Axis Real Estate Investment Trust · MYX:AXREIT
Axis Real Estate Investment Trust — Q3 2012 Earnings Presentation
81 slides from Axis Real Estate Investment Trust's earnings presentation, Oct 22, 2012
Slide 1: Presentation of 3Q 2012 Results
Presentation of 3Q 2012 Results 22nd October 2012
Slide 2: 3Q 2012 Results
AtelS REAL ESTATE INVESTMENT TRUST
Slide 3: A Quick Snapshot
A Quick Snapshot 3Q 2012 Total Net Income (RM' 000) 59,726 Income Available for Distribution ("Realised") (RM' 000) 59,081 Earnings per Unit ("EPU") ("Realised") (Sen) 12.97 Income Distribution Declared (RM'000) 59,112 Distribution per Unit* ("DPU") (Sen) 13.00 Number of Investment Properties 30 Uni
Slide 4: Financial Results – Income Statement Summary
Financial Results – Income Statement Summary Net Property Income exceeds 3Q2011 by 12.76% Changes / 3Q2012 3Q2011 Movement No. of Properties 30 27 +3 Property Income (RM’000) 32,695 29,175 + 12.07% Net Property Income (RM’000) 27,707 24,571 + 12.76% Income Before Taxation (RM’000) 19,208 16,241 + 18
Slide 5: Financial Results – Income Statement
Financial Results – Income Statement YTD 3Q 2012 YTD 3Q 2011 Changes / (RM ‘000) (RM’000) Movement No. of Properties 30 27 +3 Property Income – Note 1 97,767 84,785 +15.31% Property Expenses – Note 2 (14,732) (12,762) + 15.44% Net Property Income 83,035 72,023 + 15.28% Accounting loss on disposal -
Slide 6: Balance Sheet Highlights (RM’000)
Balance Sheet Highlights (RM’000) 30/09/12 31/12/11 Changes Investment Properties 1,425,904 1,276,180 + 149,724 Fixed Assets 602 102 + 500 Other Assets 110,843 22,149 +88,694 TOTAL ASSETS 1,537,349 1,298,431 + 238,918 Borrowings 525,201 311,338 + 213,863 Other Payables 46,419 42,996 + 3,423 TOTAL LI
Slide 7: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 1 – Property Income Increase in property income as compared to last year is due to:- a) Income from 3 new acquisitions completed in the current financial year; Seberang Perai Warehouse 3, Bayan Lepas Distribution Centre, Emerson Industrial Facility
Slide 8: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 2 – Property Expenses Property expenses increased due to three(3) additional properties added to the portfolio. The efficiency ratio (based on the ratio of property expenses over income) of the portfolio of properties remains at 15%, consistent with
Slide 9: 4.30 sen DPU
3rd interim 2012 income distribution 4.30 sen DPU - based on 99% payout ratio on Income Available For Distribution - (after adding back non- cash items as allowed under the Trust Deed - Important dates: Ex-date: 2 November 2012 Entitlement date: 6 November 2012 Payment date : 29 November 2012 9
Slide 10: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 5 – Adjusted Income Before Taxation/ Income Available For Distribution: Earnings by Quarter (3Q12, 2Q12, 1Q12 vs Previous 4 Quarters in FY2011) Income available for distribution 25.00 Increase by an average of 20% 19.86 19.81 19.41 20.00 16.20 16.60
Slide 11: Capital Return and Dividend Return
Capital Return and Dividend Return 240% 227% 200% 87% 160% 110% 112% 120% 31% 70% 43% 80% 140% 18% 40% 81% 22% 67% 52% 4% 18% 0% IPO @ RM1.25 Placement '08 @ Placement '09 @ Placement '10 @ Placement '11 @ RM1.80 RM1.66 RM1.97 RM2.45 Capital Return Distribution Return 11
Slide 12: Summary of EPU (Realised) and DPU
Summary of EPU (Realised) and DPU Increasing DPU y-o-y 20.00 since listing 18.00 17.28 17.20 15.77 15.80 16.01 16.00 16.00 15.46 15.27 14.00 13.60 13.63 12.97 13.00 12.8212.95 12.00 10.00 8.00 6.00 4.87 4.70 4.00 2.00 - 2005 2006 2007 2008 2009 2010 2011 3Q 2012 EPU (realised) DPU 12
Slide 13: Gross Yield Of Investment Properties
Gross Yield Of Investment Properties 18.00% 16.00% 14.00% Average gross yield : 10.68% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 13
Slide 14: Borrowings
Borrowings 2006 2007 2008 2009 2010 2011 2012(3Q) Total Borrowings 88,089 209,816 230,456 308,932 416,609 311,338 525,201 (RM’000) Total Assets 411,781 581,857 726,371 907,745 1,208,897 1,298,431 1,537,349 (RM’000) Gearings 21.39% 36.06% 31.73% 34.03% 34.46% 23.98% 34.16% Effective Interest 4.38% 4.
