Dexus Chief Investment Officer, Ross Du Vernet said: "We are seeing lots of opportunities in the current market and will selectively recycle assets where we can maximise returns. The success we have had in recycling assets will further strengthen our balance sheet and enable Dexus to organically fund higher return growth initiatives in our funds management and development businesses."

From a trading profit perspective, Dexus realised USD47.1 million (post tax) of trading profits in the six-month period through: . Exercising the option to sell its remaining 25% interest in 201 Elizabeth Street, Sydney which settled in August

2020 . Entering into agreements to sell a portfolio of six trading assets (Truganina VIC and Lakes Business Park South,

Botany NSW) to the Dexus Australian Logistics Trust (DALT) across two tranches, with the first tranche settling in

October and December 2020 respectively . Continuing to progress the North Shore Health Hub development with project completion expected in the third quarter

of FY21

In addition, Dexus entered into put and call agreements to sell 436-484 Victoria Road, Gladesville which can be exercised in FY21 or FY22.

These trading profit related transactions (including the North Shore Health Hub) are expected to contribute circa USD95 million to trading profits (pre-tax) across FY21 and FY22.

Summary and outlook

Darren Steinberg said: "We expect the impacts of the COVID-led recession will continue to flow through the Australian economy in 2021 and despite the imminent vaccine roll out, governments will need to learn to live with COVID-19 being part of the community. Business owners and operators require consistent rules and regulations to ensure that the domestic economy returns to sustainable levels of growth and minimising border restrictions will further assist in Australia's COVID-19 recovery.

"In this lower for longer interest rate environment, we believe that the desire for secure income streams will fundamentally benefit direct asset classes and in particular quality real estate assets.

"Fortunately, we have a fully integrated real estate platform with direct exposure to high quality real estate in diverse and key performing markets that has a track record of delivering solid returns over the long term.

"Our funds management business provides a capital efficient way to increase our presence in high growth sectors and the activation of our city-shaping development pipeline has embedded long-term value and provides the opportunity to organically grow at the appropriate time."

"Questions remain on the impacts of working from home on the office sector, however we are confident that the office will remain a core part of our customers' needs and have been preparing for increased flexibility for many years."

Dexus expects an FY21 full year distribution per security amount that is consistent with FY20 but is subject to there being no reinstatement of any major lockdowns or unforeseen circumstances. The FY20 full year distribution per security amount was 50.3 cents.

HY21 Results

This ASX announcement should be read in conjunction with the HY21 Distribution details, HY21 Results presentation, HY21 Property Synopsis and the HY21 Appendix 4D and Financial Statements released to the Australian Securities Exchange today and available at www.dexus.com/investor-centre

Investor conference call

Dexus will hold an investor conference call at 9.30am (AEDT) today, Tuesday 9 February 2021, which will be webcast via the Dexus website (www.dexus.com) and available for download later today.

Authorised by the Board of Dexus Funds Management Limited For further information please contact:


Investors                          Media 
Merren Favretto                    Louise Murray 
Senior Manager, Investor Relations Senior Manager, Corporate Communications 
+61 2 9080 1559                    +61 2 9017 1446 
+61 427 986 355                    +61 403 260 754 
merren.favretto@dexus.com          louise.murray@dexus.com 

^[1] Adjusted for cash and debt in equity accounted investments, excluding the impact of the contracted divestments of 60 Miller Street, North Sydney and Grosvenor Place, Sydney.

^[2] By income.

^[3] Period to 30 September 2020 which reflects the latest available PCA/MSCI Australian Quarterly Digest for Office Property benchmark.

^[4] Subject to Dexus Security holder approval.

^[5] The Code of Conduct is available at https://www.pm.gov.au/sites/default/files/files/ national-cabinet-mandatory-code-ofconduct-sme-commercial-leasing-principles.pdf

^[6] Excluding transaction costs and settlement adjustments.

^[7] Excluding development leasing.

^[8] Including Heads of Agreement. ----------------------------------------------------------------------------------------------------------------------- Information and Explanation of the Issuer to this News:

About Dexus

Dexus is one of Australia's leading real estate groups, proudly managing a high-quality Australian property portfolio valued at USD32.1 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own USD16.5 billion of office and industrial properties. We manage a further USD15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group's USD11.4 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are 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 more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 25, 264 George Street, Sydney NSW 2000 -----------------------------------------------------------------------------------------------------------------------

09-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------


Language:     English 
Company:      Dexus Finance Pty Limited 
              264 George Street 
              2193 Sydney 
              Australia 
Phone:        +61 2 9017 1100 
Fax:          +61 2 9017 1101 
E-mail:       ir@dexus.com 
Internet:     www.dexus.com 
ISIN:         XS1961891220 
WKN:          A2RZHG 
Listed:       Regulated Unofficial Market in Frankfurt 
EQS News ID:  1166897 
 
End of Announcement  DGAP News Service 
=------------ 

1166897 09-Feb-2021 CET/CEST

(END) Dow Jones Newswires

February 08, 2021 18:06 ET (23:06 GMT)