Keppel-KBS US REIT's Westmoor Center in Denver, Colorado. (Photo: Keppel-KBS US REIT)

Keppel Pacific Oak US REIT (KORE) has reported a distribution per unit (DPU) of 1.50 US cents for its 3Q 2019, beating adjusted IPO forecast by 23.0%.

The REIT’s revenue and net property income (NPI) for the period also beat adjusted IPO forecast by 26% and 31% respectively.

The REIT has also reported distributable income of USD12.4 million for 3Q 2019, exceeding the IPO forecast for the same period by 23.3%, and 31.0% higher than the distributable income for 3Q 2018.

Meanwhile, distributable income for 9M 2019 was USD37.2 million, exceeding the IPO forecast and 9M 2018 by 23.2% and 31.0%, respectively.

The REIT has attributed its performance to contributions from the tech focused markets of Seattle, Denver and Austin.

KORE’s committed portfolio occupancy was 93.8% as at 30 September 2019.

Aggregate leverage and interest coverage ratios were 38.5% and 4.6 times respectively, while debt costs were at 3.74% per annum.

Figures from Keppel Pacific Oak US REIT results have been updated into the Singapore REITs fundamentals table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.