[SINGAPORE] United Hampshire US Reit’s distributable income for the first quarter ended Mar 31 declined 1.4 per cent to US$6.3 million, from US$6.4 million in the previous corresponding period.
The real estate investment trust’s (Reit) net property income (NPI) dropped 8.4 per cent to US$11.7 million from US$12.7 million, and revenue fell 2 per cent to US$18.1 million from US$18.5 million in the same period a year prior.
This was on the back of the divestment of Freestanding Lowe’s and Sam’s Club properties within Hudson Valley Plaza in August 2024, and the Albany Supermarket in January 2025, said the manager in a Q1 business update on Wednesday (May 14).
Excluding the effect of the divestments, revenue increased by 3.2 per cent year on year, and NPI was slightly lower by 1.5 per cent. This was due to the rental income from Dick’s Sporting Goods at Upland Square and Trader Joe’s at Lynncroft Centre; they had commenced business in July and November 2024, respectively, as well as the rental escalations from existing leases.
Looking ahead, the manager is cautious amid the uncertain macroenvironment, and aims to remain nimble and proactive while continuing to strengthen the Reit’s income streams and balance sheet through asset enhancement and development initiatives, accretive acquisitions and opportunistic divestments.
Its units closed 1.1 per cent or US$0.005 higher at US$0.445 on Tuesday.
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