Additionally, the decrease in distributable income was attributed to higher finance expenses mainly due to incremental drawdowns on revolving credit facilities to fund capital expenditures and higher absolute interest cost.
Prime US REIT has reported a lower distributable income of US$8.5 million ($11.5 million) for the 3QFY2024 ended Sept 30, down 42.2% y-o-y from the same period last year.
This came on the back of lower contribution from the REIT’s Waterfront At Washingtonian on lower occupancy due to ongoing asset enhancement initiatives.
