As an example, CapitaLand Ascendas REIT (SGX:A17U
) ’s (SGX:A17U) detailed valuations in FY2023, released on Feb 1, indicated that its US portfolio, which comprises campus business, medtech and tech parks (like KORE’s) and logistics warehouses, had declined by 19% y-o-y.
In an update to investors on Feb 15, UOB Kay Hian expressed shock at the suspension of distributions by Keppel Pacific Oak US REIT’s (KORE) board and management. ”Investors are rightfully shocked as aggregate leverage of 43.2% as of December 2023 remains within MAS’ regulatory limit of 50%,” the update says.
During a results briefing on Feb 15, which was originally scheduled for Jan 31, one or two analysts also expressed surprise, and perhaps even shock.
