The full year results for the 3 US Office REITs are out. Downward valuations, as expected were reported with varying magnitudes. Below are their current financial health: CAPEX Shock To me what came as a surprise is the CAPEX needs of KORE's property portfolio. KORE spends more CAPEX than the rest. This is due to KORE's portfolio being the oldest among the 3. While KORE claims the higher CAPEX is needed to retain tenants, the main (probable) reason is due to the need to refurbish its old buildings to match tenants needs. As a result of the higher CAPEX needs as compared to PRIME US, KORE has decided to suspend dividends. PRIME US REIT on the other hand, due to its smaller CAPEX by virtue of having newer buildings, has slashed it to 10% payout ratio with a plan to delever wtih US$100 million. On the point on CAPEX, its interesting to note KORE puts in nearly twice the...