- Prime US REIT (SGX:OXMU) has strengthened its balance sheet by completing refinancing for US$550m and divestment of One Town Center for US$82m, which lowers aggregate leverage to 46%.
- Leasing discussions underway for Park Tower in Sacramento, OWC in Washington DC and 101 South Hanley in St Louis could provide an uplift to portfolio occupancy over the next 12 months.
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Maintain 1H24 payout ratio at 10%
- Prime US REIT reported DPU of 0.18 US cents for 1H24. It maintained payout ratio at 10%, similar to 2H23, so as to conserve capital to fund required capex, while maintaining gearing at a relatively healthy level. See Prime US REIT's distribution dates.
Cash revenue affected by lease expiry for Sodexo at OWC.
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- Cash revenue declined by a smaller 5.8%. Cash revenue for the remaining 12 properties remained stable.
- Property operating expenses increased 1.9% y-o-y due to non-cash amortisation of lease commissions. Thus, NPI margin narrowed 0.4ppt y-o-y to 57.7% in 1H24 and finance expense rose 8.4% y-o-y.
Leasing momentum has picked up.
- Read more at SGinvestors.io.
