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

    Buntono is accused of possessing properties that, in part, represent his benefits from income tax evasion, including a Lamborghini Aventador similar to the one pictured.

    Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Over the past three years, Singapore has overtaken Hong Kong as the top destination for Taiwanese offshore wealth.

    Taiwan’s wealthy seeks diversification to Singapore, sparking private banking race: Bloomberg

    Koh Boon Hwee says humans have accepted that robots can take over the most repetitive, manual tasks, but are nervous about AI, which can also think.

    With AI, it’s not about coding better; workers need to think better: Koh Boon Hwee

    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