Shares & Derivatives
BHG Retail REIT Analysis @ 7 July 2020
By REIT-TIREMENT  •  July 7, 2020
Basic Profile & Key Statistics
BHG Retail REIT is a pure retail SREIT with all of its properties located in China. It is currently the 2nd smallest market cap SREITs after Eagle Hospitality Trust.
Lease Profile
Occupancy of 94.7% is slightly lower than SREITs median. WALE of 3.7 years is considered long in retail SREIT. All of its income is received in RMB. Weighted average land lease expiry is very short at only 24.93 years, which is the 3rd lowest in SREITs.
Debt Profile
Gearing is healthy at 35.3%. Cost of debt is high at 4.2%, despite all of its debt are secured. Fixed debt is low at 60% which is favorable in current low-interest situations. The interest cover ratio and WADE are low. Around 82% of its debt matured in 2022, which posts a very concentrated debt maturity risk.
Diversification Profile
Its flagship property is Beijing Wanliu Mall contributes 55.6% of GRI, which is a very high percentage. Top tenant contribution is high at 15.8%, however, top 10 tenants contribution is low at 24.4%
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By REIT-TIREMENT
I am Vince and welcome to my blog. I started this blog on 1st January 2019. Since the start of my investment journey, I have been fond of REITs because of its dividends. REITs allowed you to become a property landlord and get rental income without having to fork out large sum of initial capital, look out for tenant as well as manage the properties ...
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