Morningstar | Sydney Office Rents Continue Their Stellar Growth. Dexus FVE Increases 5%
Dexus Property Group is a major Australian property owner, developer, and manager. The portfolio is heavily skewed to the high-grade office portfolio, which comprises 85% of balance sheet assets. The 15% balance of assets constitutes a portfolio of Australian industrial assets. Financial leverage is acceptable and medium-term income is secure, underpinned by relatively long leases with fixed or CPI-linked annual rent increases. The development and funds-management businesses leverage existing expertise to increase returns, dependent on investor demand. Internal management avoids potential conflicts of interest. We see Dexus benefiting from sustainable competitive advantages and warrants a narrow economic moat rating.Dexus Property Group owns, manages and develops real estate assets and manages real estate funds on behalf of third party investors. Co.'s operating segments include: office, which comprises domestic office space with any associated retail space, as well as car parks and office developments; industrial, which comprises domestic industrial properties, industrial estates and industrial developments; property management, which comprises property management services for third party clients and owned assets; funds management, which comprises funds management of third party client assets; development and trading, which involves its development and inventory: and all other segments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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