Prime US REIT’s distributable income drops 14.0% YoY to US$23.3m

The REIT credited the drop to higher finance costs and lower occupancy.

Prime US REIT’s distributable income to unitholders fell 14.0% YoY to US$23.3m, driven by higher finance costs from additional credit facility drawdowns for capital projects.

The REIT also attributed the decline to lower revenue from lower occupancy at One Washingtonian Center which is undergoing an asset enhancement initiative (AEI).

In addition to reduced distributable income to Unitholders, the REIT also reported declines in net property income (NPI) and distributable income per unit.

NPI fell 14.0% YoY to US$40.6m, whilst distributable income per unit was US$0.0178, down 20.5% YoY.

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