Australia-listed REIT, Dexus, has reported that its net profit after tax was AUD983 million (USD707 million) for FY 2020, down 23.3% on the prior year.

This movement was primarily driven by net revaluation gains of investment properties of AUD612.4 million, which were AUD160.7 million lower than FY19, said the REIT.

These revaluation gains primarily drove the 38 cents or 3.6% increase in net tangible asset (NTA) backing per security to AUD10.86 at 30 June 2020.

Underlying funds from operations (FFO) per security of 63.5 cents, which excludes trading profits, grew by 1.0% despite the impact of rent relief provided.

AFFO and distribution per security of 50.3 cents, was consistent with the prior year and in line with revised guidance provided on 1 June 2020, said the REIT.

The distribution for the six months ended 30 June 2020 of 23.3 cents per security will be paid to Dexus unitholders on Friday, 28 August 2020.

Dexus was last done on the ASX at AUD8.68.