Bunnings landlord BWP Trust has set the scene for what could be a major theme for real estate investment trusts this reporting season – the resetting of property values – after revealing asset write-downs across its near $3 billion large-format retail portfolio.

The first of the A-REITS to report its full-year 2023 results, the owner of 65 Bunnings warehouses revealed a 2.2 per cent or $64.6 million net fall across its property portfolio as capitalisation rates (akin to investment yields) blew out by 33 basis points to 5.38 per cent over the final six months of the financial year.