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.