By Dexus, a leading Australian property group, has reported a net loss due to negative revaluations of its property portfolio. Despite buildings in prime city center locations performing better, the Australian office market as a whole continues to struggle.
During the six months through December, Dexus recorded a net loss of AUD 597.2 million, compared to a profit of AUD 23.1 million in the previous year. The loss was mainly driven by a net revaluation decline of AUD 687.3 million on its properties, representing a 4.7% decrease in book values.
Furthermore, funds from operations declined by 6.2%, amounting to AUD 364.8 million. Adjusted funds from operations per security also saw a decrease of 5.9%, falling to 27.2 cents compared to the previous year.
Despite these challenges, Dexus remains committed to providing value to its shareholders. The company has reaffirmed its forecast for a payout of approximately 48.0 cents per security for the 12 months ending in June. An interim distribution of 26.7 cents has already been declared.
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