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United-Hampshire US REIT posts 12.1% jump in 2H 2025 DPU
Third consecutiove Period increase in DPU since 1H 2024. Very solid performance.
United Hampshire US REIT reports distributable income of US$7 million for 3QFY2025, up 15.5% y-o-y
The Edge SingaporeFri, Nov 14, 2025 &bull 08:17 AM GMT+08 &bull &bull 2 min read
The Penrose Plaza, one of the properties that forms UH REIT' s portfolio. Photo: United Hampshire US REIT
United Hampshire US REIT has reported 3QFY2025 revenue of US$18.1 million, up just 1.4% y-o-y. Yet, net property income was up 5.7% y-o-y to US$12.7 million and distributable income of US$7 million, an increase of 15.5% y-o-y, thanks to lower financing costs.
This brings its 9MFY2025 revenue to US$53.8 million, down 1.6% y-o-y and net property income down 1.9% y-o-y to US$36.7 million due to the absence of contributions from three properties that had been sold.
Excluding the effect of the divestments, on a same-store basis, 9MFY2025 gross revenue and NPI increased by 3.1% and 5.0% y-o-y, respectively, driven by the commencement of new leases and rental escalations from existing leases.
Gerard Yuen, CEO of the manager, says the REIT has delivered another strong performance this quarter, driven by the commencement of new leases, built-in rental escalations from existing leases and lower interest costs.
" We continue to see sustained leasing momentum as strong retail demand meets limited new supply of grocery-anchored centres," says Yuen.
" In particular, our recent acquisition of Dover Marketplace, a strategically located property anchored by a leading grocery tenant, has contributed positively to our financial performance," he adds.
As at Sept 30, committed occupancy for the REIT' s grocery & necessity properties remained high at 97% with a long WALE of 7.5 years and tenant retention rate of 90%.
Its lease expiry profile is well-distributed with only 0.3% of leases expiring by end of this year and 3.2% next year.
Its two self-storage properties, as at Sept 30, maintained occupancy levels of 93.4% and 96.4%.
The REIT says it has a well-spread debt maturity profile with no refinancing requirement until next November.
As at Sept 30, its net aggregate leverage stands at 37.8%, with 78.5% of total loans being either fixed rate loans or floating rate loans that have been hedged to fixed rates.
Weighted average debt maturity stood at 1.6 years, and interest coverage ratio was 2.6 times.
United Hampshire US REIT units closed at 50 cents on Nov 13, up 1.01% for the day and up 4.17% year to date.
https://links.sgx.com/FileOpen/2.%20UHREIT%203Q2025%20Operational%20Updates%20Press%20Release.ashx?App=Announcement& FileID=867065
United Hampshire US Reit H1 DPU rises 4% to US$0.0209 on higher occupancy levels
Revenue for the period declines 3% to US$35.7 million from US$36.9 million
[SINGAPORE] United Hampshire US Real Estate Investment Trust (Reit) : ODBU +1.04% on Wednesday (Aug 13) posted a 4 per cent increase in its distribution per unit (DPU) for the first half-year ended June to US$0.0209, from US$0.0201 in the year-ago period.
The distribution will be paid out on Sep 26, with its books closure date on Aug 22.
The rise in DPU came on the back of higher occupancy levels, an improved tenant mix and lower financing costs.
The Reit&rsquo s committed occupancy levels for its grocery and necessity portfolio increased to 97.2 per cent, from 96.3 per cent on Jun 30, 2024. As for the self-storage segment, its occupancy level was up on average at 95.3 per cent, from 94.35 per cent.
For H1 FY2025, United Hampshire US Reit secured five new leases and 10 lease renewals, totalling 82,395 square feet (sq ft).
The manager noted that key leasing activities include the development of a new 5,000 sq ft store on existing excess land in St Lucie West, which has been pre-leased to health insurance company Florida Blue for a 10-year period.
The new store is adjacent to another recent development project, the Academy Sports + Outdoors store, which opened in November 2023. The completion and opening of the new Florida Blue centre is expected to take place in 2026.
Revenue for the period, however, declined 3 per cent to US$35.7 million from US$36.9 million in the corresponding period the year before. Net property income fell 5.6 per cent to US$24 million for H1 FY2025 from US$25.4 million in the same period a year prior.
