Keppel Pacific Oak US Reit Q1 Distributable Income Falls 8.8%
Q1 distributable income stands at US$11.9 million, down 8.8% from US$13.1 million the previous year.
Net income declines 0.8% to US$21 million, mainly due to increased financing costs from higher interest rates.
Net income declines 0.8% to US$21 million, mainly due to increased financing costs from higher interest rates.
Total revenue remains unchanged at US$37.1 million compared to the previous year.
Aggregate leverage is 43%, with a weighted average term to maturity of debt at 2.5 years.
Rental reversion is negative 1.4%, impacted by tenant renewals at Bellevue Technology Center and Westmoor.
Committed occupancy decreases by 0.2 percentage points to 90.1% as of end-March compared to Q4 2023.
Market rental growth across key markets sees a 0.4% increase over the past 12 months, slightly below the US average of 0.7%.
A projected 1.3% decrease in rental growth across key markets over the next 12 months aligns with an estimated 1.1% decrease across the US.
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