Prime US REIT's (SGX:OXMU) distribution per unit or DPU declined in the second half of 2024 to $0.0011 from $0.0023 a year earlier, according to a filing with the Singapore Exchange on Wednesday.
Income available for distribution declined to $14.8 million from $28.6 million a year earlier, mainly due to lower income from the Waterfront at Washingtonian, divestment of One Town Center, and higher finance expenses.
Net property income fell to $35.4 million from $46.4 million in the comparable period.
Gross revenue decreased to $67.5 million from $80.3 million a year earlier, the filing said.
Portfolio occupancy as of Dec. 31, 2024 was 80%.
Portfolio valuation was up 2.2% year over year to $1.35 billion.
Shares of the REIT were down over 5% in recent trading.
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