# DXS - Dexus Property Trust



## bowman (4 May 2009)

I have no idea why this stock swings so rapidly and regularly, but it does and it's one of my favourite trading stocks.

The chart suggests it could be ready for another swing up and I am in today with a stop at .695


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## It's Snake Pliskin (19 November 2009)

*DXS*

I've been looking at DXS for a while just to see what it might be doing technically. After Wednesday's move I am thinking are we seeing a triple top form or will the small break hold and move on up? Time will tell. 
Any discussion is fine but not interested in predictions.


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## nulla nulla (7 January 2010)

A lot of sideways movement combined with volume of turnover. Plenty of trading opportunities. How has the movement since April 2009 fitted in with your expectations?


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## nulla nulla (23 February 2010)

Further changes. I was looking for an upward break-out that didn't eventuate. I suspect the spate of downward property devaluations for 31/12/09 is having further negative impact on share prices across the sector.

Todays graph seems to indicate the possibility of a downward breakout?


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## nulla nulla (13 April 2010)

DXS went up, then DXS went down, providing another re-entry. The graph shows DXS running up to resistance levels arround $0.85 and the RSI graph shows DXS heading into the "overbought" area. Might be time to take profits and sit out for another re-entry, or can it go higher?


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## So_Cynical (7 May 2010)

I've been watching Dexus for quite some time and last nite decided that DXS would be my primary target for acquisition today, just after the open was successful at 0.77 .. Irony is i had to sell my small position in SLF to part finance this trade, due to my frustration at never being able to buy SLF at a low enough price ...and today SLF actually traded under 7.90 where i ideally wanted to buy it.  

Anyway buying DXS under 0.77 should give a dividend yield of slightly over 8% so im happy with that going forward....also lots of upside in my opinion due to where we are in the real estate valuation cycle and potential for dividend increases going forward.
~


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## nulla nulla (7 May 2010)

So_Cynical said:


> I've been watching Dexus for quite some time and last nite decided that DXS would be my primary target for acquisition today, just after the open was successful at 0.77 .. Irony is i had to sell my small position in SLF to part finance this trade, due to my frustration at never being able to buy SLF at a low enough price ...and today SLF actually traded under 7.90 where i ideally wanted to buy it.
> 
> Anyway buying DXS under 0.77 should give a dividend yield of slightly over 8% so im happy with that going forward....also lots of upside in my opinion due to where we are in the real estate valuation cycle and potential for dividend increases going forward.
> ~




I was disappointed with todays retrace from $0.785 - $0.70 (after touching $0.76 early on) to the price range of $0.775 - $0.78 before the close of $0.78.  Foolishly I had hoped it would hold $0.785 - $0.79 at close setting it up for further gains on Monday. It is due to go exdiv this month with a div of $0.0245 (or there-abouts) and I see this as giving it a value of $0.815 in the short term.
Should holders be worried about the prospective cost of refinancing debt in light of the European crisis? Surely after the increase in shares on issue and the reduction of debt, gearing etc, the European crisis should not have any negative effects on Australian reit's like the sub prime washout did?


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## Julia (7 May 2010)

nulla nulla said:


> Should holders be worried about the prospective cost of refinancing debt in light of the European crisis? Surely after the increase in shares on issue and the reduction of debt, gearing etc, the European crisis should not have any negative effects on Australian reit's like the sub prime washout did?



When I read this, I'm reminded of the weeks when everyone was saying how the sub-prime mess was just America's problem, no way would it affect us.
But this time, it's not banks defaulting but potentially governments which I'd have thought was way more worrying.


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## So_Cynical (7 May 2010)

Julia said:


> this time, it's not banks defaulting but potentially governments which I'd have thought was way more worrying.




Its not like Government debt defaults are anything new.


Mexico 1982
North Korea 1987
Argentina 1992
Russia 1998

http://en.wikipedia.org/wiki/Default_(finance)
http://en.wikipedia.org/wiki/Latin_American_debt_crisis

The world keeps spinning and continues on...interestingly Russia only 12 years later has one of the world's lowest GDP to debt ratios.


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## drsmith (7 May 2010)

REIT's generally have much more conservative balance sheets and distribution policies so going forward their performance is more likely to reflect their underlying assets. 

If another credit squeeze were to occur the danger would be if it was longer term as this would impact more substantially on economies and hence property income. Short term credit risk is lower compared to the pre GFC peak.

Most of the blood has all ready been spilled and it will be a very, very long time before the plateau of 2007 is reclaimed.

http://au.finance.yahoo.com/q/bc?s=^AXPJ&t=5y


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## nulla nulla (8 May 2010)

Julia said:


> When I read this, I'm reminded of the weeks when everyone was saying how the sub-prime mess was just America's problem, no way would it affect us.
> But this time, it's not banks defaulting but potentially governments which I'd have thought was way more worrying.




I also am aware of the initial false sense of security that existed in Australia that we were insulated from the sub prime crisis in America. Then the reality set in with the flow on of the cost of finance, the level of debt in businesses (particulalry those in the REIT sector) and the level of Australian investment in Sub Prime Mortgages.  
I suspect there may be further pain ahead in our REIT sector. Hopefully REIT's such as Dexus with their lower European and American property exposure will be less affected.




So_Cynical said:


> Its not like Government debt defaults are anything new.
> 
> 
> Mexico 1982
> ...




Didn't Iceland default on its sovereign debt this year?



drsmith said:


> REIT's generally have much more conservative balance sheets and distribution policies so going forward their performance is more likely to reflect their underlying assets.
> 
> If another credit squeeze were to occur the danger would be if it was longer term as this would impact more substantially on economies and hence property income. Short term credit risk is lower compared to the pre GFC peak.
> 
> ...




I suspect the plateau of 2007, where REIT's traded at a premium to Net Tangible Assets and paid dividends with a yeild of 10% plus are a thing of the past, now that most of them have diluted their share value to reduce gearing and yields have dropped to 6% - 8%. 
At present prices DXS is providing a good return on investment. Holding them through any pending price fall/rises will not worry me as long as they don't experience "an unforeseen event" that obliges them to reduce the dividend.


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## nulla nulla (19 June 2010)

DXS closed on Friday 18-06-10 at $0.845.  $0.845 has been a level of resistance this last week and for a moment yesterday it looked like it might be going to break out above $0.85. At one point the buyers outnumbered the sellers by 4 to 1. 
The Relative Strength Index Chart shows the price has surged away from the moving average and is getting into "overbought" territory, whether it can go higher remains to be seen but it is still well discounted to the Net Tangible Asset value and the projected dividends still equate to a good yield for long term holders. 
DXS is due to announce its dividend and will probably go ex-div on or about 24 June 2010. This could be drawing in buyers and helping the price creep up.


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## So_Cynical (20 June 2010)

nulla nulla said:


> DXS closed on Friday 18-06-10 at $0.845.  $0.845 has been a level of resistance this last week and for a moment yesterday it looked like it might be going to break out above $0.85. At one point the buyers outnumbered the sellers by 4 to 1.
> The Relative Strength Index Chart shows the price has surged away from the moving average and is getting into "overbought" territory, whether it can go higher remains to be seen but it is still well discounted to the Net Tangible Asset value and the projected dividends still equate to a good yield for long term holders.
> DXS is due to announce its dividend and will probably go ex-div on or about 24 June 2010. This could be drawing in buyers and helping the price creep up.




I have a sell (part profit take) in at 0.865 so hoping it will break up a little coming on to the x-dividend date...its not uncommon for stocks to have 1 or 2 extraordinary up or down days.


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## nulla nulla (22 June 2010)

DXS posted their dividend of notice for this year end (30/06/10) yesterday. Final Div will be $0.0245, ex-div on 24/06/10, record date 30/06/10 and pay date in August. The price jumped quickly on open to $0.86 then settled back to trade all day between $0.85 and $0.855 befor rallying in the closing auction to close on $0.86. 
This is a fairly good price recovery considering it has not been this high since December last year and it's highest price (since the GFC) was an opening price of $0.89 in November 09 before it fell to close the day at $0.88. 
It may flick to $0.865 or higher today, now the dividend announcement is out in the public arena.


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## So_Cynical (25 June 2010)

So_Cynical said:


> I have a sell (part profit take) in at 0.865 so hoping it will break up a little coming on to the x-dividend date...its not uncommon for stocks to have 1 or 2 extraordinary up or down days.




I got lucky and got sold at the recent intra day high of 0.865...a week or so later and Dexus is back near my buy in price of about a month ago...DXS along with most of the property stocks are turning out to be great, in and out - support, resistance opportunity's.


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## nulla nulla (29 June 2010)

So_Cynical said:


> I got lucky and got sold at the recent intra day high of 0.865...a week or so later and Dexus is back near my buy in price of about a month ago...DXS along with most of the property stocks are turning out to be great, in and out - support, resistance opportunity's.




Well done, I closed out at a parcel at $0.86 and held some for the div. The fall back below $0.80 was faster than I expected. My previous prefered entry/support price of $0.78 has been adjusted down after the recent lows. 

DXS is finding some support at the $0.79 level atm, which is a big gap from your $0.865 before it went exdiv.


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## So_Cynical (14 December 2010)

In on today's dip @ 0.775 my second DXS entry this year and hopeful that at some point in the near future ill be able to exit at above 0.85 same as last time...i find it a little strange that there seems to be so many (apparently) easy dividend/distribution plays available at the moment, DXS dipping down to the bottom of its trading channel a week or so before ex date just don't make alot of sense to me. :dunno:

Distribution ex date of 23 December and a 2.59 CPS distribution sounds ok to me. 

http://www.dexus.com/Media-Centre/ASX-Search.aspx?nt=asx


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## nulla nulla (14 December 2010)

I was looking to get into dexus today at $0.775 to average down my purchase of $0.785 but the trade I wanted to close out in wbc didn't happen. 

