Keppel Pacific Oak US REIT 9M25 - UOB Kay Hian 2025-11-05: Stable Portfolio Occupancy With Backfilling Of Known Vacates

• Keppel Pacific Oak US REIT (SGX:CMOU) reported distributable income of S$30.4m for 9M25, which is in line with our expectation.

Pick-up in leasing momentum and positive reversion in 3Q25.

• - Read this at SGinvestors.io -
• In total, leases for 449,772sf of office space was signed in 9M25, which is equivalent to 9.4% of its portfolio NLA. KORE benefits from a built-in average annual rental escalation of 2.6%.

Stabilised occupancy by backfilling know vacates.

• - Read this at SGinvestors.io -
• Occupancy at The Plaza buildings improved 3.3ppt q-o-q to 88.3% due to new leases for spec suites totalling 18,000sf.
• Occupancy at Westmoor Center in Denver dipped 5.5ppt q-o-q to 77% due to a known vacate by a technology tenant for 48,000sf. KORE has backfilled half or 24,000sf through expansion by an existing tenant. New tenants and expansions accounted for 44.7% and 14.8% of leases signed in 3Q25.
• Overall, portfolio occupancy was stable at 88% in 3Q25.

Slight decline in NPI.

• 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:
2026-03-19 KORE US REIT - Gradually Restoring Payout Ratio.

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.

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