Slide 15: Gearing Levels
Gearing Levels 45.0% Placements Undertaken 40.0% 37.5% 38.2% 36.1% 35.4%36.0% 36.0% 34.0% 34.5% 34.2% 35.0% 33.0% 33.1% 31.2% 31.8%31.7% 31.3% 30.0% 30.0% 29.1% 28.8% 26.8% 27.3% 25.0% 25.0% 23.7% 23.5% 24.0% 22.4% 21.4% 20.0% 15.0% 14.0% 11.8% 10.0% 5.0% 0.0% 15
Slide 16: Total Assets (RM'000) and Management Expense Ratio
Management Expense Ratio (“MER”) MER= Total administrative expenses incl. Manager and Trustee’s fees Average net asset value of the Fund. 1,500 1,537 10.00 1,400 1,267 1,298 1,300 1,209 1,200 1,100 1,000 953 908 Total Assets (RM'000) 900 % of NAV 800 726 733 700 658 582 600 500 417 400 300 1.47 200
Slide 17: Total Assets and Unitholders’ Funds
Total Assets and Unitholders’ Funds 1,800.0 Total Asset & Unitholders' Funds 1,600.0 1,537.3 1,411.1 1,400.0 1,281.6 1,208.9 1,200.0 1,000.0 952.6 959.3 965.7 907.7 RM mil 800.0 726.4 732.9 755.2 751.2 658.2 581.8 565.2 600.0 550.0 423.2 447.9 450.3 402.3 411.8 416.8 400.0 339.6 334.7 277.9 286.5 29
Slide 18: Asset Enhancement & Appreciation of Values
Asset Enhancement & Appreciation of Values • As at 30 September 2012, only 2 properties; Axis Steel Centre and Wisma Bintang has undergone a full revaluation, as it is mandatory for the management to have a full valuation done every 3 years for each investment property. • The balance 28 will need to
Slide 19: Capital Management
AalS REAL ESTATE INVESTMENT TRUST Capital Management
Slide 20: Capital Management – 1st Unitholders Meeting
Capital Management Unitholders Meeting 1st Unitholders Meeting The 1st Unitholder Meeting was held on 27 September 2012 at The Westin Kuala Lumpur. The following proposals were approved: Proposed acquisition of Wisma Academy parcels Proposed acquisition of the Annex Proposed renewal of IDRP Results
Slide 21: Capital Management – 2nd Unitholders Meeting
Capital Management Unitholders Meeting 2nd Unitholders Meeting Scheduled for end November 2012 or early December 2012 To approve the following proposals:- Proposed disposal of Kayangan Depot Proposed authority to issue up to 90,762,819 new units in Axis-REIT (“Units”), Proposed authority to al
Slide 22: Gearing, IDRP, Manager Fees in Units & IT Transformation
Gearing, IDRP, Manager Fees in Units & IT Transformation
Slide 23: Gearing
Gearing The Manager will be seeking ways to reduce the spreads on loans sought in 2009-2010. The Manager will on maturity swap these loans into the Sukuk paper which carries a 10 year 4.6% interest or other cost efficient financing option.
Slide 24: IDRP
IDRP The application of the IDRP in conjunction with the 2012 2nd interim income distribution was successful carried out and had achieved a subscription rate of 79%. The Manager wishes to announce that the planned IDRP offer as part of the January 2012 dividend will be deferred as the Chinese New Ye
Slide 25: Manager Fees In Units
Manager Fees In Units The application for Manager Fees in units will proceed but the Manager would not be exercising their rights this year.