With the retrace in the REIT market I may sit on this trade until after the div and sell early next year when the price rebounds again.


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## robusta (14 December 2010)

nulla nulla said:


> I was looking to get into dexus today at $0.775 to average down my purchase of $0.785 but the trade I wanted to close out in wbc didn't happen.
> 
> With the retrace in the REIT market I may sit on this trade until after the div and sell early next year when the price rebounds again.




Good luck with that. DXS does not seem to have a great history of building shareholder wealth, I hope your trading works out. Maybe you can see something that I am missing?


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## nulla nulla (14 December 2010)

robusta said:


> Good luck with that. DXS does not seem to have a great history of building shareholder wealth, I hope your trading works out. Maybe you can see something that I am missing?




Entry / Exit with a small profit x frequency. In the current climate not a long term holder but certainly worth trading the swings. Occaisionly  hold for the div and wait for the post exdiv fall/rebound to close out the trade (div plus trade profit, double dip). As always dyor.


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## robusta (14 December 2010)

nulla nulla said:


> Entry / Exit with a small profit x frequency. In the current climate not a long term holder but certainly worth trading the swings. Occaisionly  hold for the div and wait for the post exdiv fall/rebound to close out the trade (div plus trade profit, double dip). As always dyor.




Thankyou nulla nulla, hope it works out. I have a limited understanding of that type of trade. Goodluck


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## nulla nulla (17 December 2010)

Dexus took a small backward step today, but it is hard to see that the dividend has been factored into the price. However, it managed to stay above the resistance / support line of $0.785. Hopefully it can now work its way back up to the upper resistance levels of $0.815 then $0.835. Pushing into the upper channel levels of $0.86 would be even better and a break-out toward the net tangible asset value would be a most welcome xmas present.


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## pixel (18 December 2010)

For over a year, DXS has been oscillating in a rather narrow channel between 78 and 86c.




Since early December, it seems to have found support near the lower level of that channel, and my daily template is now showing a string of potential reversal signals:




That could be due to going ex-div next Thursday, December 23rd. But is 2.5c really worth stripping? Maybe there is more to it. I'll keep watching closely for an opportunity to join the register.


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## nulla nulla (23 December 2010)

Dexus went ex-div today (Div $0.0259). Closed yesterday on $0.815, fell to $0.79 shortly after open this morning then climbed back to close on $0.815. Hopefully it can hold it tomorrow and improve further next week.


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## So_Cynical (23 December 2010)

So_Cynical said:


> In on today's dip @ 0.775 my second DXS entry this year and hopeful that at some point in the near future ill be able to exit at above 0.85 same as last time...i find it a little strange that there seems to be so many (apparently) easy dividend/distribution plays available at the moment, DXS dipping down to the bottom of its trading channel a week or so before ex date just don't make alot of sense to me. :dunno:




I posted the above 9 days ago on 14th December, the (apparent) easy dividend/distribution play i saw turned out to be even more easy and profitable than i thought  selling today would of got any conservative punter an easy 6.59 cents per share (8.5%) profit in only 9 days....and selling tomorrow may well turn out to be even better. :dunno:


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## nulla nulla (24 December 2010)

So_Cynical said:


> I posted the above 9 days ago on 14th December, the (apparent) easy dividend/distribution play i saw turned out to be even more easy and profitable than i thought  selling today would of got any conservative punter an easy 6.59 cents per share (8.5%) profit in only 9 days....and selling tomorrow may well turn out to be even better. :dunno:




And if it breaks above the resistance level of $0.615, selling next week could be even better. I hope you bought enough volume to make your 8.5% ++ worthwhile.


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## nulla nulla (27 December 2010)

dxs held the pre div level lifting to close on $0.82. I like the chart but recent trading makes it apparent there are a few more ressistance levels it needs to break before it will get back to the upper levels of the trading range.


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## So_Cynical (11 January 2011)

So_Cynical said:


> 14th-December-2010 - In on today's dip @ 0.775 my second DXS entry this year and hopeful that at some point in the near future ill be able to exit at above 0.85 same as last time...i find it a little strange that there seems to be so many (apparently) easy dividend/distribution plays available at the moment, DXS dipping down to the bottom of its trading channel a week or so before ex date just don't make alot of sense to me. :dunno:
> 
> Distribution ex date of 23 December and a 2.59 CPS distribution sounds ok to me.




Out today at 0.815 for a 4 CPS profit, plus the 2.6 CPS distribution, so a return of about 8.3% for my 1 month investment....not the exit i was planning for but i saw an opportunity to take a big average down into Suncorp so decided it was best take the profit and switch my DXS trade capital over to SUN.

As per my trading/investment/retirement plan i have left a small amount of capital and all the profit in Dexus, thus increasing my long term holding by about 80% and my free carry shares to about 50% keen to re-enter DXS the next time the SP dips below 0.78


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## nulla nulla (12 January 2011)

So_Cynical said:


> Out today at 0.815 for a 4 CPS profit, plus the 2.6 CPS distribution, so a return of about 8.3% for my 1 month investment....not the exit i was planning for but i saw an opportunity to take a big average down into Suncorp so decided it was best take the profit and switch my DXS trade capital over to SUN.
> 
> As per my trading/investment/retirement plan i have left a small amount of capital and all the profit in Dexus, thus increasing my long term holding by about 80% and my free carry shares to about 50% keen to re-enter DXS the next time the SP dips below 0.78




I dropped out yesterday also at $0.82. This was a return of $0.035c on my entry of $0.785 plus the dividend of $0.0259 giving a total return of $0.0609, 7.76% before brokerage. Not bad for a short term hold.

I will be looking for a re-entry arround $0.80 or lower.


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## So_Cynical (12 January 2011)

nulla nulla said:


> I dropped out yesterday also at $0.82. This was a return of $0.035c on my entry of $0.785 plus the dividend of $0.0259 giving a total return of $0.0609, 7.76% before brokerage. Not bad for a short term hold.




Its just so easy hey Nulla  it amazes me why everyone isn't doing this :dunno: seriously who would have money in a term deposit when easy safe returns like this are so plentiful in this market...it was like the ASX gods served this up for us, the SP tanking 2 or 3 weeks before ex div and then back up to 4-5% from the bottom after the ex date.


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## nulla nulla (15 January 2011)

So_Cynical said:


> Its just so easy hey Nulla  it amazes me why everyone isn't doing this :dunno: seriously who would have money in a term deposit when easy safe returns like this are so plentiful in this market...it was like the ASX gods served this up for us, the SP tanking 2 or 3 weeks before ex div and then back up to 4-5% from the bottom after the ex date.




And, naturally, 2 days after I sold it rallied to $0.84. Not to worry, dxs appears to be cyclical and I expect further opportunities will arise to be in low for more trades.


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## nulla nulla (23 January 2011)

Friday wasn't a good day for REIT's. The foreign sovereign debt issues are expected to put a crimp on the balance sheets of those companies borrowing offshore as the credit crunch tightens available money and increases the cost of borrowing. Eventually some one must wake up that most of the Australian REIT's have reduced their borrowing and spread the  refinancing across 2012 and beyond.


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## nulla nulla (5 February 2011)

After retracing to $0.81 - $0.82, the market woke up and decided dxs was/is a buy. Now testing the upper channel levels of $0.86 and closing the gap on it's nta value, the question to decide is: Has dxs peaked or is it going to break out of the channel and keep going north?


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## So_Cynical (5 February 2011)

nulla nulla said:


> After retracing to $0.81 - $0.82, the market woke up and decided dxs was/is a buy. Now testing the upper channel levels of $0.86 and closing the gap on it's nta value, the question to decide is: Has dxs peaked or is it going to break out of the channel and keep going north?




Personally i vote for a fall back to under 0.78  that way i can load up again and pocket some more easy money...The REIT's are still range bound, however eventually they will all get a leg up when the general market starts to push fresh highs....i really hope the market stays range bound and going sideways, 12 more months of this and i reckon i could grow my net worth by maybe 30 or 40%


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## nulla nulla (11 February 2011)

The moving average is going in the upward direction, the volumes are good and the Relative Strength Index can't make up its mind as to whether the share price is overbought and due to fall or whether it can go higher. 
The share price retraced a small amount today, but then the whole market (except perhaps Telstra) retraced today. 
The all ords hovering arround 5000 is making a lot of investors nervous. Can we go higher on the back of our low unemployment, Increasing occupancy of office space, lower gearing, improving returns or are we about to see a minor/major correction. DYOR.


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## nulla nulla (19 February 2011)

And just when you thought it couldn't go much higher it bangs on another 5%. The RSI chart suggests the share is moving into the overbought area as the gap between the share price and the moving average opens up.  The share price has narrowed the gap to the nta value. 




The long term view makes you wonder if Dexus has finaly broken out of the channel?


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## So_Cynical (19 February 2011)

nulla nulla said:


> And just when you thought it couldn't go much higher it bangs on another 5%. The RSI chart suggests the share is moving into the overbought area as the gap between the share price and the moving average opens up.  The share price has narrowed the gap to the nta value.
> 
> View attachment 41477
> 
> ...




Its a break out! .. i wonder if the trendy"s are on to it.?  time will tell if the channel is broken for good, as i said in my last post in this thread, or its just a extraordinary intermediate top....Alot of the RIET's seem to be making fresh highs.



			
				So_Cynical said:
			
		

> The REIT's are still range bound, however eventually they will all get a leg up when the general market starts to push fresh highs.




