Prime US REIT profit up 10.7% to $36.2m in Q3

Its leasing activity more than tripled in the same period, QoQ.

Prime US REIT's net property income grew by 10.7% year-on-year to approximately $36.2m (US$26.8m) in the third quarter (Q3) of 2021.

Its gross revenue also mirrored the same growth at 10.1% to approximately $54.5m (US$40.4m).

An increase in distributable income by 11.3% to $26.9m (US$20m) was also seen due to the lower interest costs and the contributions from the acquisitions of Sorrento Towers and One Town Centre.

In the same period, Prime reported that its leasing activity more than tripled in Q3 compared to the second quarter.

Most leases executed were also renewals, which include Arnall Golden Gregory, New Leaf and Regus Management. 32,802 square feet were new leases. Weighted average lease expiry also extended from 4.1 to 4.5 years with the addition of One Town Center and Sorrento Towers. Over 80% of Q3 2021 volume have lease expiry in 2027 and beyond.

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