PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) is looking like a reliable defensive play, as its first half-year (1H) results match analyst expectations on strong occupancy rates and growth driven by acquisition of new assets.
The REIT’s 1H earnings of RM81.5mil came in within RHB Research’s estimates and market expectations at 52% of its full-year forecast and full-year consensus estimates, respectively.
Revenue for 1H increased 18.3% year-on-year to RM139mil due to positive rental reversions and rental contributions from four new acquisitions in the past year, with the most recent being a logistics warehouse in Johor for RM390mil that was Axis-REIT’s largest acquisition to date.
...