driven by lower trading profits. Excluding trading profits, management expects adjusted funds from operations, or AFFO, to be roughly in line with fiscal 2023.

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