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Business Description: BWP Trust (BWP, formerly Bunnings Warehouse Property Trust) is a listed managed investment scheme which invests in commercial real estate throughout Australia. The majority of its properties are Bunnings Warehouse properties tenanted by Bunnings Group Limited, a wholly owned subsidiary of Wesfarmers Limited. The BWP Trust is managed by unlisted responsible entity, BWP Management Limited.
Strategy Analysis: Being the only trust solely focusing on the bulky goods retail sub-sector, BWP seeks to provide unitholders with a secure, growing income stream underpinned by long term inflation linked leases. Properties are simple, requiring little maintenance capex. Tenant led development/extensions often occur as leases roll over. Management is becoming more active with increasing acquisitions and divestments to diversify and refine the portfolio towards higher growth areas. Exposure to non-Wesfarmers related tenants will increase, though new tenants won’t exceed 20% of income.
BWP Trust reported NPAT up 52.8% to $48.83m for the half-year ended 31 December 2012. Revenues from ordinary activities were $54.0m, up 9.3% from the same period last year. The increase in revenues was mainly due to growth of the property portfolio during or since the corresponding period - from acquisitions and improvements to investment properties (adding approximately $3.2m) and rent reviews (adding approximately $1.5m). Basic and Diluted EPS was 9.2 cents compared to 6.15 cents last year. Net operating cash flow was $36.87m compared to $34.92m last year. The interim dividend declared was 7.00 cents compared with 6.63 cents last year. Property income for the second half of 2012/13 will include a full six months rental income the Bunnings Warehouse-anchored homemaker centre in Gladstone, Qld, acquired in September 2012.
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