- United Hampshire US REIT (UHU) reported DPU of 2.30 cents for 2H25 (+12.1% y-o-y), which is above our expectation. 2H25 is the third consecutive period of DPU growth.
NPI grew 2.3% y-o-y due to asset recycling.
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- On a same-store basis, revenue saw a modest growth of 0.8% y-o-y, reflecting organic growth from higher rents for new leases and rental escalation for existing leases.
- Dover Marketplace contributed for five months (completion: 2 Aug 25). NPI grew 2.3% y-o-y in 2H25 as NPI margin for the grocery & necessity retail portfolio rose 1.9ppt y-o-y to 68.9% due to contributions from new leases.
Grocery & necessity retail portfolio benefitted from resilient consumer spending.
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- United Hampshire US REIT clocked a positive rental reversion at high single digits in 2H25, an improvement from low single digits in 1H25 due to strong demand coupled with limited supply.
- Occupancy for grocery & necessity retail improved 0.7ppt q-o-q to 97.7% in 4Q25. Portfolio WALE was 7.7 years (top 10 tenants: 10.2 years, essential services: 8.6 years). Tenant retention rate was high at 90%. Tenants providing essential services accounted for 59% of base rental income.
Third consecutive year of revaluation gains.
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