Prime US REIT posts 3.3% YoY lower net property income of US$23.4m in 3Q23

The REIT also reported a lower income available for distribution of US$12.7m.

SGX-listed Prime US REIT reported a 3.3% YoY lower net property income of US$23.4m in 3Q23.

In the same period, the REIT reported a 23.4% YoY decline in its income available for distribution (US$14.7m).

Income available for distribution for 3Q23 would have only declined by 16.6% YoY if the REIT’s manager also elected to receive 100% of its base fee in 2022, which was the setup for 2023.

In 2022, the manager received 20% of its base fee in cash and 80% in units.

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