ASX:DXSOffice REITs
DEXUS (ASX:DXS) Shares Look Cheap As Debt Strains Cash Backstop
DEXUS investors saw the stock close at A$5.74, with short term returns drifting lower, yet the earnings print told a more complicated story. The headline was not a blow up in rents or vacancies. It was the squeeze between attractive valuation metrics and a balance sheet that still leans heavily on debt, with operating cash flow flagged as a weak backstop.
The market is reacting to that strain on financial flexibility, while the company points to adjusted funds from operations and a...