Basic Profile & Key Statistics
Keppel Pacific Oak US REIT (KORE) is a pure office REIT that owns 13 properties in U.S. KORE is traded in USD.
Performance Review
Gross revenue, NPI and distributable income increased YoY by 7.7%, 6.6% and 13.4% respectively mainly due to contribution from One Twenty Five which was acquired on November 2019. Despite that, DPU increased by 4% YoY due to enlarged unitholders arising from private placement for One Twenty Five acquisition.
Rental reversion is +10.2% for FY2020.
Lease Profile
- Occupancy is slightly low at 92.3%
- WALE is moderate at 3.8 years
- Highest lease expiry within 5 years is low at 17.1% which falls in 2023
- All properties are freehold.
Debt Profile
- Gearing ratio is moderateat 37%
- Cost of debt is high at 3.22%
- Fixed rate debt % is slightly high at 84.7%
- All debts are unsecured debt.
- WADE is moderate at 2.9 years
- Highest debt maturity within 5 years is slightly low at 28.6% which falls in 2022
- Interest coverage ratio is high at 4.7 times
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