Real Estate Investment Trusts (REITs) have performed well during 2019. With some looking quite expensive here, Dexus (ASX:DXS) is a stock which not only looks to be reasonable value here, but has a trading profile that indicates further upside.
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Bega Cheese was "dressed" to win yesterday, a burst of enthusiasm for Mineral Resources ran out of puff, while Securities in Dexus went into a trading halt on reports it was looking to raise around $1 billion.
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Dexus management announced it has externally revalued 109 of its 114 assets, resulting in an estimated $250m valuation uplift, or a 1.6% increase to its December 2018 book value.
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Dexus and DWPF have exercised their rights to acquire the remainder of MLC tower, taking ownership to 50% each.
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The company delivered first-half results that were ahead of expectations, largely because of a positive skew in trading profits.
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Dexus has reported revaluation gains of $405m, or a 3.1% increase to its June 2018 book value. Deutsche Bank believes office cap rates will continue to compress over the next 12 months and retail cap rates should start softening.
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Dexus, which currently owns three office assets in Perth, believes the office market there has bottomed and is forecasting 2-4% effective rental growth. Assumptions are supported by limited office supply until 2023 and a recovery in mining employment.
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