Gross revenue also fell by 2% y-o-y to US$37.6 million in the 3QFY2024.
Keppel Pacific Oak US REIT (KORE) has reported an income available for distribution of US$11.9 million ($15.7 million) for the 3QFY2024 ended Sept 30, 8.8% lower y-o-y.
The lower distributable income stemmed from the REIT’s lower net property income (NPI), which also fell by 8.8% y-o-y to US$20.1 million mainly due to the lack of the one-off income in 3QFY2023 and higher property expenses in the 3QFY2024. The lower distributable income was also attributed to higher financing costs from the higher interest rates.
