United Hampshire US REIT - UOB Kay Hian 2024-03-13: Hallmark Of Defensive Strength

• United Hampshire US REIT (SGX:ODBU) is exceptionally defensive in many ways:
  • its strip centres benefit from a demographic shift towards suburban locations,
  • necessity spending accounted for a sizeable 62% of its base rental income,
  • - Read this at SGinvestors.io -
  • there is no refinancing requirement until Nov 26.
• Valuation is attractive with 2024 distribution yield at 9.7% and P/NAV at 0.64x.

Resiliency from long WALE.

• United Hampshire US REIT signed six leases totalling 100,392sf in 4Q23 (two new leases and four renewals). It achieved positive low single-digit rental reversion. It has maintained a high tenant retention ratio of 92% since its IPO.
• - Read this at SGinvestors.io -

Resiliency from essential services.

• As of Dec 23, 61.6% of United Hampshire US REIT's base rental income was derived from tenants providing essential services. Its triple net leases require tenants to reimburse the landlord for property taxes, insurance and maintenance for common areas, which shelter United Hampshire US REIT from the negative impact of higher inflation.
• Leases for anchor tenants typically have built-in rental escalation of 5-10% for every 5-10 years. Tenants typically do not have early termination rights.

Strip centres benefit from population migration…

• 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