BWP Trust (BUNNF) Stock

About BWP Trust

BWP Trust, often referred to simply as BWP, operates as a real estate investment trust (REIT) specializing in the acquisition and management of commercial properties across Australia. It commenced operations and was publicly listed on the Australian Securities Exchange (ASX) in 1998. The Trust's portfolio is predominantly comprised of large format retail spaces, with a significant concentration of Bunnings Warehouses, all leased to Bunnings Group Limited. Bunnings is recognized as the premier retailer of home improvement and outdoor living products in both Australia and New Zealand, additionally serving as a key supplier to project builders, commercial tradespeople, and the broader housing sector. For a complete overview of the Trust's property assets, please refer to the "Our Properties" section of this website. The management of the Trust is handled externally by BWP Management Limited, designated as "the responsible entity." Appointed in accordance with the Trust's constitution and operating under an Australian Financial Services Licence, this entity is exclusively dedicated to managing BWP and receives an annual fee calculated based on the Trust's total gross assets. Notably, both Bunnings and the responsible entity are wholly-owned subsidiaries of Wesfarmers Limited, a prominent listed company in Australia. Moreover, Wesfarmers holds a substantial stake in the Trust, owning approximately 24.75% of its issued units.

BWP Trust is headquartered in AU.

BWP Trust (BUNNF) stock trades at $2.88 with a market capitalization of $2.05B. The stock is valued at a price-to-earnings (P/E) ratio of 9.13, price-to-book of 0.66, price-to-sales of 14.21. Over the past 52 weeks the stock has ranged between $2.88 and $3.10, and currently trades 7.1% below its 52-week high. It pays a dividend yielding 4.86%.

On profitability, BWP Trust generates a return on equity (ROE) of 11.26%, return on capital employed of 4.40%, an operating margin of 84.37%, a net profit margin of 160.08%.

Official website: www.bwptrust.com.au

BWP Trust by the numbers, 2016–2025

Between 2016 and 2025 BWP Trust reported revenue of $150.0M rising to $203.0M, a change of +35.3% across 10 years. Compounded, revenue has grown 5.4% a year over five years, 9.9% over three, 16.7% over the last twelve months. Net profit fell to $266.0M.

Operating margin went from 88.0% in 2016 to 82.6% in 2025, a fall of 5.4 percentage points. The most recent net margin is 160.08%. On a trailing twelve-month basis to Dec '25, revenue is $399.0M and net profit $614.0M.

Borrowings rose from $472.0M to $808.0M, cash on hand is $54.4M, cash from operations was $120.0M in the latest year, positive in 10 of the last 10.

Return on equity has averaged 9.9% over five years, and was 9.4% in the most recent year.

The share price itself has compounded at —% a year over five years, —% over three, —% over the last year. Past price movement is history, not a forecast.

Figures are as reported and in the company's own reporting currency. They describe what has already happened and carry no implication about what follows.

BWP Trust (BUNNF) — frequently asked questions