Earnings season has gone up a gear on Wednesday with a good number of ASX shares releasing results.
Among them are four ASX REITs, which have handed down their report cards. Let's see how they performed:
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BWP Trust (ASX: BWP)
The BWP share price is up 2% to $3.42. This morning, the Bunnings Warehouse-focused property company reported a 5% increase in revenue to $82.3 million and a modest increase in profits before investment property valuation changes to $57.5 million. This was underpinned by like-for-like rental growth of 4.8%. BWP will be paying an interim distribution of 9.02 cents per unit.
Centuria Industrial REIT (ASX: CIP)
The Centuria Industrial share price is up 1% to $3.35. The industrial property company posted a statutory profit of $12.2 million, compared to a loss of $45.6 million a year earlier. And while Centuria Industrial's funds from operations (FFO) were flat at $54.1 million for the half, the company has increased its FFO per share guidance for the full year to 17.2 cents. It has also reaffirmed its FY 2024 distribution guidance of 16.0 cents per share.
Dexus Industria REIT (ASX: DXI)
The Dexus Industria share price is up over 4% to $2.90. Investors appear pleased with its like-for-like income growth of 7.3%. Management notes that this leaves it "on track to deliver FY24 guidance with HY24 Funds From Operations (FFO) per security of 8.6 cents and distributions of 8.2 cents."
Newmark Property REIT (ASX: NPR)
The Newmark Property share price is up 1.5% to $1.33. It reported a 2.9% increase in operating earnings to $7.2 million thanks to like-for-like income growth of 3.9%. Newmark has also reaffirmed its FY 2024 distribution guidance of 7.6 cents per share. That's if its proposed merger with BWP isn't complete before then. Speaking of which, Newmark advised this morning that it continues to unanimously recommend that shareholders accept the proposal.
