- Prime US REIT has strengthened its balance sheet after completing refinancing and divesting One Town Center. Its valuation is attractive with distribution yields of 2.7%/30.3% for 2025/2026 respectively and P/NAV at 0.28x.
- - Read this at SGinvestors.io -
Bumpy transition.
- Prime US REIT's gross revenue and NPI declined 15% and 23% y-o-y respectively in 3Q24 due to lower occupancy at Waterfront at Washingtonian during its asset enhancement initiative (AEI) and a changeover of tenants at 101 South Hanley and divestment of One Town Center.
- - Read this at SGinvestors.io -
Marking up to higher market rents.
- Prime US REIT achieved positive rental reversion of +6.5% for new leases and renewals signed in 3Q24, driven by 101 South Hanley in St Louis. 222 Main in Salt Lake City, Waterfront at Washingtonian in Washington DC and Promenade in San Antonio also registered positive rental reversion.
- Majority of the leases came with an annual rental escalation of 2-4%.
Maintained strong leasing momentum.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-18
Previous report by UOB:
2024-08-15 Prime US REIT - Completes Refinancing, Sharpening Focus On Leasing.
Price targets by 2 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
