BWP Trust Makes Progress on Reducing Vacancy Risk, FVE Unchanged at AUD 2.85
Narrow-moat-rated BWP Trust reported distributable income for the first half of fiscal 2018 and provided full-year distribution guidance only slightly ahead of our forecasts. We maintain our AUD 2.85 per unit fair value estimate. Units are currently trading slightly above our intrinsic valuation and offer a 6.0% yield. Management provided a detailed update on the properties which Bunnings intends to vacate in the near to medium term. Progress has been made, but vacancy risk remains.Distributabl...
BWP Trust is a real estate investment trust, investing in and managing commercial properties throughout Australia. Co. invests in properties with long-term leases to substantial tenants, predominantly in the bulky goods retail sector. The majority of Co.'s properties are retailing properties, in particular, Bunnings Warehouses, leased to Bunnings Group Limited.
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