Waypoint REIT

What Waypoint REIT does

Waypoint REIT is Australia's largest listed real estate investment trust focused solely on fuel and convenience retail properties. The vehicle holds a portfolio of 395 service station and convenience properties valued at $2.86 billion as at 31 December 2025, geographically diversified across all Australian States and mainland Territories and segmented across Capital Cities, Other Metro, Highway, and Regional locations. It operates under a stapled security structure on the ASX (ticker: WPR), comprising Waypoint REIT Limited (ABN 35 612 986 517) and the Waypoint REIT Trust (ARSN 613 146 464). The REIT was originally listed in 2016 as Viva Energy REIT and rebranded to Waypoint REIT in 2019.

Waypoint REIT generates revenue almost entirely through rental income from long-term, predominately triple net leases to anchor tenant Viva Energy Australia (which operates the Shell-branded retail network). FY25 rental income was AUD $165.5 million and accounted for 94.1% concentration from this single tenant, with statutory net profit of $200.1 million reflecting substantial property revaluation gains. Distributable earnings per security were AUD 0.1664 (up 1.0% year-on-year) with FY26 guidance of 3% DEPS growth, and the REIT distributes 100% of distributable earnings to securityholders on a quarterly basis. Operational metrics include a 97% lease retention rate, 11.7% positive rental reversions on renewed leases, a 6.4-year weighted average lease expiry, and a 5.61% weighted average capitalisation rate.

The business model is that of a passive, externally-managed-style REIT with a small in-house management team (1-10 employees) overseeing a portfolio relationship with a single anchor counterparty. A majority-independent Board governs the vehicle, and FY25 capital management included completion of a $50 million on-market buyback. The REIT's investment proposition rests on contracted, escalator-protected rental income, geographic diversification of fuel-and-convenience real estate, and quarterly distributions to institutional and retail securityholders.

Name

Waypoint REIT

Legal name

Waypoint REIT Limited

Website

https://waypointreit.com.au

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Waypoint REIT is Australia's largest listed REIT focused solely on fuel and convenience retail properties, operating 395 properties valued at $2.86 billion under long-term triple net leases to anchor tenant Viva Energy Australia and distributing 100% of distributable earnings quarterly to securityholders.

Ownership category

akta.pro rank

Product category

Fuel and Convenience Property REIT

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Real estate investment trust
• Fuel retail properties
• Convenience retail property
• Commercial property leasing
• Triple net leases

Headquarters

HQ city

Docklands

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Property Rental Income: Waypoint REIT generates revenue through rental income from its portfolio of 395 fuel and convenience retail properties leased to Viva Energy Australia under long-term, predominately triple net leases. FY25 rental income was $165.5 million.

Distribution channels1 record

Marketing channels5 records

Core offering

Waypoint REIT owns a national portfolio of 395 fuel and convenience retail properties across all Australian States and mainland Territories, valued at $2.86 billion as at 31 December 2025. The REIT earns substantially all of its revenue from long-term, predominately triple net leases to anchor tenant Viva Energy Australia, with FY25 rental income of $165.5 million. As a stapled security listed on the ASX (WPR), the company's primary offering is exposure to a market-leading national fuel and convenience property network providing contracted rental income, contracted revenue growth, and an attractive distribution yield to securityholders.

Product overview

Waypoint REIT is Australia’s largest listed REIT owning solely fuel and convenience retail properties. The company operates a portfolio of 395 fuel and convenience properties across Australia valued at $2.86 billion, classified into four segments: Capital Cities, Other Metro, Highway, and Regional. The REIT provides securityholders with a real estate portfolio forming part of a national fuel retailing and convenience store network, with long-term, predominately triple net leases to anchor tenant Viva Energy Australia. The company's primary offering is its property portfolio investment vehicle rather than distinct products or services in the technology sense.

Differentiator

Problem solved

Functional benefit

Products and services

• National fuel and convenience retail property portfolio Owns and leases a portfolio of 395 fuel and convenience retail properties across all Australian States and mainland Territories, valued at $2.86 billion as at 31 December 2025, on long-term predominately triple net leases to anchor tenant Viva Energy Australia (with 94.1% rental income concentration). The portfolio is classified into four geographic segments: Capital Cities, Other Metro, Highway, and Regional properties. Investors gain exposure to a national fuel and convenience property network providing contracted recurring rental income and quarterly distributions.

Quantifiable outcome

• 97% lease retention rate achieved in FY25
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Viva Energy AustraliaflagshipChannel Partner/ Reseller/ DistributorViva Energy Australia is the anchor tenant of Waypoint REIT, leasing fuel and convenience retail properties under long-term, predominately triple net leases. The partnership provides 94.1% of Waypoint REIT's rental income concentration. Viva Energy Australia operates the Shell network of service stations and convenience stores across Australia.

Scale indicators15 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Scentre Group: Owner and operator of Westfield-branded shopping centres in Australia and New Zealand. Comparable as an Australian listed retail-focused REIT with similar stapled security structure and significant retail property exposure.
• Stockland Corporation: Australia's largest diversified property group with retail town centres, residential and logistics assets. Comparable as a diversified listed REIT with retail property exposure, similar governance structure, and competing for retail property capital allocation.
• Mirvac Group: Australian integrated property group with retail, office, industrial and residential development. Comparable as a major listed Australian REIT with retail property holdings and similar governance standards.
• GPT Group: Australian diversified REIT with retail, office and logistics portfolios. Comparable as a large-cap Australian listed REIT with retail property exposure and a similar stapled security structure to Waypoint.
• Charter Hall Group: Major Australian diversified REIT and funds manager with significant retail, office, industrial and logistics portfolios. Comparable as a large-scale Australian listed REIT operating in retail-adjacent property markets and competing for institutional capital.
• Dexus: Australian listed REIT focused on office and industrial real estate, with growing exposure to real estate funds management. Comparable as a large-cap Australian listed REIT with similar distribution policy and stapled structure.
• Vicinity Centres: Australian listed REIT owning a portfolio of convenience-led shopping centres. Comparable as a retail-focused Australian listed REIT, particularly relevant for benchmarking retail net-lease economics and yield trends.

Regional players

• Ingenia Communities: Australian listed REIT focused on lifestyle, tourism and manufactured housing estates. Comparable as a specialty single-niche Australian listed REIT with similar distribution-focused investor base, though focused on a different property vertical.

Direct peers

• BWP Trust: Australian listed REIT focused on large-format, single-tenant retail properties leased predominantly to Wesfarmers' Bunnings hardware chain. Closely comparable to Waypoint due to its single-tenant triple-net lease model, similar distribution yield orientation, and long WALE structure.
• Hotel Property Investments: Australian listed REIT focused on a single property niche (freehold pub and hotel properties leased to operators). Comparable to Waypoint as a specialty single-asset-class listed REIT using long-term triple-net leases to a small group of tenants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waypoint REIT