• Internalisation of management completed in July 2025
• Rental growth of 2.6% over 12 months
• Portfolio value increased to $3.9 billion, with $155.9 million in unrealised gains
• Debt refinancing to diversify funding and support growth initiatives

BWP Trust has released its 2026 half-year report, providing an overview of the group's performance and key initiatives. The key highlights include the completion of the management internalisation in July 2025, where BWP Trust formed a new subsidiary, BWP Property Group Ltd, and acquired the previous external manager, BWP Management Limited, from Wesfarmers. This has enabled the group to prioritize systems enablement, team employment arrangements, and increased resourcing to support growth and improve investor relations and sustainability initiatives. The group recorded like-for-like rental growth of 2.6% for the 12 months to 31 December 2025, with 80 of the group's leases subject to annual fixed or CPI reviews during the period. The group's investment property portfolio was revalued, resulting in a $195.9 million increase in value to $3.9 billion, largely driven by $155.9 million in unrealised gains. The group also completed a successful debt refinancing during the half, further diversifying its debt funding composition and enhancing asset funding flexibility. This included a new $300 million five-year A$ Medium Term Note issue and a new $50 million facility with United Overseas Bank Limited, increasing the diversity of debt providers to the group.

The group reported a 3.0% increase in revenue from ordinary activities to $103,563,000 and a 0.2% increase in profit before fair value movements to $66,242,000 for the half-year ended 31 December 2025.

BWP Trust remains well-placed to benefit from favourable market conditions in the large format retail sector, with growth in this portfolio segment driven by rental growth, acquisitions, and asset repurposing. The group will continue to focus on asset repurposing, occupancy improvement, and asset recycling, while transitioning to the internalised management model.