- Prime US REIT's dividends payout ratio will be raised to at least 50% of distributable income from 2H25 onwards (10% payout ratio since 2H23), supported by improving committed occupancy and strong income visibility, as 10.8% of portfolio occupancy is staggered to start contributing cash flows from 4Q25 onwards.
Company Background
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- Prime US REIT offers investors unique exposure to a high-quality portfolio of 13 Class A freehold office properties, strategically located across 12 key U.S. office markets, with a total carrying value of US$1.38bn as of 30 September 2025. The REIT is sponsored by KBS Asia Partners Pte. Ltd., whose shareholders include founding members of KBS, one of the largest owners of premier commercial real estate in the U.S.
Investment Merits/Outlook
On the path to portfolio occupancy recovery.
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- Notably, leases signed in 3Q25 achieved a strong +14.3% rental reversion, indicating that Prime US REIT is not ‘buying’ occupancy but benefiting from genuine market rental growth.
- We expect the strong leasing momentum to continue, supported by Prime US REIT’s high-quality assets and the ongoing flight-to-quality trend in the U.S. office market.
Strong liquidity position supports the pursuit of large tenants.
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