The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
1
print
Print
RetailRenee McKeownThu 26 Mar 20

Covid-19 Uncertainty for Dexus Tenants

3a1562c9-0a0f-4ecb-9605-2977e52afa7f

ASX-listed landlord Dexus has withdrawn guidance as Covid-19 uncertainty clouds the outlook for the group's massive tenant base.

In a statement to the ASX, Dexus said it is assessing the impact of the coronavirus on its operating environment and considering the assistance it may need to provide their tenant base.

The move comes in anticipation of the government’s rent relief announcement following measures to slow Covid-19 across the country.

Stock prices for the company have slumped from a peak of $13.42 on 20 February to $9.22 on 26 March.

Dexus chief executive Darren Steinberg said they had to look after tenants to ensure the portfolio was well-placed to perform when this event passes.

“As custodians of many buildings across Australia’s major cities, it is incumbent on us to protect our tenant base, particularly the SMEs and retailers who support our office towers and shopping precincts and are bearing the brunt of this evolving global situation.”

Related: Short and Long Term Pandemic Scenarios for Real Estate

▲ Dexus has listed more than 160 properties in their portfolio including offices like the Flinders Gate Complex, healthcare buildings, industrial sites, retail and a carpark.

“We have adopted internal business continuity measures to minimise the disruption to our business and have implemented government guidelines to reduce the spread of Covid-19 at our properties,” Steinberg said.

The ASX-listed company reported their gearing look-though at 25.5 per cent—their debt was 35 per cent bank and 65 per cent from capital markets at just over seven years in duration.

Dexus also has $1.3 billion of cash and undrawn bank facilities available with about $400 million of debt maturing in late FY21.

Individual assets for the company were considered safe with the company’s debt covenant relating to gearing and interest cover levels.

Earlier this year the company was performed as expected however the board decided to withdraw guidance and assumptions in line with Vicinity Centres and Scentre Group ahead of the expected impact of the Covid-19 outbreak.

IndustrialRetailAustraliaFinancePolicyReal EstatePlanningPlanningPolicy
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Brains, Guts and Determination: How Salvo Property Shapes Melbourne’s Skyline

Marisa Wikramanayake
5 Min
Fraser and Partners founder Callum Fraser
Exclusive

Saving Our CBDs: Architect’s Blueprint Paves Way for Office-to-Resi that Works

Leon Della Bosca
8 Min
Exclusive

Watchdog’s Court Loss Throws Spotlight on Union Balancing Act

Clare Burnett
6 Min
Time and Place's The Queensbridge Building at 90 Queens Bridge Street in Melbourne's Southbank.
Exclusive

Innovation Keeps Time & Place’s Southbank Skyscraper Rising

Marisa Wikramanayake
6 Min
Breathe Architecture founder Jeremy McLeod in front of his Featherweight Home design
Exclusive

Nightingale Founder’s Bid for Affordable Architectural Kit Homes

Leon Della Bosca
7 Min
View All >
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
The proposal for the gene therapy precinct at Westmead comes as sector investment continues to ramp up…
LATEST
West End Stockwell Vulture Street DA hero
Development

Stockwell Files Tower Plans in West End Stomping Ground

Phil Bartsch
3 Min
Novus on Victoria Chatswood
Build-to-Rent

Novus Plots Second BtR Tower for Chatswood

Renee McKeown
2 Min
Westmead Gene Technologies Building EDM
Life Sciences

Plans for $272m Parramatta Biomedical Facility Go Public

Clare Burnett
3 Min
PBSA DA Hindmarsh Square student accomodation tower
Student Housing

Student-Friendly Adelaide Draws 35-Storey PBSA Proposal

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/dexus-protects-tenant-base-portfolio