Prime US REIT NPI down 14.9% in Q1 2025

Revenue also dropped 9.4% to $43.74m.

Prime US REIT’s net property income fell 14.9% to $23.06m (US$17.7m) in Q1 2025, down from $27.09m (US$20.8m) last year. On a same-store basis, net property income was $24.85m (US$19.1m).

Revenue also dropped 9.4% to $43.74m (US$33.6m), compared to $48.26m (US$37.1m) in Q1 2023. Same-store revenue was $44.56m (US$34.2m).

Moreover, distributable income also decreased 30% to $10.93m (US$8.4m), from $15.61m (US$12m) last year. On a same-store basis, income available for distribution fell 24% to $14.45m (US$11.1m).

Leasing activity grew 15.3% year-on-year, with 132,000 square feet leased in Q1 2025, or 3% of net lettable area. Rent reversion increased by 2.6%.

The company cited higher interest rates since mid-2023 and slow recovery from remote working as factors behind the retention of distributable income for reinvestment. Despite volatility expected in 2025, Prime US REIT remains confident it can sign large leases and boost occupancy later in the year.