Keppel Pacific Oak US REIT (KORE) reported a distribution per unit (DPU) of 6.23 US cents in FY2020, up 3.7% y-o-y. DPU for 2H2020 was 3.13 US cents, up 4% y-o-y. At this distribution level, DPU translates into an historic FY2020 yield of 8.7% and an annualised yield of 8.8%. KORE declares its distributions semi-annually, and unitholders can expect to receive their 2H 2020 distributions on March 31.
DPU growth was driven by growth in distributable income of 13.4% y-o-y in 2H2020 of US$29.5 million. For FY2020, DI rose 15.4% y-o-y to US$58.6 million. The manager attributed DI growth to an acquisition made in 2019, which boosted 2020’s income, growth in rental reversions and built-in rental escalations.
