St Lucie West - Publix (United Hampshire US REIT)

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

United Hampshire US REIT (UHREIT) has reported distributable income of USD7.7 million for its 3Q 2021, an increase of 4.1% year-on-year.

Accordingly, the REIT’s gross revenue and net property income (NPI) for 3Q 2021 rose by 5.8% and 6.1% year-on-year to USD13.6 million and USD10.3 million respectively.

However, when compared to the IPO forecast that was made before the pandemic struck, 3Q 2021 gross revenue and NPI were 4.9% and 1.6% lower respectively.

“Our tenants for grocery & necessity properties, mainly in essential services, continued to benefit from the rising US consumer spending, and a rebound in strip centers’ foot traffic”, said Robert Schmitt, CEO of the REIT’s manager, in a statement on 10 November.

“We continued to see food & beverage, consumer goods and services tenants experiencing improvement in performance, forming a majority of the new and renewal leases signed during this period”.

“For self-storage properties, the two new properties, Elizabeth and Perth Amboy experienced a strong increase in occupancies whilst Carteret and Millburn maintained high occupancies above 92%”, he added.

As at 30 September 2021, UHREIT’s leverage was at 37.6%, with average cost of borrowings at 2.77%.

UHREIT was last done on the SGX at USD0.675, which presently implies a distribution yield of 9.04% 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.