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401-420 of 660
Hope to see above 35 soon
Towards 40 over the next few weeks
Gonna pocket the announced 2.5c half-yearly dividend
Shall off-set this dividend amount against my cost since bought recently
Very good yield for holding long term
(I bought small small only, Please do your own DD)
Keppel Pacific Oak US Reit posts 17.2% fall in H1 DPU to US$0.025
125 John Carpenter building in Texas is part of Keppel Pacific Oak US Reit' s portfolio the Reit' s net property income has grown 2 per cent on the year to US$43.9 million, from US$43 million previously, on higher performance from assets in its portfolio. PHOTO: KEPPEL PACIFIC OAK US REIT
Keppel Pacific Oak Us Reit
OFFICE-FOCUSED Keppel Pacific Oak US Reit&rsquo s : CMOU 0%(KORE) distribution per unit fell 17.2 per cent to US$0.025 for its first half ended Jun 30 from US$0.0302 in the same period a year earlier, due to higher financing costs, rising interest rates and divestments of two of its properties in Atlanta.
Gross revenue was up 2.4 per cent to US$75.9 million for the half-year period, from US$74.1 million in the year-earlier period, the real estate investment trust&rsquo s (Reit) manager said on Wednesday (Jul 26).
Net property income grew 2 per cent on the year to US$43.9 million, from US$43 million previously, on higher performance from the other assets in KORE&rsquo s portfolio.
Income available for distribution declined 17.2 per cent year on year to US$26.1 million from US$31.5 million previously. This was also a result of the manager choosing to receive 100 per cent of its base fee in cash for H1.
Based on the market closing price of US$0.315 per unit as at Jun 30, Kore&rsquo s distribution yield was 16 per cent. The distribution will be paid out on Sep 29.
In terms of leasing activity, KORE booked a total of 289,057 square feet of office space leased at a negative rental reversion of 4.6 per cent. This was skewed by a tenant&rsquo s renewal at Maitland Promenade I & II, one of the office buildings that it manages where the asking rent is significantly lower than in-place rents. Portfolio occupancy stood at 90.8 per cent as at end-June.
The weighted average lease expiry by cash rental income for KORE&rsquo s portfolio stands at 3.6 years.
As at end-June, about half of its tenants operate in the &ldquo growing and defensive sectors&rdquo of technology, advertising, media and information and healthcare, it said.
Tenant concentration risk remains low, with its top 10 tenants accounting for only 23.7 per cent of cash rental income.
KORE&rsquo s all-in average cost of debt was 3.99 per cent at the end of the half year. Its aggregate leverage ratio was 38.4 per cent, which it said provided &ldquo ample headroom&rdquo while interest coverage ratio was 3.4 times.
&ldquo The manager implemented proactive measures to alleviate the effects of the prevailing inflationary environment. Long-term loans have been substantially hedged with floating to fixed interest rate swaps, providing a reduction in near-term exposure to rising interest rates.&rdquo
The manager said that the migration of Americans in massive numbers to the Sun Belt and suburban cities &ndash where KORE&rsquo s portfolio is focused &ndash will continue. These cities are popular relocation destinations due to their low taxes and lower cost of living.
It said: &ldquo The performance and demand differentials of the office market between gateway cities and suburban cities are expected to continue to widen.&rdquo
&ldquo Quality office spaces in Sun Belt metros will stand out as employers seek the optimal work experience to bring employees back into the office.&rdquo
DBS Target Price
26 July
Results Analysis
KepPacOak BUY TP USD 0.48
OUE-C HOLD TP SGD 0.35
superstartup ( Date: 26-Jul-2023 20:40) Posted:
Yeah!
KepPacOak
1H DPU USD 2.5c, Unit Price USD 0.30, Annualised Yield = 16.7%
Compare with OUE-C Reit (result just out too)
1H DPU SGD 1.05c, Unit Price SGD 0.305, Annualised Yield = 6.9%
Just sharing only k
marketuncle ( Date: 26-Jul-2023 18:41) Posted:
| Hengz still have 2.5cts : |
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I agree. Just saying you must use the correct analysis and not just mislead people by DPU.
This is my DD.
| |
Q1 |
Q2 |
QoQ |
HoH |
| Gross Revenue |
37.1 |
38.9 |
4.85% |
2.40% |
| Adjusted NPI |
21.5 |
22.6 |
5.12% |
1.40% |
| Income Available for Distribution |
13.1 |
13.1 |
0.00% |
-17.20% |
| Gearing |
38.70% |
38.40% |
|
|
| Average Cost of Debt |
3.96% |
3.99% |
|
|
| Interest Coverage |
3.6 |
3.4 |
|
|
| Occupancy |
91.90% |
90.80% |
|
|
| Rental Reversion |
-6.50% |
-4.60% |
|
|
| Valuation |
|
1.443 |
|
1.41% |
| DPU |
1.25 |
1.25 |
0.00% |
-12.60% |
superstartup ( Date: 26-Jul-2023 21:37) Posted:
Different la. KepPacOak no gearing and portfolio valuation issue. You can compare KepPacOak past years and recent result details. KepPacOak is totally different from MUST
checkmate ( Date: 26-Jul-2023 21:10) Posted:
If it' s counted this way, then MUST is a must-buy stock  |
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Different la. KepPacOak no gearing and portfolio valuation issue. You can compare KepPacOak past years and recent result details. KepPacOak is totally different from MUST
checkmate ( Date: 26-Jul-2023 21:10) Posted:
If it' s counted this way, then MUST is a must-buy stock
superstartup ( Date: 26-Jul-2023 20:40) Posted:
Yeah!
