- 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.
