PRIME US REIT

 

(Source: PRIME US REIT website)

Last updated date: 2020-08-22 (Saturday)

Stock Code: OXMU
Exchange: Singapore Exchange (SGX)
Denomination: USD
Listing Date / Price: 2019-07-19 / USD 0.880 (Fixed at SGD 1.20 for public offering launch)
Quarterly or Semi-annual reporting: Semi-Annual (from 2020-03-30 onwards)
Normal Distribution Period: Semi-Annual to be paid out around end-March and end-September
Financial Year End: December
Website: https://www.primeusreit.com/

2020-08-07 (Friday)
Stock Price before market opens: USD0.805
Stock Price at market opens: USD0.815 (+0.010 over previous closing)
Stock Price after market closes: USD0.815 (+0.010 over previous closing)

(1) Financial Results 1H2020 (announced after market close on 2020-08-06)  

(Link to announcement)

• Gross Revenue of USD71.197m (5.7% above forecast of USD67.362m) 
• NPI of USD47.450m for the quarter (7.6% above forecast of USD44.089m)
• Increased NPI partially offset by short term reduction in demand for parking.
  
• Distributable income to Unitholders of USD35.878m (15.0% above forecast of USD15.59m)
• Higher than forecast due to higher NPI and lower trust and interest expense.
• Distribution (Link to announcement of distribution)
• 3.52 US cent (5.1% above forecast of 3.35 US cents)
• XD on 2020-08-14 (Friday)
• Payment on 2020-09-23 (Wednesday)

 

2020-05-04 (Monday)
Stock Price before market opens: USD0.740
Stock Price at market opens: USD0.730 (-USD0.010 over previous closing)
Stock Price after market closes: USD0.700 (-USD0.030 over previous closing)

(1) Lock-in of lower interest rate (announced after market closed on 2020-04-30)
(Link to announcement)

• Entered into new agreement with Bank of America that locks in lower financing cost through 2026
• New interest rate swap inclusive of  interest spread on PRIME's USD330m debt facility lowers weighted average interest rate from 3.3% to 2.8%

2020-04-29 (Wednesday)
Stock Price before market opens: USD0.710
Stock Price at market opens: USD0.710 (No change)
Stock Price after market closes: USD0.730 (+0.020 over previous closing)

(1) Key business and operational review 1Q2020 (announced after market close on 2020-04-28)
(Link to announcement)

• Gross Revenue of USD35.06m (4.1% above forecast of USD33.68m) 
• NPI of USD23.51m for the quarter (6.7% above forecast of USD21.3m)
• Income available for distribution was USD17.60m (12.9% above forecast of USD15.59m)

2020-02-21 (Friday)
Stock Price before market opens: USD1.040
Stock Price at market opens: USD1.030 (-0.010 over previous closing)
Stock Price after market closes: USD1.020 (-0.020 over previous closing)

(1) 125,392,000 Private Placement units issued and listed

 2020-02-19 (Wednesday)
Stock Price before market opens: USD1.070
Stock Price at market opens: USD1.030 (-0.040 over previous closing)
Stock Price after market closes: USD1.030 (-0.010 over previous closing)

(1) Stock trades XD

2020-02-13 (Thursday)
Stock Price before market opens: USD1.020
Stock Price at market opens: USD1.030 (+0.010 over previous closing)
Stock Price after market closes: USD1.030 (+0.010 over previous closing)


(1) Trading Halt Lifted before market opens

2020-02-12 (Wednesday)
Stock Price before market opens: USD1.020
Stock Price at market opens: USD1.020 (Trading halt is in effect)
Stock Price after market closes: USD1.020 (Trading halt is in effect)

(1) Trading Halt Called
(Link to Trading halt announcement)

(2) Private Placement and Acquisition
(Link to private placement announcement)
(Link to acquisition announcement)

• Private Placement raises proceeds of USD120m
• ~USD115m to partially fund acquisition of Park Tower
• ~USD5m to pay for fees and expenses in connection with private placement and acquisition
• Balance of gross proceeds (if any) to be used for general corporate and/or working capital purposes
• New units to be issued at USD0.957, representing discount of 6.0% of VWAP of USD1.0179 on 11 February 2020 (Tuesday).
• New units expected to be listed on 2020-02-21 (Friday)
• Advance distribution for the period between 2020-01-01 to 20202-02-20 prior to new unit issuance to be given.
• Acquisition of Park Tower in Downtown Sacramento California in United States for USD165.5m
• Valuation as at January 2020 was USD170m by 3rd party appraiser Joseph Blake & Associates
• Acquisition to be NAV and DPU accretive after enlargement of share outstanding
• Proforma DPU to increase from 3.15 US cents to 3.20 US cent (+1.5%) 
• Proforma NAV to increase from USD0.892 to USD0.894 (+0.2%)

(3) Announced 4Q2019 and FY2019 Results
(Link to announcement of results)

• Announcement made before Market open
• 4Q2019
• DPU of 1.77 US cents (9% above forecast of 1.63 US cents)
• Gross Revenue of USD33.5m (Above forecast of USD32.9m due to higher rental income and recoveries income)
  
• NPI of USD22.3m for the quarter (3% above forecast of USD21.3m)
• Income available for distribution was USD16.4m (8.8% above forecast of USD15m)

• FY2019
• DPU of 3.15 US cents (7.5% above forecast of 2.93 US cents)
• Income available for distribution at USD29.2m (7.3% above forecast of  US$27.2m)
• Gross Revenue of USD60.7m (2.2% above forecast of USD59.4m)
• NPI of USD40.2m (2.9% above forecast of USD39m)
• Maiden distribution (Link to announcement of distribution)
• Estimated to be 4.11 US cents (consist of FY2019 distribution of 3.15 US cents as well as advance distribution of 0.96 US cents for period from 2020-01-01 to 2020-02-20)
• XD on 2020-02-19 (Wednesday)
• Payment of Cumulative dividends on 2020-03-30 (Monday)

2019-07-19
Opened at USD0.880
Closed at USD 0.865 (-SGD 0.015)
Debuts listing on SGX


2019-07-15
Closure of IPO at 12pm (UTC+8)