Keppel Pacific Oak US REIT's NPI suffers 4.2% YoY drop in H1 2024

It drove the REIT's income available for distribution lower.

Keppel Pacific Oak US REIT’s (KORE) net property income fell 4.2% YoY to US$42.0m in H1 2024, pushing income available for distribution down.

In a bourse filing, the REIT reported that its income available for distribution fell 8.8% to US$23.8m due to “higher financing costs as a result of rising interest rate.”

Meanwhile, KORE suspended distributions in line with the recapitalisation plan announced in February.

Under the plan, KORE will suspend distributions from H2 2023 to H2 2025.

In terms of portfolio performance, the REIT's occupancy rate improved to 90.7% as of 30 June, compared to 90.3% as of 31 December.

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