United Hampshire US Real Estate Investment Trust reported that distributable income for the quarter ended Sep, 30 2025 rose 15.5% year on year, underpinned by new lease commencements, built-in rental escalations and lower finance costs.

Gross revenue for the nine-month period to Sep, 30 2025 stood at 53.8 million Singapore dollars, slipping 1.6% from a year earlier, while net property income declined 1.9% to 36.7 million Singapore dollars. Excluding three properties divested in 2024 and 2025, same-store gross revenue and NPI grew 3.1% and 5.0%, respectively.

The REIT highlighted a resilient portfolio with 97% committed occupancy across its grocery- and necessity-based assets, a weighted average lease expiry of 7.5 years and a tenant retention rate of 90%. Lease expiries remain minimal, with 0.3% of leases due in 2025 and 3.2% in 2026.

Self-storage facilities in Carteret and Millburn continued to perform well, recording occupancy rates of 93.4% and 96.4%, respectively, as at Sep, 30 2025.

Net aggregate leverage was 37.8%, while 78.5% of borrowings were either fixed-rate or hedged. The weighted average interest rate over the past 12 months eased to 5.06%, and the interest coverage ratio was 2.6 times. The trust has no refinancing needs until Nov, 2026.

Management said the recent acquisition of Dover Marketplace in Pennsylvania, completed in Aug, 2025, is already contributing to earnings. Looking ahead, the REIT plans to pursue asset enhancements, accretive acquisitions and selective divestments to support further growth.

The U.S. economy expanded 3.8% in 2Q 2025, while inflation eased to 3.0% in Sep, 2025. With U.S. policy rates reduced to 3.75%-4.0% in recent months, the Manager expects supportive conditions for grocery-anchored retail and self-storage assets.