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Exit of major tenant to impact Prime US Reit in Q3 2022
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Wong Pei Ting
Published Thu, Aug 4, 2022 · 01:29 PM
A MAJOR tenant departure is expected to drag down the earnings of Prime US Real Estate Investment Trust (Reit) in the third quarter of the year.
The exiting tenant is professional services company Whitney, Bradley & Brown (WBB), which is ninth on the pure-play US office Reit’s list of top 10 tenants as at Jun 30, contributing 2.6 per cent of the Reit’s portfolio cash rental income (CRI).
WBB occupied 73,511 square feet (sq ft) of Reston Square, a 6-storey Class A office building in Virginia with a net lettable area of 139,018 sq ft. But the lease had expired in July and was not renewed. This is expected to bring down Reston Square’s 100 per cent occupancy rate to less than 50 per cent, if replacement tenants are not found.
