Prime US REIT reported Tuesday net property income for the 19 July to 30 September period was US$17.91 million, 2.8 percent above the forecast from the REIT’s IPO prospectus.
Gross revenue for the period came in at US$27.13 million, 2.3 percent above the IPO forecasts, the REIT said in a filing to SGX.
The forecast beats were on higher rental income and recoveries income, the filing said. The REIT was listed on SGX on 19 July.
The available distribution to unitholders (DPU) was 1.38 U.S. cents, 5.4 percent above the IPO forecast of 1.31 U.S. cents, the REIT said. No distribution was declared for the 19 July to 30 September period, with the REIT’s first distribution to be for the 19 July to 31 December period, the filing said.
The portfolio occupancy was 97.0 percent as of end-September, with 98.3 percent of leases including rental escalations, Prime US REIT said.
In its outlook, the REIT said U.S. office market demand has remained healthy despite trade tensions.
“PRIME’s diversified and resilient portfolio is supported by its favorable tenant exposure in the STEM/TAMI sectors. The manager is committed to maintaining a proactive and prudent approach in its leasing and asset management activities,” the REIT said.
Prime US REIT’s portfolio has 11 office properties located in nine markets across the U.S.