United Hampshire NPI suffers 1.3% YoY drop in 1Q24

The REIT linked the decline to the loss of contributions from Big Pine Center.

United Hampshire US REIT’s net property income dipped 1.3% YoY to US$12.7m in 1Q24 despite recording a 2.3% YoY higher gross revenue of US$18.5m.

The REIT attributed the decline in its Net Property Income (NPI) to the loss of contributions from the divested Big Pine Center.

The REIT’s distributable income also fell in 1Q24, dropping 19% YoY to US$6.4m due to “higher interest expense, refinancing of a maturing loan and less favourable new interest rate hedges which replaced maturing hedges.”

Meanwhile, the REIT attributed its improved revenue to new leases, rental escalations from existing leases, and revenue from the newly completed Academy Sports + Outdoors store at St. Lucie West.