- United Hampshire US REIT provides resilient and attractive 2024 distribution yield of 10.4% and trades at P/NAV of 0.55x. Maintain BUY. Target price: US$0.66.
- United Hampshire US REIT’s strip centres have outperformed due to in-migration to suburban locations triggered by entrenched hybrid work arrangements.
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United Hampshire US REIT (UHU) reported 1Q24 financials
- United Hampshire US REIT (SGX:ODBU) reported distributable income of US$6.4m for 1Q24 (-27% y-o-y), which is in line with our expectation. The decline would be smaller at -19% y-o-y if the manager elected to receive management fees of S$0.7m fully in units.
Growing organically and through asset enhancement.
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- Academy Sports & Outdoors at St Lucie West has won the CoStar’s 2024 Impact Awards, which recognises exemplary commercial real estate projects completed in 2023 with significant influence on neighbourhoods or sub-markets.
Portfolio WALE increased by 0.8 years after lease renewals.
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