Bwp Trust · ASX:BWP
Bwp Trust — Investor Presentation (May 2026)
33 slides from Bwp Trust's investor presentation, May 6, 2026
Slide 1: Delivering growth for securityholders
Delivering growth for securityholders Capital deployment and equity raising 6 May 2026
Slide 2: Important notice
Important notice This investor presentation ("Presentation") is dated 6 May 2026 and has been prepared by the stapled group comprising BWP Property Group Ltd (ACN 688 059 074) and BWP Management Limited (ACN 082 856 424) as the responsible entity for the BWP Trust ARSN 088 581 097 (together referred
Slide 3: Important notice
Important notice Financial information All financial information in this Presentation is in Australian dollars ($ or AUD) unless otherwise stated. Any pro forma financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of BWP's v
Slide 4: Important notice
Important notice The Underwriter and its Limited Parties have not authorised, permitted or caused the issue, lodgment, submission, dispatch or provision of this Presentation and, for the avoidance of doubt, and except for references to their name, none of them makes or purports to make any statement
Slide 5: Acknowledgement of Country Agenda
Acknowledgement of Country Agenda We acknowledge the Traditional Owners of Country throughout Australia and their continuing connection to lands and waterways upon which we depend. We pay our respects to their Elders, past and present. Overview 6 Delivering on growth 7 Equity Raising 14 Conclusion a
Slide 6: Overview
Overview > BWP has deployed significant capital to deliver growth to securityholders over the past two years, notably the acquisition of NPR, the internalisation of management and ongoing portfolio improvements including repurposing developments and asset expansions – Capital deployment in excess of
Slide 7: Delivering on growth
Delivering on growth bwp
Slide 8: BWP has consistently outperformed the broader market since IPO
BWP has consistently outperformed the broader market since IPO BWP has a track record of strong capital stewardship, having delivered annualised returns of approximately 12% since IPO, with $1.00 invested at IPO worth $22.95 today1 Total Securityholder Return Rebased to BWP IPO price ($1.00 per secu
Slide 9: Delivering value for securityholders
Delivering value for securityholders BWP has successfully deployed capital to strengthen the business and enhance growth Acquisition of NPR, Internalisation, lease reset, capex Positioning BWP for continued growth January 2024 June 2024 June 2025 August 2025 November 2025 December 2025 May 2026 $517
Slide 10: Pipeline of portfolio accretive Capital Commitments
Pipeline of portfolio accretive Capital Commitments Approximately $163 million of capital is to be deployed across the portfolio delivering value creation from repurposing, expansions and portfolio upgrades Expenditure to fund Status Property Status ($ million)1 Fountain Gate (VIC) 28 Construction c
Slide 11: Immediate deployment of capital to optimise the portfolio
Immediate deployment of capital to optimise the portfolio Two LFR developments currently underway with completion expected in 1H FY27 Property Fountain Gate (VIC) Noarlunga (SA) Address 64 – 86 Narre Warren North Road, Narre Warren (VIC) Corner Beach Road and Goldsmith Drive, Noarlunga (SA) Current
Slide 12: Immediate deployment of capital to optimise the portfolio
Immediate deployment of capital to optimise the portfolio Two further LFR developments with completion expected during FY27 Property Midland (WA) Broadmeadows (VIC) Address 181 Great Western Highway, Midland (WA) 100 Pearcedale Parade, Broadmeadows (VIC) Current use/ GLA Carco showroom; 9,370 sqm LF
Slide 13: Strategy to deliver profitable growth
Strategy to deliver profitable growth Continued tenant strength and undersupply of lettable area driving attractive LFR rental growth opportunity; BWP has identified the LFR market as a key contributor to future growth and an opportunity to leverage its competence and capability in the LFR segment R
Slide 14: Equity raising
Equity raising bwp
Slide 15: Entitlement Offer
Entitlement Offer > BWP will raise approximately $228 million of equity, through an underwritten accelerated non-renounceable pro rata entitlement offer (“Entitlement Offer”) > Approximately 60 million new securities to be issued under the Entitlement Offer, equivalent to approximately 8.3% of exist
Slide 16: Entitlement Offer timetable
