As expected, nothing positive and nothing spectacular. The presentation seems to be copy and paste from the previous report. Not sure what the management is trying to prove here. Are they trying to tell investors that they are doing all they can by actions that will be translated to results and dont need to have flowery reporting to win investors over? Or are they sitting on their asses? I hope it is the formal. 

Issues surrounding the REIT.

1. High interest environment

2. Reluctance of workers to go back to office

3. Loan due mid 2024. 

4. Valuation risk end of the year, aka Manulife REIT style "implosion"

It's the same 4 issues that have been flagged out since the beginning of time (ok, 1 year ago). I really hope the management of the REIT hasnt been sitting on their comfy seats and just waiting for things to happen. You have 12 months to avoid a head on collision. 

What I do find abit more comforting is

1. Gearing seems to be stable. 

2. Income available for distribution in 3Q is 14.72m USD compared to 14.35m USD in 2Q.  Encouraging. 

3. Total leasing activities in 3Q is more than the combined activities of 1H of 2023. Encouraging. Though, ill be happier if the bulk is new lease, and not renewal. 

So perhaps the management is really doing something? I hope so. 


  1. May i Enquire what is your current amount of shares held in PRIME? If the amount of shares you hold makes up your core position, pherhaps you can field questions during AGM and Investor meets, I do own PRIME REIT shares and have been pointing out improvements and things the REIT manager has failed to do to improve investor confidence. Most of my questions have been answered especially when i enquire on their operations

    1. Hi! I have 450k of shares. It is indeed my core position.

      Did they answer your questions to your Satisfaction?

    2. Mgmt will provide their views on why they prefer to do things their way. For example, I asked why they did not borrow in SORA instead of SOFR (capitaland foreigne REITs borrow in SGD and use it to finance overseas ops). The mgmt did explains which is logical from their point. For now, I am enquiring on the REIT manager actions. Do email me at if you want to ask more about what i have done for PRIME REIT

    3. Forgot to mention, I hold 300k shares


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