Keppel Pacific Oak US REIT distributable income falls 12.5% to $17.47m

But its gross revenue increased by 0.2% to $49.47m.

Keppel Pacific Oak US REIT's adjusted distributable income dropped 12.5% to US$13.1m (SG$17.47m) in the first quarter of 2023 from US$14.9m (SG$19.87m) in the same quarter of 2022.

The company's Key Business and Operational Updates report stated it was due to divestments of Northridge Center I and II and Powers Ferry in the second half of 2022, as well as the higher financing cost as a result of rising interest rates.                                                                    

Its net property income fell 2.7% to US$21.2m (SG$28.27m) from US$21.7m (SG$28.94m).

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However, its gross revenue increased by 0.2% to US$37.1m (SG$49.47m) year-on-year from US$37m (SG$49.33m).