- Keppel Pacific Oak US REIT (SGX:CMOU)’s 1Q23 operational numbers were stable. See Keppel Pacific Oak US REIT's announcement dated 18 Apr 2023.
- - Read this at SGinvestors.io -
- Keppel Pacific Oak US REIT's debt is fully unsecured and mainly from local (SG) lenders, with no refinancing due until end-2024.
- - Read this at SGinvestors.io -
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
Previous report by RHB:
2023-02-02 Keppel Pacific Oak US REIT - Calm Amidst The Storm; Keep BUY.
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 Dividends & Corporate Actions,
Keppel Pacific Oak US REIT News Articles