This was mainly due to the absence of contributions from three divested properties &ndash the Lowe&rsquo s and Sam&rsquo s Club properties within Hudson Valley Plaza and the Albany Supermarket, which were divested in August 2024 and January 2025, respectively, said the manager of the Reit.
Distributable income increased by 2.4 per cent to US$13 million from US$12.7 million previously, largely on the back of reduced finance costs from lower interest rates and borrowings. This followed partial loan repayments made using proceeds from the aforementioned divestments.
Aggregate leverage stood at 38.9 per cent, with an interest coverage ratio of 2.59 times as at Jun 30, 2025. Its weighted average lease expiry was at 7.6 years, with a tenant retention rate of 90 per cent.
Moderate outlook amid tariff, labour market uncertainty
The manager of the Reit noted that its retail sales for the period reached US$4.2 trillion, marking a 3.6 per cent year-on-year increase. This reflected continued consumer resilience amid US gross domestic product growing at a better-than-expected annualised rate of 3 per cent for the three months ended Jun 30. Additionally, inflation was relatively stable at 2.7 per cent in June.
However, economic uncertainties remain over the potential impact of the latest tariff policies, while the US unemployment rate in July is low at 4.2 per cent &ndash though a softening in the labour market could be on the horizon.
The manager aims to remain &ldquo nimble and proactive&rdquo while continuing to strengthen United Hampshire US Reit&rsquo s income streams and balance sheet through asset enhancement and development initiatives, accretive acquisitions, and divestments. This comes as foot traffic for the strip centre sector has stayed resilient in the year to date, supported by strong demand for top-tier spaces.
On Aug 1, the Reit completed the acquisition of a grocery-anchored freehold property, Dover Marketplace, for US$16.4 million. The price represented a discount of about 4.8 per cent to the independent valuation of US$17.2 million as at Jun 30. The retail neighbourhood shopping centre is anchored by supermarket operator Giant, with other notable tenants including M& T Bank and sandwich fast-food chain Subway.
It marks the Reit&rsquo s third acquisition in Pennsylvania, and extends its footprint in the affluent and densely populated US North-east markets.
The manager noted, however, that supply growth is expected to remain muted over the next five years, amid an evolving macroeconomic backdrop.
Reply to prophetjul and MrBear12,
Sponsor is UOB as well, I think the price will reach pass 50 US cents in 2026 after more Fed cuts. This is not financial advice but my kopitiam gossip.
Sponsor is UOB as well, I think the price will reach pass 50 US cents in 2026 after more Fed cuts. This is not financial advice but my kopitiam gossip.
I'm glad you remove the posts and take your grievances elsewhere.
Do you see this rising above 50 this year?
Do you see this rising above 50 this year?
JamesWong1 ( Date: 13-Aug-2025 08:54) Posted:
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Actually, what' s not to like?
Long WALE. High tenancy. High retention of major tenants.
High yield.
Long WALE. High tenancy. High retention of major tenants.
High yield.
JamesWong1 ( Date: 13-Aug-2025 08:54) Posted:
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Honestly, results are considered very good especially with the current world situation (tarriff wars, inflation, recession fears).
I delete some old posts regarding not receiving my DRP form in 2023 as not to spam the forum.
I delete some old posts regarding not receiving my DRP form in 2023 as not to spam the forum.
Pls see below, prophet.
I'm neutral now
But any Reit with US in it I'd be careful.
More risks dealing in US
I'm neutral now
But any Reit with US in it I'd be careful.
More risks dealing in US
MrBear12 ( Date: 01-May-2024 19:04) Posted:
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https://links.sgx.com/FileOpen/3.%20UHREIT%201H2025%20Press%20Release.ashx?App=Announcement& FileID=855358
United Hampshire US REIT Posts Higher DPU for Second Straight Period in 1H 2025
&bull 1H 2025 Distribution per Unit (&ldquo DPU&rdquo ) Increased 4% to 2.09 US cents
&bull Committed occupancy for Grocery and Necessity Properties remained high at 97.2% while Self-Storage occupancy increased to 95.3%
&bull Long WALE of 7.6 years coupled with high tenant retention of 90%
&bull Recent acquisition of Dover Marketplace in Pennsylvania is expected to increase DPU by 2.0%1
United Hampshire US REIT Posts Higher DPU for Second Straight Period in 1H 2025
&bull 1H 2025 Distribution per Unit (&ldquo DPU&rdquo ) Increased 4% to 2.09 US cents
&bull Committed occupancy for Grocery and Necessity Properties remained high at 97.2% while Self-Storage occupancy increased to 95.3%
&bull Long WALE of 7.6 years coupled with high tenant retention of 90%
&bull Recent acquisition of Dover Marketplace in Pennsylvania is expected to increase DPU by 2.0%1
Just received the forms
Still waiting
JamesWong1 ( Date: 02-Sep-2024 20:39) Posted:
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Anyone receive the DRP form?
