Prime US REIT · SGX:OXMU
Prime US REIT — Q1 2025 Earnings Presentation
26 slides from Prime US REIT's earnings presentation, May 13, 2025
Slide 1: 1Q 2025 Key Business & Operational Updates
1Q 2025 Key Business & Operational Updates 13 May 2025 13 Class A Freehold U.S. Offices Strategically Located Across 12 Submarkets
Slide 2: Important Notice
Important Notice This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assump
Slide 3: 1Q 2025 Overview: PRIME's Key Highlights
1Q 2025 Overview PRIME’s Key Highlights U.S. Office Market Leasing Leasing Recovery Progressing Leasing remains active 1Q 2025 leasing activity 1Q 2025 leasing volume: 132k sf (3% of net lettable area) grew +15.3% YoY Rental Reversion: +2.6% WALE: 4.3 years Deliveries and groundbreakin
Slide 4: Financial Strength & Agility
Financial Strength & Agility Tenants prioritize landlords with balance sheet strength PRIME’s liquidity position unlocks leasing opportunities Ample debt headroom supported by committed undrawn facilities allow pursuit of large-scale tenant prospects US$656m 46.8% US$91m US$71m 5.4% 1.8x US$0.55 G
Slide 5: Occupancy Positioned for Net Gain in 2025
Occupancy Positioned for Net Gain in 2025 Revenue (US$’m) Net Property Income (US$’m) Distributable Income (US$’m) 3.0 3.0 2.9 3.0 1.7 1.8 1.7 1.7 37.3 37.1 34.2 33.9 33.6 33.4 33.3 0.5 0.8 21.7 21.2 0.9 1.0 19.1 18.0 17.9 17.4 17.7 14.2 13.1 11.1 10.4 8.5 8.4 6.3 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024
Slide 6: Committed Income + Occupancy Gain
Committed Income + Occupancy Gain LOI Lease Agreement Signed Rent Commencement Typical Lease Cycle: 3 to 12 months Lease Commencement, TI Investment and Rent-Free Period Committed Income Occupancy Gain From Signings to Rent Commencement Key Near-Term Leasing Pipelines Rent for 268k sf (equivalent to
Slide 7: Leased Occupancy by Properties
Leased Occupancy by Properties Leased Leased Contribution Submarket Properties Occupancy Occupancy by Carrying Occupancy1 31-Dec-24 31-Mar-25 Value Waterfront At Washingtonian: Asset enhancement completed in Oct 2024 and occupancy improved from 33.3% to 48.7%. A large lease is expected to sign in la
Slide 8: Lease Expirations
Lease Expirations Focus on Long-Term Leases and Further Extend the Portfolio WALE Lease Expiry Profile as at 31 March 2025 132k sf (3% of NLA) Leasing Volume 28.9% 29.1% 28.0% 1Q 2025 25.0% +2.6% 18.5% Rent Reversion 16.5% 1Q 2025 10.6% 9.5% 9.2% 7.9% 8.4% 8.4% 4.3 Yrs WALE 31 Mar 2025 2025 2026 202
Slide 9: Top 10 Tenants by CRI
Top 10 Tenants by CRI % of Leased Tenant Industry Property Portfolio sf CRI Sector Diversification Communications Village Center Adds to Resiliency Charter Communications and Information Station I & II 419,881 9.9% Finance Goldman Sachs Finance 222 Main 177,206 6.2% Others 17.0% 18.2% Medical, Biote
Slide 10: Staying Focused
Staying Focused Strengthening Fundamentals for Growth Maintain Enhance Drive Quality Unitholder Occupancy of Assets Value Focus on executing Emphasize on leases and capitalizing capital discipline, Dividend payout on positive leasing property income is a priority momentum with a path growth, and to
Slide 11: Thank You
Thank You info@primeusreit.com +65 6951 8090 www.primeusreit.com 1 Raffles Place #40-01 One Raffles Place Singapore 048616
Slide 12: Diversified Income Provides Stability
Diversified Income Provides Stability As at 31 March 2025 Geographic Suburban Maryland Suburban Virginia High Quality Portfolio of Prime Office Diversification (Washington DC) (Washington DC) Properties Diversified Across Key U.S. CRI by Primary Market San Antonio (TX) St. Louis 5.3% 3.5% Salt Lake
Slide 13: U.S. Office REIT Listed in Singapore Exchange
U.S. Office REIT Listed in Singapore Exchange 13 Class A Freehold U.S. Offices Strategically Located Across 12 Submarkets US$1.36 billion Portfolio Properties Value Financially Strong and Committed Sponsor & Strategic Investors SPONSOR STRATEGIC INVESTORS KBS Asia Partners KBS Asia Partners (“KAP”)
