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BWP Trust (BWP) investor relations material
BWP Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Focused on portfolio optimization and profitable growth, driving increased rental income and distributions year-over-year.
Completed major redevelopment approvals and advanced leasing at key sites, including Fountain Gate and Northland.
Internalization transaction with Bunnings lease reset and capital commitments approved and completed post year-end.
Financial highlights
Total income for FY25 was $303.3M, up 16.5% year-over-year.
Net profit for FY25 was $365.6M, including $135.9M in net unrealized gains; prior year net profit with fair value gains was $180.2M.
Net profit before revaluations was $129.7M, up 8.7% year-over-year; excluding $3.3M in one-off costs, up 11.5%.
Net tangible asset backing rose 5% to $3.98 per unit.
Total ordinary distribution for the year was $0.0865 per unit, a 2% increase.
Outlook and guidance
FY26 will see peak impact from Bunnings vacancies, with increased site repurposing and CapEx expected to be four times FY25.
Distribution per unit for FY26 forecast at $0.09041, a 4.1% increase, supported by capital profit release and internalization benefits.
CapEx expected to materially step down in FY27 as repurposing activity subsides.
Lower capital profit release expected in FY27 as earnings benefit from internalization and lease reset.
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