Dexus Property Group says its full-year guidance for 8.5 per cent growth in funds from operations still stands, after unveiling a one-for-six consolidation of its stapled securities.
Chairman Christopher Beare told shareholders at the group's annual general meeting this afternoon the consolidation would see the number of Dexus securities on issue decrease from more than 5.4 billion to approximately 905 million.
"The consolidation should not change the underlying value of your consolidated security holding in Dexus," Mr Beare told shareholders.
He also said the consolidation could reduce the volatility in the Dexus share price.
In addition to reaffirming funds from operations guidance, Dexus also said it still expects a distribution of 6.79c per security.
Mr Beare said the group was off to a strong start in fiscal 2015, having successfully leased nearly 100,000 square metres of space across the Dexus portfolio as well as increasing occupancy in the office and industrial portfolio to 94.9 per cent at September 30.