Maybe we need to look at a longer term chart...and consider that perhaps the channel is widening, with the upper trend line moving up a little? so perhaps a new bottom of around 79 or 80 cents? :dunno:
~


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## nulla nulla (27 February 2011)

Is $0.85 a new support line? Can we expect dxs to move into a higher level trading channel from here? Or is it only a temporary reflection of market sentiment? What ever it is Dexus is a trader as the market in Australian REIT's struggles to close the gap with NTA and maintain value going forward. My only reservation is that Dexus still has a significant exposure to the U.S.A property market.


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## So_Cynical (27 February 2011)

nulla nulla said:


> Is $0.85 a new support line? Can we expect dxs to move into a higher level trading channel from here? Or is it only a temporary reflection of market sentiment? What ever it is Dexus is a trader as the market in Australian REIT's struggles to close the gap with NTA and maintain value going forward. My only reservation is that Dexus still has a significant exposure to the U.S.A property market.




I reckon the bottom trend line on my chart will hold, mite take a while for the SP to get down to that line and that trend line could well end up at the 81 or 82 cent level by that time....anyway the days of buying DXS at under 79c could very well be gone, unless there's a major shift in sentiment.


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## nulla nulla (8 April 2011)

So_Cynical looks like he may have got this right. Dexus appears to be determined to hold onto the $0.86 level as a baseline and appears to be getting plenty of support trying to test the $0.87 and higher levels. All the more surprising when you consider the AUD$ continues to test higher levels and this is a big disincentive for overseas hedge funds to pick up dexus.

I have revised my entry points upward (for now) to the $0.80 - $0.82 level (if it gets down there again).


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## nulla nulla (21 April 2011)

Time to throw the rule book out. Dexus  is striking out into unknown territory.

Will have to watch and see where it goes. The punters appear to be trying to close the gap between the NTA and the share price. With the rising dollar devaluing the overseas holdings i can't see the basis for Dexus jumping to the current levels.


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## nulla nulla (29 April 2011)

Started the week looking good: U.S commercial properties picking up value as an alternative to domestic rentals; The Aud$ romping away from parity with the U.S$; and Blackstone making a move on Valad reminding everyone that the Australian REIT's trading at a discount to NTA still have appeal to overseas investors. 

Then it ran out of puff.


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## Tekwrek (29 April 2011)

nulla nulla said:


> Started the week looking good: U.S commercial properties picking up value as an alternative to domestic rentals; The Aud$ romping away from parity with the U.S$; and Blackstone making a move on Valad reminding everyone that the Australian REIT's trading at a discount to NTA still have appeal to overseas investors.
> 
> Then it ran out of puff.




Being so low in the sp, It does look very attractive as a takeover target.


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## nulla nulla (2 July 2011)

I'm surprised the big international hedge funds aren't trying to grab the Dexus U.S. assets via a share holding accumulation and challange to management, like they appear to be doing with CQO.

Also there doesn't seem to have been any announcements recently in regard revaluation of Australian & U.S assets to reflect improvement in commercial property values either (unless I missed them). 




Nice upward channel developing, the lows are getting higher but the highs seem to be meeting rsistance in the $0.905 - $0.915 range. Could be building for an upward break out or????? As always DYOR & goodluck.


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## nulla nulla (16 August 2011)

Watching the small rebound in the reit sector Friday & Yesterday, dxs looked the odd one out as it held the $0.74 - $0.75 range while the others showed improvent. 

I see DXS as closely matched to IOF in local and overseas property portfolio's, so when IOF picked up a few cents I jumped on board dxs at $0.75. A few minutes later I jumped off the train when the price hit $0.775




Quickest trade I've ever done with dxs. If the news stays good I expect the share price to return to the low to mid $0.80's and I will be looking for another entry.


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## nulla nulla (20 August 2011)

With the benefit of the market bounce, dxs rattled up to $0.835 at open on thursday morning but followed the market trend back down to $0.775 at close of business on Friday. It could test the lows again (and lower) in the next few days/weeks but in my opinion it is getting into the oversold territory. 




IMO watch closely for any market recovery as dxs has shown it will go up just as quickly as it comes down. As always DYOR


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## nulla nulla (2 September 2011)

Like a stampeding Elephant there was no stopping dexus this week. Don't be surprised to see a retrace when the merger acquisition speculation runs out of fizz. Good to see it get closer to the nta. 




Watch for a re-entry if you were like me and bailed out too early.


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## nulla nulla (10 September 2011)

Like a jet fighter in a vertical climb nearing maximum altitude, dxs goes into a stall but manages to find suffucient support to stop from plunging back to recent lows. Trading this week in a volitile but tight band it would seem that the dexus share price is regrouping for another try for higher altitude.




But wait, what is this, a heat seeking misile from europe and another one from the u.s.a. Can dexus avoid going into free fall again? Stay tuned for next weeks update as we continue to try and survive in this current volatile and extremely hostile environment.


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## nulla nulla (28 September 2011)

After the last post, where dxs looked like it was gathering strength for an upward surge, dxs rolled over and plunged down for ten days falling to $0.775. Three days later dxs is back on it's feet testing $0.85. This must be what it is like when you go bungy jumping and spring back up after the initial plunge.




Like bungy jumping, I would not be surprised if we see a few more dips and rises before dxs finds a consistant patern again.


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## So_Cynical (28 September 2011)

nulla nulla said:


> After the last post, where dxs looked like it was gathering strength for an upward surge, dxs rolled over and plunged down for ten days falling to $0.775. Three days later dxs is back on it's feet testing $0.85. This must be what it is like when you go bungy jumping and spring back up after the initial plunge.
> 
> View attachment 44707
> 
> ...




Its an amazing trading stock...well has been, i would of make good money ignoring everything else and just waiting for the trading opportunities in DXS to appear.

---------

I'm going to the Dexus AGM on the 31st October...just for the hell of it.  it will be my very first AGM, looking forward to the coffee and biscuits.


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## nulla nulla (1 October 2011)

The reit sector took (to me anyway) a slightly disproportionate down turn friday mid afternoon and I was about 1 minute too slow throwing a bid into the queue at $0.81. Subsequently, after selling through the bidders in front of me (and a few cross trades to bidders behind me) at $0.81, the share price jumped back up to $0.83 leaving me at the ticket window.




Not to worry, I'm pretty close to the front of the queue for the next irrational down swing.


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## nulla nulla (5 October 2011)

After missing the buy in dexus on Friday at $0.81, I pulled the bid. Yesterday when dexus dropped to $0.77 I jumped in. Hopefully Mr Bernanke's speech will spur the aussie reit sector as well and dxs will get back up above $0.83.


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## nulla nulla (7 October 2011)

The three year chart shows dxs continues to trade sideways in a tight price range. $0.77 seems like a reliable entry point. The share price has shown it can drop further in line with the panic of the herd but when the market regains confidence, sometimes in a matter of hours, days or weeks, it rebounds.




As always dyor


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## nulla nulla (24 October 2011)

It has been an interesting fortnight for Dexus. The Sydney Morning Herald (BusinessDay section) splashed a large article by Carolyn Cummins (Commercial Property Editor) on the front page suggesting the Australian REIT sector needed to refinance $7 Billion of debt, with Dexus needing to roll over half a billion or there abouts in the short term. Ms Cummins indicated that Simon Wheatleys research team at Goldman Sachs  had reservations that the REIT's would have problems refinancing because of the European sovereign debt impact on foreign banks funding A-REIT's debt etc etc etc. It was also suggested that some REIT's may need to do further capital raising.

The next issue had the same article (almost verbatum) on the second or third page and then later in the week Ian Verender weighed in with (IMO) a further wishy washy article (must have been having a quiet week).

Mirvac was the only REIT that reacted to the articles by issuing a notice. 

Then on thursday last week (less than two weeks after the negative press), Michael Evans (in the same paper) debunked the earlier articles in a four (4) paragraph column "Flip Flop" advising that Mr Wheatley and his team had changed their minds "...We are not too concerned..". Mr Evans closed with the comment "Wonder what happened in the meantime?"

The share price got slapped down.  Thats what happened. Sometimes you wonder about the relationship of journalists and broking firms. 

On Saturday Ms Cummins article "The refinancing debate" has been relegated to the back page. The article reads like a back flip to the earlier press and tries to make out the current low levels of debt ratios around the 22% to 36% are high. All in all (IMO) a fairly pointless article. 




It will be interesting this week to see whether dxs rallies from the tentative support at $0.815  or slides further back. As always DYOR and don't believe everything you read.


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## nulla nulla (29 October 2011)

Seems the market likes dexus and wasn't too worried by the confusing articles splashed arround in the previous two weeks. The main players in the A-REIT sector all faired well on Thursday and Friday of last week and DXS was no exception, surging to $0.86 in Fridays close. 




As with CPA, I will wait to see where dxs is going before jumping in at these levels. If it drifts back along the lines of previous retraces I have a couple of low ball bids in the queue to take advantage of any opportunities.


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## So_Cynical (31 October 2011)

So_Cynical said:


> I'm going to the Dexus AGM on the 31st October...just for the hell of it.  it will be my very first AGM, looking forward to the coffee and biscuits.




Attended the AGM today and came away with the following impressions.


The Sydney Westin Hotel is one hell of a beautiful hotel..very classy.
Lots of old people attended the AGM.
Lots of old people asked silly questions.
Clearly some share holders know little about how company's operate (silly questions)
DXS will probably do a share buy back at some point in the near future.
 
Highlight of the meeting besides the gourmet sandwiches and luxurious surroundings was a little old lady in front of me at the table where pens, note pads and voting forms were laid out for use, nonchalantly picking up a handful of pens (about 20) opening her hand bag and dumping them in.


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## nulla nulla (30 November 2011)

You should never become emotionaly attached to the shares in your share portfolio, unless of course it is dexus.   You gotta love a share that regularly moves in a consistant patern providing reliable entry & exit points for nominal increments allowing long term build up and excellent annual return on your capital. 



