In a market where many REITs are still finding their footing amid higher interest rates and economic uncertainty, a few quieter names have shown they’re not ready to fade into silence.
Much like the Bee Gees’ enduring classics, United Hampshire US REIT (SGX: ODBU), Elite UK REIT (SGX: MXNU), and Prime US REIT (SGX: OXMU) have found a way to stay alive in spirit.
While blue-chip REITs often dominate headlines, this trio has recently raised their distributions per unit (DPU), signalling resilience in their underlying portfolios and a commitment to rewarding unitholders.
What’s driving these under-the-radar REITs to hit the high notes when others are struggling?
Let’s take a closer look at each one and uncover what might make them worthy additions to a dividend-focused portfolio.
United Hampshire US REIT (SGX: ODBU)
United Hampshire US REIT owns 19 grocery-anchored and necessity-based retail properties plus 2 self-storage facilities across eight US states, with US$0.7 billion in assets under management (AUM).
Despite headline revenue declining 3% to US$35.7 million in the first half of 2025 (1H2025) due to property divestments, the REIT delivered where it counts: DPU rose 4.0% year on year (YoY) to US$0.0209, translating to an annualized DPU of US$0.0418.
On a same-store basis, revenue and net property income actually grew 2.6% and 2.4% respectively, driven by new leases and rental escalations.
The REIT’s portfolio remains well-occupied, with grocery and necessity properties at 97.2% occupancy and self-storage at 95.3%.
During the period, it executed five new leases and 10 renewals totaling 82,395 sq ft, with self-storage rental rates staying strong.
Strategic moves have been astute.
In August 2025, the REIT acquired Dover Marketplace in Pennsylvania for US$16.4 million (4.8% below valuation) using proceeds from an earlier divestment.
The grocery-anchored property is expected to boost DPU by 2%.
Meanwhile, a new 5,000 sq ft store at St. Lucie West, pre-leased to Florida Blue for 10 years, is set for completion in 4Q2026.
Lower US interest rates have also helped, with 100 basis points of rate cuts since September 2024 reducing finance costs and supporting distribution growth.
Elite UK REIT (SGX: MXNU)
Elite UK REIT delivered a 9.4% increase in DPU for the first nine months of 2025 (9M2025), showcasing resilience amid active portfolio transformation.
The REIT owns 148 UK government-leased properties valued at £419.7 million, with 99.1% of gross rental income backed by AA-rated UK sovereign credit.
For the nine-month period, revenue edged up 1.0% YoY to £28.3 million, while net property income dipped slightly to £27.4 million due to asset repositioning expenses.
However, distributable income jumped 6.2% to £14.8 million, lifting DPU from £0.0213 to £0.0233.
The improvement was driven by positive rental reversions, contributions from new acquisitions, and crucially, interest savings from capital management and rate optimization.
Borrowing costs stood at 4.8%, with 85% of debt on fixed rates.
On the acquisition front, the REIT added three government-leased properties, including Tŷ Merlin in Carmarthen and Custom House in Felixstowe, delivering 0.6% DPU accretion while reducing gearing by 20 basis points.
Repositioning projects are also progressing well.
Planning approval was secured for the conversion of Lindsay House in Dundee to 168-bed student accommodation, targeting completion in 2027 with potential for a fivefold valuation uplift.
Meanwhile, Cambria House in Cardiff (348 beds) and Peel Park in Blackpool (120 MVA data centre) are advancing through the planning process.
Prime US REIT (SGX: OXMU)
Despite a challenging backdrop for US office assets, marked by higher vacancies and hybrid work trends, Prime US REIT delivered a 9.1% quarter-on-quarter increase in DPU for 2H2025, rising from US$0.0011 in 1H2024 to US$0.0012.
The REIT owns 13 Class A freehold office properties across 12 US submarkets, with US$1.4 billion in AUM.
While gross revenue slipped marginally by 0.4% to US$67.3 million, operational improvements are taking hold.
Portfolio occupancy improved to 80.2% from 78.9% in March 2025, with rental reversion strengthening to +4.3% in the second quarter.
Leasing momentum remained solid with 400,000 square feet signed during the period, including a standout 120,000-square-foot lease with Xenergy at Waterfront At Washingtonian.
However, the REIT is navigating financial constraints.
Aggregate leverage stood at 46.7%, close to the 50% regulatory limit, while interest coverage of 1.7x sits just above the 1.5x regulatory requirement.
These tight metrics reflect the sector’s pressures and limit financial flexibility.
Looking ahead, 440,000 square feet of leases signed in FY2024 and 1H2025 will progressively commence rent through 2026, representing 10.5% of portfolio occupancy.
For investors, Prime’s ability to deliver distribution growth despite a challenging sector and elevated leverage demonstrates disciplined asset management, though the narrow financial buffers warrant close monitoring.
Get Smart: Quiet Performers Worth a Closer Listen
While they may not command the same attention as their larger peers, United Hampshire US REIT, Elite UK REIT, and Prime US REIT have demonstrated that size isn’t everything.
With DPU increases ranging from 4.0% to 9.4%, these three REITs have shown they can navigate challenging market conditions through strategic asset management, prudent capital allocation, and capitalizing on operational improvements.
For income-focused investors willing to look beyond the usual suspects, these under-the-radar names offer a compelling mix of distribution growth and resilience.
In a market where many REITs are struggling to keep pace, this trio has shown they can keep the beat alive – steady, confident, and still hitting the right notes for long-term investors.
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Disclosure: Calvina Lee does not own any of the stocks mentioned. Chin Hui Leong contributed to the article and does not own any of the stocks mentioned.
