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
Fashion39.4%
F&B22.3%
Supermarket18.6%
Services8.2%
Recreation5.8%
Lifestyle5.4%
Specialty Stores0.3%
Gross rental income
(by geographical location)
Percentage
China100%

Metrics2Q 20201Q 2020
Gearing Ratio
(Aggregate Leverage)
35.9%35.3%
Weighted Average Debt to Maturity
(Average Term to Maturity)
2.2 years2.2 years
Average Cost of Debt (p.a.)3.9%4.2%
Occupancy Rate92.9%94.7%
Weighted Average Lease Expiry
(by GRI)
3.7 years3.7 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 20201H 2019
MetricsS$ milS$ mil
Gross Revenue27.838.1
Property operating
expenses
(11.3)(12.9)
Net Property Income16.525.2
Distributable Income4.39.0
DPU0.89c2.08c

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

PORTFOLIO

CHINA

PropertyNPI (%)Occupancy
2Q 2020
Occupancy
1Q 2020
Beijing
Wanliu
(60%)
58.893.795.0
Chengdu
Konggang
14.188.891.2
Hefei
Mengchenglu
10.389.992.0
Hefei
Changjiangxilu
6.890.094.3
Xining
Huayuan
5.9100.0100.0
Dalian
Jinsanjiao
4.1100.0100.0

PropertyValuation
(RMB m)

Jun-20
Valuation
(RMB m)

Dec-19
Leasehold
expiry
Beijing
Wanliu
(60%)
2,5022,50229 Aug 2044
Chengdu
Konggang
66266223 May 2047
Hefei
Mengchenglu
60360331 Aug 2044
Hefei
Changjiangxilu
49249230 Apr 2043
Xining
Huayuan
28028019 Aug 2048
Dalian
Jinsanjiao
16816827 Feb 2042

Potential pipeline projects from Sponsor

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

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