United Hampshire US REIT achieves higher net property income of US$38.7m in 9M23

The REIT’s net property income rose 12.2% YoY.

SGX-listed United Hampshire US REIT recorded higher gross revenue and net property income (NPI) in 9M23.

According to the REIT’s latest financial statement, its gross revenue improved by 11.7% YoY to US$54.4m, whilst its NPI rose 12.2% YoY to US$38.7m.

The REIT attributed its strong performance to contributions from recently renewed leases, rental escalations from existing leases and its latest acquisition, Upland Square.

Meanwhile, distributable income for 9M 2023 stood at US$23.7 million.

To preserve unitholder value by minimising unit base dilution, the REIT’s manager has elected to receive 100% of its 3Q23 base fee in cash instead of units. 

On a like-for-like basis, assuming the manager received the 3Q23 base fee in units rather than cash, distributable income for 9M23 would have been US$24.5 million or 0.3% lower YoY.