United Hampshire US REIT's (SGX:ODBU) distributable income was down nearly 15% year over year to $6.0 million in the third quarter of the year from $7.1 million, according to a filing with the Singapore Exchange on Friday.
Net property income fell 6.7% year over year to $12.0 million from $12.9 million.
Meanwhile, gross revenue was down nearly 3% year over year to $17.9 million from $18.4 million, mainly due to lower recoveries because of lower occupancy during tenant transitions.
The weighted average lease expiry increased to 7.9 years from 7.7 years due to strong leasing momentum and a high tenant retention rate of 92%.
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