Prime US Reit posts H1 DPU of 3.52 US cents, 5.1% above forecast

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Prime US Reit posts H1 DPU of 3.52 US cents, 5.1% above forecast.

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PRIME US Reit's distribution per unit stood at 3.52 US cents for its first half ended June 30, 2020, 5.1 per cent higher than its initial public offering forecast of 3.35 cents.

The DPU comprises an advance distribution of 0.96 US cent per unit for the period Jan 1 to Feb 20 which has already been paid out, and a second distribution of 2.56 US cents which has been recommended for the period Feb 21 to June 30. The higher DPU posted was due to higher net property income and lower trust and interest expenses, in addition to the accretive acquisition of Park Tower in Sacramento on Feb 24, according to the real estate investment trust's manager on Thursday.

NPI was US$47.5 million for the first half, 7.6 per cent higher than an IPO forecast of US$44.1 million. The rise was due to contributions from Park Tower, partially offset by the short-term reduction in demand for parking. Gross revenue was US$71.2 million for the first half, 5.7 per cent above a forecast of US$67.4 million, also largely due to contributions from Park Tower.

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