About Dexus

DEXUS is one of Australia’s leading property groups specialising in owning, managing and developing world-class office, industrial and retail properties. Total assets under management as at 30 June 2009 is $13.5 billion in Australia, New Zealand, North America and Europe.

In Australia, DEXUS is the largest owner and manager of office, the third largest in industrial and a leading manager and developer of shopping centres.

Group structure

Our listed property portfolio – DEXUS Property Group – is one of the largest property groups on the ASX. DEXUS Property Group owns, manages and develops $7.7 billion of direct property assets in Australia, New Zealand, North America and Europe.

Our $5.6 billion third party property funds management business manages and develops office, industrial and retail properties on behalf of third party investors. This includes the DEXUS Wholesale Property Fund (DWPF), two property syndicates and two private client mandates, which collectively make up one of the largest third party property funds management businesses in Australia.

Our team has a wealth of experience in property, asset, development and funds management and we provide property services to approximately 5,000 tenants around the world, primarily major corporate and government organisations.

Our vision

At DEXUS our vision is to be a leading owner, manager and developer of superior quality office and industrial properties in Australia and selected international markets and a leading manager and developer of retail properties.

We pride ourselves on providing world-class property solutions and delivering service excellence to our tenants. We seek to deliver long-term returns for our investors and optimum outcomes for our employees and the wider community.

A key part of our vision is our commitment to be a market leader in corporate responsibility and sustainability, both in the property sector and in the communities in which we operate.

This vision is supported by our ability to understand risk, identify opportunities and develop best practice management programs, which seek to improve the environmental, economic and social performance of the properties we own and manage, and deliver the highest levels of corporate governance, ethics and integrity in the services we provide.

Australia and New Zealand

DEXUS owns or manages 120 properties in Australia which includes five properties in New Zealand with a total book value of approximately $11.4 billion and a total lettable area of more than 2.9 million square metres. DEXUS’s Australian and New Zealand portfolio represents 86% of the Group’s operations and generated net property income of $372.1 million or 70% of our total operating earnings as at 30 June 2009.

In Australia, our strategy is to build on our leadership position in office and industrial in established markets, where we can achieve greater scale, deliver sustainable returns and implement our integrated property management model.

North America

DEXUS owns 117 industrial properties in the USA and Canada with a total book value of approximately $1.7 billion and a total net lettable area of more than 2.5 million square metres in 21 markets across North America. The portfolio generated net property income of $133 million, which represents 25% of our total operating earnings.

In the US our strategy is to reposition the portfolio over the next few years to concentrate on fewer markets, primarily on the west coast. This will allow us to achieve greater scale in fewer markets and enable us to implement our property management model, to deliver sustained performance and create maximum value over the long-term.

Europe

DEXUS owns 20 industrial properties in Europe with a total book value of approximately $241 million (or 2% of the Group portfolio) and a total net lettable area of more than 376,700 square metres in France and Germany. The portfolio generated net property income of $23 million or 4% of total operating earnings.

The European properties will be sold over the next two years.