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Dexus affirms FFO, distribution growth forecasts for FY'20

Dexus maintained its forecasts of an approximately 3% growth in per-security funds from operations and a 5% rise in per-security distribution for the fiscal year ending June 30, 2020.

In a portfolio update for the quarter ended Sept. 30, the Australian real estate group said occupancy by income in its office portfolio came at 98.1% as of Sept. 30, compared with the 98.0% as of June 30. In terms of area, the company's office properties were 97.8%-occupied as of September-end, same as the level as of June-end.

Meanwhile, the industrial portfolio of the company was 97.4%-occupied in terms of income and 98.9%-leased in terms of area as of Sept. 30.

CEO Darren Steinberg said in the release: "We've seen a significant increase in interest from offshore investors seeking to invest into quality direct office property in our funds management business. This increased interest is partly a function of the relative pricing and rent growth for Australian office comparing favourably to global cities."

Dexus also affirmed that its property portfolio consisted of a diversified lease expiry profile with fixed rental increments of between 3.5% and 4.0%.