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

Previous report by RHB:
2023-07-27 Keppel Pacific Oak US REIT - Rising Against The Tide.

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





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