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1761-1780 of 1859
You are right. Very astute. I just googled we work used to have a branch there.
fatpig ( Date: 02-Jun-2022 16:12) Posted:
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I see. Thanks man. 👍
fatpig ( Date: 02-Jun-2022 16:12) Posted:
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Could be due to WeWork early termination. By the way, WeWork paid for the termination fee.
coco66 ( Date: 01-Jun-2022 09:46) Posted:
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Anyone just noticed Tower 1' s occupancy fell from 93 percent to 70% ?
coco66 ( Date: 18-Mar-2022 15:08) Posted:
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Prime US Reit Q1 net property income up 10.4% to US$25.4m, as leasing activity more than doubles
Prime US Reit : OXMU +2.11% posted net property income of US$25.4 million (S$35.2 million) for the first fiscal quarter ended Mar 31, 2022, up 10.4 per cent from US$23 million in the corresponding quarter last year.
Leasing activity more than doubled, with renewals constituting a majority of this leasing activity. All in, 171,747 sq ft of leases were executed in the quarter at a positive rental reversion of 3.4 per cent, said the real estate investment trust (Reit) manager in its key business and operational update on Wednesday (May 11).
Gross revenue for the quarter rose 13.6 per cent to US$40.8 million from US$35.9 million.
Distributable income for Q1 2022 rose 19 per cent to US$20.9 million from US$17.6 million, on the back of contributions from its 2 new assets &mdash Sorrento Towers in San Diego, California, and One Town Center in Boca Raton, Florida. The Reit has 14 Class-A freehold office properties in 13 US office markets.
The Reit&rsquo s well-diversified portfolio occupancy remained resilient at 89.9 per cent, and maintained strong rent collections of over 99 per cent for the quarter with no deferrals, its manager noted.
Prime US Reit&rsquo s portfolio has a weighted average lease expiry (Wale) of 4.2 years, and a valuation of US$1.66 billion. The Reit&rsquo s gearing ratio stands at 39.1 per cent, with a debt headroom of US$371 million at a gearing covenant limit of 50 per cent.
Upcoming lease expiries are well-spread across the portfolio, thus reducing single-asset exposure, the manager said.
In its update, the manager also noted that expectations are now centred around a more gradual return to schedule in workplaces.
The Reit continues to actively explore accretive acquisition opportunities in non-gateway and key US office markets with the right risk-reward profile, economic and employment growth prospects, and favourable attributes such as diverse talent pools, highly educated workforces, and reliable transportation infrastructure, it added.
Barbara Cambon, chief executive officer and chief investment officer of the manager of Prime US Reit, said: &ldquo Prime&rsquo s income resiliency continues to be underpinned by our diversified portfolio in favourable US office markets with strong economic and investment characteristics, and our focus on key growth technology and established industry sectors.&rdquo
The Reit will continue to pursue accretive acquisitions and attract prospective tenants in growth-oriented urban centres, and remains committed to delivering long-term sustainable growth to unit holders and supporting tenants&rsquo long-term workspace needs, Cambon added.
Good assets and dividend yield but very quiet counter
Dunno why they wanna buy properties in Boca Raton Florida. Been there before, its a reitrement village, and not an office centre. Some of the other locations also never heard of before - Emeryville???
Interest rate rising IN USA + office demand/occcupancy dropping in US (compare occupancy rates quarter on quarter)
btw, if you compare all 3, KORE, MLR and PRIME. Only KORE overall valuation held steady or increase.. both MLR and PRIME continue to have sizable drops, esp PRIME. The washingtion DC ppties are a drag.
WFH trend to persist. Wait for them to recycle assets and repivot away from gateway to the growth regions/sectors.
Is there any concern for the continue downward trend of the property value ?
Prime US Reit also booked a loss in net fair-value change in investment properties of US$17.2 million for H2, narrower than the loss of US$28.9 million in the year-ago period. This was driven mainly by fair-value losses on One Washingtonian Center, Reston Square, Village Center I, and Park Tower, but offset partially by gains on 171 17th Street.
Prime US Reit also booked a loss in net fair-value change in investment properties of US$17.2 million for H2, narrower than the loss of US$28.9 million in the year-ago period. This was driven mainly by fair-value losses on One Washingtonian Center, Reston Square, Village Center I, and Park Tower, but offset partially by gains on 171 17th Street.
Joelton ( Date: 17-Feb-2022 10:38) Posted:
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Prime US Reit posts 0.9% rise in H2 DPU to US$0.0345
PRIME US Reit Prime US ReitUSD: OXMU 0% on Wednesday (Feb 16) posted distribution per unit (DPU) of US$0.0345 for the second half of the year ended December 2021, up 0.9 per cent from a DPU of US$0.0342 in the corresponding year-ago period.
