BWP Trust (BWP) $3.61

BWP +2.27%: The conservative property trust rarely surprises and today was no different.

• FY24 dividend of 18.29cps in line with consensus expectations.
• They are guiding to 2% growth in the DPS for FY25, broadly in line with expectations.
• Rents were up ~4% with the NTA of $3.79 putting the stock on a rare discount to NTA, around 7%
• Their debt has an average costs 4.6% at year end, and occupancy is running at 99.1% occupancy rate.
• Gearing is low at 21.5%

A well-run REIT, conservatively managed now with some growth upside from the NPR acquisition.