UH REIT benefitted from strong leasing momentum for its grocery and necessary retail properties in 1QFY2022. The occupancy for these properties improved 1.1 percentage points q-o-q to 96.4% in the quarter, the higher since its IPO, Koh highlights.
UOB Kay Hian analyst Jonathan Koh has kept “buy” on United Hampshire US REIT (UH REIT) with a lower target price of 92 US cents from the previous 97 US cents.
In his May 17 note, Koh says UH REIT is trading at 2022 distribution yield of 10.2%, representing an attractive yield spread of 7.3% above the 10-year US government bond yield of 2.9%. UH REIT is trading at P/NAV of 0.81x.
