Dexus Convenience Retail REIT today announced that 38 of its 112 assets have been externally valued in the six months to 30 June 2022, with the remainder subject to internal valuations. In total, 81 of DXC’s assets have been subject to an external valuation in the last 12 months.
The external and internal valuations have resulted in a net revaluation uplift of circa $14 million, representing a 1.7% increase on prior book values for the six months to 30 June 2022.
The weighted average capitalisation rate across the total portfolio tightened eight basis points over the six months, from 5.82% at 31 December 2021 to 5.74% at 30 June 2022.
Jason Weate, DXC Fund Manager, said: “The valuation outcomes reflect the high-quality nature of the portfolio, with investment demand for service station and convenience retail assets remaining stable due to their defensive characteristics of long leases and strong lease covenants with exposure to non-discretionary spending, noting uncertainty in the macroeconomic environment.”
Further details on the portfolio’s final valuations for the period will be included in DXC’s 2022 annual results which will be released on Monday, 8 August 2022.
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