Keppel Pacific Oak US REIT - UOB Kay Hian 2024-04-18: Resilient Portfolio Provides Stable 1Q24 NPI

• Keppel Pacific Oak US REIT's share price trades at 2026 distribution yield of 30.7% and P/NAV of 0.20x (80% discount to NAV). Maintain BUY.
• Keppel Pacific Oak US REIT’s 1Q24 was resilient, with stable net property income (NPI) of US$21.0m and portfolio occupancy of 90.1%. Leasing momentum is strong with an early renewal by Ball Aerospace (second-largest tenant) and expansion by Spectrum (fifth-largest tenant).
• - Read this at SGinvestors.io -

Stable 1Q24 financial performance

• Keppel Pacific Oak US REIT (SGX:CMOU) reported distributable income of US$11.9m for 1Q24 (-8.8% y-o-y), which is in line with our expectation.
• - Read this at SGinvestors.io -
• Distributable income dropped 8.8% y-o-y primarily due to a 15% y-o-y increase in financing cost as a result of rising interest rates.

Strong leasing momentum in 1Q24.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-02 Keppel Pacific Oak US REIT - Throttling The Payout Ratio Level.

Previous report by UOB:
2025-02-05 Keppel Pacific Oak US REIT 2H24 - Sequential Uptick In Occupancy; Stable Portfolio Valuation.

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 Dividend Payout Dates & Corporate Actions,
Keppel Pacific Oak US REIT News