BWP Trust lifts FY profit

Group says revenues boosted by growth in property portfolio.

BWP Trust (BWP) has posted a lift in full-year net profit and revenue on the back of growth in its property portfolio, including acquisitions.

In the twelve months to June 30, BWP Trust posted net profit of $110.573 million, a 58.1% lift on the $69.931 million recorded in 2012.

The net profit includes $34.8 million in unrealised gain in the fair value of investment properties, compared to an unrealised loss of $600,000 in the fair value of investment properties in 2012.

The company also announced the acquisition of 11 Bunnings Warehouse properties costing a total of $324.4 million, partially funded by a fully underwritten 1 for 6.18 accelerated non-renounceable entitlement offer.

The offer will raise $200 million at a fixed issue price of $2.30, a 4.6% discount to BWP's closing price on Wednesday. The remainder is to be funded through debt.

Guidance for the current financial year is set at a distribution of 14.6 cents per share, with 6.8 cents a share expected in the first half. The acquisitions are expected have a neutral impact initially and be accretive for 2014-15 by around 2%.

In the same period, revenue was $109.229 million, 7.9% higher than the previous corresponding period's total of $101.198 million.

BWP Trust will pay a full-year dividend of 14.14 cents, with 50 cents fully franked, on August 28.

The dividend is slightly lower than the 14.67 cents declared in 2012, however that payment also included a 1.17 cents capital profit from the sale of an investment property.

The group's date of record was June 28.

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