- United Hampshire US REIT (SGX:ODBU) reported DPU of 2.01 US cents for 1H24 (-24.2% y-o-y), which is slightly below our expectation. On a like-for-like basis, the decline would be smaller at -15.5% y-o-y if the manager receives management fees fully in units.
Growing organically and through asset enhancement.
- - Read this at SGinvestors.io -
- Positive impact from the new Academy Sports + Outdoors store at St Lucie West, which commenced operations in Nov 23, was offset by absence of contribution from Big Pine Center divested in Aug 23.
Lease renewals lengthened portfolio WALE to 7.7 years.
- United Hampshire US REIT signed 13 leases totalling 349,090sf in 1H24 (new leases: 6%, renewals: 94%).
- - Read this at SGinvestors.io -
- It renewed leases with Home Depot at Lawnside Common (seven years) and LA Fitness at Upland Square, St Lucie West and Garden City (8-10 years).
- Portfolio occupancy improved 0.6ppt q-o-q to 96.3% in 2Q24.
Growth from new leases.
- Read more at SGinvestors.io.
