Market Conditions Buoyant for Dexus' Sydney and Melbourne Offices, But Hard to Sustain
Dexus reported first-half fiscal 2018 funds from operations, or FFO, of AUD 30.2 cents per security, up 1.7% on the previous corresponding period, or pcp. High occupancy and rising effective rents for Sydney and Melbourne offices have provided the impetus for a minor upgrade to guided FFO per security growth of 2.5%-3.0% from 2.0%-2.5% previously. We’ve made minor revisions to our forecasts, with our fair value estimate for narrow-moat Dexus unchanged at AUD 9.10. Dexus screens as fairly valued,...
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