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 half year ended 30 June 2022. 

Keppel Pacific Oak US REIT achieves positive leasing momentum for 1H 2022 

Highlights

• 368,063 sf, or 7.3% of portfolio net lettable area (NLA) of office space was committed in 1H 2022, bringing portfolio committed occupancy to 92.0% as at 30 June 2022.
• Proposed divestments of Powers Ferry and Northridge Center I & II in Atlanta, Georgia, set to unlock value for Keppel Pacific Oak US REIT (KORE).
• Net Property Income improved 5.9% year-on-year (y-o-y) to US$43.0 million in 1H 2022, due mainly to the new acquisitions in August 2021.
• 1H 2022 distribution per Unit (DPU) of 3.02 US cents translated to a distribution yield of 8.7% as at 30 June 2022.
• The Manager has elected to receive 100% of its management base fees in cash starting with the second quarter of 2022.