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BHG Retail Reit's Q3 DPU edges up to 1.41 cents
HIGHER rental reversion and increase in occupancy boosted results for retail owner BHG Retail Reit in its third quarter.
Distribution per unit (DPU) crept up to 1.41 Singapore cents from 1.29 Singapore cents in the previous year, the group said in a Singapore Exchange filing on Tuesday evening.
That came as Q3 income available for distribution expanded 13.9 per cent to S$5.1 million from the previous year.
For the three months ended Sept 30, gross revenue rose 7 per cent to S$16.5 million from the previous year. Net property income increased 10.5 per cent to S$10.5 million from the year-ago period.
The Reit's properties include Beijing Wanliu Mall, Chengdu Konggang Mall, Hefei Mengchenglu Mall, Xining Huayuan Mall and Dalian Jinsanjiao Property in China.
The Reit said higher rentals were achieved for new and renewed leases, the latter on the back of in-built rental escalation for ongoing tenancies.
It added, however, that revenue was partially offset by the adoption of a nation-wide value-added tax (VAT) reform in China which came into effect from May 2016, where 5-per-cent VAT was netted off against gross revenue.
BHG Retail Reit units closed unchanged at S$0.745 on Tuesday.