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 reported gross revenue of USD12.8 million for its 3Q 2020, missing projections made during its initial public offering (IPO) by 3.3%.

Accordingly, net property income for the period came in at USD9.7 million, missing projections by 3.2%.

However, its distributable income for the period was USD7.4 million, 0.5% higher than IPO forecast.

As at 30 September 2020, rent relief of USD0.6 million, and rent deferral of USD1.0 million in aggregate were granted to assist tenants in bridging through the pandemic.

A provision of USD0.2 million was made for rent relief currently under negotiation.

“Following the easing of lockdown measures, all our tenants have re-commenced business operations and our key grocery and home improvement tenants including BJ’s, Lowes, The Home Depot and Walmart have recorded 9.3% to 35.1% increases in sales year-on-year in 2Q 2020, continuing to perform extremely well during the COVID-19 pandemic”, said Robert Schmitt, CEO of the REIT’s manager.

“Our tenants have successfully adapted to the new retail environment through the continued adoption of omni-channel strategies which have become even more relevant in the current environment”.
“The physical stores remain a crucial element of the omni-channel strategy, allowing an in-store experience in addition to enabling tenants to fulfill online demand at lower fulfilment and delivery costs, and at faster delivery speed”, said Schmitt.

“Leasing momentum for our self-storage portfolio remains strong, with occupancies continuing to trend upwards. Leasing activity has further accelerated in tandem with the rising outflow of population from New York to the suburban areas”.

“Looking ahead, we believe our resilient portfolio and strong financial standing, with no refinancing required until 2023, will continue to deliver stable performance amid the global uncertainty”, he added.

United Hampshire US REIT was last done on the SGX at USD0.55, which implies a distribution yield of 9.2% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

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