- Prime US REIT (SGX:OXMU)'s 2H25/FY25 DPU of 0.49/0.61 US cents was in line, forming 80%/98% of our FY25e forecast, supported by a higher payout ratio (2024–1H25: 10%; Oct 2025: 50%; Dec 2025: 65%).
- - Read this at SGinvestors.io -
- Portfolio occupancy increased from 80.7% to 82.7% q-o-q, and we expect it to reach at least 85% by end-2026. Portfolio valuations rose 3.5% y-o-y to US$1.4bn, indicating a turnaround in capital values.
- Assuming a 65% payout ratio in FY26e, the current Prime US REIT's share price implies a DPU yield of 5.9%.
The Positive
Higher payout ratio backed by improving portfolio fundamentals.
- - Read this at SGinvestors.io -
- WALE increased to 5.6 years (FY24: 4.4 years), enhancing income visibility, while only 7.2% of leases by income are due for renewal in 2026.
Portfolio valuations rose 3.5% y-o-y to US$1.4bn.
- Read more at SGinvestors.io.
