St Lucie West - Publix (United Hampshire US REIT)St Lucie West - Publix (United Hampshire US REIT)

Data from United Hampshire US REIT’s latest results is in the Singapore REITs table.

United Hampshire US REIT (UHREIT) announced on 12 May that its gross revenue and net property income for the first quarter ended 31 March 2023 was at USD18.1 million and USD12.9 million respectively.

These represent increases of 11.8% and 13.5% year-on-year respectively.

The REIT’s distributable income for 1Q 2023 was USD8.8 million, 7.6% higher than the USD8.1 million achieved in 1Q 2022.

UHREIT has attributed the quarter’s numbers to the performance of its existing properties, coupled with the income from its third and largest acquisition, Upland Square Shopping Center, in July 2022.

As at 31 March 2023, 80.2% of the REIT’s total loans are either fixed rate loans or floating rate loans that have been hedged using interest rate swaps.

Weighted average debt maturity is 3.7 years, aggregate leverage 42.6%, and interest coverage ratio 3.1 times.

UHREIT was last done on the Singapore Exchange at USD0.425, which presently implies a discount of about 43% 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.