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 2022

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2022

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 2022

Statements of Financial Position

As at 30 June 2022

	Note	Group	REIT
		30/6/2022	31/12/2021	30/6/2022	31/12/2021
		S$'000	S$'000	S$'000	S$'000
Non-current assets
Investment properties	3	970,989	992,686	-	-
Plant and equipment		662	672	-	-
Interests in subsidiaries		-	-	585,438	590,995
Deferred tax assets		64	58	-	-
		971,715	993,416	585,438	590,995
Current assets
Trade and other receivables		8,100	2,689	966	375
Cash and cash equivalents	4	35,595	48,483	2,286	2,666
		43,695	51,172	3,252	3,041
Total assets		1,015,410	1,044,588	588,690	594,036
Non-current liabilities
Loans and borrowings	5	290,202	-	244,151	-
Trade and other payables		2,351	1,902	22,521	59,162
Security deposits		7,893	4,910	-	-
Deferred tax liabilities		40,180	41,085	-	-
		340,626	47,897	266,672	59,162
Current liabilities
Loans and borrowings	5	4,242	295,454	2,000	243,267
Trade and other payables		21,380	22,795	53,152	12,809
Security deposits		12,665	16,971	-	-
Current tax liabilities		3,314	3,640	-	-
Derivative liabilities	6	-	993	-	993
		41,601	339,853	55,152	257,069
Total liabilities		382,227	387,750	321,824	316,231
Net assets		633,183	656,838	266,866	277,805
Represented by:
Unitholders' funds		452,778	471,154	266,866	277,805
Non-controlling interests		180,405	185,684	-	-
		633,183	656,838	266,866	277,805
Units in issue ('000)	7	513,186	512,451	513,186	512,451

2

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2022

Statement of Total Return

Six-month period ended 30 June 2022

		Note	Group
			Six-monthSix-month
			period	period
			ended	ended
			30/6/2022	30/6/2021
			S$'000	S$'000
Gross Revenue		35,576	34,333
Property operating expenses		(14,569)	(13,705)
Net property income		21,007	20,628
Other income		535	414
Manager's base fee		(478)	(769)
Manager's performance fee		-	(534)
Trustee's fees		(80)	(79)
Other expenses		(898)	(518)
Finance income	9	142	65
Foreign exchange (loss)/gain - realised		(777)	261
Finance cost	9	(7,468)	(6,939)
Total return before unrealised foreign exchange
	loss		11,983	12,529
Foreign exchange loss - unrealised		(96)	(1,025)
Total return for the period before taxation		11,887	11,504
Taxation	10	(4,006)	(3,732)
Total return for the period after taxation		7,881	7,772
Attributable to:
Unitholders		3,786	4,093
Non-controlling interests		4,095	3,679
Total return for the period after taxation		7,881	7,772
Earnings per Unit (cents)	11
-	Basic		0.74	0.80
-	Diluted		0.74	0.80

3

BHG Retail REIT and its subsidiaries

Unaudited Interim Financial Information

Six-month period ended 30 June 2022

Distribution Statement

Six-month period ended 30 June 2022

Group

Six-monthSix-month

period period

ended ended

30/6/2022 30/6/2021

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 1.06 cents per Unit for period from 1 July 2020 to 31 December 2020
• Distribution of 1.05 cents per Unit for period from 1 July 2021 to 31 December 2021

Amount available for distribution to Unitholders at end of the period

Distribution per unit (cents) (2)

5,548 5,336

3,786 4,093

516 2,298

4,302 6,391

1. (639)

3,872 5,752

• (5,163)

(5,388) -

(5,388) (5,163)

4,032 5,925

0.76 1.12

1. For the period ended 30 June 2022, approximately S$0.4 million (30 June 2021: S$0.6 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 2022 to 30 June 2022 will be paid within 90 days from the end of the distribution period, in accordance with the provisions of the Trust Deed.

4