Keppel-KBS US REIT has reported a distribution per unit (DPU) of 1.50 US cents for its 2Q 2019, beating forecast for the period made during its IPO by 23%.
The REIT achieved distributable income of USD12.4 million for 2Q 2019, exceeding its IPO forecast for the same period by 23.4%, and 31.2% higher than what was achieved in 2Q 2018.
Keppel-KBS US REIT has attributed the performance to contributions from the two acquisitions – the Westpark Portfolio in Seattle, Washington, in November 2018 and Maitland Promenade I in Orlando, Florida, in January 2019.
The REIT also saw healthy leasing momentum, especially at the business campuses in the tech hubs of Seattle, Austin and Denver, and positive rental reversions of 8.6% for the portfolio.
The REIT’s DPU for 1H 2019 came in at 3.00 US cents, and unitholders will receive their semi-annual distributions on 25 September 2019.
On a like-for-like basis and assuming the same enlarged unit base for all periods, 1H 2019 DPU of 3.00 US cents would have been 23.0% above the IPO forecast of 2.44 US cents, and 31.0% higher than actual 1H 2018 adjusted DPU of 2.29 US cents.
Its portfolio committed occupancy was at 94.0% as at 30 June 2019.
Aggregate leverage and interest coverage ratio was 37.7% and 4.6 times respectively.
Based on Keppel-KBS US REIT’s last done price, it is currently giving a yield of 6.67% according to the Singapore REITs fundamentals table.