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End of 2025 is coming. COVID has long ended. 80% of companies have returned to WFO fully. When will distributions of dividends return? This is disappointing.
Keppel Pacific Oak US Reit 9-month distributable income falls 14.8% to US$30.4 million
Decline is mainly due to lower cash rental income from higher free rents, increase in finance and other trust expenses
[SINGAPORE] Keppel Pacific Oak US Reit : CMOU +6.52% (Kore) posted a distributable income of US$30.4 million for the first nine months of the financial year ended Sep 30, down 14.8 per cent from US$35.7 million in the previous corresponding period.
The lower distributable income was due to a drop in cash rental income from higher free rents due to timing differences in leases completed, as well as higher finance and other trust expenses, the manager of the US office-focused real estate investment trust (Reit) said in a business update on Tuesday (Oct 28).
The Reit posted a positive 9.6 per cent rental reversion for the nine months.
As at end-September, its aggregate leverage stood at 43.1 per cent.
No distribution was declared. The manager previously said it would suspend distributions for two years from H2 FY2023 to H2 FY2025 as part of recapitalisation plans to address capital needs and leverage concerns.
It added that it was &ldquo on track to restart distributions&rdquo for the first half of 2026, with payments expected in the second half that year, barring any unforeseen circumstances.
When that happens, Kore will adopt a &ldquo conservative initial payout ratio, with a view to progressively increasing it to a sustainable level aligned with long-term portfolio performance&rdquo .
For the nine months, net property income (NPI) was at US$61.3 million, down 1.3 per cent from US$62.1 million.
Revenue rose 0.1 per cent to US$112.1 million from US$112 million.
The Reit&rsquo s buildings and business campuses in the tech hubs of Bellevue, Redmond, Austin and Denver contributed to about 66 per cent of its NPI.
The weighted average term to maturity of its debt was 1.8 years, said the manager.
Additionally, its full portfolio weighted average lease expiry by net lettable area was 3.7 years.
Kore&rsquo s performance had been sliding amid the challenging environment faced by the US office market.
It posted a 19.3 per cent year-on-year drop in distributable income for the first quarter of 2025. For the first half-year, distributable income fell 16.2 per cent due to lower cash NPI and other higher trust expenses.
Keppel Pacific Oak US REIT' s Early Refinancing and Surging Leasing Activity Signal Possible Turnaround for US Office S-REIT
https://www.minichart.com.sg/2025/10/28/keppel-pacific-oak-us-reit-3q-2025-update-stable-occupancy-positive-leasing-momentum-and-us-office-market-recovery/
Think can ride this till 30 cts .....
seanpent ( Date: 27-Oct-2025 09:12) Posted:
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Keppel Pacific Oak US REIT (SGX:CMOU) PB Ratio
https://www.gurufocus.com/term/pb-ratio/SGX:CMOU
https://www.gurufocus.com/term/pb-ratio/SGX:CMOU
Delvyss ( Date: 08-Oct-2025 16:15) Posted:
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On track .....
Delvyss ( Date: 02-Oct-2025 12:10) Posted:
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I was wondering &mdash given that KORE has a strong management team and maintains a good occupancy rate, yet is currently unable to make payouts from its income &mdash what factors would need to change or improve for the payout suspension to be reconsidered?
I noticed that PRIME has been giving out 10% of distributable income to unit holder, and will increase the payout rate to 50% from 2H 2025.
I noticed that PRIME has been giving out 10% of distributable income to unit holder, and will increase the payout rate to 50% from 2H 2025.
seanpent ( Date: 08-Oct-2025 15:57) Posted:
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Distinctive portfolio of quality freehold office buildings and business campuses across eight growth markets in the U.S.
https://www.koreusreit.com/portfolio/us-portfolio-showcase/
Agree. Facts spoken clearly.
jebuscries ( Date: 08-Oct-2025 11:55) Posted:
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I think the facts speak for themselves:
Occupancy:
PRIME Reit: 13 properties - 5 of which are under 70% occupied. 2/3 proprerties in CA are only 50+%.
KORE Reit: 13 properties.Only 1 in CA is 54% occupied. The rest have occupancies all above 80%.
NDI:
PRIME Reit: 1H 2025 US$16.7M. total units: 1,308,259,171.