Slide 14: Market Information
Market Information 1Q2025 | MAY 2025
Slide 15: Current Market Environment
Current Market Environment Real GDP Growth 1Q 20251 Management remains vigilant of potential implications amid interplay of shifting tariff policies, macro environment and interest rates. 2.4% U.S. economy growth was 2.4% in 1Q20251. Unemployment2 Rate U.S. job growth remained resilient in April
Slide 16: Return-to-Office Gains Momentum
A Return-to-Office Gains Momentum RTO Mandate Company Details/Notes Trump Signs Order (2024–2025) Ending Remote Work; Amazon 5 days/week (from Jan 2025) Shifted from 3 days/week (2023) to full-time in-office for all employees in 2025 Mandates Federal Apple 4+ days/week Increased from 3 days/week to
Slide 17: U.S. Office Market Q1 2025
U.S. Office Market Q1 2025 B Q1 2025 Leasing Activity Grew +15.3% YoY Leasing volume over the past 12 months now reflects 89% of typical pre-pandemic activity 80,000,000 Quarterly Leasing Activity (s.f.) 70,000,000 +15.3% Q1 2025 vs Q1 2024 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,0
Slide 18: U.S. Office Market Q1 2025
U.S. Office Market Q1 2025 Deliveries & Groundbreakings Sublease Availability C Remain Near All-Time Lows D Continues to Decline Rapidly Sublease Space (million s.f.) 250 1.0% 20,000k 0.8% 200 0.6% 15,000k 150 0.4% 0.2% 100 10,000k 0.0% 50 5,000k - 0.2% 0 - 0.4% 0 2019 2020 2021 2022 2023 2024 2025
Slide 19: Properties Information
Properties Information 1Q2025 | MAY 2025
Slide 20: 222 Main and 171 17th Street
Salt Lake City Atlanta 222 MAIN Utah 171 17TH STREET Georgia 95.2% US$194.8M 14.3% 433,346 70.6% US$179.3M 13.2% 510,268 Occupancy Contribution Net Lettable Occupancy Contribution Net Lettable C a r r y i n g Value C a r r y i n g Value (By Carrying Value) A r e a (sq ft) (By Carrying Value) A r e a
Slide 21: Village Center Station I and II
Denver Denver VILLAGE CENTER STATION I Colorado VILLAGE CENTER STATION II Colorado 50.2% US$64.5M 4.8% 241,846 100% US$140.2M 10.3% 325,576 Occupancy Contribution Net Lettable Occupancy Contribution Net Lettable C a r r y i n g Value C a r r y i n g Value (By Carrying Value) A r e a (sq ft) (By Carr
Slide 22: Park Tower and Sorrento Towers
Sacramento San Diego PARK TOWER California SORRENTO TOWERS California 61.0% US$129.5M 9.5% 489,171 96.3% US$123.4M 9.1% 296,327 Occupancy Contribution Net Lettable Occupancy Contribution Net Lettable C a r r y i n g Value C a r r y i n g Value (By Carrying Value) A r e a (sq ft) (By Carrying Value)
Slide 23: Tower I at Emeryville and CrossPoint
TOWER I San Francisco Bay Area Philadelphia CROSSPOINT AT EMERYVILLE California Pennsylvania 74.8% US$103.3M 7.6% 222,606 100.0% US$98.3M 7.2% 272,360 Occupancy Contribution Net Lettable Occupancy Contribution Net Lettable C a r r y i n g Value C a r r y i n g Value (By Carrying Value) A r e a (sq f
Slide 24: Tower 909 and The 101
Dallas St. Louis TOWER 909 Texas THE 101 Missouri 91.6% US$87.1M 6.4% 374,251 84.8% US$76.7M 5.7% 360,505 Occupancy Contribution Net Lettable Occupancy Contribution Net Lettable C a r r y i n g Value C a r r y i n g Value (By Carrying Value) A r e a (sq ft) (By Carrying Value) A r e a (sq ft) 19-sto
Slide 25: Promenade I & II and Waterfront at Washingtonian
San Antonio WATERFRONT AT Suburban Maryland PROMENADE I & II Texas WASHINGTONIAN Washington D.C. 82.9% US$73.5M 5.4% 205,773 48.7% US$56.8M 4.2% 325,455 Occupancy Contribution Net Lettable Occupancy Contribution Net Lettable C a r r y i n g Value C a r r y i n g Value (By Carrying Value) A r e a (sq
Slide 26: Reston Square
Suburban Virginia RESTON SQUARE Washington D.C. 65.4% US$31.0M 2.3% 139,413 Occupancy Contribution Net Lettable C a r r y i n g Value (By Carrying Value) A r e a (sq ft) Reston Square is a 6-storey Class A multi-tenanted office building located in the Reston-Herndon submarket of Suburban Virginia (R