KepPacOak
1H DPU USD 2.5c, Unit Price USD 0.30, Annualised Yield = 16.7%
Compare with OUE-C Reit (result just out too)
1H DPU SGD 1.05c, Unit Price SGD 0.305, Annualised Yield = 6.9%
Just sharing only k
|
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If it' s counted this way, then MUST is a must-buy stock
superstartup ( Date: 26-Jul-2023 20:40) Posted:
Yeah!
KepPacOak
1H DPU USD 2.5c, Unit Price USD 0.30, Annualised Yield = 16.7%
Compare with OUE-C Reit (result just out too)
1H DPU SGD 1.05c, Unit Price SGD 0.305, Annualised Yield = 6.9%
Just sharing only k
marketuncle ( Date: 26-Jul-2023 18:41) Posted:
| Hengz still have 2.5cts : |
|
|
|
Yeah!
KepPacOak
1H DPU USD 2.5c, Unit Price USD 0.30, Annualised Yield = 16.7%
Compare with OUE-C Reit (result just out too)
1H DPU SGD 1.05c, Unit Price SGD 0.305, Annualised Yield = 6.9%
Just sharing only k
marketuncle ( Date: 26-Jul-2023 18:41) Posted:
Hengz still have 2.5cts :)
marketuncle ( Date: 21-Jul-2023 14:26) Posted:
last interim biz update already reported 12.5% drop in NPI, so reducing the DPU by the same amount, can' t expect anything more than 2.4 cts. Given current operating environment for US office, having DPU already v. good. Just don' t end up like MUST.
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Hengz still have 2.5cts :)
marketuncle ( Date: 21-Jul-2023 14:26) Posted:
last interim biz update already reported 12.5% drop in NPI, so reducing the DPU by the same amount, can' t expect anything more than 2.4 cts. Given current operating environment for US office, having DPU already v. good. Just don' t end up like MUST.
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Noted.
Thanks.
marketuncle ( Date: 25-Jul-2023 15:12) Posted:
| tomorrow. After trading hours. |
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tomorrow. After trading hours.
Result for 6 mths ending 30 Jun 23
Based on previous timeline, any time today or tomorrow released
Shall pocket also around 2.5c or slightly less dividend for the 6 mths period
Hopefully the result, gearing details can provide better clarity and help shake off the perceived association with Manulife issues
trying to reassure shareholders :)
https://www.straitstimes.com/business/ai-s-impact-on-office-space-demand-a-top-industry-concern-says-keppel-pacific-oak-us-reit
last interim biz update already reported 12.5% drop in NPI, so reducing the DPU by the same amount, can' t expect anything more than 2.4 cts. Given current operating environment for US office, having DPU already v. good. Just don' t end up like MUST.
Upcoming dividend for 1H ending 30 Jun 2023 is estimated 2.5c
(1Q is 1.25c, which is a reduced quantum. Yet to pay out.)
KeppacOak portfolio is of high quality assets
Hence dividend ought to stablise at current already reduced level
Not much change for the last 3 valuations, including latest as at end Dec 2022, unlike Manulife
Last 3 reported gearing, latest as at 31 Dec 2022 at 38% + / - only
superstartup ( Date: 19-Jul-2023 15:11) Posted:
Sold yesterday.
Now bought back half
In Q for the other half
Holding long term for yield (bought small small only)
This counter portfolio quite resilent in term of valuation
Not much change for the valuation for the last 3 valuations, including latest as at end Dec 2022
Hence gearing not much changes, and well within regulatory limit
Gearing as at 31 Dec 2021 - 37.2%
Gearing as at 30 Jun 2022 - 37.2%
Gearing as at 31 Dec 2022 - 38.2 %
This counter has Temasek and Keppel inside too
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Short. 0.20 can see?
SL Green up another 5.64%
Vornado up another 5.23%
Up over 10% in 2 days
Up over 30% in last 1 mth
Hope KeppacOak and Keppel Reit get re-rated soon
As of trading now over at US,
SL Green and Vornado (both US office reits) continue to chiong
Bought back all. For long term, yield. Small small only.
BTW, yesterday night, US listed office reits chiong
SL Green +7.9% 1 mth +31.25%
Vornado + 5.12% 1 mth + 25.47%
Of course, these 2 office reits are huge
Just for info.
And please perform your own DD
Now just have to wait for the re-rating here for which US Office Reits listed at US exchanges have started re-rating
[
If only I bought over at US Exchanges, and not over at SGX. SGX problems. Lotsa problems. ]
superstartup ( Date: 19-Jul-2023 15:11) Posted:
Sold yesterday.
Now bought back half
In Q for the other half
Holding long term for yield (bought small small only)
This counter portfolio quite resilent in term of valuation
Not much change for the valuation for the last 3 valuations, including latest as at end Dec 2022
Hence gearing not much changes, and well within regulatory limit
Gearing as at 31 Dec 2021 - 37.2%
Gearing as at 30 Jun 2022 - 37.2%
Gearing as at 31 Dec 2022 - 38.2 %
This counter has Temasek and Keppel inside too
|
|
Sold yesterday.
Now bought back half
In Q for the other half
Holding long term for yield (bought small small only)
This counter portfolio quite resilent in term of valuation
Not much change for the valuation for the last 3 valuations, including latest as at end Dec 2022
Hence gearing not much changes, and well within regulatory limit
Gearing as at 31 Dec 2021 - 37.2%
Gearing as at 30 Jun 2022 - 37.2%
Gearing as at 31 Dec 2022 - 38.2 %
This counter has Temasek and Keppel inside too
