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2017 Annual Report Where It Is Detailed Charters, Policies and Procedures Statement

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2017 Annual Report Where It Is Detailed Charters, Policies and Procedures Statement ANNUAL REPORT Evolving demographics in the communities where we own property are beneficial for the businesses of our primary customers and the alternative use potential of a number of well located sites. IMPORTANT NOTICE This report contains statements regarding the future (“forward looking statements”) and statements of belief or opinion (“assumptions”). Words such as “believe”, “consider”, “could”, “expect”, “estimate”, “likely”, “may”, ”objective”, “should”, “plan”, “target”, and other similar expressions are intended to identify forward-looking statements or assumptions. While due care and attention has been used in preparing this report and the information it contains, forward-looking statements and assumptions are not guarantees of future performance or outcomes. Forward-looking statements and assumptions involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the responsible entity and which may cause actual performance and outcomes to differ materially from those expressed or implied by the statements. Before making an investment decision or acting on the information in this report, you should make your own enquiries and seek your own professional advice as to the application of the information provided in this report to your particular investment needs, objectives and financial circumstances. BWP TRUST ARSN 088 581 097 RESPONSIBLE ENTITY BWP Management Limited ABN 26 082 856 424 AUSTRALIAN FINANCIAL SERVICES LICENCE No. 247830 bwptrust.com.au CONTENTS OVERVIEW GOVERNANCE About us 2 Corporate Governance 20 Chairman’s message 3 Board of Directors 21 2016/17 Results highlights 4 FINANCIAL REPORT BUSINESS REVIEW Financial statements 23 Financial summary 5 Business approach 6 INVESTOR INFORMATION Managing Director’s report 8 Investor information 50 Outlook 13 Directory 51 Our property portfolio 14 Sustainability 18 BUNNINGS PORT MELBOURNE, VICTORIA 1 OVERVIEW ABOUT US Established and listed on the Australian Securities Exchange (“ASX”) in 1998, BWP Trust (“BWP” or “the Trust”) is a real estate investment trust investing in and managing commercial properties throughout Australia. The majority of the Trust’s properties The Trust is managed by an external ABOUT THIS REPORT are well located large format retailing responsible entity, BWP Management properties, in particular, Bunnings Limited (“the responsible entity”) which This annual report is a summary of the Warehouses, leased to Bunnings Group is appointed under the Trust’s constitution Trust’s operations, activities, and financial Limited (“Bunnings”). Bunnings is the and operates under an Australian Financial position as at 30 June 2017. Readers leading retailer of home improvement Services Licence. The responsible entity should refer to the details provided and outdoor living products in Australia is solely committed to managing the Trust throughout this Annual Report and on the and New Zealand, and a major supplier to and is paid a quarterly fee based on the Trust’s website for additional information. project builders, commercial trades people, gross assets of the Trust. and the housing industry. Both Bunnings and the responsible entity are wholly-owned subsidiaries of Wesfarmers Limited (“Wesfarmers”), one of Australia’s largest listed companies. Wesfarmers, through one of its subsidiaries, also owns approximately 24.75 per cent of the issued units in the Trust. “ A number of properties in the portfolio have higher and better use potential and will be increasingly attractive for mixed uses including retail, residential, aged care and healthcare” 2 BWP TRUST ANNUAL REPORT 2017 1 CHAIRMAN’S OVERVIEW MESSAGE On behalf of the Board of directors of BWP Management Limited, the responsible entity for BWP Trust, it is my pleasure to present the Trust’s annual report for the financial year ended 30 June 2017. The Trust performed in line with its and in strong catchment areas. We expect to alternative uses, which may require business objectives during the year, vacancies in the portfolio to be filled by different lease terms, rent free periods delivering a solid financial result, other home improvement style retailers, and capital expenditure to re-position providing for a 4.3 per cent increase in supermarket/ convenience retailers, and/ the properties. While there could be a full year distributions to 17.51 cents per or providers of activities/ experiences. reduction in rental income for some of the unit and a $111.3 million or 5.1 per cent net We may also consider divesting some impacted properties, we expect to at least increase in the assessed valuation of the properties. In the medium term, a number maintain distributions during this period. Trust’s property investment portfolio. of properties in the portfolio have higher Capital profits could be utilised to support and better use potential and will be