Keppel Pacific Oak US REIT - DBS Research 2022-07-28: Short Term Pain For Long Term Gain

• 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.
• - Read this at SGinvestors.io -
• 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.
• - Read this at SGinvestors.io -

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:
  • Read more at SGinvestors.io.
  
  
  
  

  
  Above is the excerpt from report by DBS Group Research.
  Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
  
  

  
  
  Rachel TAN DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2022-07-28 SGinvestors.io
  
  

  ---

  
  

  Read also DBS's most recent report:
  2024-02-16 Keppel Pacific Oak US REIT - Down The Same Path.

  Previous report by DBS:
  2023-06-21 Keppel Pacific Oak US REIT - Steadfast Amidst Volatility.

  Price targets by 2 other brokers at Keppel Pacific Oak US REIT Target Prices.

  Listing of research reports at Keppel Pacific Oak US REIT Analyst Reports.

  Relevant links:
  Keppel Pacific Oak US REIT Share Price History,
  Keppel Pacific Oak US REIT Announcements,
  Keppel Pacific Oak US REIT Dividends & Corporate Actions,
  Keppel Pacific Oak US REIT News Articles