DEXUS Property Group (ASX:DXS) shares surge on profit jump

Shares in office landlord company DEXUS Property Group (ASX: DXS) have jumped 3% at the time of writing to $10.47 after the release of its FY18 results and annual report.

Dexus revealed NPAT of $1.73 billion – up 36.8% on FY17 with funds from operations up 5.8% to $653.3 million and an office portfolio occupancy rate of 96% – which is slightly down from last year.

Dexus’ CEO Darren Steinberg flagged a strong set of results back in July, despite struggles with vacancy rates, and today’s results include plans for new fund partnerships over the next year.

Looking forward Dexus expects continued strong fundamentals for Sydney and Melbourne, with improving conditions in Brisbane and Perth.

Market guidance for the 12 months ending June 30 2019 is to deliver distribution per security growth of circa 5%.

Dexus is up against Cromwell Group (ASX: CMW) in the office space segment, with Cromwell due to hand down its own financial report on August 24.

Property market cousins Mirvac Group (ASX: MGR), Lendlease Group (ASX: LLC) and Stockland Corporation Ltd (ASX: SGP) are also on watch as results season continues.

Japanese Billionaire’s Prediction Will Give You Goosebumps

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.