United Hampshire US REIT (SGX: ODBU) Investor Guide 2026: ~8% Yield, DPU History & US Self-Storage Portfolio

One of SGX’s highest-yielding REITs — but is the 8% yield on this US grocery-anchored retail and self-storage REIT sustainable? We run the full numbers.

Not financial advice. This article is for informational purposes only. All data referenced is as at May 2026 unless otherwise stated. Always do your own research before making investment decisions.

United Hampshire US REIT (SGX: ODBU) is a Singapore-listed REIT that owns a portfolio of grocery-anchored retail and self-storage properties across the eastern United States, offering Singapore investors access to USD-denominated income at a forward yield of approximately 8% — one of the highest on the Singapore Exchange.

Not financial advice. All figures are for educational reference only. Data as at May 2026 unless noted.

Listed on SGX in March 2020, United Hampshire US REIT is a unique proposition in the S-REIT universe: it gives Singapore retail investors direct exposure to necessity-based US real estate — the kind of properties anchored by grocery stores, warehouse clubs, and self-storage operators that tend to be resilient through economic cycles. With an annualised distribution per unit (DPU) that has held relatively steady despite interest rate headwinds, the REIT has maintained its appeal to income-focused investors seeking USD-denominated yield.

But investing in a US-domiciled REIT via SGX comes with real complexities — currency risk (SGD/USD), withholding tax on US distributions, higher gearing sensitivity to US rate movements, and a management structure that Singapore investors need to understand clearly. This guide breaks down everything: portfolio quality, DPU history, gearing, yield sustainability, and the 2026 outlook.

Table of Contents

1. What Is United Hampshire US REIT?

United Hampshire US REIT was listed on the Singapore Exchange (SGX: ODBU) in March 2020, making its IPO debut during one of the most turbulent market periods in recent history — yet it has since demonstrated the defensive qualities its grocery-anchored portfolio promised. The REIT is managed by United Hampshire US REIT Management Pte. Ltd., a joint venture between United Industrial Corporation (UIC) and Hampshire Real Estate Companies, a New Jersey-based real estate operator with decades of experience in US retail and self-storage assets.

The REIT’s investment mandate focuses on two core property types in the United States:

• Grocery-anchored and necessity-based retail — strip malls and open-format retail centres anchored by major US grocery chains such as ShopRite, Stop & Shop, and Whole Foods. These tenants drive consistent foot traffic because consumers visit for essential groceries.
• Self-storage facilities — climate-controlled and standard storage units in densely populated US suburban markets, targeting the New York tri-state area and the US Southeast.

As at Q4 2025, the portfolio comprised approximately 22 properties totalling around 4.6 million sq ft of gross leasable area (GLA), spread across New Jersey, New York, Connecticut, Virginia, and Georgia. The geographic focus on the eastern US seaboard — one of the most densely populated and economically active regions in the world — provides a structural demand floor for both grocery retail and self-storage.

For Singapore investors, ODBU is notable for being one of the very few SGX-listed REITs with 100% USD-denominated assets, meaning distributions are paid in USD and converted to SGD at the prevailing exchange rate at payment date. This introduces currency risk but also provides natural USD income diversification for investors whose CPF and SRS portfolios are heavily SGD-weighted. You can model your expected distributions using the S-REIT Dividend Yield Calculator.

2. Portfolio: Grocery-Anchored Retail & Self-Storage

United Hampshire US REIT’s portfolio is intentionally concentrated in two complementary but distinct asset classes. The grocery-anchored retail properties make up approximately 60–65% of portfolio value, with self-storage accounting for the remainder. This bifurcation is a deliberate strategy: grocery retail provides stable, long-term leases with creditworthy tenants, while self-storage delivers higher potential returns through shorter-term, more dynamic rental pricing.

Grocery-Anchored Retail

The grocery-anchored retail assets are predominantly open-air strip centres — a format that performed strongly through COVID-19 compared to enclosed malls, as consumers continued grocery shopping throughout lockdowns. Key anchor tenants include ShopRite (one of the largest cooperative supermarket chains in the US northeast), Stop & Shop (Ahold Delhaize-owned), Whole Foods (Amazon-owned, attracting high-income demographics), and Dollar Tree / Family Dollar for value-oriented traffic. Occupancy across the retail portfolio has remained above 95% consistently — a testament to the defensive nature of grocery anchors. Long weighted average lease expiry (WALE) of approximately 7–9 years on anchor tenants provides income visibility and reduces rollover risk.

