- Prime US REIT’s portfolio valuation (FY24) surprised on the upside while distributable income (2H) came in slightly below our expectations.
- Portfolio occupancy has been making a slow recovery, but with the increasing return to office push across the US, we believe this year will mark a turning point for Prime US REIT.
- - Read this at SGinvestors.io -
Portfolio valuation (excluding capex) rose 2.2% y-o-y
- Prime US REIT's portfolio valuation (excluding capex) rose 2.2% y-o-y, and including US$38m capex overall portfolio valuation saw a fair value loss of US$15m. This was better than our expectations of a slight decline.
- - Read this at SGinvestors.io -
- Key assets that saw positive valuation uplift were 222 Main (+6%), Tower 909 (+16%), The 101 (+12%) and 171 17th Street (+4%) more than offset declines from Park Tower (-10%) and Village Center Station I (-9%).
Leasing activity expected to improve in FY25.
- Read more at SGinvestors.io.
