Australia's Dexus portfolio value drops by $24M

• Dexus recorded an estimated draft valuation decline of $24 million across its property portfolio for the six months ended June 30.
• The announcement comes as sector-specific shifts leave the group's diversified holdings exposed to mixed capitalisation rate movements.
• The property group is managing these shifting book values ahead of its final full-year earnings release in August.

Property group Dexus (ASX:DXS) reported an estimated $24 million decline in book values as property sector conditions fluctuated.

This 0.2% reduction across 175 assets indicates more stable market conditions than the steeper devaluations experienced last year.

"The valuations reflect a stabilising market that is being driven by fundamentals," said Dexus Group CEO and Managing Director Ross Du Vernet.

While office values fell 0.4% on higher capitalisation rates, industrial property book values rose 0.5% due to rental growth.

Following the announcement, the Dexus share price was unchanged at $5.46.

The broader portfolio shifts come as the company manages 27 office properties and 148 industrial holdings across Australia.

Finalised asset data will be available when the group delivers its full financial year results on Aug. 20.