Sorrento Towers (Prime US REIT)Sorrento Towers (Prime US REIT)

Prime US REIT may be unnecessarily feeling the heat from the negative headlines surrounding one its peers, and the US office market in general.

This was the assessment provided by Harmeet Singh Bedi, CEO of the REIT’s manager, during a recent event with investors.

Prime US REIT is one of three Singapore Exchange (SGX)-listed REITs that exclusively own US office assets.

For its 1H 2023 results, the REIT reported gross revenue of USD79.5 million and net property income (NPI) of USD47.2 million, 2.9% and 7.2% lower year-on-year respectively.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.