Prime US Reit net property incomes slips 2% in Q1

More than 90% of its portfolio was occupied during the pandemic.

Prime US Reit had its net property income dip slightly to US$23m in the first quarter of 2021, a 2% decrease from the $23.51m recorded for the same period last year.

In a bourse disclosure Prime said that it had a high portfolio occupancy of 91.7%, supported by a long weighted average lease expiry of 4.3 years and strong rent collections. More tennants have been making long term-lease decisions, while new tenants come from diverse established and technology sectors.

“Prime’s diversity and income resiliency in these uncertaintimes is underpinned by our well-diversified portfolio in favourable U.S.office markets and our focus in the technology and established industry sectorssuch as health, financial and legal services, and communications and information,” said Prime CEO Barbara Cambon.

The company expects office employment to match its pre-pandemic peak by mid-2022. It is looking into acquisition opportunities in its target markets.