Prime US REIT's net property income dips 11.7% YoY to US$20.8m

The REIT faced lower occupancy and higher finance expenses.

Prime US REIT's net property income (NPI) fell 11.7% YoY to US$20.8m in 1Q24.

With lower NPI, the REIT's income available for distribution also declined, dropping 19.5% YoY to US$12m.

The REIT attributed its lower distributable income to lower revenue on lower occupancy and higher finance expenses attributed to higher interest rates.

Gross revenue for the period was 7.6% YoY lower at US$37.1m.

Meanwhile, portfolio occupancy was 84.7%.