The Directors of Keppel Pacific Oak US REIT Management Pte. Ltd., as Manager of Keppel Pacific Oak US REIT, are pleased to announce the unaudited results of Keppel Pacific Oak US REIT for the full year ended 31 December 2024.

Keppel Pacific Oak US REIT (KORE) portfolio value remained stable and leased 938,655 sf of office space for FY 2024

Highlights

• Portfolio value remained stable year-on-year (y-o-y) at US$1.33 billion as at 31 December 2024. Taking into consideration capital expenditures and tenant improvements for 2024, there was a fair value loss of US$46.7 million.
• Leased 938,655 sf or 19.6% of portfolio net lettable area (NLA) of office space in FY 2024.
• Portfolio committed occupancy increased to 90.0% as at 31 December 2024 against 88.7% as at 30 September 2024.
• In 4Q 2024, KORE successfully refinanced a loan facility of US$20.0 million and early refinanced a loan facility of US$40.0 million that were due in 1Q 2025.
• Aggregate leverage of 43.7% as at 31 December 2024 is within regulatory limits.