Company Reports

Dexus Industria REIT reported funds from operations of AUD 17.6 cents per security in fiscal 2026, down 4% from last year. Distributions were AUD 16.6 cps, 94% of FFO. Management expects another 3% drop in FFO next year to AUD 17.0 cps, while distributions remain flat.

Dexus Industria REIT was rebranded from APN Industria REIT in 2021, following the acquisition of APN Property Group by Dexus, Dexus Industria’s external manager. Since the rebranding, Dexus Industria has transitioned out of suburban office assets like Rhodes Corporate Park in Sydney and Brisbane Technology Park, and has become a pure-play industrial REIT.

Dexus Industria is increasing its buyback program to 5% of its securities on issue, from 2.5% previously. Since the buyback began in March 2026, it has repurchased 1.3% of its issued securities at a total cost of roughly AUD 10 million.

Dexus Industria REIT was rebranded from APN Industria REIT in 2021, following the acquisition of APN Property Group by Dexus, Dexus Industria’s external manager. Since the rebranding, Dexus Industria has transitioned out of suburban office assets like Rhodes Corporate Park in Sydney and Brisbane Technology Park, and has become a pure-play industrial REIT.

Dexus Industria REIT was rebranded from APN Industria REIT in 2021, following the acquisition of APN Property Group by Dexus, Dexus Industria’s external manager. Since the rebranding, Dexus Industria has transitioned out of suburban office assets like Rhodes Corporate Park in Sydney and Brisbane Technology Park, and has become a pure-play industrial REIT.

Dexus Industria REIT reported funds from operations of AUD 8.9 cents per security in the first half, down 2% year on year. Management upgraded full-year guidance slightly from AUD 17.3 to AUD 17.4 cents per security, a 5% decline from fiscal 2025.

We initiate coverage on Dexus Industria REIT. The trust owns a portfolio of industrial properties and distributes the rent generated from leasing them to securityholders. Its crown jewel is the Jandakot precinct in Perth, which accounts for a third of the portfolio’s total value.

Dexus Industria REIT was rebranded from APN Industria REIT in 2021, following the acquisition of APN Property Group by Dexus, Dexus Industria’s external manager. Since the rebranding, Dexus Industria has transitioned out of suburban office assets like Rhodes Corporate Park in Sydney and Brisbane Technology Park, and has become a pure-play industrial REIT.