Entitlement Offer timetable1 Key event Date Trading halt and announcement of Entitlement Offer Wednesday, 6 May 2026 Institutional Entitlement Offer Wednesday, 6 May 2026 Announcement of results of Institutional Entitlement Offer Thursday, 7 May 2026 Trading of BWP Securities recommences on the ASX
Slide 17: Conclusion and outlook
Conclusion and outlook bwp
Slide 18: Conclusion and outlook
Conclusion and outlook The Entitlement Offer supports BWP’s objective of delivering securityholders a secure and growing income stream and capital growth over the long term Deliver on FY26 focus areas FY26 distribution guidance > Transition to internalised model > BWP reaffirms FY26 distribution gui
Slide 19: Questions
Questions
Slide 20: Appendix
Appendix bwp
Slide 21: Balance sheet
Balance sheet Post balance date $ millions 31 December 2025 Entitlement Offer Pro Forma adjustments Post balance date ASSETS adjustments include the Cash 54 - - 54 settlement of Port Kennedy, Receivables and prepayments 16 - - 16 the assumed settlement of Chadstone (which is Assets held for sale 99
Slide 22: Key risks
Key risks General risks This section identifies some of the key risks associated with an investment in BWP along with the key risks relating to participation or non-participation in the Entitlement Offer. A number of risks and uncertainties may adversely affect the operating and financial performanc
Slide 23: Key risks
Key risks General risks continued Risk Description BWP is well-positioned from a financial risk perspective with a majority of BWP’s counterparty exposure being to Wesfarmers (A- (stable) S&P rating, A3 (stable) Moody’s rating). BWP’s assets comprise a geographically diverse portfolio of large forma
Slide 24: Key risks
Key risks General risks continued Risk Description The forward-looking statements, opinions and estimates provided, including the financial forecasts, are based on assumptions. There can be no guarantee that the assumptions and contingencies on which the forward-looking statements, opinions and esti
Slide 25: Key risks
Key risks General risks continued Risk Description BWP does not intend to undertake any speculative development without significant income certainty. Development, redevelopment or refurbishment of properties may be undertaken with approval of Development the BWP Boards and with a requirement to adop
Slide 26: Key risks
Key risks Risks associated with the offer Risk Description Existing securityholders who do not participate in the Entitlement Offer will have their percentage holding in BWP diluted. Investors may also have their investment diluted by future capital raisings by Dilution BWP. BWP may issue new securi
Slide 27: Key terms of Underwriting Agreement
Key terms of Underwriting Agreement Term Description BWP Property Group Ltd ACN 688 059 074 (“BWP Property Group”) and BWP Management Limited ACN 082 856 424 (“BWPM”) as responsible entity for BWP Trust ARSN 088 581 097 (“BWP”) (BWP Property Group and BWPM, together being “BWP Group”) have entered i
Slide 28: Key terms of Underwriting Agreement
Key terms of Underwriting Agreement Term Description The termination events include, but are not limited to: > a failure by BWP Group to furnish the Certificates by their due dates, or any statement in a Certificate being false, misleading or deceptive; > a statement in any document in respect of th
Slide 29: Key terms of Underwriting Agreement
Key terms of Underwriting Agreement Term Description Customary representations and warranties are given by BWP in favour of the Underwriter in relation to, among other things, power and authority, compliance with law, business matters, quality of disclosure and in respect of the conduct of the Entit
Slide 30: International Offer Restrictions
International Offer Restrictions This Presentation does not constitute an offer of New Securities in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Securities may not be offered or sold, in any country outside Austra
Slide 31: International Offer Restrictions
International Offer Restrictions Hong Kong WARNING: this Presentation has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong
Slide 32: International Offer Restrictions
International Offer Restrictions Singapore This Presentation has not been registered as a prospectus with the Monetary Authority of Singapore (“MAS”) and, accordingly, statutory liability under the Securities and Futures Act 2001 (the “SFA”) in relation to the content of prospectuses does not apply,
Slide 33: Thank you.
Thank you. Further Information Tel: +61 8 9327 4356 Email: investorrelations@bwptrust.com.au