Highlights

  • BWP Trust increased FY26 distributions 4.1% to 19.41 cents per security, supported by its property portfolio and Lease arrangements overall.
  • Statutory profit rose 53.8% to AUD 408.4 million, including AUD 257 million of property valuation gains during the financial year.
  • BWP completed management internalisation and extended 62 Bunnings leases, taking its weighted average lease expiry to 7.3 years overall overall.
  • Credit rating agency Moody’s upgraded BWP to A3 stable, while management guided FY27 distributions of 20 cents per security overall.

BWP Trust reported its FY26 full-year results on 19 August 2026, delivering distributions of 19.41 cents per security for the year ended 30 June 2026 — a 4.1% increase on FY25. Revenue rose 3% to $209.3 million, while statutory net profit after tax surged 53.8% to $408.4 million, driven primarily by $257.0 million in portfolio valuation gains. The year was also marked by two significant structural improvements: the completion of management internalisation on 1 August 2025, and the reset and extension of 62 Bunnings Warehouse leases — transformative steps that have materially improved the portfolio's income security profile.

Bunnings Lease Reset and Portfolio Uplift

The reset and extension of 62 Bunnings Warehouse leases during FY26 was central to BWP's portfolio transformation. These long-term leases provide the Trust with enhanced income certainty and a materially longer weighted average lease expiry (WALE), which reached 7.3 years at 30 June 2026. Property valuations increased by $257.0 million for the year, with the weighted average Capitalisation rate firming 15 basis points to 5.25% — reflecting strong investor Demand for Bunnings-anchored properties. Net Tangible Assets (NTA) per security rose 3.3% to $4.11 (from $3.98 at 30 June 2025).

Management Internalisation and Balance Sheet

BWP completed the internalisation of its management function on 1 August 2025, aligning the interests of management more closely with securityholders and eliminating external management fees. During the year, BWP also completed a $228 million Equity raise to fund growth, reduce gearing, and support its large format retail (LFR) expansion strategy. Moody's responded by upgrading BWP's Credit rating to A3 stable, reflecting the improved Balance Sheet profile and income security of the internalised structure.

FY27 Outlook

Looking ahead, BWP management guided FY27 distributions of 20.00 cents per security — approximately 3% growth on FY26's 19.41 cents. The Trust trades at an approximately 8.8% discount to its reported NTA of $4.11, which Citi and other Brokers consider attractive following the balance sheet reset. With its Bunnings portfolio extended on long leases and management internalised, BWP enters FY27 with improved operational efficiency, stronger income security, and a meaningfully higher NTA per security than at any prior point in its history.

Stock Price Information

On 6 November 2026, BWP Trust (ASX:BWP) shares recorded a change in price. For current pricing, refer to the ASX website or your broker platform.