Keppel Pacific Oak US REIT (KORE) announced 3QFY2020 income available for distribution of $14.7 million, 18.5% higher than the $12.4 million posted in 3QFY2019.
Gross revenue for the quarter rose 13.5% y-o-y to $34.5 million while net property income (NPI) grew 10.8% y-o-y to $20.5 million, due to contribution from One Twenty Five in Dallas, Texas.
See: Keppel Pacific Oak US REIT rides on bullish outlook with Dallas acquisition
The growth was also attributable to new and expansion leases from the tech hubs of Seattle and Denver.
For the nine-month period, KORE’s income available for distribution saw a 17.7% growth y-o-y to $43.8 million.
Gross revenue for the period rose 17.8% y-o-y to $105.0 million, and NPI increased 14.1% y-o-y to $62.4 million.
In 3QFY2020, KORE leased some 49,600 sqft of space mainly in Seattle, Houston and Atlanta. For the nine-month period, KORE leased a total of 245,400 sqft.
According to KORE, this was driven mainly by demand from the tech and professional services sector.
As at Sept 30, KORE’s portfolio committed occupancy stood at 92.8% with a portfolio weighted average lease expiry (WALE) of 4.0 years.
Units in KORE closed flat at 70.5 US cents on Oct 21.
