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Image: Canva.
  • Dexus released its quarterly report
  • HomeCo Daily Needs REIT appointed Sid Sharma as CEO-designate
  • Interest rates set at 0.35%

Today, Dexus released its quarterly report, along with Tian An Australia. HomeCo Daily Needs REIT CEO and MD Darren Holland announced his intention to retire, with Sid Sharma appointed CEO-designate.

The biggest news today: interest rates: up 25 basis points to 35 basis points.

Interest rates haven’t increased in over a decade, let alone by 0.25%.

The market fell by almost thirty points early in the day, quickly recovering and adding 8 points. When Australia learned what the interest rates were at 2:30 pm AEST, the market fell by some 40 points or 0.6%. While not exactly bouncing back, the market did regain some ground before closing down 18.70 points or 0.25%

The broader market

The ASX200 closed today at 7,328.30 points.

Buy now pay later service Zip was the top performer, gaining 5.909%, with MFG, APX, MP1, and PME also in the top five.

Costa Group led the declines at -5.811%, along with PMV, IMU, RMS, and FMG.

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Image: Google.

The movement

Today, Dexus (ASX: DXS) released its quarterly report, with CEO, Darren Steinberg, highlighting the company’s growth and achievements during the period.

“… we continued to grow and diversify our funds management business, welcoming Cbus Super as a new joint venture investor in the $1.3 billion Jandakot joint venture and securing Mercer Alternatives as a cornerstone investor in Dexus Real Estate Partnership 1.”

The company transacted $2.1 billion in properties across the group, with rent collections recorded at 98.1% for FY22 year to date.

Eighty-four leasing transactions were completed across the Dexus office and industrial portfolios, with occupancy by income of 95.2% and 97.5% respectively. Occupancy by area is 94.6% and 98.6% respectively.

The WALE by income for Dexus’ office portfolio is 4.9 years for the quarter, and the industrial portfolio saw a WALE of 5 years.

In other highlights for Dexus, the company agreed to acquire Collimate’s real estate and domestic infrastructure equity business. The announcement was made after 31 March.

The company said leasing conditions remained stable across its key office markets as evidence of a flight to quality continues with many customers upgrading and seeking to centralise into prime CBD offices. Sydney is showing signs of recovery driven by positive sentiment in the Sydney CBD, with market net effective rental growth turning positive during the quarter.

HomeCo Daily Needs (ASX: HDN) today announced the resignation of CEO and MD Darren Holland. Mr Holland announced his intention to retire from the company following the successful integration of Aventus and HDN. Mr Holland co-founded Aventus in 2004.

The HDN board has also announced the CEO-designate, Sid Sharma, who currently serves as the HMC Capital COO.

Tian An Australia (ASX: TIA) released its annual report. For the year ended 31 December 2021 the company recorded a statutory profit for the period of $1,143,000 (loss for the year ended 31 December 2020: $24,301,000). The company’s underlying loss for the period was $4,936,000 (year ended 31 December 2020: $3,162,000).

TIA’s net assets grew, from $81,266,000 as at 31 December 2020, to $82,409,000 as at 31 December 2021.

That’s the latest in A-REIT, and another interesting day for the market.

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