Ann: 2023 Annual Results Presentation, page-33

It's best to DYOR, and I have no 'beef' against DXS, but so far remain concerned re what you say.

This is from the 'lively' blog on Friday 10 November 2023:

Dexus (ASX: DXS)

Reece Birtles: Dexus is a sell. It's obviously come back a long way, but bond yields have gone up a lot. And yes, the cap rate on Dexus is now over 7%. So notionally it starts to look a bit more attractive at that sort of level, but it's an office property owner. There is too many office buildings in the world. Large corporations are still cutting back their space. They just don't find they need as much as they did before. And you saw that with vacancy rates rising in Dexus by 1.5% in the last half. But just like Lendlease, the big problem is that the companies are not focused on going, "We might have an undervalued asset." They're still investing to protect their reputation in growth. And so they're going ahead with new buildings in both Sydney and Brisbane on 5% development yields, whereas their cap rate is already 7% and their cost of debt is near that 7% level. So again, they're destroying capital rather than focusing on creating value for shareholders.