The Business Times
SUBSCRIBERS

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

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.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

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

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback
    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