0618 GMT - Prime US REIT's leasing momentum seems to be strong, UOB Kay Hian's Jonathan Koh says in a research report as the brokerage maintains a buy rating. Its volume of leases signed more than doubled on quarter in 3Q, the analyst notes. The REIT focuses on Class A buildings with modern amenities that are sought after by companies to motivate employees to return to the office. The REIT is expected to sign leases for an additional 35,000 square feet at its Waterfront at Washingtonian property by end-2024. However, the brokerage lowers its distribution-per-unit forecast for the REIT by 10% for 2025 and 9% for 2026 due to narrower net-property-income margin assumptions. It trims the target price to US$0.36 from US$0.37. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 01:19 ET (06:19 GMT)
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