- Keppel Pacific Oak US REIT's share price trades at an attractive 2024 distribution yield of 23.6% and P/NAV of 0.25x (75% discount to NAV). Maintain BUY. Target price: US$0.56.
- Keppel Pacific Oak US REIT’s portfolio occupancy improved 0.6ppt q-o-q to 91.4% while physical occupancy improved 2ppt q-o-q to 67% in 3Q23. Adjusted NPI grew 5% y-o-y due to positive rental reversion of 3.8% and built-in rental escalation of 2.5% from its existing properties.
- - Read this at SGinvestors.io -
Keppel Pacific Oak US REIT's 3Q23 results
- Keppel Pacific Oak US REIT (KORE, SGX:CMOU) reported 3Q23 distributable income of US$13.1m (-10.7% y-o-y), which is in line with our expectation.
- - Read this at SGinvestors.io -
- Distributable income declined 10.7% y-o-y to US$13.1m due higher borrowing costs as a result of rising interest rates.
Outperforming through higher portfolio occupancy.
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