More than half of the income growth from the landlord’s $3.7 billion portfolio is directly or indirectly linked to inflation through annual rent increases.
Greg Goodman says rents are rising 15 to 20 per cent in places such as Los Angeles and Sydney due to a lack of supply to meet rising demand driven by ecommerce.
While the hardware giant has enjoyed a 20 per cent boost in earnings during the pandemic, it has negotiated lower rents on some warehouses with landlord BWP Trust.