Prime US REIT sees a 6.1% drop in net property income in Q3

Its net property income fell to US$24.2m.

Prime REIT's net property income (NPI) fell 6.1% YoY to US$24.2m in Q322 despite a 3.1% YoY increase in its gross revenue.

In a bourse filing, the REIT said the decline in its NPI was primarily due to occupancy declines year-on-year, including WeWork which vacated in the last quarter of 2021 and Whitney Bradley & Brown in Q3.

As of the end of Q3, the REIT's occupancy rate was 89.6%. In Q3, the REIT leased 246,200 square feet of space.

Of the total leases signed in Q3, 52% or 128,300 sq ft of space were new.

With lower NPI, the REIT's income available for distribution to unitholders in Q3 dropped 4.0% YoY to US$19.2m.

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