Self-Storage

The self-storage segment benefits from a structural demand tailwind: urbanisation, smaller living spaces in coastal US cities, and life events (moving, downsizing, business overflow) all drive demand for storage units. The REIT’s self-storage assets are primarily in New Jersey, New York, and Connecticut — among the most supply-constrained self-storage markets in the US, where building new facilities is difficult due to zoning restrictions and high land costs. Self-storage unit rents are typically month-to-month, meaning the REIT can adjust rental rates more dynamically than traditional leases — a natural inflation hedge during 2021–2023 when US CPI ran hot.

Portfolio Snapshot (As at Q4 2025)

Source: United Hampshire US REIT SGX announcements, Q4 2025 results update

3. DPU History 2020–2025

United Hampshire US REIT distributes income semi-annually — in March/April (for the second half of the prior financial year) and September/October (for the first half of the current financial year). The financial year runs on a calendar-year basis (January to December). DPU is declared in USD cents.

The REIT’s DPU history reflects two distinct phases. From 2020 to 2022, DPU held relatively firm despite the pandemic disruption, a testament to the grocery-anchored model. The 2022–2023 period saw a headwind from rising US interest rates — the Fed’s aggressive rate hike cycle lifted the REIT’s floating-rate debt costs significantly, compressing distributable income. DPU dipped to its lowest since IPO in 2023 before stabilising as the manager refinanced some debt at fixed rates and the Fed began signalling a rate pause. By 2024–2025, with US rates starting to ease, the pressure on DPU moderated.

Source: United Hampshire US REIT SGX announcements 2020–2025. *FY2025 is an estimate.

The key observation: DPU has remained within a relatively tight band of USD 4.9–5.7 cents over five years. Despite the sharpest US rate hiking cycle in four decades, the REIT never cut its dividend to zero or suspended distributions — a meaningful sign of the underlying asset quality and the grocery-anchored model’s defensive characteristics. For a deeper dive on dividend sustainability in S-REITs more broadly, see our guide on passive income in Singapore 2026.

4. Current Yield & Distribution Schedule

At a unit price of approximately SGD 0.545 as at May 2026, United Hampshire US REIT trades at a trailing distribution yield of approximately 7.8–8.2% in SGD terms (depending on the USD/SGD rate used). This makes it one of the highest-yielding REITs on SGX, sitting above most industrial, commercial, and diversified S-REITs.

The high yield partly reflects risk — the USD/SGD currency conversion, a US rate-sensitive balance sheet, and relatively lower liquidity compared to the larger S-REITs. Investors should treat the headline yield as a gross figure before any currency impact.

Distribution Schedule: United Hampshire US REIT pays semi-annually: an interim distribution for 1H of the financial year (typically paid in September/October), and a final distribution for 2H (typically paid in March/April). For a Singapore investor holding 100,000 units at SGD 0.545: annual distribution income at 5.24 USD cents DPU ≈ USD 52.40 ≈ SGD 70.22 (at 1.34 SGD/USD), representing a ~12.9% income return on SGD 54,500 invested. Units purchased via FSMOne or standard SGX-DMA brokers qualify for the full distribution. Use the retirement planning calculator to model how this income stream fits your retirement goals.

5. Financial Health: Gearing, ICR & Debt

United Hampshire US REIT’s financial health is one of the most important variables for income sustainability. Because all its assets and debt are USD-denominated, its financial ratios are reported in USD — but the MAS aggregate leverage limit of 50% applies as with all Singapore-regulated REITs. As at Q4 2025, the REIT’s aggregate leverage (gearing) stood at approximately 42–43% of total assets, leaving around 7–8 percentage points of headroom before the 50% MAS regulatory limit.

The Interest Coverage Ratio (ICR) — distributable income divided by interest expense — was approximately 2.2–2.4x in FY2025. MAS requires REITs to maintain ICR above 1.5x to use leverage above 45% (the conditional higher limit). ODBU’s ICR is comfortable relative to this threshold. The REIT’s debt is almost entirely USD-denominated, matching its USD asset base — this eliminates cross-currency balance sheet mismatch, unlike some S-REITs with offshore assets funded by SGD debt. Upcoming debt maturities in 2027–2028 are the key watch point for refinancing risk.

