Latest news with #UnitedHampshireUSReit
Business Times
04-08-2025
- Business
- Business Times
United Hampshire US Reit acquires freehold Pennsylvania shopping centre for US$16.4 million
[SINGAPORE] United Hampshire US Reit has acquired a freehold grocery-anchored shopping centre in Pennsylvania for a purchase consideration of S$16.4 million, the manager said on Saturday (Aug 2). The acquisition of Dover Marketplace, a retail neighbourhood shopping centre, is set to expand the Reit's grocery-anchored portfolio and increase its exposure to the sector, the manager said. The Reit's third acquisition in Pennsylvania extends its footprint in the densely populated and affluent US North-east markets, the manager said. Built in 2001, the property is located in Dover Township in York County, Pennsylvania, in the stable suburban community in the York Metropolitan Area. With a net lettable area of around 61,044 square feet and a committed occupancy rate of 96.1 per cent, it has a total of nine tenants, comprising its anchor tenant, supermarket operator Giant, and a diverse mix of other tenants, including Fortune 500 company M&T Bank and global fast-food chain Subway. Giant, which has a long-term lease at the property, has been its anchor tenant for nearly 25 years. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Dover Marketplace also benefits from strong regional and local accessibility with its proximity to major roadways, the manager said. Its US$16.4 million purchase consideration is around 4.8 per cent below the property's independent valuation of US$17.2 million as at Jun 30, 2025, said Gerard Yuen, chief executive officer of the manager. As part of the Reit's capital recycling and portfolio optimisation strategy, the acquisition was fully funded by proceeds from the divestment of the Reit's supermarket property in Albany, New York – completed in Q1 2025. It is expected to increase the Reit's distribution per unit from US$0.0395 to US$0.0403 on a pro forma FY2024 basis. Back in October 2024, Yuen noted that the Reit was on the lookout for accretive acquisitions that would diversify its portfolio as part of plans to achieve its target of US$1 billion in assets under management by 2026. Listed on the mainboard of the Singapore Exchange since March 2020, United Hampshire US Reit's investment strategy focuses on investing in a diversified portfolio of stabilised income-producing, grocery-anchored and neccesity-based properties. Its portfolio comprises 19 predominantly freehold grocery and necessity properties and two self-storage properties concentrated in the US east coast, with a carrying value of around US$731 million. Its malls typically have a major grocer as an anchor tenant, such as Walmart or Best Buy. Such businesses draw customers living in suburban areas and are able to attract footfall to physical stores despite the trend of online shopping, the Reit noted previously. Units of United Hampshire US Reit closed on Friday 1.1 per cent or US$0.005 lower at US$0.47.
Business Times
04-08-2025
- Business
- Business Times
United Hampshire US Reit acquires freehold Pennsylvania shopping center for US$16.4 million
[SINGAPORE] United Hampshire US Reit has acquired freehold shopping center property in Pennsylvania as part of its portfolio optimisation and capital recycling strategy, the manager said on Saturday (Aug 2). The property, Dover Marketplace, was purchased at a consideration of around US$16.4 million – around 4.8 per cent below the property's independent valuation of US$17.2 million, said Gerard Yuen, chief executive officer of the manager. The purchase marks the Reit's third acquisition in Pennsylvania and extends its footprint in the densely populated and affluent US North-east markets, the manager said. It was fully funded by proceeds from the divestment of the Reit's supermarket property in Albany, New York – completed in Q1 2025 – and is expected to increase the Reit's distribution per unit from US$0.0395 to US$0.0403 on a pro forma FY2024 basis. Built in 2001, Dover Marketplace is a retail neighbourhood shopping centre in Dover Township, York County, Pennsylvania. It has a net lettable area of around 61,044 square feet and a committed occupancy rate of 96.1 per cent. The property also benefits from strong regional and local accessibility with its proximity to major roadways. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Yuen said that the acquisition is set to expand and enhance the Reit's grocery-anchored portfolio. This comes as it is located in a well-established sub-market and is anchored by Giant – a leading supermarket operator with a long-term lease at the property that has been the anchor tenant for nearly 25 years. The property also has a diverse mix of eight other tenants including Fortune 500 company M&T Bank and global fast-food chain Subway. Units of United Hampshire US Reit closed on Friday 1.1 per cent or US$0.005 lower at US$0.47.
Business Times
14-05-2025
- Business
- Business Times
United Hampshire US Reit posts 1.4% lower Q1 distributable income at US$6.3 million
[SINGAPORE] United Hampshire US Reit 's distributable income for the first quarter ended Mar 31 declined 1.4 per cent to US$6.3 million, from US$6.4 million in the previous corresponding period. The real estate investment trust's (Reit) net property income (NPI) dropped 8.4 per cent to US$11.7 million from US$12.7 million, and revenue fell 2 per cent to US$18.1 million from US$18.5 million in the same period a year prior. No distribution was declared for the period. This was on the back of the divestment of Freestanding Lowe's and Sam's Club properties within Hudson Valley Plaza in August 2024, and the Albany Supermarket in January 2025, said the manager in a Q1 business update on Wednesday (May 14). Excluding the effect of the divestments, revenue increased by 3.2 per cent year on year, and NPI was slightly lower by 1.5 per cent. This was due to the rental income from Dick's Sporting Goods at Upland Square and Trader Joe's at Lynncroft Centre, which had commenced business in July and November 2024, respectively, as well as the rental escalations from existing leases. Gearing stood at 39.2 per cent as at Mar 31, as the divestments in August 2024 and January 2025 had reduced the Reit's aggregate leverage, and provided ample headroom for potentially accretive acquisitions to grow its portfolio, said Gerard Yuen, chief executive officer of the manager. The weighted average debt maturity is 2.1 years as at Mar 31, and its weighted average lease expiry is 7.8 years. Committed portfolio occupancy levels for its grocery and necessity segment was at 97.2 per cent, and 93.6 per cent for its self-storage portfolio. Looking ahead, the manager is cautious amid the uncertain macroenvironment, and aims to remain nimble and proactive while continuing to strengthen the Reit's income streams and balance sheet through asset enhancement and development initiatives, accretive acquisitions and opportunistic divestments. Its units closed 1.1 per cent or US$0.005 higher at US$0.445 on Tuesday.
Business Times
14-05-2025
- Business
- Business Times
United Hampshire US Reit posts 1.4% lower distributable income at US$6.3 million
[SINGAPORE] United Hampshire US Reit's distributable income for the first quarter ended Mar 31 declined 1.4 per cent to US$6.3 million, from US$6.4 million in the previous corresponding period. The real estate investment trust's (Reit) net property income (NPI) dropped 8.4 per cent to US$11.7 million from US$12.7 million, and revenue fell 2 per cent to US$18.1 million from US$18.5 million in the same period a year prior. This was on the back of the divestment of Freestanding Lowe's and Sam's Club properties within Hudson Valley Plaza in August 2024, and the Albany Supermarket in January 2025, said the manager in a Q1 business update on Wednesday (May 14). Excluding the effect of the divestments, revenue increased by 3.2 per cent year on year, and NPI was slightly lower by 1.5 per cent. This was due to the rental income from Dick's Sporting Goods at Upland Square and Trader Joe's at Lynncroft Centre; they had commenced business in July and November 2024, respectively, as well as the rental escalations from existing leases. Looking ahead, the manager is cautious amid the uncertain macroenvironment, and aims to remain nimble and proactive while continuing to strengthen the Reit's income streams and balance sheet through asset enhancement and development initiatives, accretive acquisitions and opportunistic divestments. Its units closed 1.1 per cent or US$0.005 higher at US$0.445 on Tuesday.
