The Business Times
business-time-50

Hot stocks: US office S-Reits slump on distribution suspensions, gearing woes

google-preferred-sourceAdd BT as a preferred source
Michelle Zhu

Michelle Zhu

Published Thu, Feb 15, 2024 · 10:56 AM
    • One Town Center, one of Prime US Reit's assets in Florida. Analysts are speculating that news of Keppel Pacific Oak US Reit's recapitalisation plan could pose a "contagion risk" to Prime.
    • One Town Center, one of Prime US Reit's assets in Florida. Analysts are speculating that news of Keppel Pacific Oak US Reit's recapitalisation plan could pose a "contagion risk" to Prime. PHOTO: PRIME US REIT

    PURE-PLAY US office real estate investment trusts (Reits) took a beating on Thursday (Feb 15) morning, after Keppel Pacific Oak US Reit (Kore) announced it was suspending distributions to unitholders for two years as its leverage rose to 43.2 per cent as at end-2023.

    Earlier, Kore’s manager also announced the Reit’s second-half distributable income fell 10.1 per cent year on year to US$26.1 million.

    All Singapore-listed US office Reits were on the downtrend in early trade.

    Hot StockKeppel Pacific Oak US ReitPrime US Reitmanulife us reitS-ReitsUnited StatesOffice PropertyOffices

    TRENDING NOW

    The company says the disputes do not cast significant doubt on its ability to continue as a going concern.

    Koh Brothers Eco Engineering faces up to S$57.6 million in potential liabilities from legal disputes

    BYD’s rise to become the No 1 passenger-car seller in Singapore can be described as explosive. 

    How BYD disrupted Singapore’s car market – and why the strategy is turning on itself

    BT visited Charlotte Vehicle’s business address on Monday during opening hours, but found the office closed.

    Car-rental firm Charlotte Vehicle allegedly owes about S$140,000 to 34 customers

    The Vietnamese economy has long relied heavily on bank lending, straining commercial banks as they shoulder the bulk of the financing needed by companies and large infrastructure projects.

    Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More