Prime US REIT - RHB Invest 2024-11-18: Priming For A Recovery; BUY

• Prime US REIT’s 3Q24 operational numbers were in line but distributable income was slightly below.
• We recently visited three of its assets in California. Key takeaways being management’s pursuit for all-out leasing efforts that are slowly starting to bear fruit although the lead time remains long.
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US election outcome a net positive for office demand but offset by likely delay in interest rate cuts.

• Managements of Prime US REIT views the recent election result as a net positive for US office market demand – Donald Trump’s tax cut proposals and policies are centred on creating more manufacturing jobs in the US, which in turn will likely spur employment for sectors such as R&D and production, as well as sales-related roles. Also, tariffs could prompt more multinational corporations (MNCs) to onshore jobs.
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Good leasing momentum with occupancy improvement expected in the coming quarters.

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Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2024-11-18 SGinvestors.io

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