Dexus swings to first loss in 14 years as higher rates crunch property values

Australia's Dexus on Wednesday swung to its first net loss since 2009 as higher interest rates wiped nearly A$1.2 billion ($773.16 million) off the value of its property portfolio, in a fresh blow for the troubled real estate sector. The property industry globally, and office building owners in particular, are struggling as home working and e-commerce lead tenants to reconsider floor space just as higher interest rates reduce building values and raise debt servicing costs. Dexus, one of Australia's largest office landlords, delivered a net loss of A$752.7 million for the year ended June 30, down from a A$1.62 billion profit a year earlier.