Distributable income

The REIT attributed the decline to increased borrowing costs amongst others.

Given the drop, it recorded a 27.4% YoY lower DPU to unitholders.

The Q1 distributable income translates to a 3.6% YoY higher DPU of $0.01822.

The pandemic, however, had no material impact on the REIT’s portfolio.

This is due to active leasing activities and improvement in operating performance. 

Its gross revenue also rose 8.5% YoY to S$37m.

Prime said its gross revenue and net property income also remained stable.

This included one-off partial distribution of divestment gains of S$20m.