United Hampshire US REIT’s net property income rises 13.5% YoY to US$12.9m in Q1

The REIT attributed the increase to the resilient performance of its existing properties.

SGX-listed United Hampshire US REIT (UHREIT) recorded a 13.5% YoY growth in its net property income (NPI) for Q123, its latest financial statement showed.

In a bourse filing, the REIT attributed the increase in its NPI to income from Upland Square Shopping and the resilient performance of its existing properties.

The increase in NPI boosted UHREIT’s distributable income to US$8.8m, which is 7.6% higher than the US$8.1m achieved in Q122.

As of 31 March, the REIT’s  Grocery & Necessity portfolio has a committed occupancy rate of 97.0% and a weighted average lease expiry (WALE) of 7.4 years.

The REIT’s Self-Storage portfolio also remained resilient in Q1 with a steady occupancy rate.