Keppel Pacific Oak US REIT property, Westmoor Center (Photo: Keppel Pacific Oak US REIT)

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

Keppel Pacific Oak US REIT (KORE) has reported higher revenue and net property income (NPI) for its 3Q 2023.

Gross revenue grew by 3.3% year-on-year to USD38.4 million while NPI increased by 3.7% over the same period to USD22.1 million.

However, the REIT’s distributable Income for 3Q 2023 was down 10.7% year-on-year to USD13.1 million.

KORE has attributed this decline to higher financing cost as a result of rising interest rates.

The REIT’s all-in average cost of debt has increased to 4.06% per annum with aggregate leverage at 39.1%.

KORE was last done on the Singapore Exchange at USD0.205, which presently implies a distribution yield of 21.95% according to data on the Singapore REITs table.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.