Net property income (NPI) in 1HFY2024 fell by 4.2% y-o-y to US$42.0 million as property expenses increased 1% y-o-y to US$32.4 million. Net income for the six-month period fell by 15.4% y-o-y to US$20.4 million.
In 1HFY2024 ended June 30, Keppel Pacific Oak US REIT (KORE) reported an income available for distribution of US$23.8 million ($31.8 million), 8.8% lower y-o-y. During 2QFY2024, income available for distribution also fell 8.8% y-o-y to US$11.9 million.
Gross revenue in 1HFY2024 fell 2% y-o-y to US$74.4 million due to lower rental income from the reduction in non-cash amortisation of straight-line rent and lease incentives. The lower non-cash amortisation was due to timing differences in leasing completed for the respective periods. Carpark income also fell from lower usage by construction workers in neighbouring developments at The Plaza Buildings.
