News: WPR UPDATE 1-Viva Energy's operating earnings surge on strong demand, tight supplies, page-4

It can and likely will go lower over the next 6-12months.

These assets aren't "inflation protected". Rents increase at a fixed rate of 3% p.a and if CPI is 6% then our rents only go up 3%.

This is important to know if we're going to be going through an inflationary period because our rents will be falling behind at a time when interest costs will be exploding.

I really was interested in Waypoint till i found this out but think there's a way to go before it gets interesting.

They also have debt covenants that kick in at 40% LVR with a higher interest margin, then at 45% LVR stopping distributions and then at 50% they go into default. They've got 30% gearing, so it feels unlikely at the moment but cap rates are going to unwind and in 6-12 months time, this is when it'll get interesting looking at Waypoint.