One Twenty Five. (Photo: Keppel Pacific Oak US REIT)

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

Keppel Pacific Oak US REIT (KORE) has reported gross revenue of USD37 million for its 1Q 2023, which represents a fall of 0.2% year-on-year.

Correspondingly, the REIT’s net property income (NPI) for the period declined by 2.7% year-on-year to USD21.2 million.

As a result, KORE’s income available for distribution in 1Q 2023 came in at USD13.1 million and this represents a decline of 21.2% year-on-year before adjusting for base fee election considerations.

KORE has attributed the fall in income mainly to the divestments of Northridge Center I & II and Powers Ferry in 2H 2022.

The REIT also saw higher financing costs as a result of rising interest rates in 1Q 2023, and its all-in average cost of debt has now risen to 3.96% from 3.2% in the previous quarter.

Meanwhile, its portfolio occupancy has also slid from 92.6% to 91.9% over the same period.

Keppel Pacific Oak US REIT was last done on the SGX at USD0.365, which presently implies a distribution yield of 12.71% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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