Dexus (ASX: DXS), a leading Australasian fully integrated real asset group managing a high-quality real estate and infrastructure portfolio, today announced an update to its portfolio valuation as of December 31, 2025. The company reported that 174 of its 175 assets, comprising 28 office properties and 146 industrial properties, underwent external valuation. These draft independent valuations have resulted in an estimated total increase of approximately $83 million, or 0.7%, on book values across the stabilised portfolio and development assets for the six months ending December 31, 2025.
The office portfolio saw an increase of approximately 0.4%, driven by market rental growth, partially offset by slightly higher capitalisation and discount rates. The industrial portfolio experienced a larger increase of roughly 1.4%, propelled by market rental growth and marginally firmer capitalisation and discount rates. According to Dexus Group CEO and Managing Director Ross Du Vernet, the company is pleased to report a second consecutive six-month period of valuation growth across both the office and industrial sectors, adding that the company expects well-located, high-quality properties to continue to outperform.
The weighted average capitalisation rate across the total stabilised portfolio experienced a slight expansion of one basis point, moving from 6.03% at June 30, 2025, to 6.04% at December 31, 2025. Specifically, the weighted average capitalisation rate for the stabilised office portfolio expanded by three basis points from 6.18% to 6.21%, while the stabilised industrial portfolio saw a tightening of one basis point, moving from 5.56% to 5.55% at the end of December. Final valuations and detailed information on individual property valuations will be released with Dexus’s HY26 results on February 18, 2026.
In addition to the valuation update, Dexus announced an estimated distribution of 19.3 cents per security for the six months ending December 31, 2025. The distribution will be paid by Dexus Property Trust, with a proposed record date of December 31, 2025, an ex-distribution date of December 30, 2025, and a payment date of February 27, 2026. The final distribution details will be included in Dexus’s HY26 results announcement.
