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Dexus chief financial officer steps down. The latest issue of Financial Standard now available as an e-newspaper Executive Appointments | / | / | / | / | Dexus chief financial officer steps down BY RIDDHIMA TALWANI | MONDAY, 21 SEP 2026 12:09PM Dexus chief financial officer Keir Barnes will move to the ASX, ending a seven-year stint with the real estate investment manager. Barnes will step into the role at ASX following the announcement earlier this year of current chief financial officer Andrew Tobin's retirement. Tobin will continue in the role and support an orderly transition until Barnes takes over. Barnes will remain active in her role at Dexus until mid-December 2026, supported by Kerri Leech who has been at Dexus for four years and was recently appointed as deputy chief financial officer. Barnes first served as the deputy chief financial officer at Dexus, before taking over the top role five years ago. She has an extensive background in the property and funds management industry, with 20 years of experience in roles across finance, funds management, real estate corporate advisory and chartered accounting. Dexus group chief executive and managing director Ross Du Vernet said: "Keir has made a significant contribution to Dexus in a range of roles and has been a valued member of the executive team. We thank Keir for the positive impact she has had on Dexus and wish her all the best for the next chapter in her career." ASX has also made two other senior appoints with Mark Peterson stepping into the newly constituted role of managing director of clearing and settlement from November. It has also appointed Elaine Vaisanen as chief operating officer who will take over the role from December. "The ASX has a critical role in serving Australia's capital markets and we have a clear plan for improving how we deliver for all of our stakeholders," ASX managing director and chief executive Anthony Attia said. "These appointments are adding important depth and critical experience to our leadership. Keir, Mark and Elaine have decades of global experience in finance, markets and complex operating environments, as well as leading teams through periods of significant transformation. "They are high calibre, seasoned executives who will help speed up this next phase in ASX's development and explore opportunities for future growth." Read more: ASX, Keir Barnes, Dexus for, Andrew Tobin, Elaine Vaisanen, Mark Peterson, Anthony Attia, Australia, Keir for, Kerri Leech, Ross Du Vernet VIEW COMMENTS Related News | | | Macquarie Asset Management launches 10th ETF | | | | Former adviser charged further on dishonest conduct | | | | GQG outflows worsen, ousted from ASX200 | | | | NSX to focus on dual listings over the next 12 months | | | | State Street appoints head of Asia Pacific | | | | Is demand for active ETPs genuine beyond outlier conversions? | | | | Former UBS Asset Management executive pops up at RAM | | | | Kaplan winds up pooled super trust | | | | Pacific Current eyes return to active management | | | | ASX launches first Australian bond and credit index futures Editor's choice. Magellan Asset Management is shuttering the Vinva Global Equity Fund, an active systematic strategy, two years after it was brought to market. Hamilton Wealth Partners has appointed arcpoint OCIO as its outsourced chief investment office as the specialist family wealth advisory firm seeks to strengthen its investment governance and support the needs of its growing client base. Netwealth Group has received letters of potential class action, alleging it breached duties while offering and monitoring certain First Guardian investment options available through the Netwealth Superannuation Master Fund. ASX has announced changes to its executive leadership team as the exchange progresses a broader transformation and renewal program under new managing director and chief executive officer Anthony Attia. Further Reading

Dexus (ASX: DXS) swings back to profit - is commercial property finally turning the corner? 31 August 2026 11:52 PM AEST Summarize with AI You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to its research reports, in-depth technical and fundamental research. Learn more Highlights. - Dexus swung to a FY26 statutory net profit of $482.2 million, from a loss of more than $1.5 billion a year earlier. - Adjusted funds from operations (AFFO) were $483.9 million, or 45.0 cents per security. - Property valuations across the portfolio rose about 1% over the year, the first sign of stabilisation after prior writedowns. - The distribution was held at 37.0 cents per security, a Payout Ratio of about 82%. - Look-through gearing was 33.4%; office occupancy by income was 95.7%. - The industrial portfolio delivered like-for-like income growth of 8.3%; funds under management stood at $51.4 billion. - Dexus raised $2.0 billion in third-party Equity commitments for its funds business, up from $1.1 billion. - FY27 AFFO guidance of 37.5-39.5 cents per security is below the FY26 figure, reflecting lower performance fees and higher financing costs. For three brutal years, Dexus has been the ASX's most visible casualty of the office-property downturn, absorbing billions of dollars in devaluations as higher interest rates repriced commercial real estate. Its FY26 result, handed down on 20 August, marked a striking Reversal at the bottom line: the diversified property group swung from a statutory loss of more than $1.5 billion a year earlier to a net profit, as valuations stabilised. Whether that inflection signals a durable