The fund provides exposure to a diverse portfolio of commercial property across Australia.
| 1 month | 3 month | 1 year | 3 year | 5 year | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
| 0.99% | -4.26% | -3.65% | 7.58% | 4% | 8.98% | 19 Jan 2009 |
| Management Fee | Performance Fee | Morningstar Total Cost Ratio |
|---|---|---|
| 0.85% | - | 0.85% |
|
MANAGEMENT FEES AND COSTS |
0.85% p.a. of NAV 2 |
PERFORMANCE FEES |
Nil |
|
BENCHMARK |
S&P/ASX 300 AREIT Index Dividend Yield |
INVESTMENT TIMEFRAME |
5+ Years |
|
WITHDRAWALS |
Daily 3 |
DISTRIBUTIONS | Monthly 1 |
1 Distributions may include a capital gains component. Distributions are not guaranteed.
2 See section 6 of the PDS.
3 Under normal circumstances, investors can withdraw from the Fund on a daily basis. Withdrawal proceeds will normally be paid within 3 business days of receipt of a withdrawal request. The Constitution permits a 30-day period, which may be extended in certain circumstances as described in the Fund’s PDS and Product Guide.
The Dexus AREIT Fund, DXAF, is an income-focused property securities fund investing in a diversified portfolio of listed Australian Real Estate Investment Trusts. The fund aims to deliver investors a consistent and relatively high income, targeting a gross annual yield that is at least 110% of the S&P/ASX 300 AREIT Index Dividend Yield.
It employs an established and actively managed investment process designed to achieve capital growth that at least matches inflation over a five-to-seven-year time horizon, while striving to maintain lower-than-market volatility relative to the benchmark. DXAF provides access to thousands of quality commercial real estate assets predominantly located in Australia and has paid monthly distributions since its inception in 2009.
The Dexus AREIT Fund (DXAF) is an income-focused property securities fund that invests in a portfolio of listed Australian Real Estate Investment Trusts (AREITs).
The fund provides exposure to a diverse portfolio of commercial property across Australia. The main aim of the fund is to provide investors with a consistent and relatively high income, and to have a gross annual income yield (before management fees and expenses) that equates to at least at least 110% of the average yield of the S&P/ASX 300 AREIT Index Dividend Yield.
DXAF implements an established investment process for investing in AREITs that is designed to provide investors with a level of capital growth at least matching the rate of inflation over five to seven years, with lower than market volatility.
The Dexus AREIT Fund aims to provide lower than market volatility compared with the S&P/ASX 300 AREIT Index over a 5–7 year time horizon.
Investment objectives
The primary investment return objectives of the fund aim to provide:
Income
Focuses on generating sustainable, regular and relatively high income returns through investing in listed property securities
Access
Access to an underlying diversified portfolio of thousands of quality commercial real estate assets predominantly located in Australia
Distributions
Has paid monthly distributions since inception^
Actively managed
Actively managed (non-index aware) portfolio, applying a highly disciplined and proven strategy designed to deliver on the fund's income and risk objectives
Liquidity
Currently liquid – daily applications and withdrawals as at (under normal market conditions, but withdrawals can take longer in certain cases as set out in the PDS)
^ Distributions may include a capital gains component. Distributions are not guaranteed. Fund inception date 19 January 2009.
DXAF is suited to investors who:
All information contained on this website (“Information”) is subject to change without notice. While every care has been taken in the preparation of the Information, to the extent permitted by law, Dexus: DXS, its related body corporates and each of their respective directors, officers and employees do not make any representation or warranty or warranty, express or implied, as to the accuracy, currency, reliability or completeness of any statement in it, including, without limitation, any forecasts, and do not guarantee the repayment of capital, or the performance of or any particular rate of return for the Dexus fund referred to on this website. Past performance is not a reliable indicator of future performance.
The Information has been prepared for the purpose of providing general information only, without taking account of any particular investor’s objectives, financial situation or needs. Investors should, before making any investment decisions, consider the appropriateness of the Information, and seek professional advice, having regard to their objectives, financial situation and needs.
Dexus Asset Management Limited (ACN 080 674 479, AFSL No. 237500) (“DXAM”) is the responsible entity of Dexus AREIT Fund (ARSN 134 361 229) (“Fund”) and issuer of the Fund. DXAM is a wholly owned subsidiary of Dexus: DXS.
Before you receive any financial service from us (including deciding to acquire or to continue to hold a product in any fund mentioned in this material), or act on this material, you should obtain and consider the relevant product disclosure statement(s) (“PDS”), DXAM financial services guide ("FSG”) and relevant target market determination (“TMD”) in full, consider the appropriateness of this material having regard to your own objectives, financial situation and needs and seek independent legal, tax and financial advice. The PDS, FSG and TMD (hard copy or electronic copy) are available from DXAM, Level 5, 80 Collins Street (South Tower), Melbourne VIC 3000, by visiting https://www.dexus.com/investor-centre/real-estate-securities/dexus-areit-fund-dxaf/how-to-invest, by emailing investorservices@dexus.com or by phoning 1300 374 029.