6. USD Currency Risk for Singapore Investors

Investing in United Hampshire US REIT introduces a layer of currency exposure that most Singapore REIT investors are not accustomed to. ODBU collects USD rents, services USD debt, and pays USD distributions — which are then converted to SGD at the prevailing rate at payment date. If the USD weakens against SGD between the time you invest and when you receive your distribution, your effective SGD yield will be lower than the headline USD yield. Conversely, if USD strengthens (as it did substantially in 2022), your SGD-equivalent distributions increase.

Historical USD/SGD has been remarkably stable in the 1.30–1.40 range over the past decade, reflecting MAS’s active exchange rate management policy. Long-term holders face less currency timing risk than short-term traders. For investors with a multi-year holding horizon, treat the USD income as partial USD savings — useful if you have USD-denominated expenses (travel, US education, or global portfolio rebalancing).

7. US Interest Rate Sensitivity & Refinancing

United Hampshire US REIT is more sensitive to US interest rate movements than most S-REITs because its entire debt portfolio is USD-denominated and linked to US SOFR (the successor to LIBOR). The 2022–2023 Fed rate hiking cycle — from near-zero to 5.25–5.50% — was the most challenging period in the REIT’s short history, significantly increasing interest burden. The management team responded by fixing a larger proportion of debt at longer maturities during 2023.

As at May 2026, the US Fed Funds Rate has been cut several times from peak levels. Each 25bps cut in SOFR translates directly to lower interest costs on floating-rate debt tranches, freeing up distributable income for unitholders. The risk: if US inflation re-emerges in 2026, the Fed could pause or reverse cuts — prolonging the high-rate environment and capping DPU growth upside.

8. Yield Comparison vs S-REIT Peers

United Hampshire US REIT stands out on yield even within the S-REIT universe. The comparison below uses trailing distribution yields as at May 2026.

Source: SGX company data, Bloomberg estimates, May 2026. Yields are indicative and subject to change.

The yield premium reflects additional risk: US rate sensitivity, USD/SGD currency exposure, smaller market cap (~SGD 350–400 million), and lower trading liquidity. For investors building a diversified S-REIT portfolio, ODBU offers genuine diversification — US asset exposure, non-SGD income, and a different economic cycle driver than Singapore’s domestic REITs.

9. 2026 Outlook: Grocery Resilience & Self-Storage Growth

United Hampshire US REIT enters 2026 with several tailwinds. The US Fed rate easing cycle should moderate floating-rate debt costs — every 25bps cut frees up distributable income. Grocery anchor leases are long-dated and renewal pipelines look healthy. The self-storage supply pipeline in northeast US markets is thinning after a period of new completions in 2023–2024, supporting occupancy recovery and rental rate growth by late 2026 into 2027. The manager has also signalled interest in selective acquisitions at post-correction US commercial real estate valuations, which could be DPU-accretive at current cap rates.

Key risks to monitor: US economic slowdown reducing consumer spending; USD weakness vs SGD reducing SGD-equivalent distributions; refinancing of 2027+ debt tranches at elevated rates if rate cuts stall; any credit events at anchor tenants. For SGX-listed REITs with strong regional diversification including US exposure, also see the Singapore REIT ETF guide if you prefer diversified exposure over single-REIT concentration.

10. Is United Hampshire US REIT Worth Buying?

For income-focused Singapore investors, United Hampshire US REIT occupies a distinctive niche: one of the highest yields on SGX from a portfolio anchored by US grocery necessity-based real estate. The case for ODBU rests on three pillars: the grocery-anchored model is structurally defensive; the Fed rate easing cycle is a gradual DPU tailwind; and the ~8% yield prices in a risk premium that could compress if macro conditions improve.

The case against: the REIT is small (limited liquidity), US-centric (currency risk), and carries gearing at the upper end of comfortable for a SGX-listed vehicle. It works best as a complementary position within a diversified S-REIT portfolio alongside larger, more liquid names.

If you are looking to open a brokerage account to invest in ODBU and other SGX REITs, consider the FSMOne referral code or Syfe referral code and sign-up bonus to get started on one of Singapore’s most cost-effective platforms for S-REIT investing.

Summary verdict: United Hampshire US REIT is a high-yield, higher-risk S-REIT best suited for investors who understand USD/SGD currency dynamics, are comfortable with US rate sensitivity, and want genuine geographic diversification beyond Singapore’s domestic REIT market. The ~8% yield is real — but so are the risks.

Frequently Asked Questions

This article is for informational and educational purposes only and does not constitute financial advice. Investing in REITs carries risks including loss of capital. Past distribution rates are not indicative of future payouts. Always consult a licensed financial adviser before making investment decisions. Data as at May 2026.