News

Commercial Property Markets & Investing

Staff Reporter

, Singapore

Published:

1 year ago

Food Bazaar Supermarket at Piscataway, New Jersey [Photo from United Hampshire US REIT]

United Hampshire US REIT's NPI slips 3.4% YoY as tenant transitions continue

NPI for the period was US$37.4m.

United Hampshire US REIT ended the first nine months of 2024 (9M24) with a 3.4% YoY lower net property income (NPI) of US$37.4m.

The REIT attributed the decline to the absence of contributions from Big Pine Center and the divested Lowe’s and Sam’s Club properties at Hudson Valley.

Ongoing tenant transitions, particularly at Trader Joe’s at Lynncroft, also impacted the 9M NPI.

The REIT's distributable income declined with NPI, dropping to US$18.7m.

The decline in distributable income was due to higher interest costs.

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