Overview of BWP Trust's full-year 2024 results

BWP Trust (ASX: $BWP) has reported a net profit of $180.2 million for the financial year ended 30 June 2024, including $61.0 million in net unrealised gains in the fair value of investment properties and derivatives. The full-year distribution stood at 18.29 cents per ordinary unit, with $1.8 million of capital profits released. The Trust completed the acquisition of Southport Showrooms, Queensland and Broadmeadows Homemaker Centre, Victoria, and the $540 million acquisition of Newmark Property REIT. The merger with NPR resulted in a combined portfolio of $3.5 billion, providing a platform for income and capital growth.

Executive commentary on BWP Trust's performance and outlook

The merger with NPR has significantly expanded our portfolio, demonstrating our capacity to grow through complementary assets. We have maintained a strong capital position post-acquisition, with gearing remaining at the lower end of our target range, providing us with continued financial flexibility and capacity. Our focus for the upcoming year includes progressing the repurposing of ex-Bunnings properties, filling vacancies, completing store upgrades, and actively assessing opportunities to grow the portfolio. Subject to no major disruption, we expect the distribution per unit for the year ending 30 June 2025 to be approximately 2.0 per cent higher than the prior year.

Summary of BWP Trust's full-year 2024 results and outlook

BWP Trust (ASX: $BWP) has reported a strong net profit of $180.2 million for the financial year ended 30 June 2024, driven by net unrealised gains in the fair value of investment properties and derivatives. The completion of the merger with NPR has expanded the portfolio to $3.5 billion, providing a platform for income and capital growth. The Trust's focus for the upcoming year includes portfolio optimization, profitable growth, and portfolio renewal, with an outlook of approximately 2.0 per cent higher distribution per unit for the year ending 30 June 2025, subject to stable market conditions.