I can't really wrap my head around the overall decrease in...

I can't really wrap my head around the overall decrease in reviewed rent over the period (see below).


Particularly when you consider:
a) That 55% of the tenancy contracts are CPI [Inflation] linked, and the remaining 45% have 3% fixed increases in rent pa. And
b) That the underlying commercial property index rose substantially over the period.






I think these pieces of information speak to the relationship between the property owner, BWP, and the (majority) tenant, Bunnings.

As we can imagine, Bunnings carries significant bargaining power in rent negotiations, considering their size.

And I think this last result reeks of this pricing power being leveraged in favor of Bunnings.