United Hampshire US Reit

The price of the freehold property is 8.2% lower than an independent valuation of US$23.3 million

Revenue for the period declines 3% to US$35.7 million from US$36.9 million

The purchase marks the Reit’s third acquisition in Pennsylvania, the manager says

Net property income falls 8.4% to US$11.7 million

Net property income falls 1.6% year on year to US$24.4 million for the half year

Net proceeds of US$23.2 million about 10.2%, or US$2.6 million, lower than the book value of the property, which stood at US$25.8 million as at Jun 30, 2024

The decline comes amid lower recoveries due to decreased occupancy, higher interest costs and absent contributions from divested properties

The CEO of the trust’s manager of the Reit is confident of reaching the target of US$1 billion in assets under management by 2026 

A favourable interest rate environment will further align with the Reit’s growth strategy