BHG Retail REIT NPI down 6.1% in FY 2024
BHG Retail REIT reported a 6.1% decline in net property income to $32.8 million for FY 2024, attributed to the weakening of the RMB against the Singapore dollar and increased expenses. The gross revenue was $61 million, with a distribution per unit of $0.05. The REIT maintained a committed occupancy rate of 95.8% across its six properties as of December 31, 2024.
This is due to weakening of the RMB against the Singapore dollar.
BHG Retail REIT posted a net property income of $32.8m for the financial year 2024, marking a 6.1% decline from the previous year.
The group attributed the drop to the weaker Chinese yuan against the Singapore dollar and higher expenses.
It said the adverse foreign exchange movements and rising costs—including higher property taxes, property management fees, and rental support for its Dalian and Xining properties during asset enhancement initiatives—contributed to the lower earnings.
The REIT’s gross revenue for the year stood at $61m, whilst its distribution per unit came in at $0.05,
BHG Retail REIT maintained a committed occupancy rate of 95.8% across its six properties as of 31 Dec 2024.
