Keppel Pacific Oak US Reit posts 5.4% rise in H1 distribution income

KEPPEL Pacific Oak US Reit (KORE) on Wednesday (Jul 27) reported a 5.4 per cent rise in distribution income for H1 2022 to US$31.5 million from US$29.9 million a year prior.

Distribution per unit (DPU) for H1 however fell 4.4 per cent from US$0.0316 to US$0.0302 due to the manager taking all of their base fee in cash rather than in units. If the manager had taken their base fee in units, the DPU would have been 0.7 per cent higher.

Revenue for the period rose 8.4 per cent to US$74.1 million from US$68.4 million a year ago. The growth in revenue was driven by contributions from 105 Edgeview and Bridge Crossing, and higher recoverable property expenses and higher car park income as employees return to office. This was partially offset by lower rental income from leases that were not renewed in late-2021, as well as major leases in 2022 still in their rent-free period.