What’s happening with the Dexus (ASX:DXS) share price today?

The Dexus share price is bouncing around in morning trade. We take a look at the ASX real estate share’s latest quarterly report.
The post What’s happening with the Dexus (ASX:DXS) share price today? appeared first on The Motley Fool Australia. –

real estate, property, housing

The DEXUS Property Group (ASX: DXS) share price is bouncing around in early morning trade, up 0.3% at the time of writing.

Dexus manages a portfolio of properties across Australia valued at $32.1 billion. Below we take a look at the ASX real estate share’s latest quarterly report.

What did Dexus report for the quarter?

Dexus’ share price is seeking direction after the company reported that occupancy rates across CBD office locations have increased since the COVID-19 vaccine rollout commenced during the quarter ending 31 March. Dexus maintained high rent collections of 96% during the quarter.

Commenting on the office market rebound, Darren Steinberg, Dexus CEO said:

It is pleasing to see momentum in leasing activity across our CBD office markets. Tenant enquiry and activity across our office portfolio has been strong particularly for smaller tenancies, and larger occupier briefs are starting to emerge. The significant number of leasing transactions completed during the quarter is encouraging and highlights the demand for quality workspace in well-located CBD assets.

On the property front, Dexus noted it had raised $125 million for its Dexus Healthcare Property Fund during the quarter, as well as completing 108 leasing transactions in its office portfolio, totalling 46,703 square metres of space. Office occupancy stood at 95.4%.

Dexus was also active in the industrial space, with 37 transactions seeing 117,747 square metres leased. Industrial occupancy increased to 97.8%.

The company reported that it’s continuing work on expanding and diversifying its funds management business. Initiatives include establishing a new office joint venture, as well as securing approval for the merger of the $5.4 billion AMP Capital Diversified Property Fund with Dexus Wholesale Property Fund.

Commenting on the funds management business, Steinberg said:

We are pleased with the continued momentum across the funds platform, as we progressed initiatives in DWPF, healthcare and our new opportunity fund. Our continued focus on our relationships with third party capital partners will assist with opportunities we have in the pipeline

Dexus also obtained shareholder approval on 22 April for plans to simplify its corporate structure.

Looking ahead

With a look to the future Steinberg said:

Moving forward, we will continue to execute on our strategic initiatives which include increasing the resilience of portfolio income streams, expanding and diversifying the funds management business, and progressing the development pipeline to drive superior risk-adjusted returns for investors.

Dexus maintained its guidance on its dividend distribution for the 2021 financial year, expecting to pay 50.3 cents per share, the same payout as FY20.

Dexus share price snapshot

Over the past 12 months, Dexus shares have gained 17%, trailing the 33% gains posted by the S&P/ASX 200 Index (ASX: XJO).

So far in 2021, the Dexus share price is up 9%.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s happening with the Dexus (ASX:DXS) share price today? appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!