Prime US REIT Distributable Income Up 19% In Q1
May 11, 2022 – Prime US REIT, a real estate investment trust with an office portfolio in the United States, published its key business and operational updates for the quarter ended March 31 2022.
PRIME’s gross revenue and net property income (NPI) for Q1 2022 increased 13.6% and 10.4% year-on-year to US$40.8 million and US$25.4 million, respectively.
Distributable income increased 19.0% yoy to US$20.9 million, with the two new assets Sorrento Towers and One Town Center contributing to the growth.
Ms Barbara Cambon, Chief Executive Officer and Chief Investment Officer of the Manager of PRIME, said, “PRIME’s income resiliency continues to be underpinned by our diversified portfolio in favourable U.S. office markets with strong economic and investment characteristics, and our focus on key growth technology and established industry sectors.
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