United Hampshire US REIT - UOB Kay Hian 2024-02-26: Resilient & Attractive Yield From Strip Centres With Long WALE

• United Hampshire US REIT’s Strip Centres in suburban locations have outperformed other asset classes due to entrenched hybrid work arrangements. They cater to necessity spending and have a long WALE of 7.1 years.
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• United Hampshire US REIT provides a resilient and attractive 2024 distribution yield of 10.2% and trades at P/NAV of 0.62x. Maintain BUY. Target price: US$0.68.

United Hampshire US REIT's 2H23 results

• United Hampshire US REIT (SGX:ODBU) reported DPU of US$0.0214 for 2H23 (-27.9% y-o-y), which is slightly above our forecast. The decline was caused by:
  1. - Read this at SGinvestors.io -
  2. United Hampshire US REIT retaining US$1.3m with payout ratio at 90.6% for 2H23.

Growing organically.

• Gross revenue and NPI grew 1.5% and 1.7% y-o-y respectively for 2H23 due to organic growth from its existing properties through new leases and rental escalation.
• The new Academy Sports + Outdoors store at St Lucie West commenced operations in Nov 23, ahead of the peak year-end festive shopping season.

Resiliency from long WALE.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-08-14 United Hamsphire US REIT 1H25 - Second Consecutive Quarter Of DPU Uptrend.

Previous report by UOB:
2025-05-15 United Hamsphire US REIT 1Q25 - Strip Centres Provide Resilience & Defensive Shelter.

Price targets by other brokers at United Hampshire US REIT Target Prices.

Listing of research reports at United Hampshire US REIT Analyst Reports.

Relevant links:
United Hampshire US REIT Share Price History,
United Hampshire US REIT Announcements,
United Hampshire US REIT Dividend Payout Dates & Corporate Actions,
United Hampshire US REIT News