Net property income (NPI) for the quarter fell by 8.4% y-o-y to US$11.7 million, although NPI was only down by 1.5% y-o-y excluding the divestments.
United Hampshire US REIT (UHREIT) has reported a gross revenue of US$18.1 million for the 1QFY2025 ended March 31, 2% lower y-o-y, due mainly to the divestments of Freestanding Lowe’s and Sam’s Club within Hudson Valley Plaza and the Albany Supermarket in August 2024 and January this year, respectively.
On a like-for-like basis and excluding the effects of the divestments, UHREIT’s gross revenue improved by 3.2% y-o-y, thanks to rental income from its new anchor tenants, Dick’s Sporting Goods at Upland Square and Trader Joe’s at Lynncroft Center. Dick’s Sporting Goods commenced its business in July 2024 while Trader Joe’s opened in November 2024. The increase was also due to rental escalations from existing leases.
