THE manager of United Hampshire US Real Estate Investment Trust (United Hampshire US Reit) on Wednesday (Feb 22) posted distribution per unit (DPU) of US$0.0297 for the second half ended Dec 31, 2022, down 2.6 per cent from DPU of US$0.0305 the previous year.

Excluding one-off top-ups and stipulated damages, adjusted DPU for H2 FY2022 would have been 5.7 per cent higher than the previous year.

The H2 DPU of US$0.0297 will be paid on Mar 31.

Distributable income rose 5.2 per cent to US$16.8 million in H2, from US$16 million in the year-ago period.

H2 gross revenue grew 25.7 per cent to US$35.7 million, largely due to contributions from Colonial Square and Penrose Plaza, which were acquired in November 2021, as well as Upland Square, which was acquired in July 2022.

Net property income (NPI) was 13.7 per cent higher at US$24.4 million in H2, from US$21.5 million previously.

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The latest results bring full-year DPU to US$0.0588, down 3.6 per cent from US$0.0610 previously.

FY2022 distributable income was 6.2 per cent higher at US$33.1 million, while gross revenue rose 22.2 per cent to US$67.5 million and NPI grew 12.2 per cent to US$47.1 million.

As at end December, United Hampshire US Reit’s portfolio committed occupancy stood at 96.9 per cent, up from 96.7 per cent as at end September 2022.

Its aggregate leverage stood at 41.8 per cent, with an interest coverage ratio of 3.3 times and weighted average debt maturity of 4 years.

“For grocery and necessity properties, United Hampshire US Reit’s unique positioning in fulfilling the essential needs of US consumers continues to be a key factor in providing stability for our unitholders,” said Robert Schmitt, chief executive officer of the Reit manager.

Units of United Hampshire US Reit closed 1 per cent or US$0.005 higher at US$0.505 on Wednesday, before the announcement.