Keppel Pacific Oak US REIT’s (KORE) income available for distribution rose 8.4% y-o-y to US$15.9 million in 3Q2021 ended September 30.
This was driven by the acquisitions of Bridge Crossing in Nashville and 105 Edgeview in August, as well as stronger performance from its existing portfolio, according to a stock exchange filing.
KORE’s gross revenue for 3Q2021 is 4.5% higher y-o-y at US$36 million, while net property income increased 5.6% y-o-y to US$21.7 million.
See: RHB maintains 'buy' on KORE on the back of US office recovery
For the first nine months of 2021, KORE’s income available for distribution increased 4.7% y-o-y to US$45.9 million.
However, gross revenue and net property income for the same period declined marginally by 0.5% and 0.2% y-o-y to US$104.4 million and US$62.3 million respectively.
KORE’s aggregate leverage as at Sept 30 is 37.7%, with no long-term refinancing requirements until November 2022. Cash and undrawn facilities stood at US$165.5 million.
The REIT says it achieved a positive rental reversion of 8.3% in 9M2021. The average rent collection was about 99% and rent deferment requests amounted to only about 1% of the net lettable area (NLA).
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KORE recorded about 480,165 sq f of leased spaces in 9M2021, equivalent to 9.4% of portfolio NLA. By cash rental income, its weighted average lease expiry was at 3.4 years.
Units in KORE closed 0.6% lower at 79.5 US cents on Oct 27.
Photo: KORE
