Prime US REIT's net income jumps 10.4% YoY to $35.28m in Q12022

The REIT's new assets, Sorrento Towers and One Town Center, contributed to the growth.

Prime US REIT saw its net income jump by 10.4% YoY to $35.28m (US$25.4m) in Q12022.

The net profit increase has also pushed up the REIT's distributable income by 19.0% YoY to $29.04m (US$20.9m).

The REIT's manager said new assets like Sorrento Towers and One Town Center contributed to the income growth for the quarter.

As of 31 March 2021, the REIT's portfolio occupancy was at 89.8% with strong rent collections of over 99%.

Leasing activity also "more than doubled" compared to Q12021, with 171,747 sq ft of leases executed in Q12022 at a positive rental reversion of 3.4%.

Looking ahead, the REIT said it will "look at asset enhancement initiatives that facilitate purpose-focused time in office such as collaboration and social interaction to meet evolving tenant."

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