KORE Reit: H 2025 US$19.9M. total units: 1,044,450,254.
It is clear metrics-wise KORE Reit is far far ahead compared to Prime.
Occupancy:
PRIME Reit: 13 properties - 5 of which are under 70% occupied. 2/3 proprerties in CA are only 50+%.
KORE Reit: 13 properties.Only 1 in CA is 54% occupied. The rest have occupancies all above 80%.
NDI:
PRIME Reit: 1H 2025 US$16.7M. total units: 1,308,259,171.
KORE Reit: H 2025 US$19.9M. total units: 1,044,450,254.
It is clear metrics-wise KORE Reit is far far ahead compared to Prime.
If u believe that Prime is way ahead, then I must be leaving in a different universe from yours.
marketuncle ( Date: 02-Oct-2025 18:09) Posted:
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Because in terms of improving occupancy and hence resumption of distribution, prime is way ahead of Kore and Must
Buradin ( Date: 26-Sep-2025 10:52) Posted:
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Keppel Pacific Oak US REIT (CMOU) Stock Overview
https://simplywall.st/stocks/sg/real-estate/sgx-cmou/keppel-pacific-oak-us-reit-shares
Agree. Kore, the new star of USD reits :)
Buradin ( Date: 26-Sep-2025 10:52) Posted:
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Not sure why prime us reit got more "supporters" than KORE.
KORE is better managed, given the circumstances. Pace out dividends, maintain leverage, preserve NAV. Even though the financial metrics of KORE is better when compared with its peers. At least KORE is not required to dilute their holdings to "pay" out dividends.
Thanks KORE. 😀
CIO expects the Fed to resume cutting in September | UBS Global
Dollar falls versus yen and Swiss franc following US jobs data - CNA
The time for rate cut is upon us. Time to load up ahead of the FOMC 16/17 Sep. This rocket is about to launch.
Dollar falls versus yen and Swiss franc following US jobs data - CNA
The time for rate cut is upon us. Time to load up ahead of the FOMC 16/17 Sep. This rocket is about to launch.
You are the wisest on SJ.
JamesWong1 ( Date: 07-May-2025 19:20) Posted:
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Dun get your hopes up. I still have Prime and KORE reits in my portfolio. I did not average down this year.
I put all my bullets on banks and good reits (with most of their assets in Singapore).
Even if the US office reits restore their dividends, I think they will be very cautious especially with fears of US recession and tariff wars.
This is not financial advice, just what I am doing.
I put all my bullets on banks and good reits (with most of their assets in Singapore).
Even if the US office reits restore their dividends, I think they will be very cautious especially with fears of US recession and tariff wars.
This is not financial advice, just what I am doing.
Look out for this one when it resumes distribution.
In its most recent announcement, qrterly distribution fell to 9.6M, which still translates to an annual DPU of USD 0.037. (38.4M/1.044B shares).
Importantly, it seems like the decline in occupancies has been arrested in most of its properties barring one/two. Given that interest rates are not expected to rise (just a matter of how slow the cuts proceed). In a way, you might say, the worst is over. In which case, a 0.037 USD DPU translates to a 18% yield based on today' s share price. Notably, after the last EGM, the Manager no longer needs to distribute 90%. And even if the Manager elects to distribute just 50%, the yield of this stock is still around 9-10% depending on your price entry. IMO, the downsides are priced in. For the patient investors, now might be the best time to get in. When the dividend payout resumes, this may yet be one of those rare REIT multi-baggers.
In its most recent announcement, qrterly distribution fell to 9.6M, which still translates to an annual DPU of USD 0.037. (38.4M/1.044B shares).
Importantly, it seems like the decline in occupancies has been arrested in most of its properties barring one/two. Given that interest rates are not expected to rise (just a matter of how slow the cuts proceed). In a way, you might say, the worst is over. In which case, a 0.037 USD DPU translates to a 18% yield based on today' s share price. Notably, after the last EGM, the Manager no longer needs to distribute 90%. And even if the Manager elects to distribute just 50%, the yield of this stock is still around 9-10% depending on your price entry. IMO, the downsides are priced in. For the patient investors, now might be the best time to get in. When the dividend payout resumes, this may yet be one of those rare REIT multi-baggers.
Yah, EGM to ask for mandate to be more flexible with distribution.