Dexus Industria REIT announced that 91 of its 94 assets have been externally valued as at 30 June 2023, reflecting all assets except those held for sale.
The draft valuations have resulted in an estimated net devaluation of $28.3 million for the six months to 30 June 2023, representing a 1.8% decrease on prior book values.
The weighted average capitalisation rate across the total portfolio expanded 25 basis points over the six months from 5.13% at 31 December 2022 to 5.38% at 30 June 2023. The weighted average capitalisation rate expanded 26 basis points on a like-for-like basis.
DXI Fund Manager, Alex Abell said: “Strong industrial rental growth continues to enhance future cash flows, which has largely offset the impact of cap rate expansion across DXI’s $1.4 billion portfolio.”
Valuations will be finalised and further details relating to specific individual property valuations for the period will be included in DXI’s FY23 results which will be released to the Australian Securities Exchange on Wednesday, 9 August 2023.
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