United Hampshire US Real Estate Investment Trust has reported distributable income of US$7.6 million for 1QFY21 ended March, 1.3% higher than the forecast given when it IPO just over a year ago.
Gross revenue in the same period was US$13.5 million, 1.9% lower than the forecast, and net property income was US$10.1 million, 1.8% lower than the forecast.
“Operationally, we have witnessed the resilience of our portfolio, backed by our cycle-agnostic tenants providing essential services,” says Robert Schmitt, CEO of the REIT manager.
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“Our tenants have successfully adopted omni-channel strategies and are thriving in this new environment. We are pleased to see that our restaurant tenants have remained resilient, as evidenced by the lease renewals this quarter. It is noteworthy that overall, food & beverage and consumer services tenants formed a majority of the new and renewal leases signed during this period,” he adds.
During the quarter, United Hampshire officially opened a new property, a new Publix store in St. Lucie West.
UHREIT’s portfolio comprises 22 predominantly freehold so-called “grocery and necessity” properties in the East coast of the US. They have a combined appraised value of US$585.5 million and an aggregate net lettable area of approximately 3.2 million square feet.
UHREIT closed on May 12 at 70 US cents, unchanged.
