Dexus Convenience Retail REIT reported resilient half-year results to Dec. 31, 2023, demonstrating organic growth.

Despite a 7.1% decline in funds from operations to $14.5 million due to increased finance costs from higher interest rates, the company achieved a 2.8% like-for-like net property income growth.

The growth is attributed to a 3.5% average rise in rent reviews and stabilised non-recoverable outgoings.

DXC maintained a solid capital position with a 32.6% gearing, optimised debt costs by cancelling $30 million of excessive facilities, and revised its FY24 guidance for funds from operations and distributions to 20.8 to 21.1 cents per security.

The company's proactive portfolio management, including the upcoming sale of a South Australia property, highlights its commitment to enhancing portfolio quality and securing income growth.