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:
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  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
  
  

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  Read also DBS's most recent report:
  2024-08-01 Keppel Pacific Oak US REIT - Emerging From The Ashes.

  Previous report by DBS:
  2024-02-16 Keppel Pacific Oak US REIT - Down The Same Path.

  Price targets by 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 Dividend Payout Dates & Corporate Actions,
  Keppel Pacific Oak US REIT News