Gross revenue for the 1QFY2024 rose by 2.3% y-o-y to US$18.5 million thanks to new leases and rental escalations from existing leases. The revenue growth was also contributed by the newly-completed Academy Sports + Outdoors store at St Lucie West. The store began operating ahead of schedule in November 2023.
The manager of United Hampshire US REIT (SGX:ODBU
) has reported a distributable income of US$6.4 million ($8.7 million) for the 1QFY2024 ended March 31, 27.3% lower y-o-y.
The drop in distributable income was mainly due to higher interest expense, the refinancing of a maturing loan and less favourable new interest hedges which replaced maturing hedges. The REIT’s manager also opted to receive its management fee of US$0.7 million in cash for the 4QFY2023 and 1QFY2024. Otherwise, distributable income for the quarter would have been at US$7.1 million.
