BUSINESS MODEL OF UNITED HAMPSHIRE US REIT LIMITED United Hampshire US REIT Limited (‘UHREIT’) is a REIT listed on the Singapore stock exchange (SGX) under ticker code ‘ODBU’. It owns a diversified portfolio of (i) grocery-anchored and necessity-based retail properties and (ii) modern, climate controlled self-storage facilities located in the United States. It trades in the USD and at a unit price of US$0.585, its market capitalisation is US$289 million. This is a steep fall from its IPO price of US$0.80 in March 2020- which was also the month when the fastest bear market occurred. Heartland Boy thinks this approx. 30% decline (against his entry price) is probably unjustified and here are the reasons why. PORTFOLIO OF UNITED HAMPSHIRE US REIT As seen its Diagram 1, UHREIT’s main business segments can be broken down into (i) Grocery-anchored Shopping Center and (ii) Self-Storage facilities....