237 views
Logo from Prime US REIT

Prime US REIT’s NPI drops 7.2% YoY to US$23.6m in Q1

Given the drop, the REIT also posted a lower distributable income of US$14.9m.

SGX-listed Prime US REIT recorded a 7.2% YoY lower net property income of US$23.6m in Q123, its latest business update showed.

The REIT’s gross revenue also declined in Q1, dropping 1.7% YoY to US$40.2m.

Given the decline in income and revenue, the REIT posted a 22.5% YoY lower distributable income of US$14.9m for the quarter.

In a bourse filing, the REIT attributed the decline in distributable income to four factors: an increase in finance expenses due to higher rates on unhedged debt; the difference in amortised lease termination income contributing to distributable income in Q122 vs Q123; higher property operating expenses across various categories as employees increase return-to-office; and lower gross revenue, excluding straight-line rent adjustments, led by occupancy decline.
 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Singapore’s new law weaves safety net for gig workers
Gig workers will be enabled to secure their retirement, benefit from improved workplace safety, and gain greater visibility within the industry.
Here’s how Gen Z consumer preference reshapes APAC’s marketing landscape
Gen Z consumers are observed to purchase based on pleasure and purpose, whilst being conscious of cost and convenience.

Event News

Event News

SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd Cards & Payments
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.
Cards & Payments SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.