- Prime US REIT (SGX:OXMU)'s FY23 DPU of US$0.0271 (-58.6% y-o-y) was below our estimates due to Prime paying only US$0.0025 in 2H23 (~10% of 2H23 distribution) to preserve capital for capex needs. Assuming a 100% payout ratio, FY23 DPU of US$0.0486 would have aligned with our FY23e forecast at 99%.
- - Read this at SGinvestors.io -
- The y-o-y decline in FY23 distributable income (-25%) was due to Prime US REIT increasing management fees paid in cash from 20% to 100%, higher interest expense, and lower portfolio occupancy. Excluding the change in management fees paid in cash, distributable income is down 18.9% y-o-y.
- - Read this at SGinvestors.io -
- Maintain BUY, DDM-based Prime US REIT's target price lowered from US$0.37 to US$0.30 as we roll over our forecasts.
The Positive
Leasing activities picked up in 4Q23.
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-02-26
Read also Phillip's most recent report:
2026-05-14 Prime US REIT - Steady Growth In Occupancy.
Previous report by Phillip:
2026-02-16 Prime US REIT - Higher Payout Ratio Backed By Cash Flow Visibility.
Price targets by 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 Dividend Payout Dates & Corporate Actions,
Prime US REIT News
