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Dexus Convenience Retail (DXC) investor relations material

Dexus Convenience Retail H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary11 Aug, 2025

Executive summary

  • Delivered FY 2025 FFO and DPS of AUS 0.207 per security, slightly above guidance, with resilient income and 99.9% occupancy across 91 strategically located assets and a 7.9-year WALE.

  • Portfolio comprises over 90 assets valued above AUS 700 million, weighted to the eastern seaboard and major national tenants.

  • $38.8 million in strategic divestments improved portfolio quality and provided capacity for future growth.

  • NTA per security increased by AUS 0.08 (2.2%) to AUS 3.64, supported by rental growth and cap rate compression.

  • Glass House Mountains Northbound redevelopment on track for Feb 2026 completion, expected to enhance WALE and deliver strong returns.

Financial highlights

  • FY25 FFO of $28.4m, down 1.5% year-over-year due to higher debt costs and divestments, offset by 2.9% like-for-like income growth.

  • Distributions and FFO per security at 20.7 cps, 1.5% lower year-over-year but above guidance.

  • NTA per security rose to $3.64, up from $3.56 last year.

  • Portfolio valuation increased by $16.6m (2.3%), with average cap rate compressing 8 bps to 6.32%.

  • $38.8m of divestments settled at 1.8% average discount to book value.

Outlook and guidance

  • FY 2026 guidance targets FFO and distributions per security of AUS 0.209 (20.9 cps), up 1.2% year-on-year, supported by contracted rental increases and current interest rate expectations.

  • Distribution yield expected to exceed 7%, supported by strong income visibility.

  • Guidance assumes no capital deployment beyond Glass House Mountains northbound.

  • Focus remains on value-enhancing activities, including redevelopment, pipeline restocking, and growth opportunities.

What are Glasshouse Mountains development IRRs?
What is the future capital deployment capacity?
What drives FY26 FFO growth beyond Glasshouse?
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Frequently asked questions

Dexus Convenience Retail REIT is an Australian real estate investment trust (REIT) focused on owning, managing, and investing in convenience retail properties. The trust's portfolio primarily comprises service stations and retail convenience stores located across Australia, targeting high-traffic locations and stable, long-term lease agreements with major fuel and retail operators. Dexus Convenience Retail REIT aims to provide investors with regular income through a portfolio that benefits from the consistent demand for convenience retail. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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