Keppel Pacific Oak US Reit’s DPU drops 17.2% YoY in H1

The distribution per unit (DPU) was at 2.50 US cents (3.3 cents).

The DPU of Keppel Pacific Oak US Reit (KORE) translated to a distribution yield of 16% as at end June 2023.

According to the company, its DPU last year was 3.02 US cents (4 cents). 

Meanwhile, the net property income (NPI) was US$43.9m ($58.1m) in H1 2023, 2.0% higher YoY.

Its gross revenue went up 2.4% YoY to US$75,911m ($100.4m) in H1 2023.

KORE also committed 289,057 square feet or 6.1% of portfolio net lettable area (NLA) of office space in H1 2023.

The migration of Americans in massive numbers to large Sun Belt metro areas and fast-growing suburban cities, where

KORE’s portfolio is focused, continues to happen, said KORE. It shows that people are demanding more affordable and growth-friendly spaces, it added.

In terms of the office market, quality office spaces in Sun Belt metros will stand out as firms want optimal work experience to entice employees in returning to office.

$1 =US$0.76