BHG Retail Reit posts 32% drop in H1 DPU to S$0.0076

THE manager of China-focused BHG Retail Reit on Friday (Aug 12) announced a distribution per unit of S$0.0076 for the first half ended June, down 32.1 per cent from a DPU of S$0.0112 in the year-ago period.

Income to be distributed to unitholders fell 32.7 per cent to S$3.9 million, from S$5.8 million in the previous year.

The Reit manager said some S$0.4 million of the amount available for distribution was retained in H1 for operational expenses and working capital requirements. About S$0.6 million had been retained in the same period last year.

The H1 distribution will be paid to unitholders on Sep 28.

Gross revenue rose 3.6 per cent to S$35.6 million, while net property income edged up 1.8 per cent to S$21 million.

The increase was mainly due to an increase in portfolio occupancy to 96.7 per cent in H1, from 93 per cent in the year-ago period.

As at end June, BHG Retail Reit's gearing ratio stood at 35.7 per cent, with an average cost of debt at 3.6 per cent and an interest coverage ratio of 2.7 times.

Units of BHG Retail Reit closed flat at S$0.52 on Friday, before the results were announced.

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