BHG Retail REIT (BMGU)

As at 2020 Second Quarter Financial Results (7 Aug 2020)

BHG Retail REIT is the first pure-play China retail REIT sponsored by an established PRC homegrown retail property operator (Beijing Hualian Department Store Co), listed on 11 Dec 2015. It has ownership/interest in 6 properties worth S$0.93 billion (RMB 4.7 billion) as at 30 Jun 2020.

Gross rental income (by sector)	Percentage
Fashion	39.4%
F&B	22.3%
Supermarket	18.6%
Services	8.2%
Recreation	5.8%
Lifestyle	5.4%
Specialty Stores	0.3%

Gross rental income (by geographical location)	Percentage
China	100%

Metrics	2Q 2020	1Q 2020
Gearing Ratio (Aggregate Leverage)	35.9%	35.3%
Weighted Average Debt to Maturity (Average Term to Maturity)	2.2 years	2.2 years
Average Cost of Debt (p.a.)	3.9%	4.2%
Occupancy Rate	92.9%	94.7%
Weighted Average Lease Expiry (by GRI)	3.7 years	3.7 years
Top 10 tenants (gross rental income)	24.4%	(as at 31 Dec 19)
Top tenant (gross rental income)	15.8%	(as at 31 Dec 19)

	1H 2020	1H 2019
Metrics	S$ mil	S$ mil
Gross Revenue	27.8	38.1
Property operating expenses	(11.3)	(12.9)
Net Property Income	16.5	25.2
Distributable Income	4.3	9.0
DPU	0.89c	2.08c

Changed to semi-annual reporting. No Q2 2020 comparison with Q2 2019.

PORTFOLIO

CHINA

Property	NPI (%)	Occupancy 2Q 2020	Occupancy 1Q 2020
Beijing Wanliu (60%)	58.8	93.7	95.0
Chengdu Konggang	14.1	88.8	91.2
Hefei Mengchenglu	10.3	89.9	92.0
Hefei Changjiangxilu	6.8	90.0	94.3
Xining Huayuan	5.9	100.0	100.0
Dalian Jinsanjiao	4.1	100.0	100.0

Property	Valuation (RMB m) Jun-20	Valuation (RMB m) Dec-19	Leasehold expiry
Beijing Wanliu (60%)	2,502	2,502	29 Aug 2044
Chengdu Konggang	662	662	23 May 2047
Hefei Mengchenglu	603	603	31 Aug 2044
Hefei Changjiangxilu	492	492	30 Apr 2043
Xining Huayuan	280	280	19 Aug 2048
Dalian Jinsanjiao	168	168	27 Feb 2042

Potential pipeline projects from Sponsor

Acquisition pipeline of 12 properties under Right of first refusal with Sponsor.