I thought the majority of rental agreement were CPI-linked but you are correct it's only 5%!!
From the FY21 annual report:
The investment properties are leased to Viva Energy Australia Pty Limited (96.6% of rental income), other fuel operators and various convenience and fast food store operators (3.3% of rental income) under long-term operating leases with rent payable in advance monthly, quarterly or annually. Rental income for 94.8% of the investment properties is subject to fixed annual increases of 3.0% or greater. The remainder of the leases largely have CPI-linked rent reviews, but there are no other variable lease payments that depend on an index or rate.
A 3-year Australian bond would now give you a higher yield. Not good for WPR... They recently sold some assets and might hopefully use the proceeds to reduce gearing.
WPR Price at posting:
$2.19 Sentiment: None Disclosure: Held
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