BWP Trust’s Attention on Managing the Upcoming Vacating of Properties
Narrow-moat-rated BWP Trust’s interim result for fiscal 2017 met our expectations, reporting distributable income of AUD 55.5 million and like-for-like rental growth of 2.4% year on year. The trust’s distribution guidance for fiscal 2017 is also unchanged, at an increase of 3% on fiscal 2016. As such, we maintain our AUD 0.17 distribution per unit estimate for the full year, presenting an attractive yield of 6.0% at the current unit price. We maintain our AUD 2.85 fair value estimate, and securi...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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