- Prime US REIT (SGX:OXMU)'s 1H24 results were within expectations. Gross revenue/distributable income was 47%/45% of our FY24e forecast. DPU of 0.18 US cents missed our estimates as Prime US REIT paid out only ~10% of DI in 1H24, compared to our initial assumption of 25%. See Prime US REIT's distribution dates.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
The Positive
Completed major refinancing exercise.
- Prime US REIT entered a new credit facility with an aggregate principal amount of up to US$550mil, consisting of a US$400mil term loan and a US$150mil committed revolving credit facility. The initial maturity of this facility is July 26, with a one-year extension option.
- We expect FY24e all-in cost of debt to remain below 5% (2Q24: 4.2%) as US$330mil of this new facility has already been hedged until mid-2026 through interest rate swaps.
Completed the strategic sale of One Town Center(OTC) located in Boca Raton, Florida.
- 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/ 2024-08-16
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
