Dexus Industria REIT : Annual General Meeting Chair and Fund Manager address

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Dexus Industria REIT (ASX:ADI)

ASX release

23 November 2021

Annual General Meeting Chair and Fund Manager address

Dexus Industria REIT provides the attached Chair and Fund Manager address for its Annual General Meeting which is being held today at 10.00am (AEDT)

The meeting will be held virtually and can be viewed by using the following link: https://agmlive.link/ADI2021

Authorised by Chantal Churchill, Company Secretary of Dexus Asset Management Limited and Industria Company No. 1 Limited

For further information please contact:
Investor enquiries	Media enquiries
Alex Abell	Louise Murray
Fund Manager	Senior Manager, Communications
T: [phone]	[phone]
[e-mail]	[e-mail]

About Dexus Industria REIT

Dexus Industria REIT (ASX code: ADI) (formerly APN Industrial REIT) is a listed Australian real estate investment trust which owns interests in office and industrial properties that provide functional and affordable workspaces for business. The fund's portfolio of 39 properties, valued at $1.1 billion, is located across the major Australian cities, providing sustainable income and capital growth prospects for security holders over the long term. On settlement of the transaction announced to the ASX on

23 September 2021, ADI's portfolio will increase to 92 properties valued at $1.6 billion. The fund has a target gearing band of 30 - 40%, providing flexibility for future growth without compromising the low-risk approach to management. Dexus Industria REIT is governed by a majority Independent Board, and managed by Dexus (ASX code: DXS), one of Australia's leading fully integrated real estate groups, with over 35 years of expertise in property investment, funds management, asset management and development. www.dexus.com

Dexus Asset Management Limited (ACN 080 674 479, AFSL No. 237500) (the "Responsible Entity") as the responsible entity and issuer of the financial products in respect of Industria Trust No. 1 (ARSN 125 862 875), Industria Trust No. 2 (ARSN 125 862 491), Industria Trust No. 3 (ARSN 166 150 938) and Industria Trust No. 4 (ARSN 166 163 186), and Industria Company No 1 Limited (ACN 010 794 957), collectively the Dexus Industria REIT (ASX code: ADI) stapled group. The Responsible Entity is a wholly owned subsidiary of Dexus (ASX code: DXS).

Level 30, 101 Collins Street, Melbourne VIC 3000 Australia. PO Box 18011 Melbourne Collins Street East VIC 8003 Australia

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Dexus Industria REIT 2021 Annual General Meeting

Chair's address

Good morning everyone and welcome to our first Annual General Meeting under our new name Dexus Industria REIT (ASX:ADI).

I'm Geoff Brunsdon, Chair and Independent Director of Dexus Asset Management Limited, the responsible entity Industria Trusts 1 to 4, and of Industria Company No. 1 Limited which together comprise Dexus Industria REIT.

I would like to start by acknowledging the Traditional Custodians of the land on which we are presenting from today, and pay our respects to their Elders past, present and emerging. I would also like to welcome any First Nations people joining our meeting today.

The meeting today has three key objectives: First to provide an update on the Fund's activities; secondly to vote on the resolutions in the formal business of the meeting; and lastly to provide you, our investors, with the opportunity to ask any questions.

I'll table my appointment as Chair of today's meeting and open the meeting.

Today I'm joined by Dexus Industria REIT's Fund Manager, Alex Abell, and joining us remotely in Melbourne and Sydney are our Directors: Howard Brenchley, Jennifer Horrigan, Michael Johnstone and Joseph De Rango.

I would also like to welcome Deborah Coakley to our Board as an Executive Director. Deborah is the Executive General Manager, Funds Management at Dexus and is responsible for managing Dexus's $25 billion funds management business which comprises 20 investment vehicles across listed and unlisted direct property vehicles, capital partnerships, real estate securities and venture capital. Deborah brings a valuable mix of experience across financial services, property investment and funds management to our Board, complementing the Board's diverse skillset.

I would also like to welcome our company secretaries, Brett Cameron and Chantal Churchill along with a representative from our Auditors at Deloitte Touche Tohmatsu, and lawyers from King & Wood Mallesons.

Accordingly, I formally call for a poll on the resolutions to be put to the meeting today and declare the poll open so you can lodge your votes at any time during the meeting.

After completing the acquisition of APN Property Group in August this year, Dexus is now the external manager of Dexus Industria REIT.

Dexus is one of Australia's leading real estate groups, managing a high-quality Australian property portfolio valued at $42.5 billion. This includes some assets that you may know of including Australia Square and 5 Martin Place in Sydney, 80 Collins Street and 180 Flinders Street in Melbourne, Calvary Adelaide Hospital and significant industrial portfolios in NSW and Victoria. Dexus has obtained significant scale across the office, industrial, healthcare and retail property sectors, and has more than $11 billion in industrial properties under management.

Dexus has access to a significant pool of opportunities across the real estate spectrum and the Fund is already benefiting from deal flow by leveraging this capability.

Dexus is also recognised as a global leader in sustainability and Environmental, Social and Governance (ESG) principles are integrated across its business operations which I will talk to shortly.

Being part of the Dexus group enables the Fund to leverage Dexus's fully integrated business model which provides access to multi-sector expertise across Investment management - which is underpinned by best practice corporate governance principles, and a track record of delivering outperformance; Asset management - with strong sector leasing capabilities supported by deep market relationships and Transactional and development capabilities - which unlock opportunities and outcomes that will support the Fund's investment objectives. In addition, alignment of interest is achieved through Dexus's direct co-investment in the fund.

Sustainability is an integral part of Dexus's business operations with the objectives of Leading Cities, Thriving People, Future Enabled Customers, Strong Communities, and an Enriched Environment supporting the overarching goal of Sustained Value.

