BWP Trust

BWP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.20	Vgq	Fptwrklg

BWP Trust's Soft Patch to Continue as Vacancies and Higher Interest Rates Offset Rental Growth

Adrian Atkins

Jan 24, 2024

Business Strategy and Outlook

For over 20 years, BWP Trust has consistently applied a strategy of generating rental income from long duration leases over warehouse properties predominantly tenanted by home improvement retail business, Bunnings. Although BWP Trust is proposing to transition some Bunnings Warehouse stores to alternative uses, strategy is to have 80%-90% of rental income from Bunnings. Wide-moat Wesfarmers owns 100% of Bunnings and 25% of BWP Trust, and is the trust's responsible entity.

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