Prime US REIT’s net property income drops 7.2% YoY to US$47.2m in 1H23

The REIT attributed the decline to lower occupancy and higher operating expenses.

The net property income (NPI) of Prime US REIT fell 7.2% YoY to US$47.2m in 1H23, its latest financial statement showed.

The REIT also recorded a decline in its gross revenue, which fell 2.9% YoY to US$79.5m.

In a bourse filing, the REIT attributed the decline to “lower occupancy and higher property operating expenses owing to higher physical occupancy with more tenants returning to the office.”

Meanwhile, the REIT recorded a distributable income of US$29.2m, which translates to a distribution per unit of US$0.0246.

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