Keppel Pacific Oak US REIT reports 1Q22 net property income rose nearly 7 percent

U.S. one-dollar and five-dollar currency notes; taken September 2018.U.S. one-dollar and five-dollar currency notes; taken September 2018.

Keppel Pacific Oak US REIT (KORE) reported Tuesday its first quarter net property income rose 6.7 percent on-year to US$21.7 million on acquisitions in Nashville and Denver.

In August 2021, KORE acquired Bridge Crossing in Nashville and 105 Edgeview in Denver.

Gross revenue for the three months ended 31 March increased 6.9 percent on-year to US$37.0 million, the REIT said in a filing to SGX.

The income available for distribution in the first quarter came in at US$16.6 million, up 10.9 percent on-year, KORE said.

KORE’s portfolio of around 15 assets has committed occupancy of 91.7 percent, the filing said.

Rental reversions for the first quarter were positive at 2.4 percent, KORE said.

Read more about KORE’s first quarter update.