I like their assets. They hold Iconic buildings like Australia...

I like their assets. They hold Iconic buildings like Australia Square and the MLC centre. Land tax, repairs and maintenance costs, electricity will all be increasing. Rents will all have annual increases to cover costs. I see the most risk in assets under construction, especially the Atlassian timber tower at Central, i'm sure it'll be great once done, but I have no idea how any certifier is going to rubber stamp the fire ratings. Hopefully it's not a flammable cladding 2.0. None the less, it is only one asset in a big pool.
Commercial real estate in the US is scary at the moment, Jamie Dimon gave a good interview, emphasizing it's an asset by asset problem, not systemic across the board. Reits with great assets will far much better than those with mediocre assets. None the less, a big part of our shareholder base is fund managers, holding Dexus in a real estate managed fund (global and australian).
With the news coming out of china and the US, there will be more money coming out of real estate super/managed funds then there is going in. It is much easier to for them to sell listed shares than any whole buildings they may own, hence you see share prices falling. Not as drastic as the GFC but enough to make you question it.
Buying any reit at the moment is contrarian. We should move back to $10 once the sector stabilises, but how long will that be and what other bumps are there along the way, who knows,

There gearing is around 1/3 with ample cash flow to cover expenses and pay a dividend. I don't see too much finance risk. They just need to sit tight on quality assets and don't over spend on mediocre ones.