Dexus Convenience Retail REIT Announces 4.6% Distribution Growth in End-2021
February 8, 2022 – Dexus Convenience Retail REIT announced its results for the half year ended 31 December 2021, confirming a distribution of 11.5 Australian cents per security.
The reported distribution of 11.5 cents per security, was up 4.6% on the previous corresponding period, in line with cash flow and representing a Funds from Operations (FFO) payout ratio of 99.4%.
Chris Brockett, DXC Fund Manager said: “We delivered a solid financial result for the six months, culminating in an upgrade to our FY22 guidance in December as a result of $73.7 million of acquisitions announced during the half. The portfolio’s concentration in quality non-discretionary retail assets underpinned like-for-like net operating income growth of 2.3%, in addition to valuation uplifts and NTA per security growth.”
“We remain focused on delivering value for investors over the long term through supporting our tenants to meet their future requirements, particularly by enhancing their sustainability endeavours at their sites, and leveraging our development capabilities to unlock additional value within the portfolio. We continue to maintain a disciplined approach to capital allocation, including adhering to strict investment criteria for potential acquisitions while remaining opportunistic regarding property sale opportunities and capital recycling.”
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