DEXUS INDUSTRIA REIT (DXI)
Share Price Analysis and Chart

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13/08/2026

1

Outperform

$2.77

14.94%

Dexus Industria REIT delivered FY26 FFO/share of 17.6 cents that beat guidance, amid strong leasing outcomes. Macquarie observes FY27 FFO/share guidance of 17.0c has missed expectations because of the hedge restructure.

The stock is considered attractive at a 7% distribution yield and -30% discount to NTA, and the strong balance sheet is positioned to fund both the buyback and development.

The broker remains attracted to the pure industrial exposure, embedded rental growth and active capital management. Target is reduced to $2.77 from $2.83 and an Outperform rating is maintained.

FORECAST
Macquarie forecasts a full year FY27 dividend of 16.60 cents and EPS of 17.10 cents.
Macquarie forecasts a full year FY28 dividend of 17.10 cents and EPS of 17.80 cents.

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13/08/2026

1

Buy

$3.30

36.93%

Dexus Industria REIT has downgraded FY27 earnings as a function of one-off hedge book restructure, with benefits beyond FY28. 

The REIT's operating performance remains solid, Moelis suggests, with 5.3% net operating income growth in FY26, further embedded under-renting to come, and an earnings-accretive development pipeline out to FY30 with a marginal yield on cost estimated above 8%.

The share price is down -19% in the past year, having underperformed sector peers. It now trades at a -31% discount to NTA, and an implied cap rate of 7.6%. Moelis considers the stock to be attractively valued and highly compelling at current levels.

Buy and $3.30 target retained.

FORECAST
Moelis forecasts a full year FY27 dividend of 16.60 cents and EPS of 17.00 cents.
Moelis forecasts a full year FY28 dividend of 17.30 cents and EPS of 18.20 cents.