Even better when you can combine a low entry point with the lead up to dxs going ex-div and hold for the combo capital gain and dividend.  Watch this space for any fresh entry points between now and late December. As always, dyor, all care and no responsibility.


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## nulla nulla (30 November 2011)

nulla nulla said:


> You should never become emotionaly attached to the shares in your share portfolio, unless of course it is dexus.   You gotta love a share that regularly moves in a consistant patern providing reliable entry & exit points for nominal increments allowing long term build up and excellent annual return on your capital.









> Even better when you can combine a low entry point with the lead up to dxs going ex-div and hold for the combo capital gain and dividend.  Watch this space for any fresh entry points between now and late December. As always, dyor, all care and no responsibility.




Sorry, forgot to include the chart in the first post.


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## So_Cynical (18 April 2012)

Dexus breaking out today (0.93) on the back of all this positive sentiment and yesterdays announcement about the sale of almost all the unwanted US assets, the Buy back and the new increased dividend payout policy.

http://www.dexus.com/upload/asxanno...ortfolio and capital mgmt initiatives.doc.pdf

Chart below of my DXS trading and holding activity's (spewing i had no money for the last big dip ) and the recent price action.
~


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## notting (18 April 2012)

So_Cynical said:


> Dexus breaking out today (0.93) on the back of all this positive sentiment and yesterdays announcement about the sale of almost all the unwanted US assets.



 If only they would have cashed in when property was booming and the US$ was twice the value it is now against the AUS$.  Smart people who baught the assets you'd think.
REITS  are breaking out a bit all over it seems. Wonder if they will continue through May!! Dividends r still good I guess.


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## So_Cynical (18 April 2012)

notting said:


> If only they would have cashed in when property was booming and the US$ was twice the value it is now against the AUS$.  Smart people who baught the assets you'd think.




Yep hindsight....the list of property's sold looks like a lot for a lousy 760 mill > 69 property's works out to be only 11.7 mill each average price...oh well, deals done and at least it wasnt done at fire sale prices like would of been the case 2 years ago.



notting said:


> REITS  are breaking out a bit all over it seems. Wonder if they will continue through May!! Dividends r still good I guess.




The rally :dunno: ~ however dividends yep...with the increase DXS should start paying annual payouts above 6 CPS giving me a ROE of around 8% with 7 CPS closer to 9% not spectacular but i never expected the returns to be.

Ok for me cos im like 60% free carried anyway...and sitting on an cap gain of around 20% now.


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## notting (19 April 2012)

So_Cynical said:


> The rally :dunno:



Just referring to strong moves in MGR, CHC,ABP that had caught my I



So_Cynical said:


> Ok for me cos im like 60% free carried anyway...and sitting on an cap gain of around 20% now.




Can't be unhappy with that


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## nulla nulla (13 May 2012)

The Aud$ has come off its highs and is now back to parity with the US$. France and Greece are in the headlines as changes in government prompy international fears about europen sovereign debt and the survival of the Euro.

Dexus unloaded some US assets and the share price has now spiked up so the the previous resistance level of $0.905 has seemingly become a suppport level and recent trading suggests $0.93 may also be a support level. The gap between nta and share price has narrowed but the return on investment has not increased, the current share price infact deminnishing the yield ratio.

There was a rumour that Dexus was looking to take over the management of CPA from Colonial (like Charter Hall took over Macquarie office management) but i'm not sure the synergies of operation and additional income would justify the share price spike.

There is another distribution due in June (pays in August) but again I can't see this being big enough for a price push in the lead up. Perhaps players are taking positions to cover the posibilities of the acquisition of management rights, the div and the possibility of a capital gain down the road.





As always do your own research. Trade the volitility.


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## So_Cynical (23 May 2012)

So_Cynical said:


> (7th-May-2010) I've been watching Dexus for quite some time and last nite decided that DXS would be my primary target for acquisition today, just after the open was successful at 0.77







So_Cynical said:


> (14th-December-2010) In on today's dip @ 0.775 my second DXS entry this year and hopeful that at some point in the near future ill be able to exit at above 0.85




I totally sold out of Dexus today at 0.935 for a trade profit of around 20% ~ so with distributions an annual profit of about 15% PA for the 2 years that ive held.  seriously who the hell would put money into TD's in this market. :dunno:

Still lots to like about DXS going forward, but i needed to free up some capital for recycling, trying to take advantage of this market low...more than happy to buy back in at under 0.82 if that ever happens again...GL to the holders.


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## nulla nulla (2 June 2012)

So_Cynical said:


> I totally sold out of Dexus today at 0.935 for a trade profit of around 20% ~ so with distributions an annual profit of about 15% PA for the 2 years that ive held.  seriously who the hell would put money into TD's in this market. :dunno:
> 
> Still lots to like about DXS going forward, but i needed to free up some capital for recycling, trying to take advantage of this market low...more than happy to buy back in at under 0.82 if that ever happens again...GL to the holders.




You have done well. THe combination of initial purchase, accumulation on dips, distributions and ultimate capital gain over a two (2) year period has probably outperformed the market in general in the same period.

(seems there is a problem preventing attachments atm, just pretend there is a chart here showing the last six months movements.  )

There is another distribution coming up this month which I suspect will hold the price up even in these Euro impacted times. I will be looking for a re-entry arround the $0.91 (or lower) area depending on what happens after it goes exdiv and what the market is doing re Europe toward the end of this month.


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## notting (2 June 2012)

Went short at .95.
Aus property is starting to crack at the foundations.
Should be a good spanking soon.


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## nulla nulla (2 June 2012)

notting said:


> Went short at .95.
> Aus property is starting to crack at the foundations.
> Should be a good spanking soon.




Personally I reckon the drop on Monday will not be as bad for Aussie REIT's as it will be for finance and mining. If anything there will likely be a drop followed by a fight back as other investors take advantage of any dip seeing reit's as an avenue of some security.


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## notting (2 June 2012)

nulla nulla said:


> Personally I reckon the drop on Monday will not be as bad for Aussie REIT's as it will be for finance and mining. If anything there will likely be a drop followed by a fight back as other investors take advantage of any dip seeing reit's as an avenue of some security.




I agree that there should be some short term relative strength due to dividend value and safe as houses perception.  However, the blood will be everywhere, and the Ausi housing boom should finally get it's long overdue correction/collapse.


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## skc (2 June 2012)

notting said:


> I agree that there should be some short term relative strength due to dividend value and safe as houses perception.  However, the blood will be everywhere, and the Ausi housing boom should finally get it's long overdue correction/collapse.




Dxs has no residential properties as far as I know. The dividend yield will hold this up for a while. Best time to short is a few days before ex-div imo. Also i think retail REITs are more at risk (and hence their higher dividend yield) so I'd short cfx or cqr instead


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## notting (2 June 2012)

Will do!
Pretty sure it's not going to be hard to take it off on Monday if I decide to!
Thanks for the input SKC.


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## nulla nulla (3 June 2012)

Dexus Chart?





jigjam


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## nulla nulla (8 June 2012)

Dexus appears to be moving up and value closing the gap with the nta. $0.95 appears to be a resistance level however the current pricew levels could be influenced by the forthcoming distribution. dxs appears to have well and trully broken away from the trading band of $0.76 - $0.865 with the more recent resistance level of $0.91 now being a support level.




Then again this could just be a market reflection of the "flight to safety" where shareholders are looking for stability and yields until the Spanish/Greek omellete finishes cooking. As always dyor


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## nulla nulla (16 June 2012)

In recent months dxs has been enjoying support around the $0.91 and resistance around the $0.95 levels. But in the last week or so dxs has tracked steadily down from it's recent highs and is now testing the support level of $0.91. Whether this is cyclical or indications something serious is undermining the share price, I don't know.






If it doesn't bounce here, I fear (when it goes ex-div before the end of June) that it may continue down and test the previous support level of $0.865. No doubt there will continue to be volatility in this share price as well, as rumours circulate about take overs (management of cpa?), inflated property prices, falling occupancies, the two speed economy and what ever the analysts had for breakfast last week. As always d.y.o.r. & good luck  .


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## nulla nulla (23 June 2012)

I took a moderate entry in the closing auction thursday week ago entering at $0.915. I immediately popped a sell in the queue at $0.945, happy if I could get a $0.03 margin before close Friday this week before it went ex-div. I wasn't impressed when it went $0.905 on Monday but was happy as it climbed through the week. 




A partial sale on Thursday was a nuisance and the opening drop on Friday made it look like I would be holding until next week for the div. Fortunately an upward spike arround 2:00pm took me out. I was surprised to see the share price drift back and close on $0.93. It wouldn't surprise me to see dxs test the sub $0.90 levels of the channel next week. As always d.y.o.r & good luck.


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## nulla nulla (30 June 2012)

Didn't quite reach the sub $0.90 that I expected on Monday when it went ex-div, tapped $0.905 then rocketed back up to test $0.95 through the week.




Would have to be one of the fastest recoveries from going exdiv i have ever seen. Anyone holding for the combo, div and capital gain, would have made an impressive short term profit.


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## nulla nulla (7 July 2012)

Dexus appears to be at a very interesting place at the moment.  Trading since August 2011 has seen the share price rise almost like a step ladder as they consolidate assets, return special divs, undertake a buy back and take institutional investors on a tour of their assets. Management appears to be ticking all the right boxes and the share price has narrowed the gap to nta.




Question has to be...Can the share price go higher or will it be impacted by what is going on in the rest of the world? Watch this space for the next exciting episode of DEXUS REIT Super Hero (Pun intended). As always D.Y.O.R. and good luck.


