The BWP Trust (ASX: BWP) share price is marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) real estate investment trust (REIT) – whose tenants include Bunnings – closed yesterday trading for $3.63. In morning trade on Wednesday, shares are changing hands for $3.64 apiece, up 0.3%.
For some context, the ASX 200 is up 0.6% at this same time.
This follows the release of BWP's full-year FY 2025 results.
Here are the highlights.
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BWP share price lifts on rising profits and dividends
Investors are bidding up the BWP share price after the company reported a 47.4% year-on-year increase in net profit to $265.6 million. That figure includes $135.9 million in net unrealised gains in the fair value of BWP's investment properties and derivatives.
Revenue for the 12 months to 30 June was up 16.5% to $203.3 million.
On the passive income front, management declared a final unfranked dividend of 9.45 cents a share. That brings the full-year dividend payout to 18.65 cents per share. At the current BWP share price, this sees the ASX 200 stock trading on an unfranked dividend yield (partly trailing, partly pending) of 5.1%.
Eligible investors can expect to see that passive income hit their bank accounts on 27 August.
What else happened during the year?
Other core metrics that look to be supporting the BWP share price include the 3.0% FY 2025 like-for-like rental growth, down from 4.2% in FY 2024. That rental growth incorporates the average inflation on Consumer Price Index (CPI) linked leases of 2.7%.
BWP reported weighted average lease expiry (WALE) of 4.5 years at 30 June 2025, up from 3.8 years at 30 June 2024. And its portfolio was 98.6% leased, down a touch from 99.1% a year earlier.
And on the balance sheet, the company's gearing (debt/total assets) remained essentially steady year on year at 21.6%.
Commenting on the business environment over the year just past, management said:
The operating environment for the 2025 financial year was shaped by moderating inflation, stabilising interest rates, and resilient demand for large format retail property. Retail real estate remained attractive, supported by strong supply-demand fundamentals and population growth.
New development activity continued to be constrained by elevated construction costs and limited site availability which, with supply remaining low, supported high occupancy, rental growth, and asset values across the sector.
What's ahead for the BWP share price?
Looking to what could impact the BWP share price in the year ahead, the ASX 200 REIT said that in FY 2026 it will continue to progress the repurposing of ex-Bunnings properties, filling any vacancies along with completing store upgrades.
In what the company labelled a transitional year, management said, "The benefits of internalisation and lower operating costs are expected to support profit growth."
As for that passive income, BWP forecasts it will pay 19.41 cents per share in unfranked dividend in FY 2026, up 4.1% from FY 2025.
With today's intraday boost factored in, the BWP share price is up 10.0% in 2025.
