Today, Dexus (ASX:DXS) reported a full-year statutory net loss after tax of $752.7 million, compared to a profit of $1.6 billion last year.
The loss has been expected within the company signaling property valuation losses, which totaled almost $17.4 billion, a loss of almost $1.2 billion. The greatest loss took place within the office portfolio, with a decrease of 8.8%.
Rent collections for the Dexus office and industrial portfolio remained strong at 99.6% in FY23 and at 96.8% for the month of July 2023.
Distributions for investors are 51.6 cents per security for the year, down 3% from last financial year. The guidance provided shows distributions of 48 cents per security for FY24.
Dexus Chief Executive Officer, Darren Steinberg, said: “Over the last decade, Dexus has continued to grow and evolve. This year we added circa $18 billion to funds under management following the AMP transaction, (including $10.9 billion of infrastructure). This transaction has positioned Dexus as a leading Australasian real asset manager of scale with $61 billion of funds under management and new capabilities in infrastructure.
“Operating in an uncertain economic environment remains challenging. In this environment, we have continued to diversify our capital sources, and grow and diversify our funds management business, while we re-weight the Dexus portfolio. We have announced $1.8 billion of balance sheet divestments since the FY22 result, maintaining a strong balance sheet and enabling us to recycle capital into higher returning opportunities.”
Beyond the assets managed, the development pipeline now stands at a cost of $17.4 billion, of which $8.6 billion sits within the Dexus portfolio and $8.8 billion within third-party funds. Dexus also had an active year of transactions, undertaking $5.4 billion of transactions, comprising $4.1 billion of divestments and $1.3 billion of acquisitions across the group.
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