(Adds background in paragraph 2, details and shares in paragraphs 3-9)
June 20 (Reuters) - Australian real estate firm Dexus (DXS) said on Thursday the book value of its portfolio declined by 9%, or A$1.3 billion ($867.36 million), for the six months to June according to a draft external independent valuation.
The domestic real estate market, particularly office and retail, has been battling a downturn as the work-from-home trend and e-commerce constraints pressure valuations, with higher interest rates also lowering building values and raising debt costs.
Shares of Dexus fell as much as 1.8% as of 0007 GMT to hit their lowest in more than seven months, while the benchmark index (xjo) was largely unchanged.
The stock had declined nearly 15% this year by Wednesday's close as the company posted its second-biggest half-yearly loss since 2008 in February and valuations of its properties slide further.
"The investment metrics displayed by recent sale activity support a softening in office market valuations," said Ross Du Vernet, Dexus Group CEO and Managing Director.
"However, as a long-term investor, we have confidence in the value of our high-quality portfolio through the cycle."
The draft external independent valuation covered 170 of the company's 176 assets, Dexus said.
The valuations of its office portfolio decreased by 11.3%, while those of the industrial portfolio declined by 1.2%.
The weighted average capitalisation rate - a metric to measure return on investment of real estate assets - across the company's portfolio increased to 5.87% from 5.45% at December-end. ($1 = 1.4988 Australian dollars)
- Forums
- ASX - By Stock
- DXS
- News: DXS UPDATE 1-Australia's Dexus flags $867 mln decline in portfolio valuation
News: DXS UPDATE 1-Australia's Dexus flags $867 mln decline in portfolio valuation
-
- There are more pages in this discussion • 4 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add DXS (ASX) to my watchlist
|
|||||
Last
$7.22 |
Change
0.130(1.83%) |
Mkt cap ! $7.765B |
Open | High | Low | Value | Volume |
$7.12 | $7.23 | $7.10 | $54.13M | 7.508M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 15738 | $7.17 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$7.22 | 348762 | 10 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3500 | 7.090 |
2 | 3127 | 7.020 |
1 | 43000 | 7.010 |
6 | 6462 | 7.000 |
2 | 14685 | 6.950 |
Price($) | Vol. | No. |
---|---|---|
7.240 | 200 | 1 |
7.250 | 2000 | 1 |
7.300 | 1337 | 2 |
7.380 | 888 | 1 |
7.450 | 20000 | 1 |
Last trade - 16.10pm 30/08/2024 (20 minute delay) ? |
Featured News
DXS (ASX) Chart |
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online