Basic Profile & Key Statistics

Prime US REIT (PRIME) is a pure office REIT with 12 properties in U.S.

Performance Review

NPI and distributable income beat by 7.8% and 16.1% respectively as compared to IPO prospectus forecast mainly due to contributions from Park Tower, which was acquired in February 2020. Despite that, DPU beat only 2.1% due to an enlarged unitholders base. If compare against annualized 2H 2019, then NPI and distributable income increased YoY by 6.8% and 12.1% respectively while DPU slightly decreased by 1.9% YoY.

4Q rental reversion is +8.3% while FY2020 rental reversion is +7.2%.

Lease Profile

  • Occupancy is slightly low at 92.4%
  • WALE is long at 4.4 years
  • Highest lease expiry within 5 years is low at 19.6% which falls in 2025
  • All properties are freehold

Debt Profile

  • Gearing ratio is low at 33.5%
  • Cost of debt is moderate at 2.7%
  • Fixed rate debt % is high at 89.8%