Its DPU in FY2020 exceeds IPO forecasts by 3.6% to US6.94 cents.
Actual property funding belief PRIME US REIT posted US3.42 cents distribution per unit (DPU) in 2H 2020 and US6.94 cents in FY 2020, outperforming IPO forecasts by 2.1% and three.6%, respectively.
The rise in PRIME’s distributional revenue and DPU 2H 2020 was linked to the upper internet property revenue, decrease curiosity prices and different belief bills.
This was pushed by contributions from Park Tower, acquired in February 2020, and partially offset by non permanent declines in parking revenues.
“PRIME’s robust performance has been consistent since its listing which is a testament to our focus on maximising long-term Unitholder value,” PRIME chief government officer and chief funding officer Barbara Cambon mentioned.
“Our strategy to build a well-diversified portfolio in favourable US office markets, and our focus in the technology and established industry sectors, continues to underpin our success and demonstrates PRIME’s diversity and income resiliency in these uncertain times,” she added.
Cambon mentioned PRIME targets inclusion within the FTSE EPRA NAREIT index, noting the corporate is well-positioned to develop by accretive acquisition alternatives.
PRIME reported its asset portfolio remained “highly resilient” all through 2020 as collections for the complete 12 months and within the second half averaged 99% with minimal rental deferrals. It additionally has a portfolio occupancy of 92.4% as of December 2020.
Additional, with the introduction of vaccines, the REIT agency sees return of tenants to workplace areas in 2021 whilst uncertainty lingers because of the coronavirus pandemic.
“As tenants gradually return to office, our experienced asset management team continues to employ technological solutions to assist existing tenants in office planning as well as to enhance PRIME’s leasing prospects,” Cambon mentioned.