Keppel Pacific Oak US Reit H2 DPU up 4% to 3.13 US cents
KEPPEL Pacific Oak US Reit (KORE) posted a distribution per unit (DPU) of 3.13 US cents for the second half of its fiscal year ended December, up 4 per cent from 3.01 US cents in the corresponding period last year. Read more at The Business Times.
Tell us what you think. Email us email@example.comKORE added that recoveries income was also higher as a result of higher recoverable property expenses.Property expenses for the period rose 9.4 per cent to US$28.0 million from US$25.6 million last year, due to higher expenses incurred from One Twenty Five, as well as higher year-o-year property taxes and other property expenses for the Reit's existing portfolio.
Consequently, net property income for H2 rose by 6.6 per cent to US$41.1 million from US$38.6 million in H2 FY 2019.In FY 2020, KORE committed approximately 367,000 sq ft of office space, equivalent to about 7.8 per cent of its total portfolio by net lettable area (NLA).
Committed occupancy of the its portfolio stood at 92.3 per cent as at end-December 2020, and its rental reversion for FY 2020 was 10.2 per cent.The weighted average lease expiry by cash rental income (CRI) for KORE's portfolio was 3.8 years. The Reit added that its tenant concentration risk remains low, with the top 10 tenants accounting for only 20.2 per cent of CRI. headtopics.com
In its outlook statement, KORE's manager said its suburban office buildings and business campuses are well positioned to benefit from this potential shift away from downtown and central business district locations, given that businesses are re-evaluating their space needs.
The manager added that the Reit's exposure to historically fast-expanding tech hubs provides further income resilience, as businesses accelerate their digital-transformation strategies driven by the pandemic.Units in KORE closed at 71 US cents on Wednesday, up 0.7 per cent or 0.5 US cent.
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