Soft Underlying 1H19 for BWP Trust; No Change to FVE
Narrow-moat-rated BWP Trust reported 4% growth in NPAT excluding revaluation gains to AUD 58.8 million in first-half fiscal 2019. The result was flattered by an accounting change and lower interest rates, which helped offset the departure of Bunnings from properties in the prior year. Without the accounting change, adjusted NPAT would have been flat. Distributions increased 1.7% to AUD 8.93 cents per unit and guidance is for second-half distributions to continue growing at the same pace, potenti...BWP Trust is a real estate investment trust, investing in and managing commercial properties throughout Australia. Co. invests in properties with long-term leases to substantial tenants, predominantly in the bulky goods retail sector. The majority of Co.'s properties are retailing properties, in particular, Bunnings Warehouses, leased to Bunnings Group Limited.
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