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Dexus

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Dexus is one of Australia’s leading real estate groups, managing a high quality Australian property portfolio valued at $27.2 billion.

Dexus believes the strength and quality of its relationships are central to its success and is deeply committed to working with its customers to provide spaces that engage and inspire. The creation of sustained value is underpinned by Dexus’s quality property portfolio, located across Australia’s major cities. Dexus is committed to playing a leading role in shaping Australian cities for the future as desirable places to live, work and play.

Dexus invests only in Australia, and directly owns $13.3 billion of office and industrial properties. Dexus manages a further $13.9 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $4.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, Dexus is Australia’s preferred office partner.

Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With more than 30 years of expertise in property, investment, development and asset management, Dexus has a proven track record in capital and risk management and delivering superior risk adjusted returns for its investors.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Australia

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

427.0 FTE

02.4. Additional information. [Optional]

Dexus owns and manages a portfolio of office, industrial, retail and healthcare properties located in core markets around Australia.

As at 30 June 2018 Dexus employed 427.0 FTE property professionals across the group. The majority of Dexus property professionals are located in the Sydney head office, with the remainder located in the key investment markets. Dexus also employs retail management personnel to manage shopping centres on behalf of its third party clients in regional areas and major cities across Australia.

All relevant headcount data is taken from each year's headcount report as at 30 June. Further details regarding Dexus’s employee demographics can be found at: www.dexus.com/2018sustainabilityreport/

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Dexus does not have any subsidiaries.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

30/06/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. Additional information. [Optional]

Dexus generates both rental income from its properties and fees for undertaking funds management, transactions, leasing, property management and development on behalf of third party clients. In addition, Dexus has a trading trust that enables the development and repositioning of properties to enhance value and sell for a profit.

The group’s managed property portfolio of $27.2 billion as at 30 June 2018 includes $13.3 billion of owned property and $13.9 billion of property managed for third party clients, with a $4.2 billion development pipeline across the group.

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 0 0
Fixed income 0 0 0 0
Private equity 0 0 0 0
Property >50% 100 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

Provide an approximate percentage breakdown of your off-balance sheet assets.
Internally managed (%)
 
Externally managed (%)
 
[a] Monetary assets
[b] Derivatives
[c] Cash
[d] Trade finance
[e] Other (1), specify
100
[f] Other (2), specify

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Dexus makes all property-related investment decisions for its listed portfolio. Dexus also undertakes property-related investment decisions on behalf of third party clients. Dexus manages the physical property across the majority of its listed and third party portfolio. Dexus acts as a trusted advisor conducting extensive research regarding the suitability of properties, provides recommendations regarding buy-sell-hold decisions, as well as acting as an active property manager for its managed portfolio.

Dexus owns and manages office, industrial, retail and healthcare properties in Australia on behalf of its investors and capital partners.

Dexus does not appoint external investment managers to manage funds on its behalf. Rather, Dexus partners with like-minded investors who value investment and property management expertise with best practice corporate governance principles.

The list below provides outlines Dexus’s funds under management in more detail.

Asset Class / FUM (AUD$bn)

Listed office: AUD$11.0bn (40.5%)
Listed industrial: AUD$2.2bn (8.1%)
Listed healthcare: AUD$0.05bn (0.2%)
3rd party portfolio office: AUD$7.1bn (26.1%)
3rd party portfolio industrial: AUD$1.5bn (5.5%)
3rd party portfolio retail: AUD$5.2bn (19.2%)
3rd party portfolio healthcare: AUD$0.1bn (0.4%)*

Total FUM: AUD$27.2bn

*Dexus owns 23.8% of the units in the unlisted Healthcare Wholesale Property Fund (HWPF) which is part of the Funds Management business.

OO 07. Fixed income AUM breakdown (Not Applicable)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

Dexus’s investments at 30 June 2018 were located within Australia only. This country is listed as a Developed Market within the MSCI’s classification.
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