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Major diversified Australian REIT owning office and industrial property, plus a funds/asset management platform.
Major diversified Australian REIT owning office and industrial property, plus a funds/asset management platform.
Earns rent on office and industrial buildings it owns and fees for managing buildings and funds on behalf of pension funds and other institutions, which lets it grow without relying only on its own balance sheet. Australia's big-city offices carry most of the portfolio, so office occupancy and rents decide results.
In one line: A diversified office/industrial REIT like a smaller Boston Properties.
Moat: narrow (scale, installed base). Prime CBD office and logistics portfolio plus funds-management scale are hard to replicate quickly.
Headquarters: Sydney, Australia · Founded: 1984 · Employees: 836
Size Dexus (DXS.AX) is an Australia Real Estate company (Real Estate Investment Trusts) with a market value of $4.44B, the 75th largest of 316 Australia companies the cockpit tracks. Shares closed at A$6.03 on 6 Nov 2026.
Performance Over six months the shares gained 0.5%, against -2.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 28.2% over the last twelve months (peer median +0.5%); the operating margin is 31.4% (peer median 42.5%).
Valuation It trades at 0.65× book value against a peer median of 1.21× (cheapest of 21).
Price implies The share price implies a return on equity of about 8.0%; Dexus delivers 4.9%, so the price asks more than the business earns today.
Credit Dexus has 2 bonds outstanding ($686M), rated A- by the agencies and trading like BBB- at a weighted spread of 137 bp.
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$724M | A$724M | A$1.01B | A$964M | A$878M |
| Revenue growth | — | -28% | +5% | +10% | — |
| Gross profit | A$484M | A$484M | A$698M | A$608M | A$575M |
| EBITDA | A$250M | A$250M | A$173M | -A$6.30M | A$349M |
| Net income | A$483M | A$483M | A$138M | -A$1.58B | -A$753M |
| Free cash flow | A$906M | A$906M | A$828M | A$615M | A$767M |
| Capital expenditure | A$33.5M | A$33.5M | A$13.2M | A$2.40M | A$8.00M |
| Total debt | n/a | A$4.65B | A$4.83B | A$5.00B | A$5.35B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Dexus DXS.AX | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% |
| Mirvac MGR.AX | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% |
| GPT GPT.AX | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% |
| Goodman GMG.AX | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% |
| Charter Hall CHC.AX | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DXS.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.9% | +3.6% | 6th highest of 21 |
| 6-month return | +0.5% | -2.3% | 9th highest of 21 |
| Return on equity | 4.9% | 6.3% | 9th lowest of 21 |
| Price / book | 0.65× | 1.21× | cheapest of 21 |
| Trailing P/E | 13.4× | 22.1× | 4th cheapest of 19 |
| ROE the price implies | 8.0% | 8.7% | 10th least demanding of 21 |
| ROE delivered | 4.9% | 6.0% | 9th lowest of 20 |
| Bond spread | 137 bp | 130 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% | 0.5% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
Dexus has 2 bonds outstanding with $686M face value. The agencies rate it A-; its bonds trade like BBB-. Weighted yield 6.05%, a spread of 137 bp over government bonds.