BWP Trust : Half year results to 31 Dec 2021

For personal use only

9 February 2022

The Manager

Market Announcements Office

Australian Securities Exchange

20 Bridge St

Sydney NSW 2000

Dear Sir

BWP Trust results for the half-year ended 31 December 2021

In accordance with ASX Listing Rule 4.2A, the following documents are attached for release to the market:

• Appendix 4D - half-year results to 31 December 2021; and
• Half-Yearresults announcement.

Released separately, but immediately following, will be the:

• Half-YearReport to Unitholders (contains the Business Review and Financial Statements)
• Half-YearResults Investor Presentation.

It is recommended that the Half-Year Report is read in conjunction with the Annual Report of BWP Trust for the year ended 30 June 2021, together with any public announcements made by BWP Trust in accordance with its continuous disclosure obligations arising under the Corporations Act 2001.

An investor/analyst briefing teleconference call, with a question and answer session, will be held on 9 February 2022 at 8:30am AWST (11:30am EDST).

The briefing will be webcast live and accessible via our website at www.bwptrust.com.au. If you wish to join the telephone conference call only, please email [e-mail] pre-registration details.

Yours faithfully

Karen Lange

Company Secretary

This announcement was authorised to be given to the ASX by the Company Secretary of BWP Management Limited.

For personal use only

9 February 2022

APPENDIX 4D	FINANCIAL HALF-YEAR ENDED 31 DECEMBER 2021
Results for announcement to the Market		6 months to	6 months to	Variance
	31 Dec 2021	31 Dec 2020	%
Revenue from ordinary activities	$000		75,864	76,105	-
Profit before gains on investment properties	$000		56,479	56,912	(1)
Gains in fair value of investment properties	$000		291,803	87,064	235
Profit from ordinary activities attributable to unitholders $000		348,282	143,976	142
Net tangible assets per unit	$		3.75	3.20	17
DISTRIBUTIONS
Interim distribution paid	$000		57,943	57,943	-
Interim distribution per unit	cents		9.02	9.02	-
Record date for determining entitlements to the final distribution	31	December 2021
Payment date for the final distribution		25	February 2022
There is no conduit foreign income included in the distribution above.

Distribution Reinvestment Plan

The Distribution Reinvestment Plan ("DRP") was in effect for the half-year ended 31 December 2021 and will apply to future distributions unless notice is given of its suspension or termination.

Applications to participate in or to cease or vary participation in the DRP were required to be correctly completed and lodged by 5.00pm (AWST) on 4 January 2022 if they were to apply to the interim distribution for 2021/22. Forms received after that time will be effective for subsequent distributions only.

The allocation price for units allocated under the DRP in respect of the interim distribution for 2021/22 is $4.03 per unit. The allocation price was calculated as the average of the daily volume weighted average unit price for the 20 consecutive trading days from and including 6 January 2022 to 3 February 2022, with no discount to be applied.

Commentary on the results for the year

The commentary on the results for the year is contained in the ASX release dated 9 February 2022 accompanying this statement.

For personal use only

This report should be read in conjunction with the annual financial report of the Trust and any announcements made in the period by or on behalf of the Trust in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules.

For further information please contact:

Michael Wedgwood

Managing Director

BWP Management Limited

Telephone: [phone]

E-mail: [e-mail]

For personal use only

9 February 2022

HALF-YEAR RESULTS TO 31 DECEMBER 2021

The directors of BWP Management Limited, the responsible entity for the BWP Trust ("the Trust"), today announced the results of the Trust for the six months to 31 December 2021.

Half-year highlights

• Net profit for the six months was $348.3 million, which included $291.8 million of unrealised gains in the fair value of investment properties
• Distributable amount of $57.9 million for the six months - in line with the previous corresponding period
• Interim distribution of 9.02 cents per unit - in line with the previous corresponding period
• Like-for-likerental growth of 2.2 per cent for the 12 months to 31 December 2021
• Weighted average lease expiry of 4.3 years at 31 December 2021 with 97.6 per cent leased
• Gearing (debt/total assets) 15.5 per cent as at 31 December 2021
• Weighted average cost of debt of 3.2 per cent per annum for the six month period

• $2.9 billion portfolio valuation as at 31 December 2021

• Net tangible assets of $3.75 per unit at 31 December 2021

For personal use only

Results summary

Half-year ended 31 December		2021	2020
Total income	$m	75.9	76.1
Total expenses	$m		(19.4)		(19.2)
Profit before gains in fair value of investment			56.5
properties	$m			56.9
Gains in fair value of investment properties	$m	291.8		87.1
Net profit	$m	348.3		144.0
Less: gains in fair value of investment properties	$m	(291.8)		(87.1)
Amounts released from undistributed income reserve	$m	1.5	1.0
Distributable amount for period	$m	57.9	57.9
Distribution per ordinary unit	cents	9.02	9.02
Total assets	$m		2,939.6		2,596.1
Borrowings	$m		455.5		462.2
Unitholders' equity	$m		2,407.4		2,055.8
Gearing (debt to total assets)	%		15.5		17.8
Number of units on issue	m		642		642
Number of unitholders			24,237		23,345
Net tangible asset backing per unit	$		3.75		3.20
Unit price at 31 December	$		4.15		4.42
Management expense ratio1 (annualised)	%		0.63		0.64

1. Expenses other than property outgoings and borrowing costs as a percentage of average total assets. Figures above subject to rounding.

Net profit for the period was $348.3 million, including $291.8 million of unrealised gains in the fair value of investment properties. This compares with net profit for the previous corresponding period of $144.0 million which included unrealised gains of $87.1 million in the fair value of investment properties.

Total income for the period was $75.9 million, a decrease of 0.3 per cent over the previous corresponding period, after taking into account rent abatements of $332,372 provided to tenants impacted by the COVID-19 shutdowns during the six months to 31 December 2021 (2020: $403,658).

Finance costs of $7.5 million were in line with the previous corresponding period, with the weighted average cost of debt remaining at 3.2 per cent. The average level of borrowings was largely in line with the previous corresponding period ($466.2 million compared with $467.8 million). Average utilisation of debt facilities (average borrowings as a percentage of average facility limits) for the period was similar to the previous corresponding period (77.1 per cent compared with 77.3 per cent).

Other operating expenses remained at the same level as the previous corresponding period at $4.3 million.

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