Slide 26: IT Transformation - YARDI project status
IT Transformation -YARDI project status DATE ACTIVITY Now to 17th Sept Setting up templates / building codes / configurations. 18th Sept – 18th Oct Data Entry – Multi tenanted buildings 9th – 19th Oct Data Entry – Single Tenanted buildings 20th – 30th Oct Verification / checking. Training Champion U
Slide 27: Related Party Transactions
AalS REAL ESTATE INVESTMENT TRUST RelateG| Party Iransactions
Slide 28: List of Related Party Transactions - 30 September 2012
List of Related Party Transactions- 30 September 2012 a) Tenancy in relation to investment property receivable from a Related Party: Transaction Value Interested Director (RM’000) 1) Quick Junction (M) S/B in Axis 19 Stephen Tew Business Park 2) Strateq Data Centre S/B in Stateq 383 Tunku Shahabuddi
Slide 29: List of Related Party Transactions
List of Related Party Transactions c) Acquisition cost of an investment property payable to a Related Party Transaction Value Interested Director (RM’000) Wisma Academy 73,000 Stephen Tew The Annex 12,000 Stephen Tew (subject to unitholders’ approval) d) Disposal cost of an investment property recei
Slide 30: List of Related Party Transactions
List of Related Party Transactions Pending : e) Agency fee in relation to disposal of investment property payable to a Related Party Transaction Value Interested Director (RM’000) Kayangan Depot 236 Stephen Tew ** ** Hectares & Stratas is a real estate agency owned by Mr Stephen Tew
Slide 31: Disposal of Kayangan Depot
AalS REAL ESTATE INVESTMENT TRUST DiSpOSal OT Kayangan Depot
Slide 32: Kayangan Depot, Shah Alam
Kayangan Depot, Shah Alam Land Area : 3 acres (132,697 sq ft), Leasehold 99 yrs expiring on Jan 2086 Gross Built Up : 173,582 sq ft Sale Process : By way of open tender Successful Bidder : Exceptional Landmark Sdn Bhd Sale Price : RM23.6 million Valuation : RM 22.0 million ( as per Valuation report
Slide 33: Real Estate Report
AalS REAL ESTATE INVESTMENT TRUST
Slide 34: Key Metrics
Key Metrics Portfolio Size: As at 30th September 2012 the Portfolio have 30 assets comprising 5,327,718 sq. ft. and 106 tenants Occupancy: The Portfolio has an occupancy of 93.41% as at 30th September 2012. This is down from 97.67% as at 30th June 2012 Gross Income Our Gross Income was RM97,766,128
Slide 35: Income Growth – Rental Reversions in Q3 2012
Income Growth – Rental Reversions in Q3 2012 Space Renegotiated Properties (Sq. Ft.) % Movement Menara Axis -* +10.00% Crystal Plaza 12,433 +10.06% Axis Business Park 28,996 +4.02% Infinite Centre 9,250 +4.55% Axis Plaza -* +25.00% Wisma Kemajuan 5,252 +3.39% Kayangan Depot 2,609 No Change FCI 136,6
Slide 36: Tenant New Leases – as at Q3 2012
Tenant New Leases – as at Q3 2012 The Manager has successfully negotiated 16 new leases this year, for a total of 284,085sq.ft Currently a further 6 deals are under negotiation for a total of 39,745sq.ft. These deals should close by year end.
