Keppel Pacific OAK US REIT’s distributable income falls 8.8% in FY 2024

The REIT's lower net property income also contributed to the decline.

Keppel Pacific OAK US REIT's distributable income fell 8.8% year-on-year (YoY) to $64.2m (US$47.6m) on lower net property income (NPI) and higher financing costs.

In its financial year 2024 statement, the REIT said its NPI fell 9.1% YoY to $105.5m (US$78.2m).

The REIT attributed its lower NPI to lower cash rental income from higher vacancies from The Plaza Buildings and Iron Points and increased maintenance expenses.

Meanwhile, the REIT also reported a 2.9% YoY lower gross revenue of $197.6m (US$146.4m).

($1=US$0.74)

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