• BWP has deployed significant capital to deliver growth, including the $517 million acquisition of NPR and $143 million internalisation of management
• BWP has a $163 million pipeline of capital commitments for portfolio repurposing, expansions and upgrades
• The equity raising is a 1 for 12 accelerated non-renounceable entitlement offer to raise ~$228 million

BWP Trust has deployed significant capital over the past two years to deliver growth to securityholders, including the $517 million acquisition of NPR and $143 million internalisation of management. The company has a pipeline of capital commitments totaling $163 million for portfolio repurposing, expansions and upgrades. To fund these commitments and support future growth, BWP is undertaking a fully underwritten equity raising structured as a 1 for 12 accelerated non-renounceable entitlement offer to raise approximately $228 million. The issue price of $3.77 per new security reflects a 4.3% discount to the closing price on 5 May 2026 and a 3.4% discount to the 5-day VWAP. Wesfarmers, BWP's largest securityholder with a 23.4% stake, has committed to take up its full entitlement. The equity raising will reduce BWP's pro forma gearing to 17.0%, providing significant balance sheet capacity for future growth opportunities. Assuming the $163 million in capital commitments, pro forma gearing would increase to 20.3%, at the low end of the 20-30% target range. BWP has also reaffirmed its FY26 distribution guidance of 19.41 cents per security.

BWP reaffirms FY26 distribution guidance of 19.41 cents per security.

The equity raising will enhance BWP's balance sheet and provide greater financial flexibility to support and enable future growth, including a $163 million pipeline of capital commitments for portfolio repurposing, expansions and upgrades.