St Lucie West - Publix (United Hampshire US REIT)

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

United Hampshire US REIT (UHREIT) reported on 12 May that its gross revenue and net property income for 1Q 2021 came in at USD13.5 million and USD10.1 million respectively.

These were 1.9% and 1.8% lower respectively from the forecast made during the REIT’s initial public offering (IPO).

However, its distributable income of USD7.6 million was 1.3% higher than forecast.

Over the quarter, the REIT executed 15 new and renewal leases totalling approximately 46,480 square feet.

“Overall, UHREIT generates a significant amount of organic growth as a majority of the leases for grocery & necessity properties benefit from rental increases during the lease terms”, said the REIT.

“UHREIT’s self-storage assets have also performed well and occupancies for these properties have continued to trend up since May last year, after COVID-19 related lockdown guidelines were loosened”, it added.

Elizabeth Self-Storage recorded occupancy growth to 43.7% as at 31 March 2021, up from 37.7% as at 31 December 2020.

Occupancy for Perth Amboy Self-Storage, which commenced leasing activities in January 2021, was at 12.9% as at 31 March 2021.

Millburn Self-Storage and Carteret Self-Storage’s occupancies were at 93.5% and 94.7% as at 31 March 2021 respectively.

UH REIT’s Publix Store at St. Lucie West, Florida, has officially opened ahead of schedule on 15 April 2021.

The REIT has earlier secured a new lease with Beall’s Outlet Stores, with a tenure of seven years, which will occupy 57.0% of the existing space that Publix has vacated from, with its relocation to the new store.

UHREIT is proactively in discussions with prospective tenants for the leasing of the remaining space.

As at 31 March 2021, UHREIT’s leverage was at 37.5%, with weighted average borrowing cost at 2.79%.

UHREIT was last done on the Singapore Exchange at USD0.70, which implies a distribution yield of 8.57% 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.