Dexus (DXS) upgrades dividend expectations
DXS +0.48%: one of the strong names in the REITs today was office landlord Dexus which we own in the Income Portfolio. The company now expects distribution growth of ~3% vs prior guidance saying it would be “consistent with FY20 50.3 cents).” Delays on settlements have helped grow the figure, however it really comes down to better underlying performance with the market now being forced to believe in the return to the office trade that is playing out. The new guidance puts DXS on a yield of ~4.9%.
MM remains bullish DXS
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