0128 GMT - The worst appears to be behind BWP Trust, says Morgan Stanley, which lifts the stock to equal-weight, from underweight. Analyst Simon Chan says BWP has been affected by the Wesfarmers-owned Bunnings home-improvement chain vacating 14 sites between FY 2018 and FY 2023. Now, alternative sites for Bunnings may not be so readily available. Occupancy rates of circa 99% should be sustainable, after trending at circa 97% in the last few years, MS Says. "As such, we believe following several years of supporting distribution out of capital profits, BWP should fully fund its distribution via operating earnings from FY 2026," the bank says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
September 15, 2024 21:28 ET (01:28 GMT)
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