United Hampshire US REIT Collects Over 80% Of Retail Tenant Base Rents In June
July 8, 2020 — United Hampshire US REIT Management Pte. Ltd. of United Hampshire US Real Estate Investment Trust (REIT), announced that it has achieved over 80% of retail tenant base rent collection for the month of June 2020.
Retail tenants comprising 91% of the total base rental income were open for business7 in June 2020 as most retail tenants re-commenced operations following the easing of lockdown measures across the United States (“U.S.”). As at 30 June 2020, approximately 70% of the tenants that were previously closed in April 2020 have re-opened for business.
Under the loosened guidelines, businesses are allowed to operate with strict capacity limitations and social distancing restrictions which may vary, subject to any changes in the prevailing COVID-19 situation. Notably, COVID-19 transmissions are trending down in New York, New Jersey, Maryland and Massachusetts5, where 19 of the REIT’s 22 properties are located, representing approximately 81% of the IPO Portfolio by Appraised Value.
The REIT’s three properties remain open in Florida and North Carolina where COVID-19 cases have recently been increasing. The Manager is monitoring the situation closely and its tenants remain open for business. The status of the virus and various regional guidelines regarding the loosening of restrictions on businesses are fluid and subject to change on an ongoing basis.
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