Distributions from Prime US REIT to Unitholders will be computed based on 100.0% of Prime US REIT’s Annual Distributable Income for the period from the Listing Date to the end of Projection Year 2020. Thereafter, Prime US REIT will distribute at least 90.0% of its Annual Distributable Income on a semi-annual basis. The first distribution, which will be in respect of the period from the Listing Date to 31 December 2019 (“First Distribution”), will be paid by the Manager on or before 31 March 2020.
Distributions will be declared in U.S. dollars. Each Unitholder will receive his distribution in Singapore dollars equivalent of the U.S. dollar distribution declared, unless he elects to receive the relevant distribution in U.S. dollars by submitting a “Distribution
Election Notice” by the relevant cut-off date. For the portion of the distributions to be paid in Singapore dollars, the Manager will make the necessary arrangements to convert the distributions in U.S. dollars into Singapore dollars, at such exchange rate as the Manager may determine, taking into consideration any premium or discount that may be relevant to the cost of exchange. CDP, the Manager or Prime US REIT shall not be liable for any loss arising from the conversion of distributions payable to Unitholders from U.S. dollars into Singapore dollars, save for approved depository agents (acting as nominees of their customers), each Unitholder may elect to receive his entire distribution in Singapore dollars or U.S. dollars and shall not be able to elect to receive distributions in a combination of Singapore dollars and U.S. dollars.