Slide 37: Occupancy Rates – 30th September 2012
Occupancy Rates – 30th September 2012 As at 30th September 2012 Axis REIT has only 8 out of 30 properties that carry Vacant Occupied vacancy. 22 properties enjoy 100% occupancy Occupancy 6.59% As at 31st Dec, 2011 97.22% As at 30th Sep, 2012 93.41% The fall in occupancy is attributable to the planne
Slide 38: Occupancy Rates – 1st October 2012
Occupancy Rates – 1st October 2012 As at 1st October 2012 the vacancy will fall to 5.11% as we have secured a temporary tenant for Kayangan Depot Vacant Occupied Occupancy As at 31st Dec, 2011 97.22% As at 30th Sep, 2012 93.41% 5.11% As at 1st Oct, 2012 94.89% 94.89%
Slide 39: Occupancy Rates – 30th Sept 2012
Occupancy Rates – 30th Sept 2012
Slide 40: Risk Management- Keeping a Diverse Portfolio
Risk Management- Keeping a Diverse Portfolio Portfolio Diversification by Type and NLA Portfolio Diversification by Geographical and NLA Single Tenant Vs Multi-Tenants 40.3%
Slide 41: Occupancy Rates
Occupancy Rates Occupancy rates of properties below 90% as of 30th September 2012 Occupancy % Under Refurbishment Sold Note: Vacant space in Fonterra HQ is built for their future expansion. Axis Business Campus (formerly Wisma Bintang) has been deliberately emptied as it is undergoing a major en
Slide 42: Risk Profile – Manageable Lease Expiry Profiles
Risk Profile – Manageable Lease Expiry Profiles % of % of % of Year % of Rental Year % of Rental Year % of Rental Income/ Income/ Income/ Property 2012 Total NLA month 2013 Total NLA month 2014 Total NLA month Menara Axis - - 0.04 74,636 1.40 2.74 46,548 0.87 1.84 Crystal Plaza 12,433 0.23 0.46 193,
Slide 43: Weighted Average Lease Expiry (WALE)
Weighted Average Lease Expiry (“WALE”) The Weighted Average Lease Expiry For the Portfolio is: Q3/2012 Q2/2012 By NLA 5.41 5.64 By Rental 5.11 5.19 Note : Fall in Wale is caused by increase in short term tenancies – eg; Tasco / TNB etc
Slide 44: Risk management - Top Ten Tenants
Risk management -Top Ten Tenants -Strong Rental Covenants 1. Konsortium Logistik Bhd 2. LF Logistics Services (M) Sdn Bhd (Formerly known as IDS Logistics Services (M) Sdn Bhd) 3. Schenker Logistics (M) Sdn Bhd 4. Tesco Stores (M) Sdn Bhd 5. Tenaga Nasional Bhd 6. Fuji Xerox Asia Pacific Pte Ltd 7.
Slide 45: Facilities Matters
Facilities Matters Compliance – Fire Drills : As at Q3 we have conducted 18 out of 32 planned fire drills – all buildings will be completed this year. Preventative Maintenance Programs : This year we have conducted an active program of facilities enhancements and improvements designed to ensure the
Slide 46: Summary of Projects Currently Undertaken
Summary of Projects Currently Undertaken Projects Underway Budget Description Status Infinite Centre Refurbishment RM 7,376,275 approved by Board Construction start: 16th Jul. 2012 Construction end: 15th Nov.2012 Wisma Bintang Refurbishment RM20, 940,740.00 approved by Board Four (4) tender phase in
Slide 47: Infinite Centre Enhancement
Infinite Centre Enhancement Perspective View – Main Frontage:
Slide 48: Infinite Centre Enhancement
Infinite Centre Enhancement Project aim: Facelift for an older asset. A “Defensive Play” To make the asset more competitive in a tightening PJ office / Industrial market Section has transformed – Jaya One, New development at the Star Newspaper site, Jaya 33 new extension, land prices have skyr
Slide 49: Infinite Centre Enhancement
Infinite Centre Enhancement Progress Update – as at 17th October 2012 Female toilet at First floor Male toilet at First floor New Gen-Set room in construction Basement car park to re-do
Slide 50: Infinite Centre Enhancement
Infinite Centre Enhancement Progress Update – as at 17th October 2012 A/C relocation in progress External painting in progress New Cargo lift installation Third floor lobby in new tiles
Slide 51: Infinite Centre Enhancement
Infinite Centre Enhancement Progress Update – as at 17th October 2012 Third floor lobby new wall tiles Scaffolding erected for new cladding Third floor warehouse new corridor works in progress
