- Keppel Pacific Oak US REIT reported distributable income of US$11.9m for 3Q24 (- 8.8% y-o-y), which is broadly in line with our expectation.
- Physical occupancy improved 3ppt q-o-q to 73% in 3Q24. The gradual but steady recovery paves the way for Keppel Pacific Oak US REIT to resume distribution in 2026.
Slight decline in revenue.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Negative rental reversion of 3.5% in 3Q24,
- Keppel Pacific Oak US REIT incurred mild negative rental reversion of 1.2% for 721,392sf of office space leased in 9M24, which is equivalent to 15% of its portfolio NLA.
- Keppel Pacific Oak US REIT incurred negative rental reversion of 3.5% in 3Q24, dragged lower by new leases at The Plaza Buildings in Bellevue, which come with lower rents but also lower tenant incentives. It benefits from built-in average annual rental escalation of 2.6% across its portfolio.
Portfolio occupancy eased 2.0ppt q-o-q to 88.7% in 3Q24.
- Read more at SGinvestors.io.
