** Analysts at UBS say August share gains across Australian-REITs were driven by multiple expansion, with management sounding more positive on the cycle turning

** Flags FY25 results were broadly in line, with ~67% meeting expectations; FY26–28 earnings forecasts lifted modestly (+1% FY26, +2% FY27)

** Highlights improving residential trading, buoyant retail, "green shoots" in Victoria housing, and better office metrics from a low base; logistics mixed

** Says Centuria Capital CNI.AX, Stockland SGP.AX and GPT Group GPT.AX among those with standout results

** Adds sector valued at 17.2x FY26 P/E, slightly above prior cutting cycle (2015) but with growth outlook intact; is trading at 7.9% premium to net tangible assets

** UBS has "Buy" ratings on Dexus DXS.AX, HMC Capital HMC.AX and BWP Trust BWP.AX among others

** Maintains "Sell" on Vicinity VCX.AX and Charter Hall CHC.AX; sees valuation support emerging for Goodman GMG.AX

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))