During the half year period, gross revenue saw a slight 0.9% increase to $31.3 million from $31.1 million a year ago, bringing net property income to $17.9 million, unchanged from the last year. This increase was mainly due to higher portfolio occupancy rate.
In RMB term, both the gross revenue and net property income had increased by RMB 6.8 million (4.2%) and RMB 3.2 million (3.5%) respectively, as compared to last financial period.
As at June 30, the REIT’s portfolio occupancy rate was at 96.8%, with a weighted average lease expiry of 3.2 years (by gross rental income) and 5.3 years (by net lettable area).
Chan Iz-Lynn, CEO of the manager says: “Our quality portfolio of retail malls in high population density neighbourhoods are well positioned to capitalise on China’s economic recovery. Looking forward, the manager will remain focused on executing its strategy of refreshing and optimizing its malls’ tenant mix, remaining prudent in its capital management, and pursuing yield-accretive acquisition opportunities.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Units in BHG Retail REIT closed at 50 cents on Aug 8.
