- Keppel Pacific Oak US REIT’s portfolio occupancy eased 1.1ppt q-o-q but continued to hover above 90% in 4Q23. Adjusted NPI grew 3.5% y-o-y due to organic growth and built-in rental escalation of 2.6% from its existing properties.
- - Read this at SGinvestors.io -
Sustaining growth in NPI.
- Keppel Pacific Oak US REIT (SGX:CMOU) reported distributable income of US$26.1m for 2H23 (-10.1% y-o-y), which is in line with our expectation. Adjusted NPI increased 3.5% y-o-y to US$43.4m due to better performance from its existing properties.
- Finance expenses increased 23.9% y-o-y due to higher borrowing costs as a result of rising interest rates.
Committed portfolio occupancy eased slightly by 1.1ppt q-o-q to 90.3% as of Dec 23.
- - Read this at SGinvestors.io -
- Occupancy for Iron Point in Sacramento dropped 16.7ppt q-o-q to 64.2% due to non-renewal by Pro Unlimited (workforce management). Management plans to create 35,000sf of spec suites to attract prospective tenants to Iron Point.
Focus on lease renewal and tenant retention.
- Read more at SGinvestors.io.
