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: 7.49
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.54

26 Feb
2026

0.030

OPEN

$2.51

1.20%

HIGH

$2.56

566,700

LOW

$2.51

TARGET
$2.91 14.6% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXS . GDF . GDI . HCW . HDN . NSR . PLG . REP . RFF . RGN . SCG . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
DXI: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 26.5 17.4 xxx
DPS (cps) xxx 16.4 16.6 xxx
EPS Growth xxx N/A - 34.4% xxx
DPS Growth xxx 0.0% 1.2% xxx
PE Ratio xxx N/A 14.8 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx 61.8% 95.4% xxx

Dividend yield today if purchased 3 years ago: 5.62%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.36

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx26.5
DPS All xxxxxxxxxxxxxxx16.4
Sales/Revenue xxxxxxxxxxxxxxx75.1 M
Book Value Per Share xxxxxxxxxxxxxxx337.3
Net Operating Cash Flow xxxxxxxxxxxxxxx50.6 M
Net Profit Margin xxxxxxxxxxxxxxx112.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx7.99 %
Return on Invested Capital xxxxxxxxxxxxxxx6.09 %
Return on Assets xxxxxxxxxxxxxxx5.93 %
Return on Equity xxxxxxxxxxxxxxx7.99 %
Return on Total Capital xxxxxxxxxxxxxxx3.42 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-11.8 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1 M
Long Term Debt xxxxxxxxxxxxxxx354 M
Total Debt xxxxxxxxxxxxxxx355 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3 M
Price To Book Value xxxxxxxxxxxxxxx0.81

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx10.4 M
Capex % of Sales xxxxxxxxxxxxxxx13.90 %
Cost of Goods Sold xxxxxxxxxxxxxxx20 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx8 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx972 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

0.8

No. Of Recommendations

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

Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

12/02/2026

1

Outperform

$2.93

15.35%

Dexus Industria REIT delivered a robust first half result that was ahead of Macquarie's estimates. Higher topline growth and lower net finance underpinned the results.

FY26 guidance has been upgraded to 17.4c per security, reflecting leasing progress at Glendenning and Moorebank, partly offset by higher interest rates.

The broker remains attracted to the company's pure play exposure to the industrial sector and believes this should drive a rerating for a stock which is trading at a -25% discount to NTA. Outperform retained. Target edges up to $2.93 from $2.90.

FORECAST
Macquarie forecasts a full year FY26 dividend of 16.50 cents and EPS of 17.40 cents.
Macquarie forecasts a full year FY27 dividend of 16.90 cents and EPS of 18.10 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$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

18/02/2026

1

Buy

$3.38

33.07%

Dexus Industria REIT posted a "solid" operating result in the first half with portfolio vacancies down to 0.3% and 7.6% leasing spreads, Moelis observes. The business is now a pure play industrial A-REIT with accretive earnings from the development pipeline.

There is ample capacity on the balance sheet to deliver the remaining $180m in development expenditure planned for Jandakot. The broker retains a Buy rating with a $3.38 target.

FORECAST
Moelis forecasts a full year FY26 dividend of 16.60 cents and EPS of 17.40 cents.
Moelis forecasts a full year FY27 dividend of 16.80 cents and EPS of 18.30 cents.
Access Extra Coverage Research History >

DXI STOCK CHART

FNArena News on DXI

1
Australian Broker Call *Extra* Edition – Feb 18, 2026

Feb 18 2026 - Daily Market Reports
2
FNArena Corporate Results Monitor – 12-02-2026

Feb 12 2026 - Australia
3
Rudi’s View: Key Picks & Sector Favourites

Jan 22 2026 - Rudi's View
4
Next Week At A Glance – 6-10 Oct 2025

Oct 03 2025 - Weekly Reports
5
Clouds Parting For Australia’s REIT Sector

Sep 22 2025 - Australia

Latest REITs News

1
Australian Listed Real Estate Tables – 23-02-2026

Feb 23 2026 - Weekly Reports
2
Australian Listed Real Estate Tables – 16-02-2026

Feb 16 2026 - Weekly Reports
3
Australian Listed Real Estate Tables – 09-02-2026

Feb 09 2026 - Weekly Reports
4
Australian Listed Real Estate Tables – 02-02-2026

Feb 02 2026 - Weekly Reports
5
Australian Listed Real Estate Tables – 27-01-2026

Jan 27 2026 - Weekly Reports
6
Australian Listed Real Estate Tables – 22-12-2025

Dec 22 2025 - Weekly Reports
7
Australian Listed Real Estate Tables – 15-12-2025

Dec 15 2025 - Weekly Reports
8
Australian Listed Real Estate Tables – 08-12-2025

Dec 08 2025 - Weekly Reports
9
Australian Listed Real Estate Tables – 01-12-2025

Dec 01 2025 - Weekly Reports
10
Australian Listed Real Estate Tables – 24-11-2025

Nov 24 2025 - Weekly Reports