- KORE US REIT (SGX:CMOU)’s 2H/FY25 results were in line, with a slight positive surprise from the early resumption of a token dividend (2H). Refinancing concerns have been addressed with successful roll-over of FY26F loans.
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- With uncertainties slowly being lifted, we see value, with KORE US REIT's share price trading at a distressed ~65% discount to book.
Dividend payout to be gradually ramped up to ~80% levels.
- KORE US REIT resumed an early payment of dividends in 2H25 with a ~10% payout, following its successful loan refinancing.
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Neutral on developments relating to US asset manager and substantial shareholder.
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