Prime US REIT - UOB Kay Hian 2024-02-26: Preserving Capital But Charting A Unique Course Of Action

Prime US REIT - Preserving Capital But Charting A Unique Course Of Action

Prime US REIT (SGX:OXMU) | SGinvestors.ioPrime US REIT (SGX:OXMU)
  • 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

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,

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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 @

Jonathan KOH CFA UOB Kay Hian Research | 2024-02-26

Read also UOB's most recent report:
2024-03-11 Prime US REIT - Charting A Unique Course Of Action.

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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