Dexus Convenience Retail REIT (“DXC”) today announced that 25 of its 109 1 assets have been externally valued as at 31 December 2022, with the remainder subject to internal valuations.
The external and internal valuations have resulted in an estimated net devaluation of circa $12 million for the six months to 31 December, representing a 1.5% decrease on prior book values.
The weighted average capitalisation rate across the total portfolio expanded 17 basis points over the six months from 5.74% at 30 June 2022 to 5.91% at 31 December 2022.
Jason Weate, DXC Fund Manager, said: “DXC’s portfolio benefits through the cycle from predictable cash flows underpinned by contracted rental growth and strong lease covenants, partly offsetting the impact of capitalisation
Further details on the portfolio’s final valuations for the period will be included in DXC’s HY23 results which will be released on Monday, 6 February 2023