Key Highlights

  • Statutory profit attributable to securityholders rose 53.8% to $408.4 million, compared with $265.6 million in FY25.
  • Funds from operations increased 4.5% to $140.9 million, while FFO per security rose 2.1% to 19.29 cents.
  • Total FY26 distributions increased 4.1% to 19.41 cents per security, with FY27 distribution guidance set at 20.00 cents.
  • Net tangible assets per security increased 3.3% to $4.11 as the property portfolio value increased by $257 million.

BWP Trust (ASX:BWP) shares are down nearly 3% over the past month, trading at AUD 3.71, despite the REIT reporting a sharp rise in FY26 statutory profit.

What's Behind the Move

Revenue from ordinary activities rose 3.0% to $209.3 million, with profit before Fair Value movements up 5.9% to $137.3 million. Statutory profit reached $408.4 million, up 53.8%, largely reflecting Investment property and derivative fair value gains.

FFO — the trust's underlying operating performance measure — rose 4.5% to $140.9 million, with FFO per security up 2.1% to 19.29 cents. Total distributions for FY26 rose 4.1% to 19.41 cents per security, with the final distribution of 9.83 cents payable 27 August 2026.

Portfolio and Balance Sheet

Portfolio value rose $257 million, lifting NTA per security to $4.11 from $3.98. Weighted average Lease expiry increased to 7.3 years, and like-for-like rental growth was 3.0%. BWP acquired HomeCentre Morayfield for $48.0 million and, post year-end, Sunbury Lifestyle Centre for $25.2 million.

Is BWP Worth Watching?

FY27 distribution guidance is 20.00 cents per security, about 3.0% above FY26, supported by rental growth, leasing activity and lower interest costs following the May 2026 Equity raising, partly offset by income lost from recent divestments.