The Dexus Sustainability Approach incorporates the Principles for Responsible Investment 'six principles' relating to responsible investment and active property management and informs the creation of long-term value through understanding and addressing ESG issues that are relevant to its operations.

Fund Manager's address

In FY21 we continued to focus on asset management and quality acquisitions, driving a strong operating result for investors. We delivered on our upgraded FFO guidance, which was increased from 19.3 to 19.9 cents per security during the year, paid a distribution of 17.3 cents per security, and delivered a 49.1% one-year total security holder return over the year, which continues the outperformance against the S&P/ASX 300 A-REIT index and the S&P/ASX 300 index over 1, 3 and 5 year time periods.

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We leased over 42,000 square metres of space, achieved a 10% increase in valuations and acquired $182 million of assets, increasing the industrial and logistics portfolio exposure to 67%. I will address the significant transactional activity year to date shortly.

You may recall that we set an ambitious carbon neutral target in 2020, seeking certification not only across our operations but also across the property portfolio under our operational control. Industria achieved this target and is one of the first A-REIT to be certified carbon neutral.

Since we reported our results in August 2021, the Fund has had an active start to the 2022 financial year. We have been capitalising on the strong momentum in the industrial sector, securing 28,000 square metres of leasing across the portfolio.

We deployed capital into asset acquisitions to deliver on our strategy to grow the portfolio including establishing a development pipeline to deliver future organic growth.

We successfully raised $350 million of new equity to acquire an interest in Jandakot Airport, which is a portfolio of industrial properties and associated development opportunities in Perth, as well as a newly constructed property in Truganina and an interest in a development site in Kemps Creek, which is located adjacent to the Western Sydney Airport that is under construction. These acquisitions provide transformational growth for the fund, in the form of opportunities to generate additional income and create value, over the long term.

More recently we exchanged contracts to acquire a fully leased warehouse in Narangba, Queensland, and a development site in Moorebank in New South Wales. These acquisitions further increase the Fund's industrial and logistics exposure to approximately 80%.

The acquisition of a 33% interest in Jandakot Airport and the surrounding industrial precinct, which comprises of 49 properties and 80 hectares of development land, significantly increased the scale of the Fund and its weighting to industrial assets. It's located approximately 20km south of the Perth CBD and is in the top 10% of locations for 30 minute household access, and as a result, the location appeals to both first mile and last mile industrial customers.

The warehouses on site have an average age of less than 6 years, total approximately 360,000 square metres and have a weighted average lease expiry of 7.6 years.

The acquisition was undertaken in partnership with Dexus and leverages Dexus's capabilities across origination, development, leasing and asset management services.

Our recent activity has transformed Dexus Industria REIT into the premier Australian industrial REIT, providing investors with exposure to a high-quality portfolio with organic income growth and development.

The portfolio is now 92 properties, which are valued at $1.66 billion, with a weighted average cap rate of 5.44%. The acquisition of Jandakot airport introduced a significant amount of inflation protection into the portfolio, with 31% of the income now underpinned by CPI reviews, and 54% providing 3% growth or more. The portfolio is also diversified across a range of locations with tenants operating in resilient industries, as demonstrated by our 99.9% rent collection statistic in FY21.

In concluding, I'm pleased to report that the portfolio continues to be well positioned, with high quality assets in favourable locations that will drive income and value creation over the long term. We have good momentum across the portfolio and are reiterating our guidance statement of 18.1 - 18.5 cents per security, and a distribution of 17.3 cents per security, which represents a yield of 5.4% based on the security price as at last night's close. This is subject to current market conditions continuing with no unforeseen events.

Thank you for your ongoing support.

Authorised by Chantal Churchill, Company Secretary of Dexus Asset Management Limited and Industria Company No. 1 Limited

For personal use only

For further information please contact:
Investor enquiries	Media enquiries
Alex Abell	Louise Murray
Fund Manager	Senior Manager, Communications
T: [phone]	[phone]
[e-mail]	[e-mail]

About Dexus Industria REIT

Dexus Industria REIT (ASX code: ADI) (formerly APN Industrial REIT) is a listed Australian real estate investment trust which owns interests in office and industrial properties that provide functional and affordable workspaces for business. The fund's portfolio of 39 properties, valued at $1.1 billion, is located across the major Australian cities, providing sustainable income and capital growth prospects for security holders over the long term. On settlement of the transaction announced to the ASX on

23 September 2021, ADI's portfolio will increase to 92 properties valued at $1.6 billion. The fund has a target gearing band of 30 - 40%, providing flexibility for future growth without compromising the low-risk approach to management. Dexus Industria REIT is governed by a majority Independent Board, and managed by Dexus (ASX code: DXS), one of Australia's leading fully integrated real estate groups, with over 35 years of expertise in property investment, funds management, asset management and development. www.dexus.com

Dexus Asset Management Limited (ACN 080 674 479, AFSL No. 237500) (the "Responsible Entity") as the responsible entity and issuer of the financial products in respect of Industria Trust No. 1 (ARSN 125 862 875), Industria Trust No. 2 (ARSN 125 862 491), Industria Trust No. 3 (ARSN 166 150 938) and Industria Trust No. 4 (ARSN 166 163 186), and Industria Company No 1 Limited (ACN 010 794 957), collectively the Dexus Industria REIT (ASX code: ADI) stapled group. The Responsible Entity is a wholly owned subsidiary of Dexus (ASX code: DXS).

Level 30, 101 Collins Street, Melbourne VIC 3000 Australia. PO Box 18011 Melbourne Collins Street East VIC 8003 Australia

onlyuseAnnual General Meeting

ersonal23 November 2021

Dexus Asset Management Limited

ACN 080 674 479, AFSL 237500

as responsible entity for Dexus Industrial REIT