DEXUS INDUSTRIA REIT (DXI)
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DXI - DEXUS INDUSTRIA REIT

FNArena Sector : REITs

Year End: June

GICS Industry Group : Real Estate

Debt/EBITDA: 5.52

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.81 20 Feb 2025	0.010 OPEN $2.80	0.36% HIGH $2.83	524,051 LOW $2.76

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$2.81

20 Feb
2025

0.010

OPEN

$2.80

0.36%

HIGH

$2.83

524,051

LOW

$2.76

TARGET

$3.08

9.6% upside

Franking for last dividend paid out: 0%

OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXS . ECF . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	- 3.7	17.9	xxx
DPS (cps)	xxx	16.4	16.4	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	0.0%	0.2%	xxx
PE Ratio	xxx	N/A	15.6	xxx
Dividend Yield	xxx	N/A	5.9%	xxx
Div Pay Ratio(%)	xxx	N/A	92.1%	xxx

Dividend yield today if purchased 3 years ago: 5.14%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/03 - ex-div 4.1c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	-3.7
DPS All	xxx	xxx	xxx	xxx	xxx	16.4
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	82.2 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	327.2
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	58.9 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-14.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	-1.10 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	-0.82 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	-0.80 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	-1.10 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	3.84 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-1.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	302 M
Total Debt	xxx	xxx	xxx	xxx	xxx	303 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	4 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	8.3 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	10.06 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	19 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	8 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	970 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Bell Potter	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	13/02/2025	1	Outperform	$3.18	13.17%	Dexus Industria REIT reported better-than-expected 1H25 funds from operations, exceeding Macquarie's forecast by 4% due to lower-than-anticipated net finance and other costs, the analyst explains. Management reiterated FY25 guidance. Macquarie appreciates the REIT’s exposure to the industrial sector alongside its robust balance sheet, with gearing at 27.7% and a development pipeline of $269m. The broker raises the target price to $3.18 from $3.05. The Outperform rating is retained, with an attractive circa 6% dividend yield and the stock trading at a -20% discount to NTA. FORECAST Macquarie forecasts a full year FY25 dividend of 16.50 cents and EPS of 17.90 cents. Macquarie forecasts a full year FY26 dividend of 16.50 cents and EPS of 18.30 cents.
Morgans	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Bell Potter

xx/xx/xxxx

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

13/02/2025

Outperform

$3.18

13.17%

Dexus Industria REIT reported better-than-expected 1H25 funds from operations, exceeding Macquarie's forecast by 4% due to lower-than-anticipated net finance and other costs, the analyst explains.

Management reiterated FY25 guidance.

Macquarie appreciates the REIT’s exposure to the industrial sector alongside its robust balance sheet, with gearing at 27.7% and a development pipeline of $269m.

The broker raises the target price to $3.18 from $3.05. The Outperform rating is retained, with an attractive circa 6% dividend yield and the stock trading at a -20% discount to NTA.

FORECAST
Macquarie forecasts a full year FY25 dividend of 16.50 cents and EPS of 17.90 cents.
Macquarie forecasts a full year FY26 dividend of 16.50 cents and EPS of 18.30 cents.

Morgans

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Moelis	17/02/2025	1	Buy	$3.41	21.35%	Dexus Industria REIT's 1H25 earnings were ahead of the guidance run-rate, but this was largely a function of more favourable interest rate hedge cover in the first half, Moelis highlights. The REIT reported 3.8% rent reviews in 1H25, aided by 12.2% of leasing spreads. Leasing was executed on just 7% of income in the first half, and the broker expects leasing outcomes to remain a tailwind to earnings over the medium term. Net operating income growth was just 2.4% in 1H25 due to a short-term vacancy on a large tenancy, but the broker believes this base effect should aid in a stronger growth print next year. Target price rises to $3.41 from $3.32, with earnings estimates largely unchanged. Buy retained. FORECAST Moelis forecasts a full year FY25 dividend of 16.40 cents and EPS of 17.80 cents. Moelis forecasts a full year FY26 dividend of 17.40 cents and EPS of 18.90 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

17/02/2025

Buy

$3.41

21.35%

Dexus Industria REIT's 1H25 earnings were ahead of the guidance run-rate, but this was largely a function of more favourable interest rate hedge cover in the first half, Moelis highlights.

The REIT reported 3.8% rent reviews in 1H25, aided by 12.2% of leasing spreads. Leasing was executed on just 7% of income in the first half, and the broker expects leasing outcomes to remain a tailwind to earnings over the medium term.

Net operating income growth was just 2.4% in 1H25 due to a short-term vacancy on a large tenancy, but the broker believes this base effect should aid in a stronger growth print next year.

Target price rises to $3.41 from $3.32, with earnings estimates largely unchanged. Buy retained.

FORECAST
Moelis forecasts a full year FY25 dividend of 16.40 cents and EPS of 17.80 cents.
Moelis forecasts a full year FY26 dividend of 17.40 cents and EPS of 18.90 cents.

Access Extra Coverage Research History >

DXI STOCK CHART

FNArena News on DXI

1	Australian Broker Call Extra Edition – Feb 17, 2025 Feb 17 2025 - Daily Market Reports

2	FNArena Corporate Results Monitor – 13-02-2025 Feb 13 2025 - Australia

3	Rudi’s View: Best Buys & Convictions For 2025 Jan 16 2025 - Rudi's View

4	Rudi’s View: Final Best Buys & Conviction Ideas Dec 23 2024 - Rudi's View

5	Rudi’s View: Banks, WiseTech, Redox & Integral Diagnostics Dec 19 2024 - Rudi's View

Latest REITs News

1	Australian Listed Real Estate Tables – 17-02-2025 Feb 17 2025 - Weekly Reports

2	Australian Listed Real Estate Tables – 10-02-2025 Feb 10 2025 - Weekly Reports

3	Australian Listed Real Estate Tables – 03-02-2025 Feb 03 2025 - Weekly Reports

4	Ask FNArena: CSL, Charter Hall & Dexus Dec 16 2024 - Rudi's View

5	Australian Listed Real Estate Tables – 16-12-2024 Dec 16 2024 - Weekly Reports

6	Australian Listed Real Estate Tables – 09-12-2024 Dec 09 2024 - Weekly Reports

7	Australian Listed Real Estate Tables – 02-12-2024 Dec 02 2024 - Weekly Reports

8	Australian Listed Real Estate Tables – 25-11-2024 Nov 25 2024 - Weekly Reports

9	Australian Listed Real Estate Tables – 18-11-2024 Nov 18 2024 - Weekly Reports

10	Australian Listed Real Estate Tables – 11-11-2024 Nov 11 2024 - Weekly Reports

Dividend Yield Today On Last Actual Payout :	5.88
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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DEXUS INDUSTRIA REIT (DXI)
Share Price Analysis and Chart