Slide 52: Infinite Centre Enhancement
Infinite Centre Enhancement Progress Update – as at 17th October 2012: : 25th July 2011 Board presentation √ MBPJ submission 25th May 2012 √ MBPJ approval : 28th June 2012 √ Tender completed : 7th June 2012 √ : 3rd July 2012 Contractors Award √ Site Possession : 6th July 2012 √ : 16th July 2012 Cons
Slide 53: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Perspective View – Main Frontage:
Slide 54: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Project aim: Aggressive Aim – The is a “Product Re-positioning” play Rebranding the building as “Axis Business Campus” We are enhancing to unlock the potential value from 5 acre development of prime PJ land. We anticipate a significant increase in rentals P
Slide 55: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Progress Update – as at 17th October 2012 Phase 1: Sub-station piling works in progress Phase 1: Sub-station piling works in progress
Slide 56: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Progress Update – as at 17th October 2012: Board presentation : 16th January 2012 √ Architectural drawing preparation : 9th April 2012(completed) √ MBPJ submission : 25th May 2012 √ MBPJ approval for TNB and Cherry/C&C : 28th June 2012 √ MBPJ approval for New 6-Sto
Slide 57: Summary of Projects - Planned
Summary of Projects - Planned Wisma Academy Refurbishment and Futsal Redevelopment Concepts: Concept Aims: • Upgrade Wisma Academy • Additional building GFA on futsal site • Amalgamation of site functionality Proposed new look for Wisma Academy
Slide 58: Summary of Projects - Planned
Summary of Projects - Planned Wisma Academy Refurbishment and Futsal Redevelopment Concepts: Futsal Redevelopment
Slide 59: Summary of Projects - Planned
Summary of Projects - Planned Wisma Academy Refurbishment and Futsal Redevelopment Concepts: Wisma Academy and Futsal overall
Slide 60: MSC Status
MSC Status Project Aims: To position our buildings to attract Multinationals with a MSC requirement. This will drive rents in the future. Buildings are excellently located nest to LRT stations or have access. 1st Target Property: Menara Axis Status: Budget of RM 4.43 million has been tabled and Boar
Slide 61: Reports
Reports 1. Malaysian REIT Managers Association (MRMA) 2. Corporate Social Responsibility
Slide 62: MRMA Report
MRMA Report Membership I am pleased to report that we have added one member to the membership roll – Pintar Projek Sdn Bhd (Starhill REIT) represented by their Company Secretary Ho Say Keng To date we have a total of 15 REIT managers and 1 Bank as members. Committees The Association has three workin
Slide 63: MRMA Report
MRMA Report Website. This is now live and the URL is www.mrma.my Members Meeting 3Q 2012 The members met for their 3rd Quarterly meeting at the PJ Hilton on the 2nd October 2012. It was a breakfast meeting of members and a joint meeting with the APREA Malaysia Chapter. The meeting had 45 attendees.
Slide 64: CSR Report
CSR Report Refurbishment of the HQ for the Malaysian Association of the Blind
Slide 65: CSR Report
CSR Report Project Description The project is a proposal to carry out internal and external re-painting works of Malaysian Association for the Blind (MAB) main activity block and other related areas such as fencing and staircases. Project Cost Total project cost was RM 50,000.00 including labour and
Slide 66: CSR Report
CSR Report The Rat Race Axis REIT sent in a team to participate in the 2012 Edge Bursa Rat Race held on the 25th September 2012. We came 14th out of a field of 50 much larger competing companies. The Fund contributed RM 18,000 towards the event in support several deserving charities listed as recipi
Slide 67: Investor Relations
AalS REAL ESTATE INVESTMENT TRUST Investor Realtions
Slide 68: Unit Price Performance - Continues to trend upwards
