- Prime US REIT reported DPU of 0.11 US cents for 2H24 (-52% y-o-y), which is below our expectation.
- - Read this at SGinvestors.io -
Held back by tenant transition.
- Gross revenue and NPI declined 16% and 24% y-o-y respectively in 2H24 due to lower contribution from Waterfront At Washingtonian in Washington DC and divestment of One Town Center in Boca Raton, Florida.
- Finance expenses increased 47% y-o-y to US$21.3m due to higher cost of debt after refinancing.
- Prime US REIT has signed new leases at Waterfront At Washingtonian and 101 South Hanley but they will only start contributing 3-6 months later.
Stability and certainty from longer portfolio WALE.
- - Read this at SGinvestors.io -
- Portfolio WALE was extended by 0.4 years to 4.4 years, driven by the signing of long-term leases at The 101 at St Louis (WALE: 2.6 years to 7.0 years) and Waterfront At Washingtonian (WALE: 1.9 years to 7.0 years) at Washington DC.
- Portfolio occupancy was healthy at 80.0%.
Higher portfolio valuation and recapitalisation led to lower gearing.
- Read more at SGinvestors.io.
