Keppel Pacific Oak US REIT - RHB Invest 2023-04-19: Maintaining Its Operational Resilience

Keppel Pacific Oak US REIT - Maintaining Its Operational Resilience

Published:
KEPPEL PACIFIC OAK US REIT (SGX:CMOU) | SGinvestors.ioKEPPEL PACIFIC OAK US REIT (SGX:CMOU)

Keppel Pacific Oak US REIT's 1Q23 DPU was lower

  • Keppel Pacific Oak US REIT's adjusted DPU 1Q23 was lower 12.5% y-o-y, mainly due to higher financing costs on the back of rising interest rates and higher costs for loans refinanced last year.
  • Overall interest costs as a result have moved up by ~100bps from 1Q22 to 3.96% per annum, but we believe it is nearing peak levels. 78% of its debt remains hedged through interest rate swaps and its interest rate cover remains healthy at 3.6x.
  • Physical occupancy (return to office) across its assets has improved slightly to 64% in 1Q23 and further improvement is expected with more tenants now mandating back to office.

Portfolio occupancy remains stable at 91.9% (-0.7ppt q-o-q).

  • Read more at SGinvestors.io.





Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-04-19



Read also RHB's most recent report:
2024-02-16 Keppel Pacific Oak US REIT - Sharp Near-Term Pain For Long-Term Gain; BUY.

Previous report by RHB:
2023-10-19 Keppel Pacific Oak US REIT - Delivering Despite The Odds; BUY.

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





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