I can only find one analyst Jonathan Koh from UOBKH covering this. Been on a gradual decline since 3 years back, falling as much a almost 50%.
MrBear12 ( Date: 01-May-2024 17:17) Posted:
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No
fortune_cat ( Date: 01-May-2024 17:04) Posted:
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Bumping this thread up. Is this still a good buy? Dividends are attractive
Retail assets are hot property, and United Hampshire US REIT offers ' irresistible' 9.2% yield: UOBKH
Retail assets becoming hot properties. Institutional investors are accumulating grocery stores, pharmacies, convenience stores and other recession-resistant retail properties, which benefit from hybrid work arrangements, says UOB Kay Hian Research analyst Jonathan Koh.
Here, US strip centre owner United Hampshire US REIT ODBU 0.00% (UHREIT) offers &ldquo attractive and irresistible&rdquo 2024 distribution yield of 9.2%, 5.3% above the 10-year US government bond yield of 3.9%, notes Koh.
UHREIT invests in income-producing real estate used primarily for grocery-anchored & necessity-based retail and self-storage purposes in the US.
In a Jan 8 note, Koh says UHREIT&rsquo s strip centres are benefitting from continued growth of domestic consumption, population migration to suburban locations, overcoming of e-commerce disruption through adoption of omnichannel strategies and limited new supply and record low vacancy of 6.6%.
&ldquo There is renewed interest from institutional investors, who are rediscovering the merits of retail assets and strip centres. UHREIT trades at P/NAV of 0.68x,&rdquo adds Koh.
Koh stays &ldquo buy&rdquo on UHREIT with a target price of 64 US cents (85.07 cents).
The industry outlook has turned positive, says Koh. &ldquo Personal consumption continues to power growth in the US economy and expanded by 2.4% in 3Q2023, supported by low unemployment rate of 3.7% and growth in average hourly earnings of 4.0% y-o-y.&rdquo
According to Coresight Research, retailers are planning to open 4,500 new locations compared with 3,500 closures, resulting in net new stores of 1,000. Retailers are now able to more accurately pinpoint locations for successful stores utilising data analytics, add Koh.
Strip centres are also recovering after years of minimal construction, says Koh. &ldquo Supply of new retail space has been limited over the past decade since the Global Financial Crisis and continues to be crimped by high construction costs.&rdquo
According to Green Street, strip centres have the least new supply coming onstream over the next five years due to elevated construction costs and supply barriers, especially in dense affluent residential suburbs.
According to CBRE, availability for neighbourhood and community strip centres saw the largest drop of 0.5 percentage points (ppts) y-o-y to a record low of 6.6% in 3Q2023.
UHREIT&rsquo s industry peers are starting to outperform, says Koh. Share prices for industry peers listed in the US have rallied. Brixmor Property, Kimco Realty, Regency Centers and RPT Realty gained 12.0%, 21.7%, 12.7% and 22.0% respectively in 4Q2023.
The industry is consolidating, Koh adds. Regency Centers completed the acquisition of Urstadt Biddle Properties in August 2023 to expand in premier suburban areas. Kimco Realty will acquire RPT Realty to expand its presence in coastal and Sun Belt markets.
UHREIT&rsquo s operational numbers
As of September 2023, 63.6% of UHREIT&rsquo s base rental income was derived from tenants providing essential services.
For more stories about where money flows, click here for Capital Section
Its triple net leases require tenants to reimburse the landlord for property taxes, insurance and maintenance for common areas, which shelter UHREIT from the negative impact of inflation, says Koh.
Leases for anchor tenants typically have built-in rental escalation of 5%-10% for every five to 10 years. Tenants typically do not have early termination rights, he adds.
UHREIT has invested US$12 million to develop a new 63,000 sq ft store on excess land within its St Lucie West property in Florida.
Academy Sports + Outdoors, a Fortune 500 sporting goods retailer, has leased the new store for 15 years.
