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Australian REIT that owns Bunnings Warehouse retail properties, almost entirely leased to Bunnings (Wesfarmers).
Australian REIT that owns Bunnings Warehouse retail properties, almost entirely leased to Bunnings (Wesfarmers).
Collects rent under long leases to Bunnings, mostly on freestanding hardware stores, with scheduled rent reviews. It is managed by a subsidiary of Wesfarmers, Bunnings' parent, so landlord and tenant are linked.
In one line: A single-tenant retail REIT like a Home Depot-anchored property trust.
Moat: narrow (installed base, switching costs). Long leases to a single dominant retail tenant create stable but concentrated income.
Headquarters: Perth, Australia · Founded: 1998 · Employees: 14
Size BWP Trust (BWP.AX) is an Australia Real Estate company (Real Estate Investment Trusts) with a market value of $2.01B, the 118th largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.69 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against -8.9% for the median peer and +4.1% for the Australia market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +4.7%); the operating margin is 87.3% (peer median 45.2%).
Valuation It trades at 0.86× book value against a peer median of 0.98× (9th cheapest of 21).
Price implies The share price implies a return on equity of about 7.4%; BWP Trust delivers 13.2%, so the price asks less than the business earns today.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$208M | A$207M | A$203M | A$174M | A$158M |
| Revenue growth | — | +2% | +17% | +10% | — |
| Gross profit | A$206M | A$192M | A$166M | A$146M | A$131M |
| EBITDA | A$182M | A$181M | A$161M | A$144M | A$130M |
| Net income | A$408M | A$408M | A$266M | A$180M | A$36.7M |
| Free cash flow | A$134M | A$134M | A$120M | A$129M | A$120M |
| Capital expenditure | A$0 | A$0 | A$0 | A$0 | A$0 |
| Total debt | n/a | A$759M | A$808M | A$772M | A$466M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| BWP Trust BWP.AX | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% |
| Charter Hall Retail REIT CQR.AX | $1.59B | +6% | +31% | 14% | 0.78× | 8.7% |
| HomeCo Daily Needs REIT HDN.AX | $1.71B | -2% | +4% | 11% | 0.76× | 8.5% |
| Region RGN.AX | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BWP.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | +3.3% | 10th highest of 21 |
| 6-month return | -1.6% | -8.9% | 8th highest of 21 |
| Return on equity | 13.2% | 4.8% | highest of 21 |
| Price / book | 0.86× | 0.98× | 9th cheapest of 21 |
| Trailing P/E | 6.6× | 16.7× | 2nd cheapest of 15 |
| ROE the price implies | 7.4% | 6.8% | 10th most demanding of 21 |
| ROE delivered | 13.2% | 4.8% | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% | 13.2% |
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% | 4.6% |
| Aroundtown AT1.DE | Germany | $2.04B | -32% | +1% | 5% | 0.22× | 4.0% | 4.9% |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 0% | 1.80× | 17.3% | 0.3% |
| Parkway Life Real Estate Investment Trust C2PU.SI | Singapore | $2.05B | 0% | +3% | 10% | 1.56× | 6.3% | 10.1% |
| Industrial & Infrastructure Fund Investment 3249.T | Japan | $2.07B | -12% | +36% | 8% | 1.33× | 6.4% | 8.5% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| Primaris Real Estate Investment Trust PMZ-UN.TO | Canada | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% | 4.6% |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |
| Boardwalk Real Estate Investment Trust BEI-UN.TO | Canada | $2.21B | -5% | +3% | -1% | 0.66× | 6.0% | -1.0% |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% | -3.2% |
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% | -12.8% |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% | -2.6% |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 8% | 0.76× | 9.2% | 8.3% |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 7% | 0.97× | 5.3% | 7.4% |
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% | 8.6% |