BHG Retail REIT : Financial Statement

BHG Retail REIT and its Subsidiaries

(Constituted in the Republic of Singapore pursuant

to a Trust Deed dated 18 November 2015)

Unaudited Interim Financial Information Six-month period ended 30 June 2021

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2021

Table of Contents
Description	Page No.
Statements of Financial Position	2
Statement of Total Return	3
Distribution Statement	4
Statements of Movements in Unitholders' Funds	6
Portfolio Statement	7
Statement of Cash Flows	8
Notes to the Interim Financial Information	10
Other information required by Listing Rule Appendix 7.2	22

1

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2021

Statements of Financial Position

As at 30 June 2021

	Note	Group	REIT
		30/6/2021	31/12/2020	30/6/2021	31/12/2020
		S$'000	S$'000	S$'000	S$'000
Non-current assets
Investment properties	3	970,090	943,187	-	-
Plant and equipment		764	702	-	-
Interests in subsidiaries		-	-	590,783	591,646
Trade and other receivables		33	-	-	-
Deferred tax assets		62	47	-	-
		970,949	943,936	590,783	591,646
Current assets
Trade and other receivables		2,707	2,947	665	589
Cash and cash equivalents	4	49,553	48,272	4,535	4,159
		52,260	51,219	5,200	4,748
Total assets		1,023,209	995,155	595,983	596,394
Non-current liabilities
Loans and borrowings	5	-	282,320	-	232,595
Trade and other payables		1,327	2,077	58,073	54,276
Security deposits		8,288	6,298	-	-
Deferred tax liabilities		40,463	39,157	-	-
Derivative liabilities	6	-	3,302	-	3,302
		50,078	333,154	58,073	290,173
Current liabilities
Loans and borrowings	5	294,593	9,315	242,963	8,101
Trade and other payables		23,686	26,049	10,902	9,394
Security deposits		12,646	12,913	-	-
Current tax liabilities		1,904	1,281	-	-
Derivative liabilities	6	2,031	-	2,031	-
		334,860	49,558	255,896	17,495
Total liabilities		384,938	382,712	313,969	307,668
Net assets		638,271	612,443	282,014	288,726
Represented by:
Unitholders' funds		456,980	439,256	282,014	288,726
Non-controlling interests		181,291	173,187	-	-
		638,271	612,443	282,014	288,726
Units in issue ('000)	7	512,450	511,718	512,450	511,718

2

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2021

Statement of Total Return

Six-month period ended 30 June 2021

		Note	Group
			Six-monthSix-month
			period	period
			ended	ended
			30/6/2021	30/6/2020
			S$'000	S$'000
Gross Revenue		34,333	27,801
Property operating expenses		(13,705)	(11,274)
Net property income		20,628	16,527
Other income		414	98
Manager's base fee		(769)	(480)
Manager's performance fee		(534)	-
Trustee's fees		(79)	(77)
Other expenses		(518)	(506)
Finance income		65	1
Foreign exchange gain/(loss) - realised		261	(79)
Finance cost		(6,939)	(7,127)
Total return before change in fair value of
	investment properties and unrealised foreign
	exchange loss		12,529	8,357
Foreign exchange loss - unrealised		(1,025)	(2,119)
Total return for the period before taxation		11,504	6,238
Taxation	10	(3,732)	(2,447)
Total return for the period after taxation		7,772	3,791
Attributable to:
Unitholders		4,093	896
Non-controlling interests		3,679	2,895
Total return for the period after taxation		7,772	3,791
Earnings per Unit (cents)	11
-	Basic		0.80	0.18
-	Diluted		0.80	0.18

3

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2021

Distribution Statement

Six-month period ended 30 June 2021

Group

Six-monthSix-month period endedperiod ended 30/6/2021 30/6/2020

S$'000 S$'000

Amount available for distribution to Unitholders at beginning of the period

Total return for the period attributable to Unitholders Distribution adjustments (Note A)

Income for the period available for distribution to Unitholders

Amount retained (1)

Income for the period to be distributed to Unitholders

Distribution to Unitholders during the period:

• Distribution of 1.79 cents per Unit for period from 1 July 2019 to 31 December 2019
• Distribution of 1.06 cents per Unit for period from 1 July 2020 to 31 December 2020

Amount available for distribution to Unitholders at end of the period

Distribution per unit (cents) (2)

5,336 7,957

4,093 896

2,298 3,904

6,391 4,800

1. (480)

5,752 4,320

• (7,779)

(5,163) -

(5,163) (7,779)

5,925 4,498

1.12 0.89

1. For the period ended 30 June 2021, approximately S$0.6 million (30 June 2020: S$0.5 million) of the amount available for distribution has been retained for operational expenses and working capital requirements of the REIT.
2. The distribution per unit relates to the distributions in respect of the relevant financial period.
   The distribution relating to 1 January 2021 to 30 June 2021 will be paid within 90 days from the end of the distribution period, in accordance with the provisions of the Trust Deed.
   The amount of distributions waived, attributable to the strategic investor Units, for the period ended 30 June 2020 amounted to approximately S$1.2 million.

4