/Jason Dent, Unsplash

Prime US Reit’s net property income up 9.7% in H1 22

The net property income was at $70m (US50.8m).

Prime US Reit’s net property income increased 9.7% to $70m (US50.8m) year-on-year (YoY) in the second half of the year on the back of strong leasing activity and steady portfolio occupancy.

In a financial report, the firm’s management said the gross revenue was also by 13.5% YoY to $112.9m (US$81.8m).

Its distributable income, likewise, rose by 16.7% YoY to $57m (US$41.3m) due to its acquisitions of Sorrento Towers and One Tower Centre in July 2021.

READ MORE: Top Singapore REITs unscathed by rising interest rate

Prime’s Manager CEO Barbara Cambon said it will continue to improve property management processes and leverage an extensive footprint to manage the firm’s growth.

“We continue to take a proactive approach to leasing, asset management as well as capital allocation, and we remain strategic and deliberate in our evaluation of quality, accretive acquisitions that add value to Unitholders,” she said.

$1 = US$0.72

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