distributions if required. The Trust is well positioned at year end with increasingly attractive for mixed uses a core portfolio of well located Bunnings Over the last 10 years the Trust has including retail, residential, aged care Warehouse properties, balance sheet generated average total unitholder returns and healthcare uses as demographics in flexibility, and good future prospects for of 9.8 per cent per annum, well ahead of suburban communities continue to evolve. Trust-owned properties that Bunnings has, the ASX All Ordinaries Accumulation Index or is considering vacating. A number of acquisition opportunities to of 3.5 per cent per annum, and the S&P/ grow the portfolio were reviewed during the ASX 200 Property Accumulation Index of The Trust successfully issued $110 million year, however none met the Trust’s short 3.6 per cent per annum. of five year medium term notes at a coupon or longer term return requirements, or were rate of 3.5 per cent in May this year, We have and will continue to focus on considered to be uniquely valuable from a further diversifying funding sources and long-term value creation, by re-investing location perspective. spreading debt maturities over four years in and growing the core portfolio of commencing in the 2019 financial year. In the absence of a significant change Bunnings Warehouse properties, and from in the macro-economic environment maximising the alternative use potential of During the year, Bunnings advised its resulting in capital flows being re-directed some of the properties in the portfolio. intention to vacate up to seven Trust- away from the Australian property sector, owned properties, and to re-locate its In closing, I would like to express my we expect there will be ongoing strong operations in those locations to nearby appreciation to my fellow directors and demand for quality property assets, ex-Masters Home Improvement properties. management for their excellent efforts including Bunnings Warehouse stores, Although there is still no clarity as to the during the year and thank our unitholders which should continue to support the timing of the proposed vacancies we are for their continued support of the Trust. valuation of the Trust’s property portfolio. well progressed in finding alternative uses The Trust remains financially disciplined for the properties as and when required. in terms of growing the portfolio and is At year end all the likely impacted focused on acquiring properties with good properties remained leased to Bunnings, potential for rental growth, valuation upside with lease expiries between November over the medium term, and longer term Erich Fraunschiel 2017 and October 2020. alternative use should Bunnings vacate Chairman An important feature of the Trust portfolio the property. BWP Management Limited are properties (with an average land area For the 2018 financial year, the Trust of 3.2 hectares) that are well located in expects further rental growth from its core suburban communities with good access Bunnings Warehouse property portfolio, to road and public transport, adjacency but at the same time may be transitioning to other retail and community facilities, up to four Bunnings Warehouse stores BWP TRUST ANNUAL REPORT 2017 3 1 OVERVIEW 2016/17 RESULTS HIGHLIGHTS FULL YEAR DISTRIBUTION > Final distribution of 8.88 cents per unit, > Weighted average lease expiry bringing the full year distribution to 17.51 (“WALE”) of 5.0 years at 30 June 2017, cents per unit, up 4.3 per cent on the portfolio 99.9 per cent leased CENTS previous year 17.51 PER UNITS > Net revaluation gain on the property > Six market rent reviews were finalised investment portfolio of $111.3 million during the year – weighted average for the year PORTFOLIO NET REVALUATION GAIN 4.1 per cent increase in annual rent; including five Bunnings Warehouses – > Net tangible assets of $2.74 per unit at weighted average 4.5 per cent increase 30 June 2017 (2016: $2.56 per unit), up 7.0 per cent on the previous year $111.3 MILLION in annual rent > Like-for-like rental growth of 2.11 per cent > Gearing (debt/total assets) 20.4 per cent NET TANGIBLE ASSETS for the 12 months to 30 June 2017 at 30 June 2017 > Weighted average cost of debt of PER 4.6 per cent for the year, 4.7 per cent $2.74 UNIT at year end 1 Like-for-like rental growth compares the passing rent at the end of the period to the passing rent at the end of the previous corresponding period, but excludes properties acquired, divested, developed or upgraded during or since the previous corresponding period BWP TRUST TOTAL RETURNS COMPARED TO MARKET period ended 30 June 20172 One year Three years3 Five years3 Ten years3 20% 18% 16.3 13.1 14.1 14.2 12.1 12.0 12.2 11.8 12% 11.6 9.7 9.8 6.8 6% 3.5 n.a. 0.1 0% (0.1) (6%) (6.3) (5.6) BWP Trust (12%) ASX All Ordinaries Accumulation Index (13.3) UBS Retail 200 (16.3) (18%) S&P/ASX 200 Property Accumulation Index S&P/ASX 300 Property Accumulation Index (20%) 2 Total returns include distributions and movement in price (assumed distributions are reinvested).
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