DEXUS Property Group (ASX:DXS) shares surge on profit jump

DEXUS Property Group's (ASX: DXS) results revealed NPAT of $1.73 billion – up 36.8% on FY17 .

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Shares in office landlord company DEXUS Property Group (ASX: DXS) have jumped 3% at the time of writing to $10.47 after the release of its FY18 results and annual report.

Dexus revealed NPAT of $1.73 billion – up 36.8% on FY17 with funds from operations up 5.8% to $653.3 million and an office portfolio occupancy rate of 96% – which is slightly down from last year.

Dexus' CEO Darren Steinberg flagged a strong set of results back in July, despite struggles with vacancy rates, and today's results include plans for new fund partnerships over the next year.

Looking forward Dexus expects continued strong fundamentals for Sydney and Melbourne, with improving conditions in Brisbane and Perth.

Market guidance for the 12 months ending June 30 2019 is to deliver distribution per security growth of circa 5%.

Dexus is up against Cromwell Group (ASX: CMW) in the office space segment, with Cromwell due to hand down its own financial report on August 24.

Property market cousins Mirvac Group (ASX: MGR), Lendlease Group (ASX: LLC) and Stockland Corporation Ltd (ASX: SGP) are also on watch as results season continues.

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on REITs

Smiling couple looking at a phone at a bargain opportunity.
REITs

I think these 2 cheap ASX 200 shares are buys for value investors

These stocks are exciting options for investors focused on bargains.

Read more »

Group of successful real estate agents standing in building and looking at tablet.
Dividend Investing

1 ASX dividend stock down 25% to buy right now

I think this income business is a compelling buy right now.

Read more »

a cute jack russell dog closes its eyes and yawns as if waking up from a long sleep underneath a doona cover next to a pair of feet with an old-fashioned alarm clock nearby.
REITs

Get paid like clockwork with this 6% Australian dividend stock

Investors can harvest good cash flow with this stock.

Read more »

a man with hands in pockets and a serious look on his face stares out of an office window onto a landscape of highrise office buildings in an urban landscape
REITs

Is it time to grab these cheap ASX 300 stocks before it's too late?

Here’s why these ASX shares seem very cheap in my view.

Read more »

Group of successful real estate agents standing in building and looking at tablet.
Opinions

Should ASX REITs be on your buy list right now?

Analysts offer their views.

Read more »

An older couple dance in their living room as they enjoy their retirement funded by ASX dividends
REITs

Why I think this could be the #1 ASX property stock for retirement

I believe this stock is offering everything that retirees could want.

Read more »

Boys making faces and flexing.
REITs

These 3 ASX index-beaters are setting new records today (I'd still buy)

I think these stocks still have plenty of growth potential.

Read more »

A business woman flexes her muscles overlooking a city scape below.
REITs

Why ASX property shares could be set for a comeback

The recovery could be strong, too, according to one global investment giant.

Read more »