Construction was completed ahead of schedule and Academy Sports has commenced interior build-out. The new store opened in November 2023, ahead of the festive season, and provides &ldquo high-single-digit ROI&rdquo , says Koh.
UHREIT has successfully completed refinancing for 2024. Aggregate leverage improved 0.3ppt q-o-q to 41.7% as of September 2023 due to the divestment of Big Pine Center.
UHREIT&rsquo s key bankers are Canadian Imperial Bank of Commerce and M& T Bank. It has successfully completed the refinancing of its term loans due in 2024.
It only has a &ldquo small&rdquo mortgage loan of US$21.1 million maturing in March, says Koh, and there is no significant refinancing requirement until November 2026. The weighted average debt maturity is 3.2 years.
i see that there is a material uptick in their business prospects with longer wale and increasing earnings. more defensive as compared to office reit
chengwh1 ( Date: 22-Nov-2023 16:21) Posted:
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ICR at 2.7 times.
Gearing at 41.7%.
Valuation at this year-end.
Hypotheses :-
1) If the valuation drops at the year-end, the Gearing will rise. Will it touch 45% and ' overshoots beyond this level' ?
2) When interest expense increases further due to the high-interest rate environment, especially in The USA PLUS the additional interest expense to service from that additional loan to finance the acquisition in July 2022, will the ICR drop below 2.5 times ?
If both of the above happens, the dividend payout may be stopped ! I stand corrected to further opinions,...
Gearing at 41.7%.
Valuation at this year-end.
Hypotheses :-
1) If the valuation drops at the year-end, the Gearing will rise. Will it touch 45% and ' overshoots beyond this level' ?
2) When interest expense increases further due to the high-interest rate environment, especially in The USA PLUS the additional interest expense to service from that additional loan to finance the acquisition in July 2022, will the ICR drop below 2.5 times ?
If both of the above happens, the dividend payout may be stopped ! I stand corrected to further opinions,...
Joelton ( Date: 10-Nov-2023 08:19) Posted:
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United Hampshire US Reit Q3 NPI rises 8.7% to US$12.9 million
UNITED Hampshire US Real Estate Investment Trust : ODBU -3.8% (Reit) posted an 8.7 per cent increase in net property income (NPI) to US$12.9 million for the third quarter ended Sep 30, compared with US$11.9 million a year ago.
The Reit&rsquo s distributable income, however, dropped 5.2 per cent to US$7.9 million. Excluding the US$800,000 management fee in cash, Q3 distributable income stood at US$7.1 million.
Gross revenue for the quarter grew 8.5 per cent to US$18.4 million, compared with US$17 million in Q3 FY2022.
&ldquo The portfolio&rsquo s strong performance was supported by contributions from recently renewed leases, rental escalations from existing leases and the latest acquisition, Upland Square,&rdquo said the manager in an operational update on Thursday (Nov 9).
However, the growth was offset by the impact of higher interest expenses and an additional loan to finance the acquisition in July 2022.
The manager highlighted that it has no refinancing requirements in 2023 and only a US$21.1 million mortgage loan is maturing in 2024. As at Sep 30, with a long weighted average debt maturity of 3.2 years, 93.4 per cent of its debt is maturing in November 2026 or later.
In the high interest rate environment, the manager noted that 80.9 per cent of the Reit&rsquo s total loans are either fixed rate or floating rate loans hedged with interest rate swaps. It has an interest coverage ratio of 2.7 times.
Its gearing of 41.7 per cent dropped slightly from the previous quarter, and the weighted average interest rate stood at 4 per cent.
For its grocery and necessity properties, long weighted average lease expiry stood at 7.2 years, including forward committed leases, with 25 lease renewals and five new leases signed in the nine months.
Chief executive of the manager Gerard Yuen said: &ldquo Committed occupancy at our grocery and necessity properties remains high at 97.2 per cent, supported by a diversified tenant base of which, 63.6 per cent provide essential goods and services.&rdquo
The average quarterly net rental rate remained steady despite slight drops in occupancy rates for both Carteret and Millburn self-storage properties.
As at Sep 30, the occupancy for Carteret was 89.2 per cent and for Millburn was 92.1 per cent, moderated by a normalised storage demand to pre-Covid levels.
Under heightened macro uncertainties, the manager noted that it will continue to focus its efforts on optimising the portfolio and strengthening its income streams through asset enhancement, as well as upgrade initiatives.