Keppel Pacific Oak US REIT posts 3Q21 net property income rose around 6 percent

Keppel Pacific Oak US REIT‘s Maitland Promenade I in Orlando, Florida. Source: the company.Keppel Pacific Oak US REIT’s Maitland Promenade I in Orlando, Florida. Source: the company.

Keppel Pacific Oak US REIT, or KORE, reported Wednesday its third quarter net property income rose 5.6 percent on-year to US$21.7 million on the recent acquisitions in Nashville and Denver, and a stronger performance from the existing portfolio.

Gross revenue for the July-to-September quarter increased 4.5 percent on-year to US$36 million, the REIT said in a filing to SGX.

Income available for distribution in the quarter grew 8.4 percent on-year to US$15.9 million, the filing said.

KORE said the portfolio had a committed occupancy of 91.8 percent.

For the January-to-September period, KORE posted positive rent reversion of 8.3 percent, with average rent collection at around 99 percent.

For the January-to-September period, KORE reported net property income fell 0.2 percent on-year to US$62.3 million, gross revenue slipped 0.5 percent on-year to US$104.4 million and income available for distribution rose 4.7 percent on-year to US$45.9 million.