BWP profit up 22.4 per cent

Commercial property holder BWP Trust has announced a 22.4 per cent increase in distributable profit to $92.8 million in its full-year results report today.

It comes after the company, which owns more than 80 properties, most of which it rents to Wesfarmers subsidiary Bunnings, acquired 10 new properties and a development site, all of which will be leased to Bunnings.

It also purchased two large retail centres with Bunnings as the anchor tenant.

Queensland featured heavily, with four new Bunnings Warehouses and three under construction.

The expansion lifted revenues 16.7 per cent to $127.4 million, but the company was also bolstered by more than $50 million in gains from property revaluations.

BWP has also entered into contracts for the sale of five non-core properties in the 2015 financial year, with expected revenue of more than $50 million.

The company will offer a full-year dividend of 14.71 cents per share, up 4 per cent from last year.

BWP was down 0.4 per cent to $2.50 at the time of writing.