AREITs continued the good news story with some solid financial results and only a couple of disappointments, led by Cromwell (CMW). In late news Bunnings Property Trust (BWP) received news from their tenant Bunnings that they will exit up to seven existing sites. Essentially, Bunnings will replace some of its existing sites with replacement stores from its expected site acquisitions (ex-Masters). This is subject to the finalisation of sale arrangements by Woolworths. While the stock has sold off, I think it could be a reasonable outcome as it allows BWP to explore higher and better uses for each site ahead of the lease expiries. In the short-term, it shouldn’t impact earnings as the tenant has a contractual lease and is legally obliged to pay rent! I summarise results for BWP Trust, Westfield Group, Scentre Group, and more below.