Half Year 2024 BWP Trust Earnings Call Transcript
Key Points
- BWP Trust (ASX:BWP) reported a total income of $82.3 million for the period, marking a 4.7% increase from the previous corresponding period.
- The Trust completed the acquisition of two properties, Southport Showrooms in Queensland and Broadmeadows Homemaker Centre in Victoria, for a total of $30 million.
- An interim distribution of $9.02 per ordinary unit was declared, consistent with the previous corresponding period.
- The proposed merger with Newmark Property REIT (NPR) is expected to add nine high-quality properties to BWP's portfolio, increasing the combined portfolio to $3.5 billion.
- The Trust's gearing ratio remains low at 17.1%, providing flexibility for future investment opportunities.
- The underlying net tangible asset backing of the Trust units decreased marginally from $3.75 per unit to $3.74 per unit.
- Finance costs increased by 35.1% to $10.5 million due to higher interest rates and increased borrowings.
- Market rent reviews for three Bunnings warehouses remained unresolved at the end of the period.
- The Trust's weighted average capitalization rate increased by 15 basis points to 5.53%, reflecting a less favorable market environment.
- The distribution reinvestment plan (DRP) was suspended for the half year ending December 31, 2023, due to the proposed merger with NPR.
Ladies and gentlemen, thank you for holding and welcome to the BWP Trust Half Year Results Briefing. Your lines will be muted during the briefing. However, you will have an opportunity to ask questions immediately afterwards and instructions will be provided on how to do this at that time.
I would now like to hand the call over to the Managing Director of BWP Trust, Mr. Mark Scatena. Please go ahead.
Thank you, and good morning, everyone, and thank you for joining us. My name is Mark Scatena. I'm the Managing Director of BWP Trust, and I'm joining you from Perth. With me today is Andrew Ross, the Trust's Head of Property and David Hawkins, the Trust's Head of Finance. Today, we're pleased to announce the Trust's half year results for the period ending December 31, 2023.
The Trust has released to the ASX this morning its half year results announcement, half year report, investor briefing presentation, and our bidder's statement related to the proposed merger between BWP and NPR we
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