- Keppel Pacific Oak US REIT is expected to resume distribution in 2026. Keppel Pacific Oak US REIT's share price trades at a 2026 distribution yield of 15.6% and P/NAV of 0.35x (65% discount to NAV per unit at US$0.69).
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Drag from higher repair & maintenance expenses.
- Gross revenue and NPI declined 3.7% and 14.1% y-o-y respectively in 2H24. Excluding non-cash adjustments such as lease incentives and amortisation of straight-line rent and leasing commissions, adjusted NPI fell 7.9% y-o-y due to higher repair & maintenance expenses.
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Portfolio occupancy improved 1.3ppt q-o-q to 90.0% in 4Q24.
- Occupancy for Bellevue Tech Center improved 8.3ppt q-o-q to 95.6% due to expansion by anchor tenant TerraPower of 18,000sf and securing two new tenants in the medical and technology sectors. Occupancy for Maitland Promenade rose 4.6ppt q-o-q to 92.8% after securing a new pharmaceutical tenant.
Turned around to positive reversion.
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