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## nulla nulla (14 July 2012)

Dexus continues to move sideways in the range $0.905 - $0.95. Dropping back to $0.91 early in the week and testing $0.94 in interday trading on Friday 13-7-2012. The current volitility appears to be influenced by perceived weakness in the other sectors encouraging investors to seek out the safe (?) shares like dexus with discounts to nta, low price earnings ratio's and yields better than bank rates. Then, of course, when the mood swings to a more bouyant market perspective, the investors dump the reits and rush back to the mining sectors etc.




The see-sawing mood swings create plenty of liqudity and a trade-able spread for the brave/insane investors. D.Y.O.R and good luck.


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## nulla nulla (26 July 2012)

The Dexus share price movement is getting very interesting. The share price appears to be moving in  a patern of climbing stairs. Previous resistance levels are becoming support levels and the channels (steps) appear to be getting tighter. The recent move by investors seeking yields has also seen the channel bands tighten and the upward movement occuring over a shorter period in the trading channel. 




First question occuring to me is whether the share price can turn the recent resistance level of $0.95 into a support level as the share price narrows the gap to the NTA? Not as easy to trade the channels lately as the share price appears to surge just when you might think the trading channel is settling into a routine.
Second question has to be whether the share price can sustain these levels in the face of the impending European meltdown and the tightening of credit globaly? As always d.y.o.r & goodluck.


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## nulla nulla (19 August 2012)

From mid July dxs kept testing the support level of $0.96 then bounce up to test $1.005 on 1/8/12 and again on 7/8/12 before dropping back to double bounce off $0.945 on 10/8/12 and 13/8/12.

Unfortunately the rebound to $1.00 on 15/8/12 was tenuous at best and the release of the 2012 results on 16/8/12 saw the share price fall testing $0.955 again on Friday. The summary report tried to put as positive a spin on the results and prospects for 2013 & 2014 as they could but the reality set in. A profit slump of 67% is a disaster in anyones language. Someone stuffed up with "mark to market" hedging and the income stream going forward will be under pressure to achieve the forecasts from day one.





With the published NTA of $1.00 per share, IMO, the yield of $0.0535 does not warrant Dexus trading at a market price equal to nta or a premium. Don't be surprised if there are more falls and changes in Dexus management. Do your own research and good luck.


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## nulla nulla (24 August 2012)

This week the market absorbed the report and dexus retreated from the nta value of $1.00 to find support at the $0.955 - $0.96 level.




Personaly, I was disappointed with the result and was surprised dxs didn't fall further. As it is, the chart represents a loose pennant and I can't see the justice in dxs breaking out upwards. I feel that management needs to show a little more innitiative and put into practice a working plan to get profit (and returns for investors) back on track.  As always D.Y.O.R. .


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## nulla nulla (1 September 2012)

Fortunately Dexus found support last week at the $0.955 level and didn't breakout downwards as the loose pennant suggested. Perhaps a reflection of the strength of the Dexus property portfolio and the returns projected for fiscal 2012-2013. This week will be telling.


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## nulla nulla (9 September 2012)

Dexus managed to hold above the support level throughout the week. Friday opened on a good high at $0.98 then tested $0.985 (briefly) before fading through the day to close out on $0.96.




The two year chart (below) shows the sideways upward path dxs has been tracking. The step ups have been taking less and less time as resistance levels became support levels. Discount to NTA, solid yields and diversity in their portfolio across office and industrial property has made them an attractive place to park funds for some and get better returns than bank rates.  REIT's appear to be comming back in favour over the last few months with several of them closing the gap on their nta and a few now trading at a premium to nta.





The Table below shows the Basic financial status of DXS as at close of business on Friday 7/9/2012.


 *Share:*  *DXS*    *Date:*  *Closing 7-09-2012*    *Closing Price*  *0.96*  *Issued Shares*  *4,839,024,176*  *Capital*  *4,645,463,209*  *Earnings $	* *0.0765*  *Dist $	* *0.0535*  *Yield %	* *5.57%*  *P/E*  *12.55*  *NTA $* *	1.01*  *Discount to NTA*  *4.95%* 

[tr]        

[/td]
	[/tr]

Personaly I'd like to see the distribution increase as a proportion of the earnings. I suspect this would make Dexus an even more attractive investment choice and encourage the share price upwards toward the nta.

Disclaimer: The above figure may have errors and should not be relied upon when making investment decisions. As always do your own research and good luck.


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## nulla nulla (20 September 2012)

Dexus broke through the support level of $0.95 testing $0.935 on Tuesday. Fortunately the lows were higher on Wednesday and today suggesting that Dexus may be about to break out back above the resistance/support level of $0.95..or maybe not (?).




If it doesn't kick back upwards from here the next support level is $0.91. Ouch. d.y.o.r. and good luck.


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## nulla nulla (29 September 2012)

If I ran a line down from the 7 August 2012 close of $1.005 to the 26 September 2012 close of $0.965 it would give the chartist a pennant intersecting with the recent support line of $0.95 (which was previously a resistance line). Does this mean we should expect a downward break out next week or is dxs simply consolidating and taking a breather on the uphill battle to close the gap to nta?




Hard to know what to expect. There is probably grounds to an argument that the share price is supported to some extent by the share buy back but it is still trading at a discount to nta, a good price earnings ratio and a good yield rate. No doubt it is still attractive to the investors that sit and hold for yield better than bank rates as well. I have a bid sitting in the queue at $0.945, I wonder if I will get them next week or whether the support line of $0.95 will hold and I will miss out.


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## brettc4 (14 October 2012)

A triangle is forming and it will be interesting to see if we break up or down.
Every up day for the last 2 weeks has been on below average volumes, which leads me to believe the down move is a little more likely.




However, the high Australian dollar is making australian assets appear cheap to the rest of the world, and with our stable economy, some countries would be looking at buying real estate which will help hold the share price.


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## nulla nulla (16 October 2012)

brettc4 said:


> A triangle is forming and it will be interesting to see if we break up or down.
> Every up day for the last 2 weeks has been on below average volumes, which leads me to believe the down move is a little more likely.
> 
> View attachment 49324
> ...




Actually it works the other way. The high aud$ makes our assets (and exports) expensive to the rest of the world. This is one of the reasons that foreign investors were selling off our reit's as the aud$ was climbing. Foreign investors were benefiting from the run up of the share price combined with the increasing value of the aud$. Bit of a bonus on cashing out their investments. 

There is a theory that our reit's have become more attractive since the rba rate cut. Our aud$ has slipped back against the US$ and our reit's have good yield, low Price Earnings ratios and are better financed these days while some of them still have a good discount to nta.

Dexus traded sideways out of the pennant of 29/9/12 and now appears to be finding support between the $0.945 - $0.96 range. However trading levels appear lower and the investors don't appear to be very confident pushing dxs above $0.98 (although it has hit $0.985 on interday spikes twice in recent weeks).




With a nta backing of $1.01, dxs is not giving punters much head room to trade. The prospects of dxs being worth a premium to nta in the present economy is, in my opinion, unlikely.


	Share:		DXS	  	Date:		16-Oct-12	  	Closing Price $		0.97		Issued Shares		4,839,024,176		Capital $		4,693,853,451		Earnings $		0.0765		Dist $		0.0535		Yield %		5.52%		P/E ratio		12.68		NTA $		1.01		Discount to NTA		3.96%	

As always do your own research and good luck.


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## nulla nulla (19 October 2012)

Three (3) days on and very little has changed. Dexus appears to be range-bound between $0.96 and $0.98.




I reckon, that if the management could see their way clear to open up the distributions to a greater percentage of earnings, the dexus share price would narrow the gap on nta while still having a relatively low price earnings ratio. Still dxs remains a popular share in the market place and the volumes of turnover each day seem to act as a benchmark for the other reit's.

As always d.y.o.r and good luck.


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## nulla nulla (26 October 2012)

Management put together a slide show for institutional investors and it appears that they lapped it up...for a few days at anyrate. DXS jumped to the premium levels of $1.015 before the rockets ran out of fuel and the parachute opened. Falling back to close out the week at $0.985 dexus managed to hold at the previous resistance level.




It will be interesting to see whether this is the result of short term euphoria or whether $0.985 will become a new support level (as have most of the previous recent resistance levels). One more step on the rising step ladder or a peak to dip back from to establish a new trading range? What would I know? Watch this space and see what the future brings. For what it is worth, I sold out at $0.975 and the missus sold at $0.98. There is a dividend comming up in December and if the share price retraces it could be worth getting on board for a div/capital gain combo. I'm a bit wary of trying it at the present price level though. As always d.y.o.r and good luck.


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## nulla nulla (3 November 2012)

Dexus took a hit this week (as did a few other office focused reits's) closing out the week in the flurry of Friday sell off's at $0.965. The September Quarterly update released wasn't enough to stem the sell down although the drop wasn't as savage as some other reit's suffered.




If the share price doesn't rebound from here the next support levels are $0.96 and $0.955. Like other Australian reit's, Dexus is due to stump up a dividend in december which will no doubt influence holders and buyers alike. Distribution remains on track for 5.8 cents for year ending 30/6/13 (approx $0.029 for December?) 
As always d.y.o.r and good luck. .


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## nulla nulla (19 November 2012)

They should rename Dexus "yacka". If it was any tougher, it would rust. 




Back to the $0.98+ range in a heart beat. As always d.y.o.r and good luck.


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## nulla nulla (4 January 2013)

The three year chart shows the steady progress the dexus share price has made since the GFC low of march 2009. Sideways and upwards narrowing the gap to nta as management reduced debt, sold off non core assets, divested U.S. assets at book value or better and pursued their stated objective of focusing on value assets in Australia.




