One Twenty Five (Keppel Pacific Oak US REIT)One Twenty Five (Keppel Pacific Oak US REIT)

Data from Keppel Pacific Oak US REIT’s latest results have been updated into the Singapore REITs table.

Keppel Pacific Oak US REIT (KORE) has achieved distributable income of USD14.7 million for 2Q 2020, bringing distributable income for 1H 2020 to USD29.1 million, 18.5% and 17.6% above that of 2Q 2019 and 1H 2019 respectively.

The stronger year-on-year performance for 1H 2020 was driven by several factors, including contributions from One Twenty Five in Dallas, Texas, which was acquired in November 2019, said the REIT.

At the same time, higher rental income mainly from new leases across the rest of the portfolio and positive rental reversion from lease renewals signed in 2H 2019, as well as the built-in rental escalation in the portfolio also contributed to the robust performance, it added.

Distribution per unit (DPU) for 1H 2020 was 3.10 US cents, 3.3% above 1H 2019 DPU of 3.00 US cents.

The REIT reported rental reversion of 14.7% in 1H 2020, driven mainly by the tech hubs of Seattle and Austin.

Aggregate leverage and interest coverage ratios were 37.4% and 4.4 times respectively.

By Shariffa Al-Habshee

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