Prime US REIT reports 3Q21 net property income rose nearly 11 percent

U.S. one-dollar currency notes; taken September 2018.U.S. one-dollar currency notes; taken September 2018.

Prime US REIT said Wednesday its third quarter net property income rose 10.7 percent on-year to US$26.81 million amid contributions from the new acquisitions Sorrento Towers and One Town Center.

Gross revenue for the July-to-September period increased 10.1 percent on-year to US$40.43 million, the REIT said in a filing to SGX.

Excluding the Sorrento Towers and One Town Center acquisitions, revenue and net property income were stable compared with the first and second quarter of this year, the REIT said.

Distributable income for the third quarter rose 11.3 percent on-year to US$20.03 million, Prime US REIT said.

Rent collection was 99.7 percent, with minimal rent concessions, the REIT said.

Prime US REIT said its occupancy was at 91.4 percent, with rental reversion of 19.1 percent for the third quarter. Most leases in the period were renewals, with 32,802 square feet of total new leases, which mitigated expiries and downsizing.

Read Prime US REIT’s third quarter update.