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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.