Full-year revenue $152.2m, down 2.3pc from $155.8m
Distributable profit $117.5m, v $117.5m
Net profit $263.2m, up 25pc from $210.6m
Final dividend 9.27¢ v 9.27¢, payable August 20
Fierce competition among private investors for Bunnings warehouses has delivered a big boost to the value of BWP Trust’s portfolio, even as the ASX-listed landlord locks in innovative lease deals with new tenants including a film studio and a vaccination hub.
Over the 12 months to the end of June, BWP booked a $149 million valuation gain across its portfolio of 74 large-format retail properties (now worth $2.7 billion) as cap rates – or yields – tightened 43 basis points to 5.65 per cent.
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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
