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

Published:
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.
  • - Read this at SGinvestors.io -
  • 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.

  • - Read this at SGinvestors.io -
  • 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.

  • Read more at SGinvestors.io.




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 @ https://www.utrade.com.sg/.




Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 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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