Prime US REIT Q3 2020 Distributable Income Hits US$18 Million
November 9, 2020 – KBS US Prime Property Management Pte. Ltd., the manager of Prime US REIT, said gross revenue and net property income for the third-quarter 2020 reached US$36.7 million and US$24.2 million respectively, outperforming its IPO projections by 9.1% and 9.8%, respectively.
It said its rate for rental collections was at 99% for the period July 1, 2020 to September 30, 2020 with minimal deferrals.
Distributable income of US$18.0 million exceeded the IPO projection by 15.4%, it said. “Prime is supported by a well-diversified and strong tenant base with over 70% in established and growth sectors,” it said in the press release.
Prime said it had also seen robust leasing activity despite market softening. In the quarter, it leased 83,168 sq ft and for the year to date, 165,717 sq ft, with strong rental reversion.
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