Adjusted NPI, which excludes non-cash straight-line rent, lease incentives and amortisation of leasing commissions, fell by 6.5% y-o-y to US$20.2 million. The drop in NPI was mainly due to lower rental income from higher free rents, due to the differences in timing for leases completed for the respective periods, KORE explains.
Keppel Pacific Oak US REIT (KORE) has reported a distributable income of US$9.6 million ($12.6 million) for the 1QFY2025 ended March 31, 19.3% lower y-o-y.
Gross revenue dipped by 0.5% y-o-y to US$36.9 million while net property income (NPI) fell by 6.2% y-o-y to US$19.7 million.