From a traders perspective, dexus has been a fantastic share to trade. As it climbed the upward/sideways channel, an entry on or near the lower bar followed by an exit near the upper bar (or at a profit level you were happy with to minimise risk) was the easiest trading I have ever enjoyed. Even when the share price seemed to be range bound from July to October 2012 between $0.94 and $0.98 there were plenty of trade opportunities. However from late October 2012 through to December 2012 dexus started to swing erraticaly. The movement was much harder to predict (imo) and the upward swings could be fantastic while the drops were comparable to comming off medication. Sudden and painful. In the last few months I found it hard to trade dexus and the recent dividend was not enough to entice me to try for a combo trade of div and capital gain.




The sell of the last few days seems to be over the top in my opinion. Are yield stocks out of favour already? The RSI chart now suggests dexus is moving into the oversold territory. 




What now? A bounce back above $1.00 or further downward pressure to test the support levels of $0.98 and $0.96?   I dunno. As always do your own research and good luck.


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## nulla nulla (27 January 2013)

Like an oscilating pendulum Dexus has rebounded from the oversold area and is now testing even higher levels (since the GFC). You would have to ask yourself how long the love affair with high yield stocks can last and how high will the share price go before the yields at the new highs become less attractive and a sell off starts?




Watch out for the next increase in interest rates and the associated rise in the aud$ against the greenback. As always do your own research and good luck.


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## nulla nulla (12 March 2013)

Dexus continues to climb providing a spread of a few cents as it oscilates within the sideways upward channel. The challenge now seems to be whether we can trust the bullishness pervading the market and buy in on the dips with confidence the share price will recover versus being exposed to a crash when the "correction we must have" finally occurs.





As always, do your own research and good luck.


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## nulla nulla (18 March 2013)

Seems someone doesn't trust the pervading market bullishness and Dexus has been drifting down even before todays market fiasco. Unfortunately where most of the A-REIT's bounced off the lows soon after open Dexus could only try before closing out the day lower at $1.02.




Big volume today. it will be interesting to see whether dxs can bounce from $1.02 or will test the lows? As always do your own research and good luck.


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## So_Cynical (18 March 2013)

nulla nulla said:


> Seems someone doesn't trust the pervading market bullishness and Dexus has been drifting down even before todays market fiasco. Unfortunately where most of the A-REIT's bounced off the lows soon after open Dexus could only try before closing out the day lower at $1.02.
> 
> View attachment 51366
> 
> ...




Must be close to breaking below the channel, i would think a strong buy at under $1


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## nulla nulla (19 March 2013)

At $1.02 the yield is over 5% and the share price is trading at a discount to nta. The discount to nta for a strong A-REIT share like dxs is unusual in recent months. On Fridays close, out of 17 shares in the A-REIT table I follow only four (4) shares were at break even or discount to nta. The rest were all trading at a premium. 


*Share:*  *DXS*    *Date:* 	18-Mar-13	   *Closing Price* 	1.02	 *Issued Shares* 	4,839,024,176	 *Capital* 	4,935,804,660	 *Earnings $* 	0.0557	 *ROE* 	5.46%	 *Dist $* 	0.0535	 *Yield %* 	5.25%	 *P/E* 	18.31	 *NTA $* 	1.03	 *Discount to NTA* 	0.97%	


If it goes under $1.00 and I have any funds available I will double up my existing holdings and hold for a combo capital Gain and dividend play.


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## nulla nulla (23 March 2013)

Dexus bounced off $1.02 and quickly regained $1.06 (with a short burst to $1.065)on good volumes. The drop back to $1.035 - $1.04 was another re-entry opportunity and I went back for another tilt.





The world seems to be starting to put the Cyprus problems back in perspective and I am anticipating it will be business as usual next week. As always D.Y.O.R. and good luck


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## nulla nulla (4 May 2013)

Pinch me I must be dreaming. Dexus closing at $1.175 after tapping $1.20?




They sold a property and no doubt are cashed up. Not sure whether investors are looking for a capital return or increased dividend? I would expect surplus funds to be used to pay down debt and reduce their gearing. After all the sale of a property also means a drop in income and their yield and returns on equity are not the highest among the A-REIT sector? as always do your own research and good luck.


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## ASAP (3 June 2013)

nulla nulla said:


> Actually it works the other way. The high aud$ makes our assets (and exports) expensive to the rest of the world. This is one of the reasons that foreign investors were selling off our reit's as the aud$ was climbing. Foreign investors were benefiting from the run up of the share price combined with the increasing value of the aud$. Bit of a bonus on cashing out their investments.
> 
> There is a theory that our reit's have become more attractive since the rba rate cut. Our aud$ has slipped back against the US$ and our reit's have good yield, low Price Earnings ratios and are better financed these days while some of them still have a good discount to nta.
> 
> ...




where do you get this information from???


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## nulla nulla (3 June 2013)

ComsecIress/Huntleys, Dexus Annual Reports, Dexus ASX Notices and ASX End of Day Share Prices. I keep a spread sheet and try to keep it up to date when any changes are announced. From time to time the data may be out of date or contain errors and it should not be relied upon when making investment decisions. 

Hence my closing comment: As always, do your own research and good luck


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## ASAP (2 July 2013)

DXS announces 5% share buy back.
The share price should increse by 5%


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## skc (2 July 2013)

ASAP said:


> DXS announces 5% share buy back.
> The share price should increse by 5%




How did you work that out since you don't know at what price they will be buying them back at?


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## Gringotts Bank (2 July 2013)

I happen to be holding these at the moment.  How does a share buyback work...anyone?


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## skc (2 July 2013)

Gringotts Bank said:


> I happen to be holding these at the moment.  How does a share buyback work...anyone?




http://lmgtfy.com/?q=share+buyback


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## Gringotts Bank (2 July 2013)

skc said:


> http://lmgtfy.com/?q=share+buyback




lol

Looks like there's no need for me to hold since this buyback is happening at some stage over the next 12 months.


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## skc (2 July 2013)

Gringotts Bank said:


> lol
> 
> Looks like there's no need for me to hold since this buyback is happening at some stage over the next 12 months.




All else being equal, buyback helps support the share price. Fundamentally if done at below "fair value" it could increase NTA or earnings per share, leading to potentially higher valuations.

But not all buybacks achieve such goal. Both CSL and CFE have been buying back for years and but see high different their chart looks...


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## Gringotts Bank (2 July 2013)

skc said:


> All else being equal, buyback helps support the share price. Fundamentally if done at below "fair value" it could increase NTA or earnings per share, leading to potentially higher valuations.
> 
> But not all buybacks achieve such goal. Both CSL and CFE have been buying back for years and but see high different their chart looks...




Thanks.  They say the buyback is based on current share price, which I take to be today's open or close or VWAP.  But no broker has been appointed yet.


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## coolcup (2 July 2013)

When investing in DXS one must always consider the strength or otherwise of the major Melbourne and Sydney CBD office markets. The outlook for white collar employment is a key consideration as it drives corporate demand for office space. Clayton Utz recently handed back several floors to DXS at its iconic 1 Bligh St asset in Sydney as they could not sub-lease the space to another occupier until they needed it several years down the track. Incentives in these markets are very high (>30%) in order to attract tenants. This means that free cash flow may be hurt over the next few years meaning limp dividend growth. 

DXS move to increase its payout ratio, helps the headline dividend number, but if earnings aren't increasing at a steady rate then dividend growth will be capped. It is expected dividend growth that drives the pricing of REITs.

Just my thoughts for consideration.


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## ASAP (2 July 2013)

skc said:


> How did you work that out since you don't know at what price they will be buying them back at?




They are buying 5% over the next 12 months.
Usually taking away 5 % of the supply will increase the value of the product by 5%..
What is your opinion?

- - - Updated - - -



coolcup said:


> When investing in DXS one must always consider the strength or otherwise of the major Melbourne and Sydney CBD office markets. The outlook for white collar employment is a key consideration as it drives corporate demand for office space. Clayton Utz recently handed back several floors to DXS at its iconic 1 Bligh St asset in Sydney as they could not sub-lease the space to another occupier until they needed it several years down the track. Incentives in these markets are very high (>30%) in order to attract tenants. This means that free cash flow may be hurt over the next few years meaning limp dividend growth.
> 
> DXS move to increase its payout ratio, helps the headline dividend number, but if earnings aren't increasing at a steady rate then dividend growth will be capped. It is expected dividend growth that drives the pricing of REITs.
> 
> Just my thoughts for consideration.




This is true, From what i have seen A-REIT's coincide with the equity market rather then the property market.

- - - Updated - - -

I am a holder in this stock and I do not understand the wild swings DXS and MGR are having at the moment. I think it is evident that Australian CBD property is coming back according to RP data and they are still paying good dividends.

Some one elaborate. 

I know the stocks are effecting my bond yields. But explaining this in further would be handy.


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## skyQuake (2 July 2013)

ASAP said:


> They are buying 5% over the next 12 months.
> Usually taking away 5 % of the supply will increase the value of the product by 5%..
> What is your opinion?




Doesn't work that way.

If they're buying for $0 then yes it is taking away 5% of the supply.

You also don't know whether ppl are going to take this opportunity to sell into liquidity.

5% of total issue is 242m shares. Today it traded 29m, so its about 10 days worth of turnover. 

But over a year? This can be easily absorbed without affecting price much.


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## nulla nulla (3 July 2013)

For discusions sake, if the share is priced in proximity to nta backing for each share and you reduce the number of shares, while the underlying value of the overall assets will not change, the nta value per share will increase.

If the share price stays the same, then a gap will arise between the share price and the increased value of nta. If the earnings generated by the unchanged assets stays the same, then the return per share should improve as there is 5% less shares in the pool to share the earnings. Accordingly the share price should increase at market to close the gap to NTA and reflect the higher earnings per share.


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## VSntchr (3 July 2013)

nulla nulla said:


> For discusions sake, if the share is priced in proximity to nta backing for each share and you reduce the number of shares, while the underlying value of the overall assets will not change, the nta value per share will increase.
> 
> If the share price stays the same, then a gap will arise between the share price and the increased value of nta. If the earnings generated by the unchanged assets stays the same, then the return per share should improve as there is 5% less shares in the pool to share the earnings. Accordingly the share price should increase at market to close the gap to NTA and reflect the higher earnings per share.




