BWP Trust disclosed on 2 August that it has achieved a 4.3% increase in full year distributions, which came in at 17.51 Australian cents per unit for the 12 months ended 30 June 2017.
This was after the REIT, whose primary tenant is Bunnings Warehouse with its chain of hardware stores across Australia, announced a final distribution of 8.88 cents per unit, in addition to the interim distribution of 8.63 cents per unit.
Total revenue for the year was 1.5% higher at AUD152.5 million (USD165 million), while distributable profit was recorded at AUD112.5 million, which is 4.2% higher than the previous financial year.
“The increase in revenue was mainly due to rental growth from the existing property portfolio, and from completed property developments during the previous year”, said BWP Trust in its statement on the results.
Accordingly, the REIT’s portfolio saw a 5.1% uplift in valuation for the financial year, while net tangible asset per unit increased by 7% to AUD2.74.
The REIT currently has a portfolio of 68 properties with average net lettable area of 13,995 square metres.