By a staff reporter
BWP Trust 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 $110.6 million, a 58.1 per cent 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.
In the same period, revenue was $109.229 million, 7.9 per cent 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.
BWP buys 11 new Bunnings properties
Meanwhile, BWP Trust will spend $326.4 million, including acquisition costs, to buy a portfolio of 10 Bunnings Warehouse properties and one Bunnings Warehouse anchored bulky goods centre from Bunnings Group.
Wesfarmers said the deal would reap Bunnings about $271 million.
The group will conduct a fully underwritten non-renounceable rights issue to raise approximately $200 million to partially fund the purchase, and upgrades to three other warehouse properties.