Shares on issue decrease, but cash on balance sheet will fall - so assets really do fall.
Value is increased only if the shares are purchased at below book value...nothing like buying $1 for 50 cents!


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## nulla nulla (3 July 2013)

VSntchr said:


> Shares on issue decrease, but cash on balance sheet will fall - so assets really do fall.
> Value is increased only if the shares are purchased at below book value...nothing like buying $1 for 50 cents!




Fair point. The asset increase is only marginal where the share is being bought back at a share price less than the nta. However should earnings stay at the same level the earnings per share would lift.


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## ASAP (3 July 2013)

Gringotts Bank said:


> lol
> 
> Looks like there's no need for me to hold since this buyback is happening at some stage over the next 12 months.




Just wondering why you would still not hold the stock???


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## Gringotts Bank (5 July 2013)

ASAP said:


> Just wondering why you would still not hold the stock???




I am holding, but not longer than my swing trade takes.  I mean I'm not holding on for the expected 5% rise because I don't expect it!

Bit of life in it today.


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## nulla nulla (28 July 2013)

This article is worth a read

http://www.theaustralian.com.au/bus...in-rival-to-15pc/story-fn9656lz-1226685258206

Dexus acqiures a 14.9% stake in CPA. Seems that they may have been lurking on the CPA share register under 5% for some time.


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## coolcup (28 July 2013)

nulla nulla said:


> This article is worth a read
> 
> http://www.theaustralian.com.au/bus...in-rival-to-15pc/story-fn9656lz-1226685258206
> 
> Dexus acqiures a 14.9% stake in CPA. Seems that they may have been lurking on the CPA share register under 5% for some time.




DXS are in the prime position to buy CPA. I wouldn't be surprised if GPT is also lurking at sub 5%. 14.9% only blocks a normal takeover (which needs 90% acceptance prior to moving to compulsory acquisition), but it won't of itself block a scheme of arrangement (which needs 75% approval), albeit it is a very good position to be in. This deal will be done via scheme of arrangement (ie friendly) rather than hostile particularly given private capital money is likely to be involved (in DXS case via DWPF and for GPT participation by GWOF) and given CBA's presence.

DXS is in a win win position. Either it wins the deal on metrics that are sensible or it loses to someone else who is willing to pay more, in which case they get an uplift on their 14.9% stake. I don't think the deal will be hugely earnings accretive for DXS (sub 5%) though given relative scale and the fact that both group's trade on similar P/Es. This is all about expanding footprint in the key Sydney and Melbourne CBD markets and becoming the "office proxy" in Australia for global investors to invest in.


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## nulla nulla (28 September 2013)

Dexus appears range bound at the moment as it waits for Deutsche Bank to accumulate the desired 14.9% holding of CPA. I wonder if they are looking over their own shoulders to see if anyone is accumulating a similar level of holding in themselves? Turnover is pretty solid recently in a range between $0.99 and $1.015+.





As always, do your own research and goodluck. .


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## nulla nulla (5 October 2013)

After travelling sideways for a few weeks (since announcing the take up of 14.9% interest in CPA) Dexus has bounced through the resistance level of $1.04. Question now is whether it can maintain the momentum and move above the $1.06 level than $1.10?




The RSI shows that Dexus has broken away from the moving average and moved into the "overbought" area, suggesting that a retrace to the moving average could be expected. The recent volumes of turnover are slightly below average but this is likely the impact of the Congresional argy bargy going on in the US creating uncertainty in all markets. Compared to other shares the daily volumes on Dexus are fairly high indicating that there is still a lot of trader interest in this share. Either that or some-one is playing an accumulation game moving in and out to keep their average cost down?




Of course if the share price holds these levels or continues to track upwards the moving average will move upward also reducing the "overbought" perspective. Don't get me wrong, I'm not complaining, the volitility can create oportunities for the quick, the brave and the insane. As always do your own research and good luck.


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## nulla nulla (12 October 2013)

Dexus flip flopped arround this week along with most of the A-REIT's mostly between the $1.02 and $1.06 range. Dipping then rebounding to close out the week at $1.06 on release of the take-over offer for CPa at $1.15 per share, made up of cash ($0.68) and scrip (.4516 dexus share for every cpa unit held).




Hard to see whether Dexus will ramp upwards (like gpt initialy did when they sounded out Australand) or whether it will continue arround the present range?

As always do your own research and good luck.


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## nulla nulla (16 November 2013)

And ramp up it did. Finding a new range between $1.05 and $1.09. The market certainly likes the A-REIT's when they innitiate a take-over. And this one seems to be likely to get across the line with the sweetened bid of $1.205 (cash & scrip) for CPA finding support from the independant directors of cpa (in the event there are no other better offers as usual).





It will be interesting to see the changes to DXS's nta and income stream and whether or not it can hold these levels at a premium to the current nta. The next move should be to consolidate 3 shares for 1 to encourage the bigger fund managers to take up a stake. 

As always do your own research and good luck.


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## nulla nulla (1 December 2013)

If it wasn't for the mirk of the CPA bidding contest between Dexus and GPT hanging over the Dexus share price and the drop in the AUD$ against the US$ (and pretty much every other currency) I would almost rate $1.04 as a good entry point.




As always do your own research and good luck.


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## nulla nulla (17 August 2014)

Hindsight is such a wonderful thing. 




Given that the Dexus share price is now hovering around $1.11+ I would say now that $1.04 was an excellent entry point, for those that entered. As always do your own research and good luck.


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## goccipgp (18 August 2014)

DXS has an ongoing P/E of 10.75, which indicates that it is undervalued. Technical buying signal at ************ with the short term target of 1.402.


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## nulla nulla (18 August 2014)

goccipgp said:


> DXS has an ongoing P/E of 10.75, which indicates that it is undervalued. Technical buying signal at ************ with the short term target of 1.402.




While I agree that the low price earnings multiple of Dexus indicates that the share price is undervalued, particularly as the average price/earnings multiple for shares in the A-REIT sector is around 16, I think you might accumulate a few dividends before Dexus reaches $1.402. 




The seven year chart shows that Dexus hasn't seen $1.40 since 2008. What analysis do you use to arrive at a short term target of $1.402?


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## thirstcrusher (7 November 2014)

Hi
Can anyone tell me why Dexus shares are suspended?


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## Garpal Gumnut (7 November 2014)

thirstcrusher said:


> Hi
> Can anyone tell me why Dexus shares are suspended?




?Reconstruction.

Try DXSDA

gg


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## skc (7 November 2014)

thirstcrusher said:


> Hi
> Can anyone tell me why Dexus shares are suspended?




They went 1-for-6 consolidation, so what was a $1.20 per share is now $7.20.


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## thirstcrusher (7 November 2014)

skc said:


> They went 1-for-6 consolidation, so what was a $1.20 per share is now $7.20.




Thanks skc


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## nulla nulla (7 November 2014)

thirstcrusher said:


> Hi
> Can anyone tell me why Dexus shares are suspended?






skc said:


> They went 1-for-6 consolidation, so what was a $1.20 per share is now $7.20.




They wanted to make the share too expensive for day traders to want to day trade it, hoping to bring some stability to their share price. Seems to be jumping around a bit still though?


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## nulla nulla (17 December 2014)

As can be seen from the attached chart, since July of this year, Dexus (Candlesticks) was tracking the XPJ Property Sector (Continuous line) until Mid November when it gapped downwards.




I don't know of any real explanation for this (although it does follow on from the consolidation of 1 share for every 6 held). If Dexus had continued to track the XPJ the share price would be around the $7.40 - $7.50 level by now.

As always do your own research and good luck.


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## VSntchr (17 December 2014)

nulla nulla said:


> As can be seen from the attached chart, since July of this year, Dexus (Candlesticks) was tracking the XPJ Property Sector (Continuous line) until Mid November when it gapped downwards.
> 
> View attachment 60788
> 
> ...




Nulla your giving the mean reversion traders movement in the pants with graphs like that!

I actually traded DXS quite often pre-consolidation but had to give it a break while my system recalibrated with the changed price..it is firmly back on my radar now though and I am actually holding a parcel. 

It seems that quite a few of the AREITS have gone out whack recently and I think the strong AUD has moved alot of money into the likes of WFD and GMG from some of the others with only domestic exposure...


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## coolcup (17 December 2014)

VSntchr said:


> It seems that quite a few of the AREITS have gone out whack recently and I think the strong AUD has moved alot of money into the likes of WFD and GMG from some of the others with only domestic exposure...




This is exactly right. Offshore exposed REITs have been outperforming and these are heavyweights in the index (WDC and GMG).


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## nulla nulla (19 December 2014)

One for the technical analysts. I see a pennant forming in recent price action for Dexus, is Dexus shaping up to breakout upwards or downwards?


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## nulla nulla (22 December 2014)

Whooshka..... After lagging behind the rest of the A-REIT's last week DXS took flight today like a Saturn Rocket blasting off from Cape Canaveral. Having picked up parcels as the share price dropped past $7.11 to test $6.90, I was very pleased to ride todays action, hitting the eject button on the last parcel at $7.25. But wait.. there was still fuel in the tank and the DXS rocket ship blasted up to $7.32. 





Gasp Wheez, with one and a half days to go before it goes ex-div can the fuel (and Santa rally) last long enough to reach the 6th November 2014 high of $7.46?


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## nulla nulla (16 January 2015)

Sideways and volatile, that's about the only way I could think to describe the recent trading pattern of Dexus.





