Full Year 2024 BWP Trust Earnings Call Transcript
Key Points
- BWP Trust (ASX:BWP) reported a strong like-for-like rental growth of 4.2% for the year.
- The Trust completed the acquisition of Newmar Property REIT, adding two properties to its portfolio.
- Total income increased by 10.3% to $174.5 million, reflecting strong financial performance.
- Portfolio leasing increased to 99.1%, with a weighted average lease expiry (WALE) of 3.8 years.
- BWP Trust declared a final distribution of $0.0927 per unit, bringing the total distribution for the year to $0.1829 per unit.
- The weighted average cost of debt increased to 4.4% from 3.6% the previous year, reflecting a higher interest rate environment.
- The average level of borrowings was 24.2% higher than the previous year, largely due to the NPR acquisition.
- The Trust's gearing ratio increased to 21.5%, although it remains at the lower end of the Board's preferred range.
- High construction costs are a current headwind for repurposing or relocation projects.
- The Trust faces significant lease expiries in FY26 and FY27, which may pose a risk if not managed effectively.
Thank you, and good morning, everyone, and thanks for joining us. My name's Mark Scatena, the Managing Director of BWP Management Limited and I'm joining you from Perth. With me today is Andrew Ross, The Trust Head of Property, and David Hawkins for Trust Head of Finance.
Today, we're pleased to announce BWP Trust full year results for the year ending 30, June 2024. The Trust has released to the ASX this morning its full year results announcement, annual report, and investor briefing presentation. This morning, I will go through the presentation before we take questions.
Turning to slide 3. To commence today, we acknowledge the traditional owners of country throughout Australia and their continuing connection to land and waterways upon which we depend. We pay our respects to their elders past and present.
Turning to slide 6 and highlights of the year. The years saw increased momentum across the portfolio, supported by acquisition, asset expansion and repurposing, and renewal activity. In optimizing the portfolio,
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