Real estate investment trust BWP Trust (ASX:BWP) reported profit from ordinary activities attributable to unitholders of 135.6 million an increase of 72 per cent on the year earlier period.
The Bunnings landlord says gains in fair value of investment properties increased by 290 per cent to $78.5 million from $20 million for the same time last year.
Going the other way was revenue from ordinary activities fell by 4 per cent $76.2 million.
Total income for the period was $76.2 million, a decrease of 3.5 per cent over the previous corresponding period. The lower income was largely due to the rent foregone from divestments and the redevelopment of sites vacated by Bunnings that occurred during prior periods.
Like-for-like rental growth of 2.2 per cent was achieved for the 12 months to 31 December 2019
BWP Trust will pay an interim distribution of 9.02¢ per unit. This is 1.0 per cent higher than the previous corresponding period
Looking forward BWP says rent reviews are expected to contribute incrementally to property income for the half-year to 30 June 2020
Shares in BWP Trust (ASX:BWP) are trading 0.24 per cent higher at $4.10