Keppel Pacific Oak US REIT (KORE) has reported gross revenue of US$37.1 million ($50.6 million) for the 1QFY2024 ended March 31, unchanged y-o-y.
Net property income (NPI) dipped by 0.8% y-o-y to US$21 million.
Adjusted NPI, which non-cash straight-line rent, lease incentives and amortisation of leasing commissions, rose by 0.4% y-o-y to US$21.6 million.
Income available for distribution, however, fell by 8.8% y-o-y to US$11.9 million. This was mainly due to higher financing costs from the higher interest rates.
Finance and other trust expenses stood at US$7.7 million during the quarter, 14.9% higher y-o-y.
As at end-March, KORE’s total occupancy stood at 90.1%, 0.2 percentage points lower y-o-y. Portfolio weighted average lease expiry (WALE) was 3.8 years by cash rental income (CRI) and 3.7 years by net lettable area (NLA).
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The REIT’s aggregate leverage was 43.0% with an interest coverage of 3.0 times. KORE’s total debt as at the end of March was US$607.2 million of external loans with 69% of loans hedged through floating-to-fixed interest rate swaps.
Units in KORE closed at 14 US cents on April 16.
