Prime US REIT (PRIME) is a pure office REIT with 12 properties in U.S.
Performance Review
The IPO projection figures are very similar to the 3Q 2019 annualized figures, which are 33,727 for gross revenue,e 22,271 for NPI, 15,902 for distributable income and 1.716 cents for DPU. Compare to the annualized figure YoY, gross revenue increased by 8.9%, NPI increased by 8.7%, distributable income increased by 13.1%. These increases are contributed by Park Tower which was acquired in Feb 2020. Distributable income of 17,987 translates into 1.703 cents DPU, which decreased by 0.7% YoY.
Lease Profile
Occupancy is slightly low at 92.6%. WALE is long at 4.6 years where the highest lease expiry of 47% falls in 2025 and beyond, without breakdown. All of PRIME properties are freehold.
Debt Profile
