Keppel Pacific Oak US REIT - DBS Research 2023-02-02: Building Resilience During Tough Times

• Keppel Pacific Oak US REIT (SGX:CMOU)'s FY22 headline DPU -8.5% y-o-y to US$0.058, in line with our estimates, mainly due to the conversion of management fees paid in units to cash from 3Q22 onwards. On a like-for-like basis (adjusting FY21), FY22 DPU fell 1% y-o-y. Similarly, 4Q22 estimated DPU fell 3.5% y-o-y and 1.4% q-o-q to US$0.0138, on a like-for-like basis. See Keppel Pacific Oak US REIT's dividend dates.
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• Keppel Pacific Oak US REIT's gearing inched up marginally to 38.2% vs 37.5% in 3Q22. Average cost of debt rose marginally by 10bps q-o-q to 3.2%. Management expects the impact of higher interest cost will likely come through in 2023 where average cost of debt may rise 50bps to 60bps.
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• Keppel Pacific Oak US REIT's NAV is stable at S$0.78.

Key operational highlights of Keppel Pacific Oak US REIT

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