United Hampshire US Reit grows portfolio, eyes more deals as US retail outlook brightens

Fiona Lam

/ EdgeProp Singapore

February 20, 2026 1:51 PM SGT

fiona.lam@edgeprop.sg

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Wallingford Fair Shopping Center in Connecticut. The outlook for the US retail and food services sector appears robust, UHREIT’s manager said. (Photo: UHREIT)

As conditions in the US retail real estate market improve and interest rates come down, United Hampshire US REIT’s (UHREIT) manager will continue to explore value-enhancing accretive acquisitions to improve the attractiveness and income resilience of its portfolio.

It also looks to further strengthen the US grocery-anchored shopping centre and self-storage REIT’s income streams and balance sheet through ongoing asset enhancement initiatives and strategic development projects.

Portfolio valuation increased 3.8% y-o-y to US$774.3 million in 2025, marking the fifth consecutive year of growth since UHREIT’s initial public offering in 2020, the manager said as it announced its latest financial results.

The Singapore-listed REIT invests in stabilised income-producing grocery-anchored and necessity-based retail properties and modern, climate-controlled self-storage facilities in the US.

The outlook for the US retail and food services sector appears robust, with lease rates likely to rise further as retailers continue to increase their physical footprint despite near-term macro uncertainty, the manager said in a Feb 20 announcement.

Total sales in the retail and food services sector rose 3.7% y-o-y in 2025, supported by sustained consumer spending. At the same time, the supply of US strip centres, also known as strip malls, from 2026 to 2030 is expected to remain low at 0.3% per annum.

Meanwhile, interest rates have fallen 175 basis points since 2024 and the US Federal Reserve may possibly cut rates further. The US economy is forecast to grow 2.3% this year, and inflation has cooled from 9.1% in June 2022 to 2.4% in January 2026, the manager noted.

UHREIT’s grocery and necessity properties ended 2025 with a high committed occupancy rate of 97.7% and a weighted average lease expiry (WALE) of 7.7 years, supported by strong leasing momentum. It executed 30 new and renewal leases totalling 422,032 sq ft last year, with high-quality tenants including Walmart, Dollar Tree, HomeGoods, Florida Blue and M&T Bank.

The manager also pointed to the minimal leasing risk, with only 2.9% and 5.6% of its leases expiring in 2026 and 2027, respectively, in the grocery and necessity portfolio.

Dover Marketplace and Wallingford Fair Shopping Center, purchased in August 2025 and January 2026 respectively, are expected to improve financial performance. The manager described both acquisitions as yield-accretive additions that strengthen the portfolio’s income and resilience.

UHREIT’s self-storage properties in the New York metropolitan area saw an increase in rents while occupancy moderated during the year. As at end-2025, occupancy at Carteret stood at 85.9% while Millburn recorded 91.2%.

The manager said the performance of UHREIT’s self-storage properties remains stable due to the relative undersupply of facilities in the New York metropolitan area, with both properties achieving consistently high net rental rates in the fourth quarter of 2025.

Distribution per unit for the six months ended Dec 31, 2025, rose to 2.3 US cents, increasing by 12.1% from a year ago. Net property income for the period grew 2.3% y-o-y to US$25 million, while distributable income was up 8.9% to US$14 million.

This growth was supported by the commencement of new leases, rental escalations from existing leases as well as the contribution from Dover Marketplace. In addition, UHREIT benefited from lower interest rates and lower borrowings, after it made partial loan repayments using proceeds from its divestments.

“These strong results were underpinned by positive leasing momentum, proactive portfolio optimisation and effective capital recycling efforts, coupled with lower interest cost,” said Gerard Yuen, CEO of the REIT manager.

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United Hampshire US Reit grows portfolio, eyes more deals as US retail outlook brightens

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