BWP Trust NPAT down 52%

The news: BWP Trust's net profit is down 52% for the first half of the financial year, as the Bunnings Warehouse landlord took a hit from unrealised losses in the fair value of its investment properties.

The numbers: The Australian Real Estate Investment Trust (REIT) posted a net profit of $53.2 million for the first half, weighed down by $4.2 million of unrealised losses in the fair value of investment properties. This compared to $111.3 million in the previous corresponding period, which saw gains of $53.9 million in the fair value of investment properties.

Elsewhere, BWP reported total income of $82.3 million, a 4.7% rise compared to last year's first half, boosted by annual rent increases over the period.

The context: BWP, which invests in commercial real estate throughout Australia, is the country's largest owner of Bunnings Warehouse sites with a portfolio of 61 stores. Despite the net profit drop, the trust has maintained its previous 9.02¢ dividend.