The Information should not be considered to be comprehensive or to comprise all the information which a potential investor may require in order to determine whether to invest in the Fund. The Information is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives.
The Responsible Entity (RE) is an experienced investment manager that actively manages portfolios of listed property securities. Since inception in 1998, our deep understanding of real estate and 'property for income' philosophy, together with a highly disciplined investment approach has been the backbone of our performance. Our team of investment professionals possess real estate experience spanning several property cycles.
Our investment decisions are supported by robust research and valuation processes that have been developed over more than two decades. The RE became part of the Dexus Group (ASX: DXS) in August 2021. Dexus is a leading Australasian fully integrated real asset group, with over four decades of expertise in real estate and infrastructure investment, funds management, asset management and development.
Mark joined Dexus Real Estate Securities (formerly APN Real Estate Securities) team in 2014 and is responsible for the analysis and funds management of the Australian, Global and Asian REIT Funds.
Prior to joining Dexus, Mark worked for Ernst & Young as a Senior Consultant and was responsible for real estate market research, property valuation, project feasibility studies, scenario analysis, financial modelling for real estate investments, transaction due diligence and bespoke advisory engagements. Mark was accepted into the New Horizons Program which resulted in a six-month secondment to the Ernst & Young corporate finance team in Singapore.
Mark holds a Bachelor of Commerce (Finance) and a Bachelor of Property and Construction (Property) from the University of Melbourne. He is an Associate of the Australian Property Institute, a Certified Practicing Valuer and a CFA.
Mario joined Dexus Real Estate Securities in March 2024, as Lead Portfolio Manager of the Dexus AREIT Fund. Mario is responsible for portfolio management and research coverage of the AREIT sector.
Prior to joining Dexus, Mario was a Portfolio Manager at SG Hiscock & Co for 12 years where he was focused on managing Australian REIT portfolios, both for absolute return and income focused investment mandates. Mario also had sole responsibility for the modelling and analysis of property-related entities, developers, fund managers, infrastructure and global REITs for this firm’s international mandates. Mario was previously Investment Manager at Baron Corporation, and Fund Manager & Head of Economic Research at MacarthurCook Limited.
Mario holds a Graduate Diploma of Applied Finance & Investment (Investment Analysis stream) and Bachelor of Economics (Honours) from La Trobe University and is also a FINSIA Associate.
Cindy joined Dexus Real Estate Securities in October 2022 and responsible for the Australian REIT coverage. Prior to joining Dexus, Cindy has over a decade of experience as an equities analyst in Australia and Indonesia having worked for Macquarie Securities (Indonesia), CIMB Securities (Indonesia) and Diogenes Research in Melbourne.
Cindy has covered a wide range of industries including AREITs, consumer discretionary, construction and healthcare, boosting the team’s in-depth equities analysis capabilities.
31 December 2025
Download PDFQ4 2025 - 31 December 2025
Download PDF-9s5lp3cbeel5osv98o1o.png)
-9lc407w2yhgme8mlmy64.png)
The issuer of this product is identified at the top of this page. The PDS and target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the PDS before deciding to acquire the product. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.
IMPORTANT STATEMENT ABOUT YOUR USE OF THIS SITE
Information on this site is intended for Australian users only.
This site is operated by Investment Markets (Aust) Pty Ltd. (ACN 634 057 248) (IMA, we, us and our), the holder of Australian Financial Services Licence (AFSL) no. 527875. The content is provided solely for information purposes, is not a recommendation or an offer to buy or sell a security, and is not warranted to be correct, complete or accurate. To the extent permitted by law, neither IMA, its affiliates, nor the content providers (such as the issuers of securities who appear on the site) are responsible for any investment decisions, damages or losses resulting from, or related to, the content, data and analyses or their use. The investment products on this site and any statements made about them by their issuers are not vetted, verified or researched by IMA. The presence of an investment product on this site should not be interpreted as an implied endorsement of it by IMA. Certain content provided may constitute a summary or extract of another document such as a Product Disclosure Statement. To the extent any content is general advice, it has been prepared by IMA. Any general advice has been provided without reference to your investment objectives, financial situations or needs. For more information refer to our Financial Services Guide. To obtain advice tailored to your situation, contact a financial advisor. You should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement (or other offer document) before making any decision to invest. Past performance does not necessarily indicate an investment product’s future performance. The content is current as at date of initial publication and may not be current as at your date of viewing. For a more complete understanding of all the terms and conditions of your use of this site click here.
1 For use in Australia: © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely and 4) has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), subsidiary of Morningstar. Neither Morningstar nor its content providers are responsible for any damages arising from the use and distribution of this information. Past performance is no guarantee of future results.
Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at http://www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar's publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar's full research reports are the source of any Morningstar Ratings and are available from Morningstar or your advisor. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a financial advisor. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.
