Prime US REIT - RHB Invest 2023-02-09: Waiting For Spring; Maintain BUY

• Prime US REIT's 2H22 and FY22 DPU came in slightly below expectations, and the portfolio valuation decline of 6.7% was at the lower end of our anticipated range. However, rent reversions remained strong, with occupancy showing signs of stabilising.
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• Prime US REIT's gearing remains within regulatory limits, and its relatively well-hedged debt position shields from rate hikes.

Prime US REIT's 2H DPU down 12.2% y-o-y

• Prime US REIT (SGX:OXMU)'s 2H DPU down 12.2% y-o-y, hit by the absence of termination income, lower occupancy, and higher finance costs. Overall (FY22) DPU fell 3.4% y-o-y – coming in at 95% of our full-year forecasts.
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Occupancy volatility likely…

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