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

Data from Keppel Pacific Oak US REIT’s latest disclosure is in the Singapore REITs table.

Keppel Pacific Oak US REIT (KORE) has reported distribution per unit (DPU) of 3.18 US cents for its 2H 2021.

This brings the REIT’s FY 2021 DPU to 6.34 US cents, 1.8% higher year-on-year.

The REIT’s distributable income of USD62.4 million for FY 2021 was 6.5% higher year-on-year.

KORE has attributed this to positive rental reversions, rent escalations, and new income from the acquisitions of Bridge Crossing and 105 Edgeview, both of which were completed in August 2021.

For its 4Q 2021, the REIT secured leases for 250,454 square feet of office space, which brings occupancy to 91.9% as at end-2021.

Accordingly, KORE achieved positive average rental reversion of 6.0% for the whole portfolio for FY 2021.

KORE was last done on the Singapore Exchange at USD0.76, which presently implies a distribution yield of 8.34% according to data on the Singapore REITs table.

Related: Keppel Pacific Oak US REIT keeps watch on logistics assets in expansion plans

By Shariffa Al-Habshee

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