Hotel Property Investments

HPI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.90	Ztf	Fklrwhlqp

Hotel Property’s FVE Unchanged on in Line First-Half 2020 Results

Feb 21, 2020

Our fair value estimate remains AUD 3.30 per security for no-moat Hotel Property Investments following in line first-half fiscal 2020 results. Average rental increases of 3.5% during the half-year is tracking in line with expectations. Our forecast fiscal 2020 distribution of AUD 20.7 is also in line with management’s reaffirmed guidance. At our fair value estimate, the REIT has a fiscal 2020 distribution yield of 6.3%.

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