Gross revenue for the half-year inched up by 0.2% y-o-y to US$74.6 million as cash rental income fell by 3.8% y-o-y mainly due to higher free rent from the timing differences in leases completed for the respective periods. The figure excludes the non-cash amortisation of straight-line rent and lease incentives. The lower cash rental income was offset by the recoveries income, which rose due to the increase in recoverable property expenses in the 1HFY2025. Other operating income also increased from higher carpark income.
Keppel Pacific Oak US REIT has reported distributable income of US$19.9 million ($25.6 million) for the 1HFY2025 ended June, 16.2% lower y-o-y, as net property income (NPI) fell and expenses rose.
No distribution was declared; distributions are slated to be suspended up till Dec 31. The REIT announced, on Feb 15, 2024, that it will suspend its distributions through 2HFY2025 that would otherwise be paid in 1HFY2026.
