• Total income up 22.2% to $100.6 million
• Distributable amount up 13.3% to $65.6 million
• Interim distribution of 9.20 cents per unit, up 2.0%

The directors of BWP Management Limited, the responsible entity for the BWP Trust, announced the results of the Trust and its controlled entities for the six months to 31 December 2024. Total income for the period was $100.6 million, an increase of 22.2% over the prior corresponding period, largely due to the acquisition of NPR Property REIT in March 2024 and annual rent increases. The distributable amount for the period was $65.6 million, an increase of 13.3% from the prior corresponding period. An interim distribution of 9.20 cents per ordinary unit has been declared, an increase of 2.0% from the previous corresponding period. The portfolio valuation increased to $3.6 billion at 31 December 2024, with a weighted average capitalisation rate of 5.43%. The Trust's gearing ratio (debt to total assets) was 21.4% at 31 December 2024, at the lower end of the Board's preferred range of 20 to 30%.

Subject to there being no major economic disruptions, the Trust provides distribution guidance of 9.46 cents per unit for the second half of the 2025 financial year. Capital profits may be utilised to support the distribution.

For the balance of the 2025 financial year, BWP will continue to focus on optimising the portfolio whilst remaining active in assessing opportunities to grow the portfolio that create value. This activity will focus on reinvesting in the core retail portfolio to support tenant optimisation plans, acquiring accretively to grow the core portfolio and partnering with tenants to potentially, over time, participate in adjacent parts of the retail value chain.