Corporate Digest

Prime US Reit

Prime US Reit, which has a portfolio of office properties in the US, posted a distribution income of US$20 million (S$27 million) for the three months ended Sep 30. This is 11.3 per cent higher than in the previous quarter, the Reit manager said on Wednesday (Nov 3).

Gross revenue for Q3 2021 stood at US$40.4 million, up 10.1 per cent from that of Q2. The Reit's net property income gained 10.7 per cent quarter on quarter (qoq) to US$26.8.

These were driven by leasing activity, which more than tripled in the three months, compared to of the previous quarter.

NetLink NBN Trust

The trust's distribution per unit (DPU) rose to 2.56 Singapore cents for the first half ended Sep 30, up 1.2 per cent from the year-ago period, the trust's manager said in a Singapore Exchange filing on Wednesday after market close.

Though Ebitda (earnings before interest, taxes, depreciation and amortisation) fell 9.4 per cent to S$126.6 million, the trust said this was due mainly to an accounting adjustment.

Revenue rose 3.6 per cent to S$187.9 million, due mainly to higher residential, non-building address point (NBAP) and segment connections, installation-related and diversion revenue, said the fibre network infrastructure operator. Residential connections remained the core revenue driver, with recurring revenue from this rising by S$1.5 million or 1.3 per cent to S$120 million.

Standalone results for the second quarter were not provided.

ARA US Hospitality Trust

ARA US Hospitality Trust, whose entire portfolio is in the United States, posted a gross operating profit of US$15 million (S$20.2 million) for the period ended Sep 30. This is 31.6 per cent higher than that in the previous quarter, the trust said on Wednesday after market close.

Its gross revenue reached US$41.1 million, up 23.4 per cent qoq. Net property income rose 5.7 per cent qoq to US$9.2 million in the three months.

According to the trust, the positive quarter was led by strong summer leisure demand. The trust also expects recovery in the hotel industry as leisure and corporate travel pick up.

Cromwell European Reit

Cromwell European Reit has posted a net property income of 33.2 million euros (S$51.8 million) for Q3 2021 ended Sep 30. This 8.4 per cent year-on-year gain (see amendment note) was on the back of additional income from newly-acquired assets in the UK, the Czech Republic and Slovakia.

The figure was also lifted by positive performances of the Reit's light industrial and logistics properties, as well as an 800,000 euro write back in bad debt provisions made in the prior corresponding period, Cromwell said in a quarterly update on Wednesday after market close.

Gross revenue rose 9.9 per cent year on year to 50.7 million euros; distributable income grew 7.6 per cent from Q3 2020 to 24.3 million euros. (see amendment note) This translates to an indicative Q3 2021 DPU of 4.326 euro cents, based on a 100 per cent payout of distributable income, and manager fees being paid fully.

The quarter's DPU is 1.5 per cent lower compared to that of Q3 2020, the Reit said.

Amendment note: An earlier version of this story stated that net property income and gross revenue rose quarter-on-quarter by 8.4 per cent and 9.9 per cent respectively, when the comparisons were meant to be year on year. Gross revenue for Q3 2021 was also incorrectly stated as 50.2 million euros, and has since been amended to reflect the correct figure.