Waypoint REIT's first half result was solid with good visibility on earnings and distributions, relates Morgans.

An increase in earnings was driven by increased rental income from annual fixed rate increases of circa 3%, as well as income from recent acquisitions, which offset higher management and administration fees/funding costs, notes the broker.

The trust will pay a first half distribution of 7.41 cents on August 27.

The analyst notes the security price is at the behest of the direction of bond rates.

The Add rating is maintained. The target price is increased to $2.81 from $2.71

Sector: Real Estate.

Target price is $2.81.Current Price is $2.67. Difference: $0.14 - (brackets indicate current price is over target). If WPR meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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