Todays close was a surprise. After flirting with $7.32 on Wednesday and turning over strongly between $7.18 and $7.20 on Thursday, the push down in the close to $7.05 (after averaging around the $7.11-$7.12 through the day) was totally unexpected. No negative local news and hard to see a connection with the Swiss Franc. As always do your own research and good luck.


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## nulla nulla (15 March 2015)

I find it odd that Dexus, having previously underpinned the A-REIT sector, is once again lagging the A-REIT sector?




Is Dexus seen as a possible suitor of other A-REIT's and thus being sold down in advance of a further takeover offer of some-one like Investra Office or Mirvac? Or is it something else?


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## SilverRanger (15 March 2015)

nulla nulla said:


> I find it odd that Dexus, having previously underpinned the A-REIT sector, is once again lagging the A-REIT sector?
> 
> View attachment 61997
> 
> ...




Having acquired CPA less than 1 year ago, I suspect we won't see them doing much this year. Any dip out of nothing is always good so I'm in.


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## nulla nulla (25 March 2015)

DXS is still lagging the A-REIT sector but appears o be finding plenty of support in the $7.62 - $7.66 area with resistance around $7.78. Mind you on three trading days out of the last thirteen DXS has opened at $7.88 before fading back to the low $7.70's. 




As always, do your own research and good luck.


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## dyna (18 May 2015)

As a long term holder,I've done well outta this one.Rising interest rates might finally pop that toppy share chart,once and for all,though.I notice,the Fundies coughed up all the dough for their entitlement in the recent SPP,so I'm tempted to roll the dice with a $15,000 punt in the crumbs left over for the mums and dads....5.18% yield...mmmm,that's kinda tempting,but what about a 17% PE ratio? REIT's ain't cheap in this market.


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## nulla nulla (20 May 2015)

dyna said:


> As a long term holder,I've done well outta this one.Rising interest rates might finally pop that toppy share chart,once and for all,though.I notice,the Fundies coughed up all the dough for their entitlement in the recent SPP,so I'm tempted to roll the dice with a $15,000 punt in the crumbs left over for the mums and dads....5.18% yield...mmmm,that's kinda tempting,but what about a 17% PE ratio? REIT's ain't cheap in this market.




Sometimes it comes back to "where you see it going". The insto's snapped up the discounted allocation at $7.32. The market then pushed the market price down to this level, however demand pushed the share price back up. At one point you could have picked up a full $15,000 worth at a market price of $7.28 and been ahead of the spp offer including brokerage. 

Personally I will be applying for the $15,000 allocation and hope they decide to fill all bids. $7.32 for a share that was recently $8.00+ with prospects of future growth seems like a reasonable investment.


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## nulla nulla (27 May 2015)

Dexus jumped almost 3% yesterday to close at an inter-day high of $7.81. This is pretty good for a share that did an institutional capital raising recently at $7.32 and is still in the process of raising further capital from retail shareholders entitled to participate, also at $7.32.





No doubt participating retail share holders will hope that there is no scaling back and that Dexus elects to use all the take-up offers to further reduce debt and perhaps acquire a few more properties. Dexus is also due to announce a dividend of around $0.20 per share in the next four or so weeks. Hopefully, for holders, the potential Greek default, which saw the Dow Jones drop 1% overnight, won't wipe out all of yesterdays gains.


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## nulla nulla (23 October 2015)

Looks like the shorters read the latest release and decided that it might be a good idea to close out their positions. It will be interesting to see whether Dexus can break through the resistance level of $7.88 or will get pushed back to the support levels of  $7.05 ish.




From memory Dexus did a 1 for 5 consolidation a while back in an effort to discourage the day traders and make the share more attractive to the big investors. This probably worked in respect of the big investors getting on the books but I suspect those evil day traders are happily trading the recent spreads.


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## notting (7 December 2015)

> Dexus Property Group offering to buy Investa Office Fund in a deal valuing the real estate investment trust at about $2.5 billion.
> 
> Dexus offered 0.424 of its securities and about 82 cents in cash for each IOF share, implying an offer value of $4.11 per share, the target said in a statement this morning.
> 
> ...




And the shorters say.  "Hail to the Lord, there is a God after all. Thank you thank you!"

God look at the dividends over the last 12 months compared to the previous ~ priming the pump.

DXS buying at the top? Me thinks so.


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## skc (7 December 2015)

notting said:


> And the shorters say.  "Hail to the Lord, there is a God after all. Thank you thank you!"
> 
> God look at the dividends over the last 12 months compared to the previous ~ priming the pump.
> 
> DXS buying at the top? Me thinks so.




80% script anyway so one overpriced paper for another...


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## nulla nulla (8 December 2015)

notting said:


> And the shorters say.  "Hail to the Lord, there is a God after all. Thank you thank you!"
> 
> God look at the dividends over the last 12 months compared to the previous ~ priming the pump.
> 
> DXS buying at the top? Me thinks so.




Actually I think it is more like further consolidation within the A-REIT Sector. Most of the larger companies making up the sector know that they are takeover targets particularly with the low Australian Dollar, their low leverage levels and the yields they are generating. FDC and NVN merged (which has ended up looking like a NVN take over of FDC) to make VCX. Dexus expanded previously taking up a chunk of CPA, with GPT taking the balance and now Dexus has made a bid for IOF at the invitation of the independent IOF board members.

IOF has been on the market for some time due to the majority share holder wanting to quit their holding. This has not stopped the share price fluctuating in value every time their is an overall rise or fall in the markets, however trading IOF has been tight as the parcels have been relatively small. 

Dexus would like be looking at picking up the whole property parcel then offloading non "A" grade holdings, bringing in equity partners for some properties, and retiring duplicate management. With both companies having low leverage rates their would be a lot of wriggle room in their financing without them losing the ability to maintain dividends etc.



skc said:


> 80% script anyway so one overpriced paper for another...




The figures in "nottings" quote must have been just after open when the announcement was released and both companies went into a trading halt. Dexus subsequently slid after re-open to close the day at $7.73 while IOF climbed to $4.15 before closing at $4.11.  It is fairly normal for the share price of the bidder company to fall and the share price of the target company to go above the offer price. No doubt some investors pushed the price of IOF a little higher hoping someone like GPT would step in like they did when Dexus bid for CPA.

Both companies were triggered as a buy on Friday when IOF hit $3.81 and Dexus hit $7.62. The return on the sale of IOF at $4.15 was $0.34 or 8.92% (I was originally targeting $3.91 for IOF until it went into the trading halt). I missed the opportunity to unload Dexus at $7.80 on re-open and the sale is still in the queue. If Dexus fall back to the low $7.60's I will top up.


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## notting (8 December 2015)

nulla nulla said:


> Actually I think it is more like further consolidation within the A-REIT Sector. Most of the larger companies making up the sector know that they are takeover targets particularly with the low Australian Dollar, their low leverage levels and the yields they are generating.




It would have made more sense if it were an international banking on a higher AU in about 50 years time.

As SKC points out is largely script bid so to all appearances seems less leveraged.  However if the Chinese investment in new housing commission flats with lipstick continues to wain. Any further leverage in this sector at current levels is not going to have a happy ending.

Not surprising they are all trying to sell themselves.


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## notting (15 December 2015)

They be reading me blog.

http://www.afr.com/real-estate/melbourne-brisbane-apartments-tipped-for-rising-vacancy-and-reduced-rents-20151215-glnqel


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## nulla nulla (20 March 2017)

There hasn't been a lot of recent activity in this thread so I though it may be worthwhile throwing up a long term chart as well as a table comparing the share information over the past three or so years.












Disclaimer: The table information is taken from the A-REIT Tables posted previously. Accordingly if there were any errors in those tables then they have been repeated in this table.


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## dyna (4 May 2019)

Yet another share placement.A biggie this time.Over a $A billion in 2 parts before June 30 and a last one,I think,in December,probably to beat Labor's Jan.2020 change to the current capital gains tax 50% discount.Instos filled their $900 Million book build in no time at all,this week.Another $50 mill(or more?) has been set aside for the mums and dads in an SPP.Once again,I'll be following the smart money .$15,000 max allowed.Terrific long term capital gain for patient shareholders,with this one and distribution growth is up over 5% for the year.And no need to worry about the future of franking credits,here.There ain't none.


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## divs4ever (18 July 2022)

18 July 2022
AWOF unitholder vote outcome
Dexus notes today’s announcement by AMP Limited that AMP Capital Wholesale Office Fund (AWOF or the
Fund) unitholders have voted in favour of a change of trustee of the Fund.
The initial proposal to replace the trustee of the Fund was received in 2021, prior to Dexus entering into a Share
Sale and Purchase Agreement (“SPA”) on 27 April 2022 with Collimate Capital Limited (“Collimate”), a wholly
owned subsidiary of AMP Limited, to acquire Collimate’s real estate and domestic infrastructure equity business
(“Transaction”)1.
The structure and pricing of the SPA were agreed having regard to the final assets under management (“AUM”)
that will be transitioned to Dexus. As a result of AWOF exiting the Collimate platform, the earn out amount
payable under the SPA will reduce to a maximum of approximately $75 million2, taking the maximum potential
price to approximately $325 million including the $250 million upfront cash payment. The maximum potential
AUM that will transition across to Dexus is now $20.2 billion. Further information will be provided as Dexus and
Collimate progress towards completion of the transaction.
In addition, Dexus will no longer acquire Collimate’s committed co-investment stakes in AWOF totalling circa
$270 million.
Dexus remains focused on completing the Transaction which positions it as a leading real asset manager, with
new capabilities and an expanded product offering, underpinned by our best practice governance and risk
management framework.
Subject to satisfaction of conditions precedent, Dexus expects the Transaction to complete during the second
half of CY22.
Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited

 ==================================================================

DYOR


 i do not hold this share  

 but maybe i should crunch some numbers in case the market hammers this


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