For the FY2023, KORE’s leverage rose to 43.2% after its year-end valuation, still remaining within the Monetary Authority of Singapore’s (MAS) regulatory limit of 50%. Income available for distribution fell by 13.8% y-o-y to US$52.2 million ($70.2 million) for the full year as gross revenue and net property income (NPI) improved slightly.
Analysts have slashed their target price estimates on Keppel Pacific Oak US REIT (KORE) although they remain mixed on the REIT’s prospects. Their views come after the REIT said that it plans to suspend its distributions from the 2HFY2023 ended Dec 31, 2023, through to 2HFY2025. The REIT is also looking at recapitalisation options, which it said was “necessary”.
The announcement was made on Feb 15 after KORE postponed its initial results release date from the morning of Jan 31.
