United Hampshire US REIT’s NPI slips 1.7% YoY to US$25.4m in H1

The REIT cited the divested Big Pine Center for the decline.

The net property income (NPI) of United Hampshire US REIT came slightly lower in H1 2024, down by 1.7% YoY to US$25.4m.

The REIT attributed the decline to the absence of contribution from the divested Big Pine Center.

With a decrease in NPI, the REIT reported a 15.6% YoY fall in distributable income to US$12.7m and a 15.5% YoY drop in distribution per unit to US$0.0265.

The REIT's gross revenue rose by 2.4% YoY in H1 2024 to US$36.0m.

The REIT credited the increase to new leases, rental escalations from existing leases, and the contribution from the new Academy Sports store at St. Lucie West.

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