KORE reports 11% increase in Q1 distributable income

OFFICE-FOCUSED Keppel Pacific Oak US Reit (KORE) said its first-quarter distributable income rose 10.9 per cent to US$16.6 million, up from US$14.9 million in the same period the year before.

In its Q1 FY2022 business update released on Tuesday (Apr 19), the real estate investment trust's (Reit) manager also reported that gross revenue rose 6.9 per cent to US$37 million, up from US$34.6 million a year earlier.

Net property income (NPI) rose 6.7 per cent to US$21.7 million, up from US$20.4 million a year ago. NPI excluding non-cash straight-line rent, lease incentives and amortisation of leasing commissions rose 7.1 per cent to US$22 million.