Prime US REIT - Phillip Securities 2023-05-15: Leasing Is The Top Priority

Prime US REIT - Leasing Is The Top Priority

Published:
Prime US REIT (SGX:OXMU) | SGinvestors.ioPrime US REIT (SGX:OXMU)
  • Prime US REIT (SGX:OXMU)'s 1Q23 distributable income was below expectations and 21% of FY23e forecast.
  • The decline of 28.8% to US$14.9mil was due to Prime US REIT increasing management fees paid in cash from 20% to 100%, higher interest expense, absence of lease termination income, and higher operating expenses. Excluding the higher proportion of management fees in cash, distributable income is still down 22.5%.
  • - Read this at SGinvestors.io -
  • Maintain BUY, DDM-based target price for Prime US REIT lowered from US$0.70 to US$0.46 as we lower our FY23e DPU forecast by 18% due to management fees paid all in cash, lower occupancy, and higher costs. We also cut FY24e and FY25e DPU forecast for Prime US REIT by 18% and 15% respectively.
  • - Read this at SGinvestors.io -

The Positive

Extension of debt maturities.

  • Read more at SGinvestors.io.




Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.




Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2023-05-15



Read also Phillip's most recent report:
2023-11-09 Prime US REIT - Challenges Remain, But Manageable.

Previous report by Phillip:
2023-08-14 Prime US REIT - Navigating Through The Storm.

Price targets by 3 other brokers at Prime US REIT Target Prices.

Listing of research reports at Prime US REIT Analyst Reports.

Relevant links:
Prime US REIT Share Price History,
Prime US REIT Announcements,
Prime US REIT Dividends & Corporate Actions,
Prime US REIT News Articles





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