Highlights

  • Dexus Industria REIT delivered FY26 FFO of 17.6 cents per security, above upgraded guidance of 17.4 cents per security overall.
  • Dexus Industria REIT declared FY26 distributions of 16.6 cents per security, representing a 1.2% increase from the prior financial year.
  • Portfolio occupancy was 98.8%, with re-leasing spreads of 21.4% and a 90-property portfolio valued at $1.5 billion during the year.
  • The fund completed its transition to a pure-play industrial REIT in FY26, divesting Brisbane Technology Park for $155.7 million overall.

Dexus Industria REIT (ASX:DXI), a listed Australian real estate Investment trust investing in high-quality industrial warehouses, delivered its FY26 annual results on 12 August 2026. The fund reported Funds From Operations (FFO) of 17.6 cents per security (cps) for the year ended 30 June 2026, exceeding its initial guidance of 17.3 cps and upgraded guidance of 17.4 cps. Distributions came in at 16.6 cps, up 1.2% on FY25. The investment property portfolio was valued at $1.5 billion, comprising interests in 90 properties across the major Australian cities. Portfolio occupancy was 98.8%, with 21.4% re-leasing spreads on renewed leases.

Transition to Pure-Play Industrial REIT

FY26 was a defining year for Dexus Industria REIT's strategic positioning, with the fund completing its transition to a pure-play industrial REIT by divesting the Brisbane Technology Park for $155.7 million. This sale — above Book Value — allowed DXI to fully concentrate its portfolio on high-quality industrial warehouses and logistics facilities across the major eastern seaboard markets and Western Australia. During the year, the fund also acquired four industrial Assets in Glendenning NSW, Dandenong South VIC and other locations. The portfolio's shift to a pure-play industrial focus gives investors concentrated exposure to the structurally favoured industrial and logistics sector, which benefits from E-commerce growth, Supply chain reshoring, and near-shoring trends driving occupier demand.

Portfolio Income and Re-Leasing Performance

Dexus Industria REIT's portfolio generated strong re-leasing outcomes in FY26, with average spreads of 21.4% on renewed leases — a measure of the gap between expiring and new market rents. The fund's near full occupancy of 98.8% across 90 properties reflects the ongoing strength of industrial and logistics property market conditions. Revenue growth was supported by annual rent reviews, market-linked escalations, and new leasing deals. The first half of FY26 saw like-for-like income growth of 7.4%, with FFO per security of 8.9 cps. DXI has a target gearing range of 30-40% and is managed by Dexus, a leading Australasian fully integrated real asset group.

Jandakot Development Pipeline and Outlook

Dexus Industria REIT's growth outlook is supported by a $217 million development pipeline at Jandakot in Western Australia, with completions expected through to FY30. This pipeline provides a medium-term pathway to expanding the fund's net lettable area and income base. Management highlighted that lower interest rates, expected over the medium term, should support both Earnings accretion from development completions and positive Revaluation of industrial property assets. While headline FFO declined year-on-year on a reported basis — reflecting the Brisbane Technology Park sale rather than any operating deterioration — property-level income is supported by strong like-for-like growth.

Stock Price Information

Dexus Industria REIT (ASX:DXI) shares were trading at $2.340 on 6 November 2026, representing a decline of 0.85% for the day. The stock has declined approximately 7% over the past 12 months.