Prime US REIT’s distributable income drops 48% YoY in H2 2024

The REIT credited the drop to divestments and lower property contributions.

Prime US REIT’s distributable income to unitholders dropped by 48.1% year-on-year to $19.8m (US$14.8m) during the second half of the financial year.

The REIT attributed the decline to the divestment of One Town Center and lower contribution from Waterfront at Washingtonian as the site underwent asset enhancement initiatives during the year.

Additionally, the REIT also reported declines in net property income (NPI) and distributable income per unit.

NPI fell by 23.7% YoY to $47.4m (US$35.4m), whilst distributable income per unit was $0.14 (US$0.11), down 48.1% YoY.