Photo credit: Ian Talmacs/Unsplash During its 4Q2023 results release, the Manager of Keppel Pacific Oak US REIT (‘KORE’) announced that it was voluntarily suspending dividends for 2 years as part of its recapitalisation plans. This came after it had requested to postpone the scheduled results announcement date. Both news came out of the blue and sent shockwaves to the investing community in Singapore. The damage was brutal as its unit price dropped an alarming > 60% (from USD 0.32 to USD 0.126) since these events. After studying its recapitalisation plan, I am left wondering if the Manager of Keppel Pacific Oak US REIT (SGX: CMOU) decided to kill an ant with a sledgehammer? WHY WAS IT SHOCKING? As recent as Oct 2023 in its Presentation slides for a forum hosted by REITAS, nothing in the content indicated that a doomsday scenario was fast approaching. Instead, choice words such as “ample headroom” and factual statements such as “portfolio valuation need to fall by 23% to...