Keppel Pacific Oak US REIT - UOB Kay Hian 2024-08-01: Overcoming Adversity To Achieve Higher Portfolio Occupancy In 2Q24

• Keppel Pacific Oak US REIT (SGX:CMOU) reported distributable income of US$11.9m for 2Q24, which is in line with our expectations. Management plans to resume distribution in 2026. No distribution was declared for 1H24 due to its recapitalisation plan.

Resilient performance despite tough operating environment.

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• Finance expenses increased 17.5% y-o-y to US$13.8m in 1H24.

Chalking up mild positive rental reversion.

• Keppel Pacific Oak US REIT registered mild positive rental reversion of 1.2% for 199,494sf of office space leased, representing 4.2% of portfolio NLA, in 2Q24. Bellevue/Redmond, Denver and Orlando contributed to most of the leasing completed in 1H24.
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Portfolio occupancy improved 0.6ppt q-o-q to 90.7% in 2Q24.

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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 2 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