A property in the initial portfolio of Prime US REIT. (Photo: Prime US REIT)

Data from Prime US REIT’s latest disclosure has been incorporated into the Singapore REITs table.

Prime US REIT’s gross revenue and net property income for 3Q 2021 grew by 10.1% and 10.7% year-on-year to USD40.4 million and USD26.8 million respectively.

Accordingly, the REIT’s distributable income came in at USD20.0 million.

This is an increase of 11.3% compared to 3Q 2020 and amid lower interest costs and the contributions from the acquisitions of Sorrento Towers and One Town Center.

However, the REIT’s portfolio occupancy slid slightly 91.4% from 91.7% in the previous quarter.

During 3Q 2021, Prime US REIT secured 187,076 sq feet of leases that are mainly renewals with positive rental reversion of 19.1%.

This was more than triple the leases executed in 2Q 2021, with a significant proportion of this leased space having start dates beyond 2022, said the REIT.

The REIT’s gearing as at 30 September 2021 was 38.4%, up significantly from the 33.5% as at 31 December 2020.

Prime US REIT was last done on the SGX at USD0.865, which presently implies a distribution yield of 7.70% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.