- Keppel Pacific Oak US REIT (SGX:CMOU)'s 2Q22 results appear relatively stable but was impacted by management base fees now paid out in cash.
- 1H22 DPU fell 4.4% y-o-y to US$0.0302 as the Manager has elected to receive 100% of its management base fees in cash from 2Q2022. On a like for like basis (adjusting 1H2021 to US$0.03), 1H22 DPU +0.7% y-o-y.
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- Average cost of debt declined marginally q-o-q to 2.88% vs 2.93% in 1Q22.
- Hedge ratio has reduced to 77.1% from 84.2%.
- In Jul22, Keppel Pacific Oak US REIT entered into a new loan facility of US$180m to early refinance its borrowings due in Nov23 and Jan24 totalling US$130m. Post refinancing, there will be no refinancing requirement until Nov 24.
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Key observations of Keppel Pacific Oak US REIT's 1H22 Results
- Keppel Pacific Oak US REIT's portfolio occupancy was relatively stable, +0.3ppt q-o-q to 92%. There were marginal positive and negative movements in occupancy:
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