- Prime US REIT retained US$25.6m and payout ratio was only 10.4% in 2H23 to preserve capital. Management targets to execute up to US$100m of deleveraging in 2024. The board has declared a 1-for-10 bonus issue to acknowledge unitholders’ support for Prime US REIT’s efforts to strengthen its capital position.
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- Valuation is attractive with Prime US REIT's distribution yield at 20% for 2024 and 42% for 2025 and P/NAV at 0.22x.
Prime US REIT's 2H23 Results
- Prime US REIT (SGX:OXMU) reported DPU of US$0.0025 for 2H23, representing a payout ratio of 10.4%.
Operations started to stabilise.
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- NPI margin narrowed by 0.4ppt y-o-y to 57.7% due to an absence of lease termination income (3Q22: US$1.3m).
- Interest expenses increased 29% y-o-y in 2H23.
- Management has elected to receive 100% of base fee in cash for 2023.
Leasing momentum has picked up,
- Read more at SGinvestors.io.
