DEXUS INDUSTRIA REIT (DXI)
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DXI

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

$2.53

14 Apr
2025

0.020

OPEN

$2.52

0.80%

HIGH

$2.56

357,016

LOW

$2.51

TARGET
$2.893 14.4% upside
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
DXI: 1
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 14.3 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx N/A 91.9% xxx

Dividend yield today if purchased 3 years ago: 4.78%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.43

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-3.7
DPS All xxxxxxxxxxxxxxx16.4
Sales/Revenue xxxxxxxxxxxxxxx82.2 M
Book Value Per Share xxxxxxxxxxxxxxx327.2
Net Operating Cash Flow xxxxxxxxxxxxxxx58.9 M
Net Profit Margin xxxxxxxxxxxxxxx-14.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-1.10 %
Return on Invested Capital xxxxxxxxxxxxxxx-0.82 %
Return on Assets xxxxxxxxxxxxxxx-0.80 %
Return on Equity xxxxxxxxxxxxxxx-1.10 %
Return on Total Capital xxxxxxxxxxxxxxx3.84 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx302 M
Total Debt xxxxxxxxxxxxxxx303 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx4 M
Price To Book Value xxxxxxxxxxxxxxx0.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx8.3 M
Capex % of Sales xxxxxxxxxxxxxxx10.06 %
Cost of Goods Sold xxxxxxxxxxxxxxx19 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx8 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx970 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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

14/02/2025

3

Hold

$2.90

14.62%

Bell Potter notes mixed signals in Dexus Industria REIT’s 1H results, with a 2.4% beat on funds from operations (FFO) but no change to guidance for FFO or distributions (DPU).

The broker points to a slower-than-expected lease-up across developments, which remains the primary capital allocation focus.

Management is also facing challenges in identifying development acquisitions which meet investment hurdles.

The Hold rating and $2.90 target are maintained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 16.40 cents.
Bell Potter forecasts a full year FY26 dividend of 16.50 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

34.78%

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
Weekly Ratings, Targets, Forecast Changes – 11-04-25

Apr 14 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Feb 17, 2025

Feb 17 2025 - Daily Market Reports
3
FNArena Corporate Results Monitor – 13-02-2025

Feb 13 2025 - Australia
4
Rudi’s View: Best Buys & Convictions For 2025

Jan 16 2025 - Rudi's View
5
Rudi’s View: Final Best Buys & Conviction Ideas

Dec 23 2024 - Rudi's View

Latest REITs News

1
Australian Listed Real Estate Tables – 14-04-2025

Apr 14 2025 - Weekly Reports
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Australian Listed Real Estate Tables – 07-04-2025

Apr 07 2025 - Weekly Reports
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Mar 24 2025 - Weekly Reports
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Australian Listed Real Estate Tables – 17-03-2025

Mar 17 2025 - Weekly Reports
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Mar 13 2025 - Feature Stories
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Australian Listed Real Estate Tables – 10-03-2025

Mar 10 2025 - Weekly Reports
8
Australian Listed Real Estate Tables – 03-03-2025

Mar 03 2025 - Weekly Reports
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Australian Listed Real Estate Tables – 24-02-2025

Feb 24 2025 - Weekly Reports
10
Australian Listed Real Estate Tables – 17-02-2025

Feb 17 2025 - Weekly Reports