BWP Trust announces special distribution and FY19 results

Company News

by Anna Napoli

Real estate investment trust company BWP Trust (ASX:BWP) has announced profit before gains on investment properties rose 2 per cent to about $116 million for the financial year ended June 30.

Revenue from ordinary activities rose 2 per cent to $156 million when compared to the year earlier period.

BWP Trust flagged like-for-like rental growth of 2.3 per cent for the 12 months to 30 June 2019

The company declared a final distribution of 9.18 cents, bringing the full-year distribution to 18.11 cents, up 1.7 per cent on the previous year.

A special distribution of 1.56 cents per ordinary unit has also been declared in conjunction with the property divestments that occurred during the year

BWP says while it continued to seek to grow the asset portfolio during the year, investment opportunities with good potential for value creation were difficult to find, and consequently no new assets were acquired.

Shares in BWP Trust (ASX:BWP) closed 0.26 per cent lower at $3.83 yesterday.