A high quality Real Estate Investment Trust with a strong key tennant in Bunnings, BWP has dependable rental earnings that have prescribed annual increases.

That being said, earnings growth (exclusing non-cash market revaluations) is likely to be modest -- somewhere in the vaccinity of 3-4% per annum at best, on avergae, over the longer term. That's because its footprint growth and rental increases have limited (but dependable) growth potential. There's also the impact of rising interest rates.

The latest results show distribution growth of 1.7% over the past year, and management are calling for the same in the current year.

With unfranked distributions, I'd need a yield of around 6% to be interested. See my forecast page for valuation