United Hampshire US REIT’s (UHREIT) manager announced that the REIT’s distributable income FY2021 of US$31.2 million, was 3.0% higher than IPO forecast of US$30.3 million. Distribution per unit (DPU) in FY2021 was 6.10 US cents, which exceeded the forecast, even though the UHREIT’s forecast was made prior to the outbreak of the Covid-19 pandemic. DPU translates into a yield of 9.5%
UHREIT completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24. These new acquisitions have contributed to 2H2021 distributable income. DPU for 2H 2021 grew 0.7% yoy to 3.05 US cents.
“We will be unlocking value with the proposed sale of Elizabeth and Perth Amboy Self Storage Properties. We have nurtured these two properties, which were completed in January 2020 and 2021 respectively and achieved robust occupancy growth. Due to high investment demand for good performing self-storage properties such as these, we have received a high level of interest for these properties at a substantial premium to their December 31, 2021 valuations. We believe it will benefit UHREIT and its unitholders to sell these properties at this time and to reinvest the proceeds into currently higher yielding stabilised Grocery & Necessity assets with more attractive yields,” says Robert Schmitt, CEO of UHREIT’s manager.
