Prime US REIT 1H23 - UOB Kay Hian 2023-08-11: Closing In On Several Leasing Discussions

Prime US REIT 1H23 - Closing In On Several Leasing Discussions

Prime US REIT (SGX:OXMU) | SGinvestors.ioPrime US REIT (SGX:OXMU)
  • Prime US REIT is closing in on several leasing discussions, which could improve portfolio occupancy by end-23. We estimate fair value of investment properties to drop 10% and aggregate leverage to hit 49% at end-23.
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  • Valuation is attractive with Prime US REIT's 2024 distribution yield at 17.1% and P/NAV at 0.43x. Maintain BUY.

Prime US REIT's 1H23 Results

Portfolio occupancy slipped but physical occupancy rose.

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  • Operating expenses (utilities, HVAC and security) increased 4.2% y-o-y in 1H23 due to higher physical occupancy with more tenants returning to office. Physical occupancy across Prime US REIT’s portfolio improved 2ppt q-o-q to 58% in 2Q23.

Sustaining positive rental reversion.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Jonathan KOH CFA UOB Kay Hian Research | 2023-08-11

Previous report by UOB:
2023-05-19 Prime US REIT 1Q23 - Resiliency From Diversified Tenant Mix; Bombed-Out Valuations.

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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