BHG Retail REIT reports higher DPU for FY2024 of 0.50 cents, a 16.3% y-o-y increase

BHG Retail REIT has reported a distribution per unit (DPU) for the FY2024 ended Dec 31, 2024 of 0.50 cents, a 16.3% y-o-y increase. 

The REIT’s DPU for 2HFY2024 increased to 0.25 cents. 

Gross revenue for the FY2024 decreased marginally to $61 million, as well as net property income, which decreased to $32.8 million for the reporting period. 

The decrease in gross revenue was mainly due to weakening of the Chinese RMB against the Singapore dollar. The REIT says that gross revenue for FY2024 was higher than FY2023 in RMB terms. 

Despite this slight decline in performance, the REIT’s DPU for the full year increased slightly due to lower financial cost. For FY2024, about $0.3 million of the amount payable for distribution has been retained for operational expenses and working capital requirements of the REIT. 

Across its six properties, the REIT reported a 95.8% committed occupancy rate as at Dec 31, 2024. 

See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil

The REIT’s weighted average lease expiry across its 179,123 net lettable area (NLA) sqm is 5.1 years. 

Its aggregate borrowings drawn down is $300.3 million as at Dec 31, 2024, and gearing ratio stands at 39.6%. 

Above 80% of its borrowings are denominated in Singapore dollars, and about 50% of offshore borrowings are hedged via interest rate swaps.