BWP Trust, the company that owns Bunnings Warehouse properties across the country, has lifted its first half distributable profit by 8.2 per cent on the back of increased property revenue from acquisitions, improvements and rent reviews and a lower average cost of debt.
Distributable income was $37.4 million, up from $34.5 million in the previous corresponding period converting to an interim dividend of seven cents a share, up from 6.63 cents previously.
The result was achieved on a 9.3 per cent jump in revenue to $54 million.
At the end of December, the Trust's total assets were $1.4 billion, with unitholders' equity of $1 billion and total liabilities of $364.3 million.
BWP said it expected to continue to benefit from improved revenue, from additions to its portfolio, incremental rental growth and a lower average cost of debt.
BWP said it would continue to look to acquire quality investment properties subject to market conditions
The company owns nearly 70 Bunnings properties across the country as well as three other industrial properties and one bulky goods showroom.Shares in the Trust were steady at $2.37 shortly before the close.