Basic Profile & Key Statistics
Prime US REIT (Prime) invests in office properties in US across 9 states.
Lease Profile
Occupancy is healthy at 93%. WALE is long at 4.8 years. From the latest presentation, 46.4% of the lease will be expiring in 2025 and beyond without breakdown, if we consider before 2025, then the highest lease expiry of 18.6% falls in the year 2023. All of its properties are freehold.
Debt Profile
Gearing is healthy at 33%. Cost of debt is moderate at 2.6%. Fixed rate debt is high at 90%. All of its debt is secured debt. Interest cover ratio is high at 5.4 times. WADE is long at 4.6 years where the highest debt maturity of 33% falls in both 2023 and 2024, which is identical for both years.
Diversification Profile
Prime is diversified in terms of geographical and property where top geographical and top property contribute 15.6% and 14% respectively. Its top tenant contribution is low at 8.5% but top 10 tenants contribution is high at 43%....