- 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
- Prime US REIT (SGX:OXMU) reported 1H23 DPU of US$0.0246 (-30.1% y-o-y), which is lower than our expectations.
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
Read also UOB's most recent report:
2024-11-18 Prime US REIT 3Q24 - Overcoming Transitional Downtime; Positive Leasing Momentum.
Previous report by UOB:
2024-08-15 Prime US REIT - Completes Refinancing, Sharpening Focus On Leasing.
Price targets by 2 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
