In recent years, real estate companies in the United States started recognising Singapore as an attractive REIT hub for capital raising. A slew of US commercial REITs have gone public on the SGX, offering investors unique exposure to the US property market. Prime US REIT (SGX: OXMU) is one such US-focused REIT that went public in a US$612 million IPO in Jul 2019. In this article, we will examine Prime’s asset portfolio, lease profile, cash flow and gearing to determine if it’s a good dividend stock. Asset Portfolio Prime owns 11 Class A office properties in nine primary markets across the United States. The buildings are found in the business district of key urban centres such as Washington DC, Atlanta, and Dallas. In Prime’s IPO prospectus, Cushman describes Class A buildings as ‘the most prestigious, high quality-standard, well-located buildings, typically steel and concrete construction, built or renovated after 1980’. The assets fit these descriptions, with...