Ann: 2023 Annual Results Presentation, page-3

DXS have been back on my watch list over recent times. There is no question that they are a good solid company with a great diverse portfolio. I am however still sitting on the fence for the following reasons.

* Are there more write downs to come...so is the current NTA per share still inflated or is it going to get worse over the next few years?
* Will incentives to tenants continue to increase into 2024 and 25 as times become tougher and with a significant increase in leases expiring next year and the year after?
* Are companies going to downsize or rethink office and industrial space on the back of learnings from the past 3 years?

*So is the sector still going to be given a wider berth over the coming few years before things recover?

On the plus side is that Dexus has relatively low gearing and could find themselves with a ringside seat at possible upcoming distressed sales.