Dexus Property Group http://www.alacrastore.com/company-snapshot/Dexus_Property_Group-3660700 Sunday, November 23, 2008 3:38:17 AM 3660700 Dexus Property Group en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/684546spcred/684546normThe latest Full Report from S&Pglobalstructured11/19/2008 11:26:33 PM400Full Report684546AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportGeographic and sector diversification Good-quality property portfolio, and solid market position in Australia Conservative investment strategy, with minimal exposure to development risks Strong liquidity Intermediate financial risk profile, with a target gearing policy (net debt to total assets net of cash) of 40%–45% Growing exposure to the more volatile industrial property sector, which returns a higher, but more volatile, rental stream The ratings on DEXUS Property Group, an Australian-based real-estate investment trust (REIT), reflect the group's sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. DEXUS also benefits from its strong liquidity in a volatile global environment. These strengths offset the group's growing exposure toAUS40402010 404020 4040 40DEXUS Property Group383176PACDRT@AUFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/684547spcred/684547normThe latest Summary from S&Pglobalstructured11/19/2008 11:26:33 PM175Summary684547AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on DEXUS Property Group, an Australian-based real-estate investment trust (REIT), reflect the group's sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. DEXUS also benefits from its strong liquidity in a volatile global environment. These strengths offset the group's growing exposure to international industrial assets and an intermediate financial risk profile. DEXUS is a major Australian diversified REIT with two core activities: management of its direct property portfolio and third-party funds management. Total funds under management were A$15.3 billion at June 30, 2008, with occupancy of the direct property portfolio (A$8.9 billion) at 93.7% (96.7% at June 30, 2007). We expect DEXUS toAUS40402010 404020 4040 40DEXUS Property Group383176PACDRT@AUSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666823spcred/666823normThe latest News from S&Pglobalstructured8/22/2008 4:29:15 AM100News666823AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsMELBOURNE (Standard&Poor's) Aug. 22, 2008--Standard&Poor's Ratings Services today said that DEXUS Property Group's (BBB+/Stable/A-2) reported financial results for fiscal 2008 were within our expectations for the ratings and would have no immediate effect on the ratings or outlook on the company. DEXUS is well-placed to withstand the challenges posed by the volatile market conditions; group debt is lower following the sale of retail assets and liquidity is strong following recent refinancing initiatives. Nevertheless, higher vacancy rates and upcoming lease expiries in the group's international industrial portfolio are risk factors in the outlook period, given the weaker market conditions in the U.S. and Europe (which represent about 25% of the group's property portfolio by value).AUS40402010 404020 4040 40DEXUS Property Group383176PACDRT@AUNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/653546spcred/653546normThe latest Full Report from S&Pglobalstructured6/11/2008 8:51:10 PM400Full Report653546AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportGeographic and sector diversification Good-quality portfolio, and solid market position in Australia Conservative investment strategy, with minimal exposure to development risks Intermediate financial risk profile, with a target gearing policy (net debt to total assets net of cash) of 40%–45% Growing exposure to the more volatile industrial property sector, which returns a higher, but more volatile, rental stream The ratings on DEXUS Property Group, formerly known as DB RREEF Trust, reflect the property group's: sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. These strengths offset the group's growing exposure to international industrial assets and an intermediate financial risk profile. On Feb. 21, 2008, DBAUS40402010 404020 4040 40DEXUS Property Group383176PACDRT@AUFULLAUSDEXUS Finance Pty Ltd.383177PACUSAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/653548spcred/653548normThe latest Summary from S&Pglobalstructured6/11/2008 8:51:10 PM175Summary653548AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on DEXUS Property Group, formerly known as DB RREEF Trust, reflect the property group's: sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. These strengths offset the group's growing exposure to international industrial assets and an intermediate financial risk profile. On Feb. 21, 2008, DB RREEF Trust was renamed DEXUS Property Group following the acquisition of Deutsche Bank AG's 50% shareholding in DB RREEF Holdings, which owns the trust's management company DB RREEF Funds Management (DFM) for about A$130 million. As a consequence DEXUS is now 100% internally managed. Standard&Poor's Ratings Services views this transaction as having the potential to marginallyAUS40402010 404020 4040 40DEXUS Property Group383176PACDRT@AUSUMMARYAUSDEXUS Finance Pty Ltd.383177PACUSAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/632425spcred/632425normThe latest Summary from S&P2/25/2008 9:02:28 PMSummary175globalstructured632425AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on DEXUS Property Group, formerly known as DB RREEF Trust, reflect the property group's: sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. These strengths offset the group's growing exposure to international industrial assets and an intermediate financial risk profile. On Feb. 21, 2008, DB RREEF Trust was renamed DEXUS Property Group. The group also announced the acquisition of Deutsche Bank AG's 50% shareholding in its management company DB RREEF Funds Management (DFM) for about A$130 million, and as a consequence become 100% internally managed. Standard&Poor's Ratings Services views this transaction as having the potential to marginally weaken the strategic relationshipAUS40402010 404020 4040 40DEXUS Property Group383176PACDRT@AUSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616102spcred/616102normThe latest Summary from S&P11/29/2007 6:35:00 PMSummary175globalstructured616102AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on DB RREEF Trust (DRT) reflect: the trust's sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. These strengths offset the trust's growing exposure to international industrial assets and an intermediate financial risk profile. DRT is a major Australian diversified property trust with two core activities: management of its direct property portfolio and its third part funds management business. In total, funds under management grew by 15% to A$13.6 billion in the year to June 30, 2007. In October 2007, DRT sold its 50% interest in five of its six retail properties to DB RREEF Wholesale Property Fund (DWPF) for about A$927 million.AUS40402010 404020 4040 40DB RREEF Trust383176PACDRT@AUSUMMARYAUSDB RREEF Finance Pty Ltd.383177PACUSAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616091spcred/616091normThe latest Full Report from S&P11/29/2007 6:35:00 PMFull Report400globalstructured616091AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportGeographic and sector diversification Good-quality portfolio, and solid market position in Australia Conservative investment strategy, with minimal exposure to development risks Intermediate financial risk profile, with a target gearing policy (net debt to total assets net of cash) of 40%–45% Growing exposure to the more volatile industrial property sector, which returns a higher, but more volatile, rental stream The ratings on DB RREEF Trust (DRT) reflect: the trust's sector and geographic diversification; good-quality portfolio; solid market position in Australia; and conservative investment strategy, with a minimal, albeit growing, exposure to development risks. These strengths offset the trust's growing exposure to international industrial assets and an intermediate financial risk profile. DRT is a major Australian diversified property trust with two coreAUS40402010 404020 4040 40DB RREEF Trust383176PACDRT@AUFULLAUSDB RREEF Finance Pty Ltd.383177PACUSAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research