Prime US REIT just saw its “best leasing quarter” in 3QFY2021, though portfolio occupancy dipped slightly, notes RHB Group Research analyst Vijay Natarajan. 

Leasing activity surged more than three times q-o-q, with leases signed for 4.9% of portfolio net lettable area (NLA). The bulk was from lease renewals with approximately 18% of them being new leases. 

Portfolio occupancy slightly dipped to 91.4%, down 0.3ppt q-o-q, mainly due to higher vacancies at One Washingtonian Center and Park Tower. 

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