A property of United Hampshire US REIT, Hudson Valley Plaza. (Image: Google Maps)

Data from United Hampshire US REIT’s latest results have been updated into the Singapore REITs table.

United Hampshire US REIT has missed its gross revenue and net property income (NPI) projections for the reporting period spanning 12 March to 30 June 2020.

The REIT’s revenue and NPI came in 3.5% and 5.5% lower than forecast respectively.

The lower gross revenue was largely due to lower reimbursable expense recoveries pertaining to its grocery & necessity properties, a deceleration in leasing activities for its self-storage properties, and a delay in completion of Perth Amboy Self-Storage.

The lower NPI was mainly due to lower gross revenue and other operating income, as well as a provision of USD0.3 million for rent relief currently under negotiation, partially offset by lower repair and maintenance expenses.

The REIT’s distributable income of USD8.8 million for the period was 0.2% higher than forecast, while its distribution per unit (DPU) of 1.78 US cents was inline with projections made during its IPO.

“Notwithstanding the decline in the overall economic environment due to the pandemic, our portfolio which is backed by high occupancy, long WALE and a strong tenant profile, has delivered a steady set of results”, said Robert Schmitt, CEO of the REIT’s manager.

Its aggregate leverage for the period was at 36.2%, with blended cost of debt at 2.84%.

“As the COVID-19 outbreak continues to unfold, the manager will monitor the situation closely and continue to actively engage tenants to address their concerns and discuss appropriate tenant support measures”, said the REIT.

“The manager is confident that the resilient portfolio is well-positioned to weather the COVID-19 crisis”, it added.

United Hampshire US REIT was last done on the Singapore Exchange (SGX) at USD0.54, which implies a distribution yield of about 9% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.