recovery, or merely a pause, is now the defining debate for the sector. Latest developments. Dexus said it delivered its FY26 result in line with guidance while progressing a strategy centred on recycling capital, growing its funds management platform and reshaping its portfolio toward better-quality assets. Property valuations across the portfolio rose about 1% over the year, the first meaningful sign of stabilisation after the sharp writedowns of prior periods. The group raised $2.0 billion in third-party equity commitments for its funds business, up from $1.1 billion the previous year, a signal that institutional Capital is cautiously returning to Australian real estate. Rent collection held at 99.7%. Dexus has been repositioning itself from a balance-sheet-heavy landlord toward a more capital-light funds manager, using asset sales to recycle capital into its managed platform and reduce direct property exposure. The strategy is designed to smooth Earnings and lift returns on equity over time, but it also means the reported result now reflects a mix of rental income, development activity and fee earnings. What the numbers show. Adjusted funds from operations (AFFO), the industry's preferred cash-earnings measure, came in at $483.9 million, or 45.0 cents per security. Statutory net profit was $482.2 million, a dramatic turnaround from the prior-year loss driven by office devaluations. The distribution was held at 37.0 cents per security, a payout ratio of about 82%. Balance-sheet metrics were solid, with look-through gearing of 33.4%. Office occupancy by income was 95.7%, comfortably above the national CBD average, and the industrial portfolio delivered like-for-like income growth of 8.3%. Funds under management stood at $51.4 billion at 30 June. What could drive the stock next. The clearest swing Factor is the direction of interest rates and bond yields, which drive Capitalisation rates and therefore property values. Any move by the Reserve Bank toward easing would support valuations, though recent commentary has kept the prospect of further hikes on the table. Company-specific catalysts include the pace of asset sales at or above book value, growth in higher-margin funds management fees, and leasing outcomes on prime office towers. Success on those fronts would help offset the earnings drag from completed developments and asset divestments. Key risks to watch. Guidance was the sting in the result. Dexus flagged FY27 AFFO of 37.5 to 39.5 cents per security, below the FY26 figure, citing lower performance fees and trading profits, higher financing costs, the full-year impact of a completed development and reduced earnings from Assets under review. That points to softer near-term cash earnings even as the statutory picture improves. Broader risks include still-elevated office vacancy in parts of the market, the possibility that valuation stabilisation stalls if rates stay higher for longer, and execution risk on the capital-recycling program. Investor takeaway. Dexus has moved from crisis management to tentative recovery, with valuations stabilising and its statutory result back in the black. But the lower FY27 earnings guidance is a reminder that the road back is uneven, and that a genuine turn in commercial property will depend as much on the rate cycle as on Dexus's own execution. FAQs. Q: what does Dexus do? A:Dexus is a diversified Australian property group and funds manager, owning and managing office, industrial and other commercial real estate. Q: How did Dexus perform in FY26? A:Dexus swung to a statutory net profit of $482.2 million, from a loss of more than $1.5 billion a year earlier, as property valuations stabilised and rose about 1% over the year. Q: Why is FY27 guidance lower despite the profit recovery? A:Dexus flagged FY27 AFFO of 37.5 to 39.5 cents per security, below FY26, citing lower performance fees and trading profits, higher financing costs and reduced earnings from assets under review. Q: what distribution does Dexus pay? A:The distribution was held at 37.0 cents per security, a payout ratio of about 82% of adjusted funds from operations. Q: What are the main risks for Dexus securityholders? A:Still-elevated office vacancy in parts of the market, the possibility that valuation stabilisation stalls if interest rates stay higher for longer, and execution risk on the capital-recycling and funds-management strategy. Download Free Report - Explore 3 Stock Ideas & Industry Insights Unlock 3 stock ideas and key industry insights in its free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice. All investments involve risk - consider independent advice before making any investment decisions. Disclaimer:

Dexus reported total adjusted funds from operations of $484 million for FY 2026, with distributions of $0.37 per security at an 82% payout ratio. The company's portfolio valuation increased 1% over 12 months, with industrial assets up 2.3% and office properties rising 0.6%. Office occupancy improved to 95.7% from 92.3% a year earlier, whilst leasing volumes reached 172,000 square metres, up 60% year-on-year. Industrial occupancy by income fell slightly to 94.6%, though the portfolio remains 8.1% under-rented with strong releasing spreads of 24%. The firm reduced group corporate costs by 6% and cut overall corporate and management operation costs by over $30 million since FY24. Look-through gearing stood at 33.4%, expected to decline approximately 1.5 percentage points following announced divestments. For FY27, Dexus forecast AFFO between $0.375 and $0.395 per security, with distributions maintained at $0.37.