This took the Reit' s DPU for the full FY2021 to US$0.0678, down 2.3 per cent from US$0.0694 in FY2020.
The book closure date for H2 distributions is Feb 24, and unitholders can expect to receive payments on Mar 31.
Gross revenue for H2 was up 17 per cent year on year to US$84.7 million from US$72.4 million, due to contributions from the acquisition of One Town Center and Sorrento Towers which were acquired in July last year.
Property operating expenses were up 22.1 per cent to US$30.3 million due to higher expenses in One Town Center and Sorrento Towers.
Consequently, net property income rose by a more muted 14.3 per cent to US$54.4 million from US$47.5 million, as the rise in property operating expenses ate into the increase in topline.
Distributable income to unitholders for H2 came in at US$40.2 million, up 11 per cent from US$36.2 million in the year-ago period due to new acquisitions which also contributed to growth and diversification of income for the Reit.
Prime US Reit also booked a loss in net fair-value change in investment properties of US$17.2 million for H2, narrower than the loss of US$28.9 million in the year-ago period. This was driven mainly by fair-value losses on One Washingtonian Center, Reston Square, Village Center I, and Park Tower, but offset partially by gains on 171 17th Street.
Leasing volume for H2 more than doubled from H1, with 282,199 square feet (sq ft) leased. This brought FY2021 leasing volumes to 414,632 sq ft with a positive rental reversion of 14.1 per cent.
New leases accounted for 21 per cent of total leasing volume in FY2021, said Prime US Reit.
As at end-December 2021, the Reit' s portfolio occupancy stood at 90.3 per cent, with a portfolio weighted average lease expiry of 4.2 years.
With the acquisition of Sorrento Towers and One Town Center, the Reit' s enlarged portfolio value stood at US$1.65 billion as at end-December 2021.
The Reit' s gearing stood at 37.9 per cent with available credit facilities in excess of US$230 million and debt headroom of US$405.8 million at 50 per cent leverage limit.
Barbara Cambon, chief executive of Prime US Reit' s manager, said: " Our strategy to capture leasing and growth opportunities in key non-gateway markets as the economy regains momentum continues to support our strong performance.
" As job growth and recent leasing activity indicate a nascent recovery and tenants' confidence in the return to office, we continue to identify market and asset attributes that employers seek, to best support their long-term workspace needs."
finally a bit of recovery 
results in mid Feb i think
Drop from 83cents to 78 cents. anyone know what happen? Thought should be going up as dividend are coming ?
unless can secure
asianguy ( Date: 25-Nov-2021 12:34) Posted:
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The rental is already paid till end of 2022. So it is a bonus if Prime REIT can secure new tenants during this period.
Singpost ( Date: 22-Nov-2021 08:44) Posted:
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that hurt this counter .... any recommendation
Joelton ( Date: 20-Nov-2021 11:40) Posted:
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Prime US Reit reaches agreement with WeWork to terminate lease agreement
PRIME US Reit Prime US ReitUSD: OXMU 0% has reached an agreement with tenant WeWork to terminate its lease in Tower 1 at Emeryville, a Class A office property in California.
In a bourse filing on Friday (Nov 19), the real estate investment trust (Reit) manager said that in accordance with the terms of the agreement, the Reit' s security package has been converted into a termination fee that has been received.
When added to the cash security already on hand, the fee would cover the tenant' s lease payments to the Reit through to early Q4 2022.
This comes after the manager announced on Sep 13 that the Reit was in discussions with the resolution of WeWork' s lease obligations. Prior to that, the media in San Francisco reported that WeWork will be closing its co-working operations in the building.
WeWork previously approached the Reit with a proposal to restructure its lease in June. At that time, Prime US Reit had called on the tenant to continue to meet its rental obligations, and also called upon the existing security package for the payment of such obligations.
The manager noted that the Reit does not expect the matter to have any impact on the distribution per unit of Prime US Reit for the current financial year, in light of the security.
In addition, based on the independent valuation advice sought by the manager, the lease termination will not materially affect the value of the Reit' s portfolio as compared to the portfolio appraisal conducted as at Dec 2020.
As at Sep 30, WeWork occupied 56,977 square foot (sq ft) of space within the Reit' s 4.38 million sq ft portfolio, and contributed approximately 2.2 per cent of the Reit' s cash rental income.
According to the manager, the Reit has taken possession of the said space, allowing it to be marketed to potential new tenants with immediate effect.
Waahha.. double rent :). Positive thinking. We' ll see. Expect price to jump if they can make any annoucement on new tenants.