For full functionality of this site it is necessary to enable JavaScript. Here are the instructions how to enable JavaScript in your web browser. Bunnings hardware store landlord BWP Trust will deliver more modest distribution growth in the coming year, as low inflation puts a brake on rental increases.

The modest growth outlook for will be typical for property trusts such as BWP which have a large proportion of CPI-linked rental reviews embedded in their leases, Shaw and Partners senior analyst Peter Zuk wrote in a client note. Investors instead may be more focused on the strength of BWP's covenants with its main tenant and the valuation upside from any sale or repositioning of its investment properties, Mr Zuk wrote.

BWP Trust (ASX:BWP) - Share Price and Dividend Yield - Intelligent Investor

That represents a 48 per cent lift on the result. As private investors, hungry for yield, pay more to get their hands on Bunnings-leased stores, the value of the BWP Trust portfolio rises. Recent Bunnings transactions are yielding around 5 per cent. The cap rate for the overall BWP portfolio tightened 56 basis points over the year to 6. The stock is trading at a staggering 45 per cent premium on its net tangible assets.

A healthy premium remains despite the NTA figure already rising But the highly successful trust faces a quandary. New stores are too expensive to buy, and nor does the trust want to necessarily sell off the ones it owns.

No acquisitions were made in the last year. Citi analyst Adrian Dark noted during an analyst call that, even as investors put a premium on BWP's security of income, the average lease length across its portfolio is steadily declining. It is now at 5. Mr Wedgwood and his team were quick to point out that the structure of leases has changed — with more options — and the great majority of Bunnings' were expected to go well beyond the the 5.

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