Basic Profile & Key Statistics
BHG Retail REIT (BHG) invests in retail properties in China. BHG currently owns 6 retail properties in Beijing, Chengdu, Hefei, Xining and Dalian.
Lease Profile
Occupancy is slightly low at 92.9% and its income is received in RMB. WALE is short at 3.7 years where the highest lease expiry of 29.8% falls in FY2021. Weighted average land lease expiry is short at 24.68 years, common for China properties.
Debt Profile
Gearing ratio is healthy at 35.9%. Cost of debt is high at 3.9% despite all of debts are secured debt. Fixed-rate debt is low at 50.1% which is favorable in current low interest environment. Interest cover ratio is low at 2.6 times. WADE is short at 1.7 years where the highest debt maturity of around 97% falls in the year 2022.
Diversification Profile
Top geographical and top property contributions are the same at 55.6%. It is considered moderate in terms of geographical and high in terms of property contribution. Top tenant contribution is high at 15.8% while top 10 tenants contribution is low at 24.4%....