Singapore-Listed U.S. REITs Gain on Distributions

Dow Jones02-22

By Amanda Lee

Units of two Singapore-listed real-estate investment trusts rose after the companies announced distributions to unitholders for 2023, in contrast to recent moves by others as high interest rates globally add pressure to balance sheets.

Prime US REIT was 27% higher midday Thursday, on track for a record one-day percentage gain, and ARA U.S. Hospitality Trust rose 7.4%, its biggest advance since December.

Prime US REIT said late Wednesday that it will distribute 0.25 U.S. cents in cash and offer one bonus unit for every 10 held.

ARA U.S. Hospitality Trust said before the market opened that it raised its 2023 distribution by 12% to 3.430 U.S. cents.

The high-interest-rate environment has affected the performance of REITs, especially those exposed to the U.S. and European markets.

Last week, Keppel Pacific Oak US REIT said it would suspend payouts from the second half of 2023 through the second half of 2025, as its leverage had risen amid a challenging U.S. office market.

Earlier this month, Manulife US REIT said it was halting distributions to unitholders until the end of 2025 as it tries to cut debt and fund capital-expenditure needs.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

February 21, 2024 23:29 ET (04:29 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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