Unit Price Performance - Continues to trend upwards Month End Closing Prices 3.2 3.06 3.08 3 3.00 2.85 2.8 2.80 2.75 2.73 2.74 2.71 2.68 2.6 2.63 2.62 2.59 2.4 2.2 2 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 10th .....2011 2012 • Prices have increased consistently in Q3, with September clo
Slide 69: Outperformed the KLSE in 3Q 2012
Outperformed the KLSE in 3Q 2012 AXIS REIT vs KLCI (Oct 2011- Sep 2012) Price & Volume Statistics Current Price : RM3.04 Average Monthly Volume in the last 12 : 3,945,900 months Highest Monthly Volume in the last 12 : 7,386,300 months @May 2012 Lowest Monthly Volume in the last 12 : 2,282,800 months
Slide 70: Top 10 Unitholders
Top 10 Unitholders No. UNITHOLDERS > 1MILLION UNITS 1 EPF 2 TEW PENG HWEE @ TEOH PENG HWEE AMANAH RAYA TRUSTEES BERHAD 3 SKIM AMANAH SAHAM BUMIPUTERA 4 ALEX LEE LAO KUMPULAN WANG PERSARAAN 5 (DIPERBADANKAN) 6 ABAS CARL GUNNAR BIN ABDULLAH CITIGROUP NOMINEES (TEMPATAN) SDN BHD 7 EXEMPT AN FOR AMERICA
Slide 71: ROD Analysis – Top 10 Unitholders
ROD Analysis – Top 10 Unitholders Notable mention of changes in CDS shareholdings Increases in holdings: 1) Largest increase at 1.1 mil units (Amanah Raya Public Small Cap Fund) 2) Amanah Raya’s Public Islamic Opportunities fund has been adding units aggressively. From Q1 to Q2, its holdings jumped
Slide 72: Improving Investor Visibility and Liquidity
Improving Investor Visibility and Liquidity No. of Unitholders 3000 2745 2773 2702 2711 2597 2420 2500 2230 2109 1959 2000 1652 1500 1000 500 0 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Mar-12 Jun-12 Sep-12 Quarter-on-quarter, number of CDS accounts have increased by 28 Total foreign hold
Slide 73: Volume
Volume • Overall volume traded has been on the downtrend compared to last quarter. • 10.36 mil units were traded in 3Q2012, which is 38% lower than total volumes in the previous quarter (16.75 mil units transacted). • Total volumes in 3Q2012 (10.36 mil units) are 1.5% lower than total volumes in 3Q2
Slide 74: Investor Outreach Program
Investor Outreach Program To Generate Retail Investor Interest: Wealth Mastery Convention – Audience Size = ~1500 people 1. Stewart LaBrooy spoke for the 2nd time at the Wealth Mastery Convention on Aug 5th 2012. 2. A third speaking engagement with Wealth Mastery is currently being organised for Q1
Slide 75: Unitholders’ Meeting Update
Unitholders’ Meeting Update Wisma Academy & The Annex Acquisition Voted In: 1. 100% Voted for the Acquisition. 2. Unitholders were impressed with the proposed enhancement plan, especially for the Annex. 3. Voting Unitholders were supportive of management. Feedback from voters indicated that they are
Slide 76: Awards – APREA Best Practices Award
Awards – APREA Best Practices Award Congratulations on winning the Emerging Markets Highly Commended Award This is the 3rd year running Axis REIT has scored tops in Corporate Governance in Asia 76 Pacific.
Slide 77: Acquisitions
S Ra REAL ESTATE INVESTMENT TRUST A
Slide 78: Emerson Facility at Nilai, Seremban
Emerson Facility at Nilai, Seremban Land Area : 7.27 acres (316,863 sq ft) Gross Built Up : 192,677 sq ft Land Tenure : Leasehold (84 years unexpired) Occupancy : 100% Tenancy/lease period : 3+3+3 years Tenants : Emerson Process Management Manufacturing & K Plastics Industries Purchase Price : RM 26
Slide 79: Wisma Academy & The Annex, Petaling Jaya
Wisma Academy & The Annex, Petaling Jaya Land Area : 3.5 acres (152,269 sq ft) Gross Built Up : 411,256 sq ft Land Tenure : Leasehold Occupancy : 100% Tenancy/Term : Multiple tenancies with various tenancy terms Major Tenants : Dataprep Holdings, Ban Leong Technologies, TNB Purchase Price : RM85.0 m
Slide 80: Total Size of Pipeline for 2012 / 2013
Total Size of Pipeline for 2012 / 2013 1 Logistics DC in Bayan Lepas (Value RM48,500,000) *Completed 1 Logistics DC in Prai (Value, RM59,000,000) *Completed Emerson Facility in Nilai (Value RM 27,000,000) *Completed Wisma Academy and Annex in Petaling Jaya (Value RM 85,000,000) *Completed Comple
Slide 81: Thank You
AsxelS Thank You
Axis Real Estate Investment Trust — Q3 2012 Earnings Presentation on 6ix