Keppel Pacific Oak US REIT beats DPU forecast for 2019 by 26%

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Keppel Pacific Oak US REIT has reported a DPU of 1.51 US cents for its 4Q 2019, beating forecast for the quarter by 26.9%

Accordingly, DPU for FY 2019 was 6.01 US cents, 31.2% above the adjusted DPU for FY 2018 and 26.0% above the IPO forecast adjusted DPU.

This after the REIT achieved distributable income of USD50.8 million for FY 2019, 31.4% higher than FY 2018, and exceeding the IPO forecast for the same period by 26.3%.

Similarly, distributable income for 4Q 2019 was USD13.6 million, which also exceeded 4Q 2018, and the IPO forecast by 32.8% and 35.5%, respectively.

Keppel Pacific Oak US REIT has attributed its performance mainly to positive rental reversion of 14.3% for the whole portfolio, and contributions from acquired properties.

In 2019, the REIT saw positive portfolio rental reversion of 14.3% as a result of sustained rent increases.

The REIT’s aggregate leverage and interest coverage ratios were 36.9% and 4.8 times, respectively.

Keppel Pacific Oak US REIT was last done on the Singapore Exchange at USD0.765.

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