United Hampshire US REIT Management Pte. Ltd. has announced a slight decline in its financial performance for the first quarter of 2025, following the divestment of properties in Hudson Valley Plaza and Albany Supermarket. The REIT reported a 2% year-on-year decrease in gross revenue to $18.1m and an 8.4% drop in net property income to $11.7m for the quarter ending 31 March 2025. Distributable income also saw a minor decline of 1.4% year-on-year, totalling $6.3m.
Excluding the impact of these divestments, UHREIT’s gross revenue actually increased by 3.2%, whilst net property income saw a slight decrease of 1.5%. This performance was bolstered by rental income from new tenants, such as Dick’s Sporting Goods at Upland Square and Trader Joe’s at Lynncroft Centre, alongside rental escalations from existing leases.
Gerard Yuen, CEO of the Manager, highlighted the REIT’s strong operational performance, attributing it to proactive portfolio management and a resilient tenant base. “The divestments have reduced our gearing and provided ample headroom for potentially accretive acquisitions,” he stated.
The REIT’s Grocery & Necessity portfolio boasts a high committed occupancy of 97.2% and a long weighted average lease expiry of 7.8 years. With minimal lease rollover expected in the coming years, UHREIT is well-positioned for stability and growth. Additionally, its self-storage occupancy remains robust at 93.6%, and the REIT’s low net aggregate leverage of 36.8% offers room for future acquisitions.
Looking ahead, UHREIT plans to continue strengthening its income streams and balance sheet through asset enhancement, development initiatives, and strategic acquisitions.
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