- 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 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/ 2024-02-26
Read also Phillip's most recent report:
2024-08-16 Prime US REIT - Refinancing Finally Complete; Upgrade To BUY.
Previous report by Phillip:
2024-05-13 Prime US REIT - Pricing In Some Refinancing Risk.
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
