Dexus Convenience Retail REIT (ASX:DXC) announced a robust set of interim results for the half-year ended Dec. 31, 2025, underpinned by a significant property valuation uplift and high portfolio occupancy.
The statutory net profit after tax soared to $35.8 million, a substantial increase from the $14.7 million reported in the prior corresponding period, primarily driven by a $19.8 million net revaluation gain.
The fund demonstrated operational resilience with occupancy maintained at 99.9% and a stable weighted average lease expiry of 7.6 years.
Funds from operations reached $14.5 million, or 10.5 cents per security, reflecting a 1.3% increase.
The growth was supported by a 2.9% rise in like-for-like rental income, fueled by average rent reviews of 3.1% across its portfolio of 91 investment properties.
Consequently, net tangible assets per security rose 4.4% to $3.80.
Fund Manager Pat De Maria highlighted the progress of the Glass House Mountains Northbound development and the acquisition of two new fund-through developments.
With gearing at 29.8%—the lower end of its 25-40% target range—the REIT remains well-positioned for future growth.
DXC reaffirmed its FY26 guidance, confirming an interim distribution of 10.45 cents per security.